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Economist Larry Summers just went on an epic Twitter rant over the Fed and rates

Larry Summers goes on a Twitter rant over Fed

American economist Larry Summers went on a Twitter rant Wednesday on why the Federal Reserve should not raise interest rates in September or even this year.

The Fed will announce Wednesday its latest policy decision later in the day, with Fed Chair Janet Yellen briefing the media at 2:30 p.m. ET. Market consensus is for the central bank to hold short-term rates steady and not lift again until December.

The former National Economic Council Director and Undersecretary for International Affairs argued that the Fed shouldn't raise rates because inflation expectations are falling, not rising.

Here are all of Summers' tweets:

Tweet 1

Tweet 2

Tweet 3

Tweet 4

Tweet 5

Tweet 6

Tweet 7

Tweet 8

Tweet 9

Tweet 10

Tweet 11

Earlier on Wednesday, the Bank of Japan announced it would issues a number of fresh changes to its policy approach, the latest attempt to boost prices and economic growth.

— CNBC's Katy Barnato contributed to this report.