Reuters Breakingviews delivers agenda-setting financial insight. Its global correspondents react to stories as they develop, delivering sharp and provocative commentary on big financial news as it breaks.
Larry Summers is smart enough to have decided to avoid a battle over the chairmanship of the Federal Reserve. Despite the support of embattled U.S. President Barack Obama, the former Treasury chief faced opposition from both liberal Democrats and plenty of his dismal scientist peers. Mr. Summers says it’s better for the economic recovery not to have the fight. That may be true – unless his exit from the race opens new fissures.