BIDENFLATION: ‘Serious possibility’ that Fed’s next rate move is a hike, warns Larry Summers.

That’s economist and former U.S. Treasury Secretary Lawrence Summers highlighting the possibility that the Federal Reserve may not only have difficulty delivering previously expected interest-rate cuts, but could have yet to deliver its final rate hike of the current cycle.

Summers’ remarks, in an interview Wednesday with Bloomberg Television, came after the March consumer-price index showed a hotter-than-expected inflation reading for both the headline figure and the core rate, which strips out volatile food and energy prices.

Summers said that while circumstances can change between now and June, the current facts would make a June rate cut seem “a dangerous and egregious error comparable to the errors the Fed was making in the summer of 2021,” when policy makers left rate hikes on hold amid expectations that rising inflationary pressures would prove transitory.

For what it’s worth, Summers was the first — and to my recollection, only — big-name Democrat to warn three years ago that inflation was coming.