Federal Reserve’s ‘Transitory’ Talk Should Be Retired, Says Former Treasury Secretary

‘I was astonished to see him resurrect that concept,’ said Larry Summers.

Former Treasury Secretary and Harvard professor Larry Summers speaks at the annual IMF and World Bank spring meetings in Washington on April 13, 2016. Mike Theiler/AFP via Getty Images

Former Treasury Secretary Larry Summers thinks it was a mistake for Federal Reserve Chairman Jerome Powell to use the term “transitory” in a recent briefing about inflation.

“I would have thought the chairman would retire the word ’transitory,'” Summers said in a March 20 interview with Bloomberg TV.