Larry Summers Says 50 Basis Point Rate Cut in September Was ‘A Mistake’
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Former Treasury Secretary Larry Summers said the Federal Reserve’s decision to cut interest rates last month was a mistake after new data showed that US job growth last month topped all estimates.
“With the benefit of hindsight, the 50 basis point cut in September was a mistake though not one of great consequence,” Summers, a paid contributor to Bloomberg TV, said in a post on X.