This is coming from Larry Summers. Larry Summers, Treasury Secretary to Bill Clinton and likely member of any Hillary Clinton team.
We’ve been told forever that the Federal Reserve is “independent” and apolitical. That is a myth. (That’s the nice word.) Of course it’s political.
Really, in the United States, a place where we are supposed to be economically free, we shouldn’t be discussing the disposition of a financial politburo any way. There should be no Federal Reserve politburo.
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.”