Larry Summers has said the Federal Reserve has to remain 'firm and resolute with respect to inflation.' The former Treasury Secretary believes the central bank should continue to raise interest rates.
Former Reagan economist Art Laffer discusses the state of the U.S. economy, the Fed's handling of inflation and bond yields spiking ahead of the rate decision.
Ark Invest CEO and CIO Cathie Wood has taken aim at former U.S. Treasury Secretary Larry Summers over his"Larry Summers seems to be leading the Biden administration astray with his conviction that inflation is intractable, with the ‘70s as his guide," Wood tweeted Saturday. "The ‘70s inflation started in 1964 with the Vietnam War and the Great Society and burgeoned for 15 years.
The Great Society was a series of domestic programs launched by President Lyndon Johnson that included the War on Poverty, Medicare and Medicaid and Head Start. "This inflation started fewer than two years ago with COVID and supply chain bottlenecks, exacerbated by Russia’s invasion of Ukraine this year," Wood continued. "The Fed is solving supply chain issues by crushing demand and, in my view, unleashing deflation, setting it up for a major pivot."
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