The Federal Reserve has been reluctant to raise interest rates for only the second time in a decade, not because of political bias but because the economy isn’t ready, former Clinton Treasury Secretary Larry Summers told CNBC on Wednesday.
Summers said GOP presidential nominee Donald Trump’s suggestions that Fed Chair Janet Yellen is keeping rates steady to burnish the legacy of President Barack Obama by not jolting the economy are “ludicrous.”
Yellen is the “least political person” in Washington, Summers said.
