Former US Treasury Secretary Larry Summers pegs recession likelihood at 75% chance

Business Insider/Kimberly Leonard/8-1-2022

stein illustration on quick unforeseen regression“‘The market is now judging that interest rates are likely to fall between 2023 and 2024 in a quite significant way, which is a sign that markets are expecting that there will be a recession,’ he said. ‘And I think historically we just haven’t brought down substantial rates of inflation without a recession.'”

USAGOLD note: Summers did not say that we are now in a recession. He predicted one would occur over the next two years.

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