Summers: Fed, ECB Need to Focus on Inflation Mandate

"If institutions don't focus on their inflation mandate, they will be making a very serious mistake," former US Treasury Secretary Lawrence Summers says during an interview with David Westin on "Wall Street Week Daily."

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[Internetjim]

Here is an accurate statement:

No one knows what the heck is going on.

[bruteht]

Inflation will never be 2% in my lifetime.

[PD_]

Gosh, Summers has the best agent booking him every day. Mr. Status Quo who never fixed any problems.

[lambertois]

Larry Summers is right! In the past 10+ years, the low interest rate and QE have contributed to the enrichment of the top 10%.
It is about time that the Federal Reserve starts to think about the other 90% who are suffering from the impact of the high inflation.
Saving the wealth of the top 10% is not part of the Federal Reserve mandate !

[dj]

As a multi family property owner in Manhattan for a few decades, I made a ton of money in cash flow and the sale of the buildings in 2020. Having work experience in commercial real estate finance and an finance MBA, I saw the writing on the wall. I was really worried in 2019, thinking my loans ( every 5 years) would go from 3% to didn't want to be invested for less cash flow (for years), so I sold and reinvested.. in safer assets... my loans would have matured this year.... I could not even imagine what other building owners are going through right now... just the beginning.

[I]

Compared to Historical Average Interest Rates,
the Markets have been Spoiled - like a Rotted child.

[alexandroskatsis]

Growth has to be slowed down to stop inflation in Europe, I dont see ECB backing down from a 50bp hike as inflation is way to high. Its time we start paying our debt to QE

[keenman]

Uhh and uhh. I think uhhhh. And when uhhh. Uhhh. This guy uh

[jaym]

Funny money printing is coming home to roost.
Time to stock up on iodine pills.

[kevinraimond]

Here's an idea, quit fueling boom-bust Cycles

[__Orz__man]

Why people keep interviewing him is beyond me. He seems completely clueless. Should just stay retired.

[rodneydowd]

What is wrong with Summers swishing his worshdshs?

[danielscott]

Biggest impact on tech ecosystem will be reduction in venture debt.

[infomineco]

Probably kindergarten mathematics on candy gestion in a classroom, could have given you a good lesson on management....

[shawnanderson]

When has Larry Summers been right about anything?

[topsingles]

the fed should raise interest rates by 50 basis points. 6 pct inflation when workers hardly get 3 pct annually in raises is an unacceptable situation. svb and credit suisse were badly managed. dodd-frank was rolled by by the far right. biden still did the right thing acting quickly and decisively.100s of thousands of silicon valley tech jobs were at risk because of fear and uncertainty on wall street and in the banking industry. innovation has to continue-through the chips act, inflation reduction act, insfrastructure bill and flow of venture capital. The US technology lead and fight against climate change were at risk.

[billsykes]

My gut tells me we will have a “slow rolling crisis” (Fink) with several “air pockets” (Summers). Take it or leave it. I’m an armchair general way out of my depth just like every other Bloomberg commenter.

[priusgame]

All of these people suggesting this isn't a big deal are usually people close to these banks lol. Notice how none of them are putting their own money on the investment or deposits at each of these banks???? People need to stop listening to these hacks

[devonp]

Powell Will Pivot. It’s the easiest thing to do. You need thick skin to raise rates

[topsingles]

There is nothing unusual about even a 6 pct fed funds rate.We had that in 1994 and the economy boomed after that, and in spite of it.Inflation must be quashed.