Economics
Summers Slams Woke Fed for Risking Losing Control of Inflation
- Former Treasury chief has warned about price risks for months
- Summers says Fed not preparing public for potential action
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Former Treasury Secretary Lawrence Summers castigated monetary policy makers in the U.S. and elsewhere for paying too much attention to social issues and not enough to the biggest risk to inflation since the 1970s.
“We have a generation of central bankers who are defining themselves by their wokeness,” Summers, who is now a professor at Harvard University, said on Wednesday. “They’re defining themselves by how socially concerned they are.”