Larry Summers, former Treasury Secretary, commented on recent inflation data, suggesting the next Federal Reserve move could be a rate increase rather than a cut. January's consumer and producer price inflation numbers were higher than expected, challenging the notion of a 'soft-landing' for the economy. Summers highlighted the resilience of housing costs, particularly owner-occupied housing, which may not be as deflationary as previously thought. He also criticized the strict 2% inflation target and suggested the Fed should proceed with caution, noting a potential rate hike in the future.