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.
Senators are also considering a levy on excess pay for corporate chief executives.
President Biden has proposed the tax increases to finance some $4 trillion in longer-term economic programs.
The department plans to boost auction sizes across all nominal coupon tenors.
The bank added a bet on the spread between three-year and 10-year yields widening.
The implications for corporate earnings and interest rates could affect investment decisions for years if not decades.
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