Larry Summers sounds the alarm bell on inflation — before Trump even takes office
CNN
When many were celebrating the remarkable economic recovery from the pandemic in the spring of 2021, Larry Summers warned the White House and the rest of Washington that inflation was a real danger.
When many were celebrating the remarkable economic recovery from the pandemic in the spring of 2021, Larry Summers warned the White House and the rest of Washington that inflation was a real danger. That warning proved to be prescient. Price spikes engulfed the US economy, crushed consumers and forced the Federal Reserve to spike interest rates to multi-decade highs. Inflation became issue No. 1 for voters and helped send Donald Trump back to the White House. Now, with many celebrating the apparent defeat of inflation, Summers is delivering another warning to Washington. Summers, the famed economist and former Treasury secretary, cautioned Tuesday that the inflation genie may not be back in the bottle. And, most tellingly, his warning doesn’t even account for what he fears could be a very inflationary agenda from the incoming Trump administration. “My own judgement is that the Fed and markets are still underestimating the overheating risk,” Summers said during a conversation hosted by the New York Economic Club. “I ask myself: Why is cutting rates a priority into that environment?” The former Obama and Clinton official pointed to above-target core inflation (a metric that strips out volatile food and gas prices), a rapidly growing economy and financial markets that are “on fire.”
No, not the recipe itself. Just the literal phrase.
Kum & Go, the Midwestern gas station chain that gained national fame for the immature snickers its name often receives, is making a change.
Boeing’s most immediate problem – an eight-week strike by 33,000 workers – is over. But its more serious problems – ongoing massive losses, quality and safety problems – are as bad as ever, and could even get worse.
Hush puppies, once a staple on Red Lobster’s menu, are coming back.
While revenge porn has been around for decades, the proliferation of AI tools means anyone can be a target of harassment, even if they’ve never taken or sent a nude photo. But there are steps that targets can take to protect themselves and places to turn for help.
Donald Trump is returning to the White House and the stock market is loving it.
Shell is not obliged to dramatically reduce its planet-heating pollution by 2030, a Dutch appeals court ruled Tuesday, overturning a previous verdict that imposed steep carbon emissions reductions on the British oil and gas giant.
Chris Wallace, the veteran journalist who has anchored weekly programs on CNN and the Max streaming service, is leaving the network, he announced Monday.
Genetic testing firm 23andMe said on Monday it is reducing about 40%, or 200 employees, from its workforce and discontinuing further development of all its therapies as part of a restructuring program.
The use of misogynistic and abusive phrases targeting women, like “your body, my choice” and “get back to the kitchen,” has spiked across social media in the days since Donald Trump’s reelection, according to an analysis from the Institute for Strategic Dialogue.
When Tom Homan left the US Immigration and Customs Enforcement agency in 2018, he didn’t go far from Donald Trump’s administration – he joined Fox News as a paid contributor and used the platform to argue for aggressive border enforcement.