Larry Summers Warns Scott Bessent Unless We See A Recession, You Shouldnt Be Prescribing A 175 Basis Point Cut In Interest Rates

Image for article Larry Summers Warns Scott Bessent Unless We See A Recession, You Shouldnt Be Prescribing A 175 Basis Point Cut In Interest Rates
News Source : Yahoo Entertainment

News Summary

  • Former Treasury Secretary Lawrence Summers criticized the current U.S. Treasury Secretary Scott Bessent for weighing too directly on the direction of interest rates.
  • He says that any model of monetary policy must rest “on a judgment about what the neutral interest rate is,” which is the level that allows the economy to sustain full employment without fueling inflation.
  • According to the CME Group’s FedWatch tool, the probabilities of a 25 basis point rate cut in September are at 84.6%, and 51.5% for another cut in October.
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