Fed’s newfound hawkishness will start a recession? Summers thinks it will

There is a longer-term question that matters, too: Once inflation is finally brought under control, do we return to the post-2009 secular stagnation, or will there be a new paradigm? 

He sees the threat of recession, even with 10-year bond yields at just over 3%, as strong evidence that he is right that the U.S. and the world can’t cope with higher rates.

“The fact that such low rates seem to be causing a recession is quite prohibitive,” 

I differ I think secular stagnation is less likely,  and I think Western governments will be more willing to spend than in the aftermath of the 2008-2009 recession. 

James Mackintosh  WSJ 27 June 2022

https://www.wsj.com/articles/larry-summers-nailed-inflation-but-is-he-right-on-what-comes-next-11656343688