August 5, 2022: Indefensible Neutral Rate Doctrine

Bloomberg’s David Westin (Wall Street Week, July 29, 2022): “What do you economists do when you put together these neutral rates?” Larry Summers: “I think Jay Powell said things that, to be blunt, were analytically indefensible. He claimed twice in his press conference that the Fed was now at the neutral interest rate – calling [...]