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Four years after former US Treasury Secretary Lawrence Summers accused US fiscal and monetary policymakers of over-stimulating and potentially triggering the biggest inflation blowout in a generation, he warned of the danger of renewed price pressures. "This is probably the most sensitive moment for inflation escalation since the policy missteps of 2021 triggered severe inflation," Mr. Summers said. "This is a moment where we have to be very careful about inflation, even before you see the polic...
Summers believes that Trump's tariff policy goes against economic logic and will result in higher prices for producers and consumers...
Former Treasury Secretary Larry Summers said in an interview that Trump's tariffs defy economic logic, meaning higher prices for consumers and much higher input costs for American producers. Summers questioned: Why are we now deciding to wage economic war against Canada, out of so many countries in the world? Canada has a higher minimum wage, a higher basic wage, and more union protections for workers than the United States. I just don't understand the logic of these policies, no doubt,...
Lawrence Summers, who served as Treasury secretary under Bill Clinton, argued that Mr. Trump's public statement that he "wants to see [interest rates] come down significantly" was a public intervention by the government that "could easily backfire and the Fed would not follow its advice". Mr. Summers added: Unless the financial marekt boom collapses, it will be difficult for the Fed to cut interest rates as much as expected. The Fed itself is eager to play down tensions with the White House. Mr....
Summers rejected the idea of building a reserve of bitcoin assets and warned that Musk's plans to scale back federal spending would face political challenges.
Lawrence Summers, a Democrat and former US Treasury secretary, has dismissed the idea of a US government reserve of bitcoin assets and warned of political challenges to scaling back federal spending as planned by Mr. Musk, America's first buddy. Lawrence Summers said on the TV show: "What some people are saying, 'The idea that we should build some kind of national bitcoin reserve' is crazy."
Former US Treasury Secretary Summers said that if President-elect Trump follows through on his promises, the United States will once again experience a severe inflation crisis. Summers pointed out that Trump's promised domestic tax cuts, higher tariffs and deportation of illegal immigrants would have a severe impact on the US economy. "If he sticks to the plan he promised during the campaign, the country will suffer a bigger inflationary crisis than it did in 2021."
Inflation could lead the Federal Reserve to cut interest rates less than expected in the coming years, according to Mr. Summers, the former Treasury secretary. "On the monetary policy front, the Fed faces the risk of higher inflation if it is to actually cut rates as much as it expects," he said. Fed policymakers' latest dot plot forecast for the median federal funds rate at the end of next year is 3.4 per cent, or 150 basis points on top of Wednesday's 50 basis point cut. Mr. Summers said that ...
Mr. Summers, the former Treasury secretary, said that while the August non-farm payrolls report was not particularly bad, it did make it harder to predict how much the Federal Reserve might cut interest rates this month. "The data, while not showing very significant weakness, certainly won't give you a sense of relief if you're concerned about recent statistical trends," Mr. Summers said in an interview.
Former U.S. Treasury Secretary Summers said that although the Federal Reserve failed to act quickly to deal with the 2021 inflation surge, setting a "low point" in its monetary policy history, it ultimately did enough to correct the economy. "I have to commend the Federal Reserve... While it's not always obvious, they acted strongly and forcefully enough to keep inflation expectations stable," Summers said. Summers said:...
According to X user @SummersThings, Form 19b-4 of the VanEck and 21Shares Solana ETFs appears to have been removed from the CBOE website. The files SR-CboeBZX-2024-066 and SR-CboeBZX-2024-067 can no longer be accessed through direct links, and are no longer visible in BZX Pending Rule Changes. It added: "Another interesting thing is that both applications were filed on July 8, but the SEC never issued Notices of Filing for them. Does this mean that 19b-4 was withdrawn?"
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