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Larry Summers

A home available for sale is shown in Austin, Texas, on Oct. 16, 2023. Former Treasury Secretary Larry Summers argues the consumer price index may understate the pain of rising interest rates, such as higher mortgages. Brandon Bell/Getty Images hide caption

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Brandon Bell/Getty Images

The life and possible death of low interest rates

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Citing what he calls an "acrimonious" confirmation process, Lawrence Summers called President Obama to tell him of his decision not to seek the job of Federal Reserve Chairman Sunday. AFP/AFP/Getty Images hide caption

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AFP/AFP/Getty Images