Central Banks

Larry Summers Says CPI Raises Chances That Fed’s Next Move Is to Hike

Former Treasury secretary speaks on Fed outlook after hot CPI
Summers says mistake to cut in June based on current data

“I see no case for a cut in June but facts can change,” Former US Treasury Secretary Lawrence H. Summers says during an interview with David Westin on “Wall Street Week.”Source: Bloomberg

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By Chris Anstey and Jarrell Dillard

April 10, 2024 at 3:41 PM UTC

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Former Treasury Secretary Lawrence Summers said that the hot US consumer price inflation report for March means that the risk case of the next Federal Reserve move to be an increase must be taken seriously.

“You have to take seriously the possibility that the next rate move will be upwards rather than downwards,” Summers said on Bloomberg Television’s Wall Street Week with David Westin. He indicated that such a likelihood is somewhere in the 15% to 25% range.