Summers also cautioned against thinking that the Fed will automatically start lowering rates if inflation comes down.
Fed policymakers in March 2022 began ramping up their target for the benchmark rate to a range of 5.25% to 5.5%.
Former Treasury Secretary Lawrence Summers said, “I found the Fed's action a little bit confusing.”
Economists warned that momentum slowed as the quarter progressed.
Former Treasury Secretary Lawrence Summers said the Fed is in the "late innings" of its tightening cycle.
It's plausible that banking woes subside without a big impact on credit, he said, leaving in place serious inflation issues.
Fresh regulatory proposals, once formally presented, are set to meet concerted Republican opposition.
The Congressional Budget Officer also raised its estimates for the amount the current year's budget will add to debt.
Former Treasury Secretary Lawrence Summers cautioned that factors that had been helping pull inflation down may reverse.
There's another political impasse looming over markets as Democrats and Republicans square off over the debt ceiling.
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