President Trump vs. the Fed: Larry Summers Warns of a Credibility Crisis

President Trump’s push to oust Fed governor Lisa Cook and to change the composition of the FOMC raises questions about the independence of the central bank. Former US Treasury Secretary Summers says the unprecedented pressure on Chair Powell and the board could erode confidence in the Fed, unsettle markets, and echo the politicized mistakes of the 1970s. For now, investors remain calm — but Summers warns that the US is “playing with fire.”