"I do think inflation at the moment is stuck well above the Fed's 2% target. We're not at a good level," said Glenn Hubbard, a top economic adviser to President George W. Bush.

Larry Summers, a top economic adviser to President Barack Obama, agreed about the troublesome inflation picture.

"I don't think we're on a convincing trajectory to the 2% inflation target," Summers said.

The two economists spoke together on a webcast hosted by the Economic Club of New York.


READ MORE: Inflation isn’t likely to come down to Fed’s 2% target, two prominent economists say