The Federal Reserve should be open to raising interest rates by a half percentage point in July if it opts to hold off from tightening credit this month, former Treasury Secretary Lawrence Summers said. “We are again in a situation where the risks of overheating the economy are the primary risks that the Fed needs to be mindful of,” the Harvard University professor said in an interview with Bloomberg Television’s David Westin on Friday. Federal Reserve Governor Philip Jefferson – who has been nominated to become vice chair — signaled on May 31 that the central bank is inclined to keep interest rates steady at its ... (full story)