Summers Warns of More Turbulence After $5.4 Trillion Rout
Lawrence Summers warned a ”drop of this magnitude signals that there’s likely to be trouble ahead.”
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There’s a good chance that markets will see more turbulence ahead similar to what happened on Thursday and Friday, former Treasury Secretary Lawrence Summers wrote in a post on X Sunday.
“This was the fourth largest two day move since the second World War,” said Summers, a Harvard University professor and paid contributor to Bloomberg TV. “The other three were the 1987 crash, the 2008 financial crisis, and the COVID pandemic. A drop of this magnitude signals that there’s likely to be trouble ahead, and people ought to just be very cautious,” he added.