Stocks crushed after inflation hits 40-year high: Nasdaq falls 3.5%, S&P 500 suffers worst week since January

Bloomberg

Larry Summers Says Fed Forecasts Look Ridiculous, Warns on Rate Delay

(Bloomberg) — Former Treasury Secretary Lawrence Summers said the Federal Reserve has failed to account for its mistakes and to realize the damage to its credibility after the latest inflation data dashed hopes that a peak had been reached.Most Read from BloombergUS Lifts Covid-19 Test Requirement for International TravelUS Inflation Quickens to 40-Year High, Pressuring Fed and BidenEating Two Portions of Fish Per Week Linked to Deadly Skin CancerYields Spike to 2008 High, Stocks Sink on Fed Be