According to Odaily Planet Daily, former US Treasury Secretary Summers said on Bloomberg TV's "Wall Street Weekly" program that allowing politicians to participate in monetary policy is a stupid game, and the end result is higher inflation and a weaker economy.

Summers warned that any presidential influence on U.S. monetary policy would hurt the economy. Government officials always want to print more money and lower interest rates to boost the economy, but this approach will only increase inflation without real growth in output.

Regarding the Fed's policy decision, Summers said that any emergency rate cut is not necessary now, given that market volatility and stock market sell-offs have eased. But he believes that a 50 basis point rate cut may be appropriate at the September policy meeting.