Former US Treasury Secretary says the Fed should be open to raising interest rates by 50 basis points in July if the central bank pauses its round of policy tightening this month.
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Lawrence H. Summers
@LHSummers
Charles W. Eliot University Professor and President Emeritus at Harvard. Secretary of the Treasury for President Clinton and Director of NEC for President Obama
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We've still got a tight, hot labor market.
Watch my interview last night with of Wall Street Week on
youtu.be/cGdj4E9fo9M via
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Tonight. 6pm ET. Watch my interview with
Seeing the general picture in the markets, I think we are again in a situation where the risks of overheating the economy are the primary risks that the needs to be mindful of.
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Former US Treasury Secretary @LHsummers says the Fed should be open to raising interest rates by 50 basis points in July if the central bank pauses its round of policy tightening this month.
Watch "Wall Street Week" tonight at 6 pm ET trib.al/A80rNkR
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Another way to put it is they are exaggerating the impact & efficacy of monetary policy in slowing the economy. I read this as a strong report. The general tendency of the data has been v. much towards saying the economy-at least for this while-has a fair amt of robustness in it.
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I think the forecasting community has to do a little soul searching, they've been low on the jobs report for 14 months in a row. That has got to suggest that there's something about the underlying strength of the economy that they're missing.
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If the doesn't raise rates in June, I think they have to be open to the possibility they may have to raise rates by 50 basis points in July, if economy continues to stay way hot & if inflation figures are robust.
Tonight. 6pm ET. WallStreetWeek on
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IN ONE HOUR: gives a keynote speech on fiscal stimulus & stability after the response to COVID at a joint PIIE- conference on global perspectives on fiscal policy.
Watch here: piie.com/events/rethink
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TOMORROW: gives a keynote speech on fiscal stimulus & stability after the response to COVID at a joint PIIE- conference on global perspectives on fiscal policy.
Learn more & watch here: piie.com/events/rethink
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The rescinding of #IRS funding will raise future deficits by more than $100 billion and risks a compliance crisis and privileges rich tax cheats. I desperately hope it will not set a precedent.
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The policy design differs from what I would prefer but I am ok with the changes on work requirements and spending. I think permitting reform is a policy imperative.
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I am glad that the #DebtCeilingCrisis has been resolved and hope and trust #Congress will act.
I think however the #IRS provisions are a grave error.
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MAY 30: gives a keynote speech on fiscal stimulus & stability after the response to COVID at a joint PIIE- conference on global perspectives on fiscal policy.
Learn more & watch here: piie.com/events/rethink
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MAY 30: gives a keynote speech on fiscal stimulus & stability after the response to COVID at a joint PIIE- conference on global perspectives on fiscal policy.
Learn more & watch here: piie.com/events/rethink
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I hope ultimately for creative destruction as new formats and approaches take hold like Public Forum and world schools debate and displace the farce policy debate has apparently become.
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Policy debate was an important and formative experience for me. It makes me very sad to see it taken over by political posturing. Many young people will miss out on something very positive.
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Dan Murphy who serves as executive director of provides some very important cautions about the dangers of restricting scientific collaborations with #China in an important op-ed today.
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"This should be setting off alarm bells in Washington. #Economic and #military advantage is contingent on superior #science, #technology and #innovation — and the competition for talent is global." says #MRCBG's Dan Murphy via the @nytimes
#China
nytimes.com/2023/05/25/opi
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Nobody knows exactly what the day is going to be but has to give warning about the earliest possible day when we will run out of money. We may have money a bit longer but that is no reason not to work this out.
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“The notion of talking about one’s colleagues in governing the county as hostages like it was some kind of kidnapping is at the edge of depraved,” said @LHSummers responding to Rep. Matt Gaetz.
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There's always posturing in these debt ceiling talks. Both sides need to feel like they are negotiating as hard as they could. Watch my interview w
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To this day, I often quote and try to live by Bob’s aphorisms: “Not everything can be the Alamo.” “You have to work for the people who work for you.” “If all choices are bad, think about whether you have to choose” and many more.
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I learned an enormous amount from Bob @ finance & financial mkts but even more @ decision making & leadership. Long after the issue set has changed, Bob's insights @ thinking in probabilities, relying on disciplined & inclusive process, & getting best out of people will endure.
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The fact that the US is the only country where a career like Bob Rubin’s is possible makes me--for all our problems--more optimistic about our prospects than those of any other country.
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Very good interview with the very wise Bob Rubin on his new book, The Yellow Pad: Making Better Decisions in an Uncertain World, and the challenges facing the United States.
wsj.com/articles/rober via
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"I do think that the government has shown that when institutions are mismanaged and blow through all their capital that their shareholders are going to get out with nothing, and that is the right thing," says Former Treasury Secretary of the recent bank failures
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"Unfortunately, I don't think the Fed can take much off of its worry list," says Former Treasury Secretary as the Federal Reserve weighs in on whether to raise or pause interest rates on Wednesday
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Former US Treasury Secretary Larry Summers joins CNN’s to discuss Treasury Secretary Janet Yellen's warning that the US could default on debt “as early as June 1”. Watch:
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This new debt ceiling deadline of June 1 is unwelcome but not unexpected. It would be a catastrophe for our country to default. It's something we have to avoid. We have to rely that fear will do the work of reason.
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Tonight. 6pm ET. Talking with about June 1 debt ceiling date, First Republic Bank and more.
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I think in their extreme preoccupation w/ manufacturing, their failure to consider consumers and reluctance to embrace cooperation in favor of more aggressive economic nationalism. I don't think they're quite in the place that will ultimately serve the long run interests of USA.
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Also missing is recognizing the importance of cooperation in producing a more prosperous global economy that works to our benefit and the United States maintaining its commitment to other countries, which we have not done in the trade area for quite some time.
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Of course, we're all for resilience. We're all for strong US producers and strong U.S. businesses.
But what I find missing in the approach is helping consumers, which after all is the middle class and is central to how people feel they're doing.
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