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2024-06-20 22:44:55 +0300

Larry Summers Says US Needs 5% Jobless Rate for Five Years to Ease Inflation

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Bloomberg
By Philip Aldrick

Former Treasury Secretary Lawrence Summers said the US jobless rate would need to rise above 5% for a sustained period in order to curb inflation that’s running at the hottest pace in four decades.

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“We need five years of unemployment above 5% to contain inflation -- in other words, we need two years of 7.5% unemployment or five years of 6% unemployment or one year of 10% unemployment,” said Summers said in a speech in London Monday. “There are numbers that are remarkably discouraging relative to the Fed Reserve view.”

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