Summers Criticizes Fed for Having ‘Itchy Fingers’ on Rate Cuts

Former Treasury Secretary Lawrence Summers criticized the Federal Reserve for continuing to signal that it’s prepared to lower interest rates in coming months, despite a strong economy that’s giving off projections of still-too-high inflation.

“My sense is still that the Fed is itchy fingers to start cutting rates and I don’t fully get it,” Summers said on Bloomberg Television’s Wall Street Week with David Westin. Given how the economy and financial markets are performing, “I don’t know why we’re in such a hurry to be talking about moving towards the accelerator,” he said.