Joe Mathieu

There you have it from Nicholas Burns, the former U.S.

ambassador to China and the Biden administration.

Ambassador, thank you for your insights.

As we now turn for his unique view on balance of power to Larry Summers, the former U.S.

Treasury Secretary in the Clinton administration, of course now Bloomberg Wall Street Week contributor.

Mr. Secretary, welcome back to Bloomberg TV and radio.

Will we look back on this day as the day that Fed independence died?

And I don't think it's safe to say this is the beginning of the politicization of the Fed.

Secretary, the current Treasury Secretary Scott Besson said today in the President's Cabinet meeting, the Fed's independence comes from a political arrangement between itself and the American public.

Having the public's trust, he said, is the only thing that gives it credibility.

Lisa Cook is going to fight this.

The lawsuit is coming today.

How important will it be for her to win this lawsuit on a precedent-setting level to maintain that credibility?

Secretary, I'm out of time.

I just want to know, to the extent that you understand it, can Jay Powell keep Lisa Cook employed as long as he thinks it's correct?

Is he the one who controls her paycheck?

So Donald Trump can cut off her paycheck.

Fascinating conversation.

We wanted to bring you with Larry Summers, the former Treasury Secretary in the Clinton administration.

Bloomberg Wall Street Week contributor.