Former Treasury Secretary Larry Summers says investors need to tread carefully and not declare victory too early as the Fed battles to get inflation under...
““The Fed has corrected and they’re basically on course, but the plane is still well above a landing spot. It’s still going very fast and whether it’s going to overshoot is very much unclear.””
He said the U.S. has three possibilities: the much hoped for soft landing, with inflation brought under control without tipping into recession; no landing where inflation never really gets below 3% and potentially starting to rise again; or a harder landing “as the monetary policy lags work through.”
Thursday will bring a fresh batch of data, with August retail sales and producer prices expected at 8:30 a.m. Eastern. “It’s a very difficult situation and people need to be very careful about declaring victory…and need to be very careful about some assets, particularly in the stock market, that may be priced a bit for perfection at this point with more room for negative surprises than positive surprises,” he said.
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