Larry Summers says that the Fed should consider doubling down on interest rates in July if it pauses in June because the risk of 'overheating the economy'

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There is certainly no shortage of ideas on what the Federal Reserve should do when it comes to interest rates, but former Treasury Secretary Larry Summers’ latest proposal is one of the more unique ones of late.

While other economists strongly argue that the central bank should pause its recent trend of rate hikes, Summers tells Bloomberg that the Fed should be open to a half point increased in July, especially if it opts against an increase later this month.