Summers Sees Trump Naming ‘Respected’ Replacement for Powell

Former Treasury Secretary Lawrence Summers said he expects Donald Trump to name a mainstream candidate to replace Federal Reserve Chair Jerome Powell, despite the president’s bashing of the US central bank leader for failing to cut interest rates this year.

“I would be quite surprised if he did not make a choice that fair-minded observers on both sides recognized as a reasonable person,” Summers said on Bloomberg Television’s Wall Street Week with David Westin. “I am considerably more confident than some” that Trump would make such a decision, thanks to the swift financial-market reactions to the news when it comes, he said.