Former Treasury Secretary Larry Summers predicts there will 'almost certainly' be a 'downturn in the economy'
Fox News
Former Treasury Secretary Larry Summers predicted there will "almost certainly" be a "downturn in the economy" as prices soar and the Fed raises interest rates to combat inflation.
Joe Silverstein is a production assistant for Fox News Digital.
"Look, for me, they were unwelcome, but not wholly unexpected. I think the right reading of the data all along has been that headline inflation fluctuates substantially, but we've got a significant underlying inflation problem and that's what that core inflation rate where the month was faster than the quarter, the quarter was faster than the half year, the half year was faster than the year, and the year was faster than last year, that's what it showed, and the month was at a close to 7 percent core rate," Summers said.