Summers: Be 'Prepared' for Fed Rate Hikes at Every Meeting This Year

The transcript discusses the potential for multiple rate hikes in 2022, emphasizing the need for flexibility and humility in decision-making. Jay Powell's recent press conference is highlighted, where he suggested a shift from previous frameworks. The uncertainty of economic data means markets should be prepared for rate hikes at every meeting, possibly with multiple increases. The importance of being ready for various scenarios is stressed.

Why is it important for markets to prepare for a rate hike at every meeting?

What uncertainties exist regarding the inflation process and rate hikes?