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Summers Warns of ‘Economic Distress’ As Fed’s Powell Holds Out Hope


Some economists — including former Treasury Secretary Larry Summers — say Powell is being much too optimistic about the Fed’s ability to tame prices without pushing unemployment much higher. The implication: The Fed chief, who has sought to elevate the central bank’s focus on boosting the labor market, may be forced to accept millions of job losses and a significant recession to curb inflation.
Posted: 2022-08-05 08:38:41.000000

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