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.