A Positive Approach from Lawrence Summers, a Frequently Negative Critic of the Fed

Former US Treasury Secretary Lawrence Summers, who made negative criticisms of the United States Federal Reserve (FED), made statements expressing his support for the latest policy steps of the Fed, after his words that it was late in the fight against inflation.

"I think the monetary policy step that the Fed has taken at the end is quite appropriate," said former chairman Lawrence Summers, who frequently criticized the Fed on the grounds that the combat scope was insufficient against the inflation which showed record growth in 40 years. The US Federal Reserve had increased interest rates by 50 basis points this month, and had predicted that 50 basis points would continue at the June and July meetings. Summers, who is also a Harvard University Professor, noted that the financial conditions in the USA will determine the path of interest rate hikes. In his statements made in the past months, Summers stated that the next recession in the USA will most likely be caused by the Fed, and that the US Federal Reserve will have no choice but to raise interest rates to rein in inflation.