Larry Summers warns of an economic 'collision' ahead as the Fed's efforts to dim inflation aren't working as well as hoped

• Larry Summers said the Federal Reserve's efforts to cool inflation via interest-rate hikes aren't doing the job.
• "The Fed's been trying to put the brakes on, and it doesn't look like the brakes are getting much traction," he said. 
• That could set the US economy up for a "collision or crash", the former Treasury Secretary said.

Former US Treasury Secretary Larry Summers has doubled down on his warning that the US economy is headed for a "collision", as the Federal Reserve's efforts to cool inflation aren't working as well as hoped.