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.
U.S. job gains remained firm in November while hourly pay accelerated the most since January.
One particular area to monitor is the strains inherent in Japan's policies right, the former Treasury chief said.
Former Treasury Secretary Lawrence Summers has been encouraging the Fed to accelerate rate increases to stifle inflation.
The former Treasury secretary said the Fed needs to acknowledge that higher interest rates will cause economic pain.
The former Treasury chief also reiterated his view that the Fed should stick with its monetary tightening.
The neutral setting should be higher than the Fed's current target rate of 2.25% to 2.5%, he said.
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