Most Read from Bloomberg“Nobody ever thought we were an underlying 8% inflation country,” Summers said on Bloomberg Television’s “Wall Street Week” with David Westin. The Fed’s target is for a 2% inflation rate, using a separate gauge known as the PCE price index. “Since we haven’t yet had a significant slowdown in economic activity, it shouldn’t be surprising that we’ve still got inflation well above target,” Summers said. They can “gerrymander” application criteria, such as doing away with standardized testing and encouraging applicants to write “certain” things in their personal essays, Summers said. Most Read from Bloomberg Businessweek©2023 Bloomberg L.P.