SHAFAQNA TURKEY – Former US Treasury Secretary Larry Summers said the bank should avoid issuing a new hike signal due to uncertain economic outlook following an expected Fed rate hike next week.
“I don’t think now is the right time to continue the process of raising rates,” former U.S. Treasury Secretary Summers told Bloomberg. Of course, the possibility of promotion should not be completely excluded from the table,” he said.
US inflation remains well above the bank’s 2 percent target. Data released yesterday showed that annual growth in the Fed’s favorite indicator of inflation eased from 4.7 percent to 4.4 percent in December. The data also point to a slowdown in the economy and lower personal spending.
Summers, a professor at Harvard University, said the Fed should remain as flexible as possible in the economy, given that the economy can go both ways, and said, “They are on a very, very foggy path.” Summers expects the Fed to raise interest rates by 25 basis points at its Feb. 1 meeting.
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