Former US Treasury Secretary Summers said that although the Federal Reserve failed to act quickly to deal with the 2021 inflation surge, setting a "low point" in its monetary policy history, in the end it did enough to correct the economy. "I have to commend the Fed... While it's not always obvious, they acted strongly and forcefully enough to keep inflation expectations stable". "We all make a lot of mistakes, and it's important that when you do, recognize and correct it," Summers said. But while the former Treasury secretary said a rate cut at the Fed's September meeting was "the right thing to do", he argued that "we need to be more cautious about the medium-term outlook for monetary policy".