Summers Urges Fed to Wait for ‘Overwhelming’ Data Before Cutting Rates

Former Treasury Secretary Lawrence Summers said the Federal Reserve should hold off on a shift toward lowering interest rates until there’s decisive evidence showing that inflation is back under control or that the economy is entering a slump.

“The moment they turn, or announce they’re going to turn, is going to be a seismic moment,” Summers said on Bloomberg Television’s Wall Street Week with David Westin. “And for that reason, they probably need to be very deliberative and careful about getting to that point.”