Economics
Fed Officials Entering ‘New Era’ on Overheating, Summers Says
- Fed ‘late to the party’ to see inflation threat, says Summers
- Summers says Fed’s problem is landing the economy softly
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Former U.S. Treasury Secretary Lawrence Summers said that Federal Reserve policy makers are signaling a “new era” in which they recognize the U.S. economy is overheating as inflation runs at its fastest in three decades.
Speaking on Bloomberg Television’s “Wall Street Week” with David Westin, Summers said that Fed Chairman Jerome Powell and Governor Lael Brainard this week used rhetoric that “portends a new era here for the Fed.”