On Tuesday, Summers questioned the current Federal Reserve leadership’s focus on interest rate cuts while speaking to an audience at the Economic Club of New York. He said, “My own judgment is that the Fed and markets are still underestimating the overheating risk.”

As if on cue, the latest Consumer Price Index report released by the Bureau of Labor Statistics today showed that inflation jumped back up in October to 2.6 percent, following the Federal Reserve’s second straight rate cut last week.

Read More: Larry Summers Was Right About Inflation in 2021. Now He Warns Trump Policies Could Reignite It.