Wall Street Week - Larry Summers

Larry Summers: I've been saying soft landing very unlikely for a while, and I think it's looking even more unlikely right now. The consensus is reflected by the FT University of Chicago survey of a group of 50 economists. They're saying that we're going to have a recession and that the unemployment rate will peak at 5.5%. That's up from where they were, way ahead of where the Fed is. So I think there's a growing coming together that we probably are going to make more progress on inflation than many people expected.