Former Clinton administration Treasury Secretary Lawrence Summers said Sunday that inflation and gas prices could climb higher because of the war in Ukraine, leading to even higher prices for consumers.
Mr. Summers, a top economic advisor to two former Democratic presidents, said the Federal Reserve’s economic forecasts have been “too optimistic” and said he disagrees with Treasury Secretary Janet L. Yellen’s recent assertion there is “nothing to suggest a recession is in the works.”
“I think the optimists were wrong a year ago in saying we have no inflation and I think they are wrong now if anyone is highly confident that we are going to avoid recession,” he said on CNN’s “State of the Union.