Summers Gives Lagarde an A+, Urges Fed Rate Increase Next Week

Summers Gives Lagarde an A+, Urges Fed Rate Increase Next Week

From bnnbloomberg.ca

Former Treasury Secretary Lawrence Summers praised European Central Bank President Christine Lagarde for raising interest rates by a half percentage point Thursday and said the Federal Reserve should follow with its own, smaller, move next week. “Lagarde gets an A+ today,” said Summers, a Harvard University professor and paid contributor to Bloomberg Television. Not only did Lagarde follow through with a rate increase in the face of recent financial-market turmoil, she delineated monetary policy from financial-stability concerns and made clear that the ECB had different tools for addressing each, Summers said. ... (full story)

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