Summers Warns Strong Jobs Growth Raises Risk of Hard Economic Landing

Former Treasury Secretary Summers says strong job growth raises risk of a hard landing for the economy.

He suggests interest rate hikes may be less effective at slowing growth than in the past.

Summers sees more "dry tinder for financial flames" due to bond selloff, China risks, high valuations.

He attributes half of Treasury yield rise to investor recognition of need for higher rates.

Summers criticizes Fed and Treasury for not extending debt maturity when rates were low.