Former Treasury Secretary Larry Summers slammed the Federal Reserve Wednesday for being too timid in its fight against inflation.
This time last year, hein the Post, the Fed thought inflation would stay around 2%. Last summer, the Fed said inflation was "transitory," Summers noted. And he said with the Russian war on Ukraine and continuing supply chain issues, things are unlikely to get better.
He added: "It would not be surprising if these factors added three percentage points to inflation in 2022. And with price increases outstripping wage increases, a wage-price spiral is a major risk."
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