China's financial markets went into a tailspin last week, setting off panics here in the U.S. and around the globe. It's not clear yet if this translates back into collapses in the real economy of China (and thus threats elsewhere), but at least one person with serious economic know-how is very worried: Former U.S. Treasury Secretary Larry Summers.
Rising inflation is one sign of a growing economy the Fed looks for to know when to hike rates. With the turmoil in China, five-year inflation expectations are now at their lowest since 2008.
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"It is far from clear that the next Fed move will be a tightening," Summers also tweeted.
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