Larry Summers warns of economic 'collision' as rate hikes aren't working

Larry Summers warns of an economic 'collision' ahead as the Fed's efforts to dim inflation aren't working as well as hoped

Former US Treasury Secretary Larry Summers has doubled down on his warning that the US economy is headed for a"collision", as the Federal Reserve's efforts to cool inflation aren't working as well as hoped. Friday whether the central bank needs to rethink its approach to taming the US inflation rate, which is still running far above its target.

Over the past year, the US central bank has increased interest rates at the fastest pace in history to try to bring inflation down to its 2% target. It hiked by 25 basis points earlier in February, taking the cumulative increase since last March to 450 basis points.

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