A new fear has been unlocked in the White House: Maybe Larry Summers was right about inflation after all
“These figures and labor market tightness and the behavior of housing markets and asset prices are all rising in a more concerning way than I worried about a few months ago,” he said in an interview on Tuesday. “This raises my degree of concern about an economic overheating scenario. There are huge uncertainties in the outlook, but I do believe the focus of concern right now should be on overheating.
White House officials also note that bond market investors on Wall Street don't seem worried about runaway prices, given the low yields on Treasury bonds. A second senior official also said the White House doesn't fear that Summers is right. While the administration is closely monitoring inflation, it believes that once Covid-induced supply shortages fade, the situation will get better.
Powell, a Republican who is in line to be renominated this year for another term as Fed chair, says the rise in inflation will be “transitory” and that interest rates can remain at historically low levels well into next year and perhaps beyond. Meanwhile, consumers are showing concern. A June survey from the New York Fed released on Monday showed that consumers expect prices to jump 4.8 percent over the next year, the highest reading ever for a survey that dates to 2013.
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