There's a 70% chance of a US recession thanks to the Fed's fight against inflation and risks of a credit crunch, says Larry Summers
Former Treasury Secretary Larry Summers has warned there's a 70% chance the US economy will slip into recession. , the former Harvard University president discussed a range of topics, including the global economic outlook, the dollar's strength, and the West's handling of Russian sanctions.
"The chance that a recession will have begun this year in the US over the next 12 months is probably about 70 percent," Summers said, "As I put together the lags associated with monetary policy, the credit crunch risks, the need for continuing action around inflation, the risk of geo-political or other shocks affecting commodities, 70% would be the range that I would be in," he added. Summers has repeatedly sounded the alarm on recession risks, previously warning that the US is headed for an economic
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