“I understand the arguments for not hiking this at this meeting,” Summers said, alluding to the latest numbers which show cooling inflation.
while signaling future increases was “disturbing” and “confusing” — and chalked it up to internal politics at the central bank.
Fed Chair Jerome Powell on Wednesday sounded a cautious note as the Fed paused after hiking rates 10 straight times since early 2022 — but signaled it expects two further rate increases this year worth half a percentage point. Larry Summers, the former treasury secretary, criticized the Fed’s decision to pause interest rate hikes while signaling future increases.“But those arguments wouldn’t point towards signaling two further rate increases, they wouldn’t point towards significantly revising the forecasts towards a stronger economy and more inflation,” Summers said.
The Consumer Price Index — a closely-monitored measure of inflation that tracks changes in the costs of everyday goods and services — rose 4% in May versus a year earlier, according to the US Bureau of Labor Statistics.
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