Fmr. Obama Treasury Sec: ‘This Inflation is Not Transitory’

On Friday’s broadcast of Bloomberg TV’s “Wall Street Week,” Lawrence H. Summers said that the current inflation is “not transitory.”

“I think everybody recognizes now, with the statements from FED Chairman Powell, with statements from [Treasury] Secretary Yellen, that this isn’t just going to go away of its own accord,” continued Summers. “The FEDs have to take substantial action to control inflation.”

“We put in motion, for the first time in 40 years excessive inflation caused by overheating of the economy, and that has to be worked out of the system, and is probably not going to be such an easy thing.”