Summers Urges Fed to Hike By 25 Basis Points Next Week
Former U.S. Treasury Secretary Lawrence Summers says the Federal Reserve should raise its benchmark interest rate by a 0.25 percentage point at its meeting next week. "It's appropriate — on current facts, to raise rates by 25 basis points," he says on Bloomberg Television's "Wall Street Week" with David Westin.
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Markets around the world churned as worries rose following the second- and third-largest U.S. bank failures in history.