The odds of a recession in the next year are 70% and the US has a stagflation problem brewing, former Treasury Secretary Larry Summers says
The US has a 70% risk of tipping into a recession within the next year as stagflation is beginning to take shape in the economy, according former Treasury Secretary Larry Summers.on Saturday, Summers pointed to worrisome inflation indicators, such as the Employment Cost Index, which rose 4.8% in the first quarter of 2022.
"That doesn't mean the Fed's objective should be to induce a slowdown, but if the Fed does what's necessary to contain inflation, I think a slowdown is likely to come along," Summers said.
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