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Larry Summers on interest rates, Deutsche Bank

Former Treasury Secretary Larry Summers believes the Federal Reserve should defer from increasing interest rates until the economy is on a solid footing.

"I look at the economy, and unemployment is below target and inflation is below target as well, so that doesn't seem like a time to be stepping on the brakes," said Summers. "Inflation expectations have actually declined significantly over the last year. That's another reason not to step on the brakes," he added.

The economist thinks there's still a large number of people who have withdrawn from the labor market because they couldn't find jobs, while total working hours among those employed remain flat, both examples that full economic growth is not present.

"I look at the degree of uncertainty that exists in the global economy, and I say, why is this the moment for the breaks?" said Summers.

Apart from his views on interest rates, the economist also discusses his outlook for Deutsche Bank and other large financial institutions.

Only PRO subscribers have access to the full interview, which was originally broadcast on "Squawk Box."