Summers: Inflation Still 'Very Serious' and Recession Odds Still 75%, 'Mistake' to 'Radically Revise' Views over July CPI Numbers

On Wednesday's broadcast of MSNBC's "Andrea Mitchell Reports," Harvard Professor, economist, Director of the National Economic Council under President Barack Obama, and Treasury Secretary under President Bill Clinton Larry Summers said that the July inflation numbers were "pretty good" but it would be mistaken for anyone to drastically change their view due to the numbers and that the inflation problem is still a "very serious" one, "we're likely to have some quite turbulent times ahead." And we still have a 75% chance of a recession in the next two years.