Former Treasury Secretary Lawrence Summers said he was concerned the Federal Reserve is still engaging in “wishful thinking” about how much it will take to bring inflation down from four-decade highs. “Jay Powell said things that, to be blunt, were analytically indefensible,” Summers said on Bloomberg Television’s “Wall Street Week” with David Westin. “There is no conceivable way that a 2.5% interest rate, in an economy inflating like this, is anywhere near neutral.” Summers was referring to Fed Chair Jerome Powell’s assessment on Wednesday that, with the latest interest-rate hike, the central bank had already ... (full story)