Summers Warns ‘Too Early’ for All-Clear on US Financial Turmoil
- Former Treasury chief monitoring for stress going ‘non-linear’
- Summers says it would take till late summer to get confident
This article is for subscribers only.
Former Treasury Secretary Lawrence Summers said it’s too soon to be confident that the US has turned a corner on financial troubles that were sparked by the Federal Reserve’s rapid interest-rate hikes.
“When you have a series of earthquake tremors, it’s a fairly long time before you should be in a position to be confident that you’ve seen the last of them,” Summers said on Bloomberg Television’s “Wall Street Week” with David Westin. “That’s why the Fed’s got such a difficult job.”