Former US treasury secretary: there will be no soft landing

Larry Summers on stage with Salesforce co-CEO Bret Taylor at Dreamforce 2022. (Image: Supplied)

Sat, 24 Sep 2022

As the US Federal Reserve was hiking its key interest rate by 0.75% on Thursday morning, former US Treasury secretary Larry Summers was in Silicon Valley predicting further pain ahead for the US economy.Summers, who served as Treasury secretary from 1999 to 2001, was an early and vocal critic of pandemic stimulus efforts. In a February 2021 editorial in the Washington Post, Summers wrote that President Joe Biden’s US$1.9 trillion (NZ$3.2t) covid-19 relief plan risked setting off “inflationary pressures of a kind we have not see...

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