Former Treasury Secretary Larry Summers says chance of recession next year is substantial

Former US Treasury Secretary Larry Summers said on Thursday that it’s “substantially” more likely than not that the United States will enter a recession next year. Recession became “almost inevitable” once inflation rates grew above 5%, he said. On an annual basis, prices rose by 8.2% in September.

​Former US Treasury Secretary Larry Summers said on Thursday that it’s “substantially” more likely than not that the United States will enter a recession next year. Recession became “almost inevitable” once inflation rates grew above 5%, he said. On an annual basis, prices rose by 8.2% in September.