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'Woke' Fed risks losing control of inflation, says former Treasury Secretary Larry Summers
Summers warns of 1970s-style inflation
Former Treasury Secretary Larry Summers on Wednesday excoriated Federal Reserve policymakers for paying too much attention to social issues rather than a pandemic-induced inflation surge that's triggered wild increases in many consumer prices.
"We have a generation of central bankers who are defining themselves by their ‘wokeness,’" Summers said Wednesday while speaking to a virtual conference organized by the Institute of International Finance. "They’re defining themselves by how socially concerned they are."
His comments were first reported by Bloomberg News.
Summers likened arguments made by Fed officials downplaying inflation concerns to those made by former Fed chairs Arthur Burns and G. William Miller, who led the U.S. central bank in the 1970s …
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