Larry Summers calls Dudley's op-ed the 'least responsible statement by a former financial official in decades'
The fallout from former New York Fed President William Dudley’s op-ed on President Donald Trump continued Wednesday with former Treasury Secretary Lawrence Summers saying the column “might be the least-responsible statement by a former financial official in decades.”
In a series of tweets, Summers called the Dudley op-ed “the worst case of Trump derangement in the financial world.”— Lawrence H. Summers August 28, 2019 Dudley’s essay argued the Fed should not “play along” with Trump’s trade war with China. He went further and said the Fed might help prevent Trump’s re-election.Adam Posen, the president of the Peterson Institute for International Economics, and a former central banker at the Bank of England, said Dudley’s column was “horribly mistaken.
Minneapolis Fed President Neel Kashkari, in an interview with NPR prior to Dudley’s essay, said that when a central bank plays politics “it leads to really bad outcomes over the long run for the economy. Greg Robb Greg Robb is a senior reporter for MarketWatch in Washington. Follow him on Twitter @grobb2000.
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