Former Treasury Secretary Lawrence Summers criticized the Federal Reserve's 50 basis point interest rate cut in September, citing a strong jobs report.
Former Treasury Secretary Lawrence Summers criticized the Federal Reserve's 50 basis point interest rate cut in September as a mistake, citing a strong jobs report that showed 254,000 new jobs added, surpassing expectations. He argued that the cut was made in a high-neutral-rate environment, emphasizing the need for caution in future rate reductions. Economist Mohamed El-Erian echoed similar concerns, highlighting the importance of careful monetary policy.
October 04, 2024
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