Summers Warns Fed Against Rate Cuts Given Hot March Jobs Data

• Summers says hot March jobs data indicates neutral interest rate is "far higher" than the Fed estimates

• Cautions against any move to lower rates in June based on current economic trends

• Reiterates view that neutral rate is 4% or higher, much higher than Fed's estimate around 2.6%

• Says not knowing neutral rate is like driving a car without checking the speedometer

• Does not think it would be appropriate for Fed to cut rates in June given current facts and trends