Summers Says Recession Still Looms, Fed Getting Closer to Done

Former Treasury chief says recession still likely for 2023
Summers says debt-limit fight ‘dumbest’ debate in Washington

WATCH: Summers says the Federal Reserve’s fight against inflation is “much, much closer to being done,” while cautioning that a US recession for this year still looms. He speaks on Bloomberg Television’s “Wall Street Week” with David Westin.Source: Bloomberg

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By Chris Anstey

January 13, 2023 at 3:51 PM UTC

Updated on

January 13, 2023 at 4:26 PM UTC

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Former Treasury Secretary Lawrence Summers said that the US economy is still facing a recession this year, despite encouraging news in recent weeks.

“One has to be careful of false dawns,” Summers told Bloomberg Television’s “Wall Street Week” with David Westin. “I would stick with my view that a recession this year is more likely than not.”