Fed Is on Verge of Credibility Crisis, Summers Says

Between the extraordinary effort to fire a sitting Fed governor with no kind of due process surrounding the for cause provision. Between the ominous rhetoric about hijacking the process for choosing local residents of the regional Federal Reserve between rumors about other members of the Fed board. We are in completely unprecedented territory.There hasn't yet been a dramatic market reaction. There are some concerning things in markets, not just one year ahead, but one year, one year ahead. Inflation expecta ...