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Possible Summers Nomination Shakes Markets

Apparently pigs do fly, as the liberal wing of the Democratic Party now finds itself aligned with market forces. Uncertainty over the direction potential Federal Reserve chairman nominee Larry Summers would take has left markets shaken. Over the past few months, in expectation of an end to easy-money policies by the Fed, interest rates have risen. And now, analysts and investors who were expecting continuity with a nomination of Fed vice chairwoman Janet Yellen, are dissecting Summers’s past statements—particularly his criticism of the Fed’s bond buying, the exact program about which markets are fretting. 

September 3, 2013 9:15 AM