Summers Favors Full-Point Rate Hike Over Half at Next Week’s Fed Meeting

Larry Summers, former Treasury Secretary and the President Emeritus of Harvard University, doesn’t see inflation being fixed without rates going to close to 4%. He adds if he had to choose between 50-bps and 100-bps at the September FOMC meeting, he would pick “a 100 basis points move to reinforce credibility.”

He notes that the CPI report “confirms that the US has a serious inflation problem.”