Summers: Trump's criticism of Powell for refusing to cut interest rates is actually a pretext to set up a scapegoat for the economic recession.

On June 21, former U.S. Treasury Secretary Summers pointed out that Trump’s frequent attacks on Federal Reserve Chairman Powell for refusing to cut interest rates are actually setting up a “scapegoat” for a future economic downturn, attempting to shift the blame to the Federal Reserve rather than his own policies. Despite Trump’s high-profile pressure, Summers predicts that he will ultimately nominate a respected “mainstream” figure to replace Powell in order to avoid market turmoil.