After Friday’s poor jobs data, Wharton’s Jeremey Siegel called for the Federal Reserve to make an emergency 75 basis point cut in the federal funds rate on Monday.
On “Squawk Box” on Monday, Siegel, an emeritus professor of finance at the University of Pennsylvania’s Wharton School of Business, stated that there should be “another 75 basis point cut indicated for next month at the September meeting—and that’s minimum.”
The current federal funds rate ought to be between 3.5% and 4%. Interest rates were held at 5.25% and 5.5% by the Federal Reserve following its meeting last week.
The jobless rate increased to 4.3%, the highest level since October 2021, and the jobs data on Friday revealed slower growth than anticipated.
Source (CNBC)
