And I don’t think that the market in general and I don’t think many of the policymakers appreciate just how big that overheating is. My sense is that we’ve had a set of developments that you’ve studied over a long time period, but that we very dramatically, about a year ago, ramped up the level of fiscal spending, ramped up the amount of liquidity that the Fed was providing we did it at a time when, because of Covid, there were limits on how much consumers could spend, so they built up a big overhang and that the economy almost had to overheat that, to mix the metaphor, the bathtub almost certainly had to overflow. Larry Summers So Ray, let’s start on that question of inflation. You can watch the video above and read a full transcript below. Held in New York City, this conversation has been edited for length.
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