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The Latest Breaking News from Larry Summers

Larry Summers says the economy could be headed towards a 'Wile E. Coyote moment'

The Harvard economist warns the economy could walk "off a ledge" sometime this year. “I’m not predicting with confidence that that will happen, but I think the risks are significantly elevated.”

Fortune

Fear of Recession Recedes; Here's What Janet Yellen Thinks

Nonfarm payrolls soared 517,000 in January, while the unemployment rate dropped to a 53-year low of 3.4%.

The Street

'It really disturbs me to say this, but I think I agree with Larry.' Paul Krugman sides with frenemy Larry Summers on inflation fight.

Both economists think the U.S. Federal Reserve is just as likely to overestimate inflation as underestimate it.

Fortune

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Top economist Mohamed El-Erian says the Fed has a small ‘window’ to reduce inflation after missing hard on other opportunities

He said the Fed already missed two opportunities to curb inflation—once in 2021 and then again in 2022.

Fortune

A soft landing is playing out–but optimism needs to be for the right reasons

Against the odds, the U.S. economy is moving towards a soft landing, according to BCG's top economists.

Fortune

Some of the world's top economists have weighed in on Argentina and Brazil's plan for a common currency: 'This is insane'

Economists don't see Brazil and Argentina's common currency idea panning out.

Fortune

Top economist Mohamed El-Erian sees inflation getting 'sticky' at 4%—and a growing chorus sees the dawn of a new world in investing

At the World Economic Forum in Davos, the world’s business leaders fretted over the possibility that inflation won’t fall back to central banks’ targets.

Fortune

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Larry Summers says the economy is looking good—but a potential pitfall for the Fed could still be the 'greatest tragedy'

It's been all good economic news in recent weeks, but the former Treasury secretary warns the final stretch to fight inflation might be the hardest.

Fortune

IMF chief says global economic outlook ‘less bad’ than feared

Kristalina Georgieva hints growth forecast could be upgraded thanks to retreating inflation, but warns against overoptimism

The Guardian - UK

Even Larry Summers thinks we might avoid a recession after months of gloomy predictions: 'Soft landings are a triumph of hope over experience, but sometimes hope does triumph'

Former Treasury Secretary Larry Summers said in September that there was a 75% chance of a U.S. recession. But after the latest inflation data, he says he's a little more hopeful.

Fortune

'Be careful of false dawns': Former Treasury Secretary Larry Summers warns a recession is still 'more likely than not'

Summers said inflation is still “inconceivably high," but acknowledged that recent trends show the Fed’s inflation-fighting campaign is “closer to being done.”

Fortune

What is ‘supercore’ inflation? Economists are obsessing over a narrow slice of price data

Economists think excluding sectors like housing gives a better idea of what’s really happening with inflation.

Fortune

Bond King Bill Gross says the Fed has already reached optimal level of interest rates

The man who revolutionized the bond market says the Fed should pay more attention to the mountains of debt circulating in the U.S.

Fortune

Billionaire David Rubenstein says inflation won’t fall significantly until the unemployment rate is almost double what it is now

“The Fed cannot say publicly what I can say, and what others have said, which is that until we get unemployment to about 6%, we’re not likely to get inflation down appreciably,” he said.

Fortune

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Fortune

Former FTX users say the failed crypto exchange was a 'Ponzi scheme.' Here's how Ponzis work

SBF, as Bankman-Fried was often called, says he didn’t commit fraud. But bankruptcy specialists say the findings so far are ‘pretty devastating.’

Fortune

Pausing interest rate hikes would be the Fed’s ‘worst mistake,’ Citadel’s Griffin says

Despite recession fears and inflation seemingly receding, Griffin says the Federal Reserve should stay the course with interest rate hikes.

Fortune

‘A lot of people have compared this to Lehman. I would compare it to Enron’: Larry Summers has some choice words for Sam Bankman-Fried and FTX

Lessons from the FTX collapse center more around accounting than crypto complexity, believes ex-Treasury Secretary Larry Summers.

Fortune

People charmed by FTX CEO Sam Bankman-Fried will be 'looking and feeling fairly silly,' Larry Summers warns of crypto crackdown

The former Treasury secretary said the tech sector “has over-extrapolated from past success to believe that trees grow to the sky."

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Fortune

‘It’s very possible we are peaking’: IMF managing director says global inflation could soon be going down, while economist Paul Krugman says in the U.S. it might already be at 4%

Declines in rental prices and slowing wage growth could mean inflation is past its peak, but not everyone agrees.

Reason

Don't Bet on Inflation Going Away Soon

"The history of developed countries since 1970 is very discouraging about the prospects of bringing down 8 percent inflation," says Larry Summers.

WEKU

How Biden changed his tune on inflation as prices soared and the midterms loomed

At first, the White House said inflation would be a temporary issue. But it quickly became the top economic priority — and major source of midterm political pain — for President Biden.

Benzinga

Larry Summers Calls Terminal Rate Crossing 5% 'A Milestone:' What He Says About Potential Of Further Rise

Former Treasury Secretary Lawrence H.

The Street

El-Erian Questions Whether Fed Merits Independence

But his expectations seem unreasonable. A body of intelligent, well-meaning policymakers isn't infallible.

The Street

Summers: Inflation Isn't Overstated and Fed Isn't Overdoing It

Harvard's Prof. Summers rebuts Nobel laureate Paul Krugman, who questions whether the Fed needs to raise interest rates further.

The Street

Key Indicator Puts the Chance of Recession at 100%

The economy shrank 1.6% in the first quarter and 0.6% in the second. And inflation hit 8.2% for the latest 12 months.

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