Economics
Summers Urges Faster Fed Taper Plan Given ‘Disturbing’ Inflation
- Summers says inflation data show more generalized price gains
- Ex Treasury chief repeats call for Fed to avoid social goals
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Former U.S. Treasury Secretary Lawrence Summers urged a faster wind-down of the Federal Reserve’s $120 billion a month bond-buying program, given evidence of persistently high inflation.
“We see inflation becoming more widespread in a wider range of products, speading to the housing and labor markets,” Summers told Bloomberg Television’s “Wall Street Week” with David Westin. “I’ve been alarmed for a long time and I’m more alarmed now.”