Larry Summers dubs Fed’s latest narrative ‘disturbing’

MarketsInsider/Zinya Salfiti/6-16-2023

“This meeting felt like it was driven as much by the internal political dynamics of the Fed, as by any consistent and coherent reading of the economic situation and that was a bit disturbing to me.” – Larry Summers, former Treasury Secretary

USAGOLD note: A number of prominent economists found the Fed’s latest stance disturbing. If Summers is right that internal politics played a role in the Fed narrative, it will only further undermine the central bank’s already flagging credibility.