Larry Summers: Why the Fed Must Stand Still on Rates. Lawrence Summers, September 9, 2015, Opinion. "Two weeks ago, I argued that a Federal Reserve decision to raise rates in September would be a serious mistake. As I wrote my column, the market was assigning a 50 percent chance to a rate hike. The current chance is 34 percent. Having followed the debate among economists, Fed governors and bank presidents, I believe the case against a rate increase has become somewhat more compelling than it looked even two weeks ago. Five points are salient. First, markets have already done the work of tightening..."