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ABC interview with
Larry Summers who says Trump's accusations of manipulated jobs numbers are ‘preposterous’
Summers also criticized the firing of a top Bureau of Labor Statistics official.
Also, during the interview:
On Trump's bashing of Fed Chair Jerome Powell
Stephanopoulos: Adding to that uncertainty is the president's campaign against Jerome Powell, the head of the Federal Reserve, saying he's been a 'moron,' I think was the word the president used for not lowering interest rates so far. What's the impact of that?
Summers:
Look, I think that this kind of political Fed-bashing is a fool's game. The Fed doesn't listen. So, short-term interest rates aren't going to be different because of it. The market does listen. So, longer-term interest rates are going to be higher, which is going to make it more expensive to buy a house. This is hurting the economy, not helping.
“I think the president understands that. And what the president is doing is recognizing that for all kinds of reasons, of which his policies are very important ones, the economy's got a lot of risk, and he's looking to set up a scapegoat if the economy performs badly.”