The former US Treasury secretary said it would be appropriate “at least on current facts, and they’re changing very quickly these days” to lift rates next week.
Former Treasury Secretary Lawrence Summers said the Federal Reserve shouldn’t be spooked into easing its campaign to contain inflation out of excessive concern about a credit crunch in the wake of the recent banking turmoil.
But “the slowing of credit is not nearly as much” as the amount of Fed tightening that has now been removed from market pricing, he said. “We can use policy directed at standing behind depositors separately from monetary policy,” Summers said.
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