Wharton's Siegel Urges Fed to Slash Rates by 150 Basis Points

Jeremy Siegel, a professor at the Wharton School, is advocating for aggressive interest rate cuts by the Federal Reserve. He suggests an immediate 75 basis point emergency cut, followed by another 75 basis point reduction at the September meeting. Siegel argues that the target federal funds rate should be between 3.5% and 4%, significantly lower than the current 5.25% to 5.5% range. This recommendation comes in response to current economic conditions and suggests a dramatic shift in monetary policy.