Inflation isn't coming down without serious economic downturn: Summers

Inflation isn't coming down much further without a substantial economic downturn, former Treasury Secretary Larry Summers says

Former US Treasury Secretary Larry Summers doesn't see inflation coming down to the Fed's target soon without a substantial economic downturn.

Consumer inflation has cooled of sharply after hitting 9% in June, but March's 5% rate remained well about the Fed's goal.

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