Inflation accelerating faster than expected, says Obama economist Lawrence Summers

By Nihal Krishan

Published May 14, 2021 2:26pm ET

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Inflation accelerating faster than expected, says Obama economist Lawrence Summers — Harvard professor Larry Summers warned that Federal Reserve Chairwoman Janet Yellen's optimism one day might be viewed the same way that Ben Bernanke's statements downplaying the subprime crisis were, and he concluded in an op-ed that "the Fed's complacency about its current toolbox is unwarranted." (AP Photo/J. Scott Applewhite) | J. Scott Applewhite

Former Treasury Secretary Lawrence Summers said Friday that inflation is going up even faster than he predicted, pushing back against the more rosy economic outlook of the Federal Reserve and the Biden White House.

“I was on the worried side about inflation and it’s all moved much faster, much sooner than I had predicted,” Summers wrote on Friday. “That has to make us nervous going forward.”

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