Larry Summers: Fed Confidence in Economy Having Soft Landing Is 'Tooth Fairy Kind of Stuff'

Larry Summers: Fed Confidence in Economy Having Soft Landing Is 'Tooth Fairy Kind of Stuff'


Former Treasury Secretary Lawrence Summers said Friday on MSNBC’s “Andrea Mitchell Reports” the Federal Reserve’s confidence that interest rate hikes will avoid a recession and give the U.S. economy a soft landing is “tooth fairy kind of stuff.”

Mitchell said, “Let’s talk about the economy, the basic economy. You said it’s complicated. Complicated could be a euphemism, for it’s not going to turn around anytime soon.”

Summers said, “We are getting bad news on inflation. We are getting bad news on economic strength. The bad news on inflation is coming in the way of the wage and price increase data. The bad news on economic strength is coming on terms of the spending data. What that’s telling us is, frankly, what I and many others have

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