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Larry Summers, Janet Yellen clash over inflation fears
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Former Obama administration economic adviser Larry Summers fired back at Treasury Secretary Janet Yellen on Monday after she argued he was "wrong" to suggest the country faced a risk of out-of-control inflation.
Summers, who served as treasury secretary under former President Bill Clinton, detailed his concerns about inflation in a lengthy Twitter thread. The prominent economist said he thought there was "less than a 50/50 chance" that Yellen was correct in her assertion that inflation levels will return to normal by next year.
"I actually believe the gap between Treasury & Fed statements and the everyday experience of businesses and consumers in terms of inflation has widened in recent months," Summers said. "Until the Fed & Treasury fully recognize the inflation reality, they are unlikely to deal with it successfully."
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