Inflation Concerns Mount as Economist Warns Markets, Interest Rates May Rise

• Democrat economist Larry Summers warned higher-than-expected inflation could cause markets to crash

• Latest inflation data shows prices rose 3.5% over last 12 months, highest since last September

• Summers says "super core" inflation, excluding housing and transitory items, is running above 6%

• Interest rates likely to climb higher, making homes, cars more expensive for Americans

• Summers warns rate cut in June would be “dangerous,” on par with Fed's mistakes in summer 2021