Summers against inflation targets

Former US treasury secretary Lawrence Summers said on Friday 16 June that the Federal Reserve should not adopt any explicitly rule-based monetary policy regime.

"This is not time for slavish adherence to mechanistic rules of any kind" given how much the global economy is changing right now, Summers said during a conference held by the Federal Reserve Bank of Boston.

"To straitjacket monetary policy would be quite unwise" given all of the uncertainties that currently abound, he added.

Summers arg

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