Wharton School Professor Jeremy Siegel calls for a 75 basis-point emergency interest rate cut by the Federal Reserve.
Wharton School Professor Jeremy Siegel calls for a 75 basis-point emergency interest rate cut by the Federal Reserve, followed by another 75 basis-point cut at the September meeting. Siegel believes rates should be between 3.5% and 4% and has previously stated the Fed should have been cutting rates already. The current target federal funds rate is 5.25%-5.5%, and the US stock market has declined due to rising unemployment (4.3%) and weak job growth. As recession fears surge, bond traders predict a 60% chance of an emergency rate cut before September.
August 05, 2024
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