Summers Says Miran Gave Weakest Fed Governor Speech in Memory

Former Treasury Secretary Lawrence Summers blasted Stephen Miran’s first speech as Federal Reserve governor, saying it failed to provide a proper analytical basis for slashing interest rates.

“I cannot remember an analytically weaker speech given before the New York Economic Club or given by a Fed governor,” Summers said on Bloomberg Television’s Wall Street Week with David Westin. “If this was the best case for the radical reduction in interest rates that President Trump has been advocating, then that case is even weaker than I had previously supposed.”

Miran, President Donald Trump’s White House chief economist until he ...