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Rubin Sees ‘Material Risk’ High U.S. Inflation Will Be Enduring

  • Clinton-era Treasury chief praises Summers’s alarms on prices
  • Says $1.9 trillion pandemic relief bill was ‘essential’

Former Treasury Secretary Robert Rubin said there’s a “material risk” that the U.S. could see persistently elevated inflation and urged policy makers to be careful to avoid overheating.

Rubin, who served in the Clinton administration, also said ex-Obama administration adviser Larry Summers has done “a great public service” by ringing alarm bells that the recent spike in prices may fail to dissipate amid trillions of dollars in pandemic-relief spending.