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.
The department is tapping the financial resources of two government-run funds for retirees.
A key gauge to monitor will be the employment cost index for the final quarter of the 2022, Lawrence Summers said.
The former Treasury secretary said he foresees an era of different kinds of interest rate patterns.
Lawrence Summers, the former Treasury secretary, said the latest U.S. inflation numbers were encouraging.
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