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While Fed chief Powell has repeatedly downplayed the risk, some economists and policymakers are worried that the U.S. economy could stumble into a 1970s-style inflationary spiral produced by the flood of relief and stimulus spending authorized by Congress in the last year and the additional spending being proposed by Biden.
Former Obama economic adviser Larry Summers is one of the leading critics expressing concerns. “It may be that a way will be found to bring it under control,” Summers told Bloomberg two weeks ago, referring to a sudden surge in inflation. “But as I look at $3 trillion of stimulus, $2 trillion of savings overhang, a major acceleration coming from COVID in the rear-view mirror, rates expected by the Federal Reserve to be at zero for three years even in a booming economy, record growth this year, major expansion of the Fed balance sheet, and much new fiscal stimulus to come I m worried.”