Former US Treasury Secretary Lawrence Summers warned that although financial markets have so far had limited concerns about the independence of the Federal Reserve, the situation “could change very rapidly.” Summers said, “We are at the foot of the Federal Reserve's credit crisis. Right now, it's a completely unseen field.” Summers mentioned that Trump asked the Federal Reserve to cut interest rates by about 3 percentage points and harshly criticized Federal Reserve Chairman Powell. Summers stressed that Trump is trying to remove Governor Lisa Cook without “any due process,” and there are reports that Trump's nominees may be trying to reshuffle the leadership of regional Federal Reserve banks. Summers sees the current silence in the financial world as “disturbing.”

Former US Treasury Secretary Lawrence Summers warned that although financial markets have so far had limited concerns about the independence of the Federal Reserve, the situation “could change very rapidly.” Summers said, “We are at the foot of the Federal Reserve's credit crisis. Right now, it's a completely unseen field.” Summers mentioned that Trump asked the Federal Reserve to cut interest rates by about 3 percentage points and harshly criticized Federal Reserve Chairman Powell. Summers stressed that Trump is trying to remove Governor Lisa Cook without “any due process,” and there are reports that Trump's nominees may be trying to reshuffle the leadership of regional Federal Reserve banks. Summers sees the current silence in the financial world as “disturbing.”