Larry Summers warns a recession sparked by a self-fulfilling process is looking more likely now

The chances of a recession this year are rising, and it could set in sooner than anticipated, according to the former treasury secretary.

The risks of a recession in a year's time are more than I would have thought.

A downturn sparked by a self-fulfilling process coming out of high inflation and reductions in people's incomes is appearing more likely, according to him.

If a recession happens before the end of the year, it could stem inflation.

There is a 50% chance that GDP will shrink in the first two quarters of this year.

Consumers have slowed down purchases due to high prices. After the first quarter's dip, some economists have changed their predictions for economic growth.

The central bank will change their policy approach if the US falls into a recession. He believes that the Fed will be able to meet its targets.

He doesn't think they will be unable to meet their inflation targets.

Although the US economy is strong, there's no guarantee that the Fed will be able to raise interest rates fast enough to fight inflation.

He said that the process is likely to involve some pain.