EDITOR'S NOTE: Current Federal Reserve Chairman Jerome Powell and Treasury Secretary Janet Yellen are finally coming around on the fact that inflation is real and here to stay, recently “retiring” the word “transitory” to talk about inflation and admit it is “persistent.” Former Treasury Secretary Larry Summers has been saying this for a long time now and is continuing to take it further — like our current leaders probably should be. “The idea that inflation will revert soon to levels anywhere near Fed’s target looks like a long shot,” Summers recently wrote on Twitter. He also added that there is “no compelling reason to expect major deceleration in inflation.” Summers has been right all along, and there is no reason to doubt he is right again now.
(Bloomberg) -- Former Treasury Secretary Lawrence Summers, a paid contributor to Bloomberg, reiterated his inflation views on Twitter, saying that “the idea that inflation will revert soon to levels anywhere near Fed’s target looks like a long shot.”
Summers adds that he sees “no compelling reason to expect major deceleration in inflation.”
Read More: Summers Says Policy Makers May Have Now Cemented Inflation at 4%
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Originally posted on BNN Bloomberg.