New York (CNN Business) Larry Summers is urging Washington to tap the brakes on stimulus — or risk unleashing a serious burst of inflation . 'Troubled' by Biden policy stanceSummers said that while he supports Biden's efforts to raise the minimum wage, step up regulation and boost unions, he warned that these policies can be inflationary. Summers argued that the magnitude of today's federal policy positions are greater than the ones that set off runaway inflation in the late 1960s. But he cautioned that the policies from the Federal Reserve and Congress "will raise inflation." "Hopefully, it won't be out of whack and the Federal Reserve will be able to tamp it down.

Source: CNN May 26, 2021 20:48 UTC