Larry Summers, who served as treasury secretary under President Bill Clinton, has said the Federal Reserve failed to anticipate current inflation levels and that price increases can only be arrested by “dislocation” of the economy.
“Frankly, I think in 2021, our central bank lost its way,” Summers said in a July 15 interview with Bloomberg’s “Wall Street Week,” adding that central bankers were more concerned about the environment and social justice than about inflation, which they “confidently dismissed” as transitory.
“Our central bank let us down quite badly, and as a consequence, they find themselves in a very, very difficult position, not least because they don’t have the credibility that they once enjoyed, given their repeated poor forecasting record,” Summers said.
The Fed is hardly alone among our institutions that sold their credibility cheap.
h/t Stephen Green
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