Too-Tight Fed Policy Greater Risk Than Inflation. Lawrence Summers, July 1, 2018, Video, “Former U.S. Treasury Secretary Lawrence Summers said Federal Reserve interest-rate hikes that slow the nearly decade-long expansion are a greater risk to the economy than inflation. “Is the strategy one of relying on the Phillips curve and trying to preempt inflation, or is the strategy one of trying to let the economy grow as much as possible and respond to inflation problems as they arise,” Summers said in an interview Wednesday on Bloomberg Television. “I would very much favor the second.”Link