Obama-Era Economic Director Reveals What Will Bring Down Inflation

Then-President Barack Obama speaks about the financial crisis responsibility fee in the Diplomatic Reception Room at the White House as Larry Summers looks on in Washington on Jan. 14, 2010. Ron Sachs-Pool/Getty Images

A former Treasury secretary on Friday predicted that the risk of a 2022 recession is increasing and revealed the one thing that might dampen inflation.

“The risks of a 2022 recession are significantly higher than I would have judged six or nine weeks ago,” Larry Summers, who was also former President Barack Obama’s director of the National Economic Council, told Bloomberg in an interview published Friday. A months-long recession would tamp down inflationary pressures, he also predicted.