Former U.S. Treasury Secretary: the asset buyback program must be urgently curtailed
Continued high levels of inflation in the United States require an early reduction in the asset-buying program, according to former Treasury Secretary Lawrence Summers. The Fed should to act faster in that direction, he said on Bloomberg TV, noting that rising inflation, which has long has long been a concern for him, is of particular concern now. The range of goods affected by rising prices is getting broader, with inflation beginning to show up in the residential real estate and labor. The consumer price index statistics released last last week are, in Summers' view, alarming. The Federal The Federal Reserve should respond by cutting the the bailout program much faster, he said. In his view, to the problem of inflation, which is the highest in 50 years. 50 years, the world's central banks are not paying enough insufficient attention. He noted that he had never in his career seen such risk of inflation spiraling out of control in the United States.