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.
The former Treasury secretary said the Fed is "underestimating the gravity of the situation."
As bad as things seem, it appears that it would trouble policy makers little if they got worse.
Reduced Russian exports will cause an inflationary hit that compresses spending, according to the study.
Signaling four hikes would show the public the determination of policy makers to stem inflation, Summers said.
Democrats may raise the debt ceiling using a fast-track process that bypasses the filibuster.
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