Fed returning to half-point rate hikes would be 'wrong' move, Wharton's Jeremy Siegel says
The Federal Reserve should not raise interest rates by 50 basis points at next week's policy meeting, said Jeremy Siegel, pressor emeritus of finance at the University of Pennsylvania Wharton School. "I definitely think that that is the wrong decision," he said on CNBC's "Squawk Box" Thursday. Siegel also called the Fed's focus on worker pay "misguided," nothing that wages have increased less than inflation since the Covid pandemic began.
After chairman Jerome Powell's remarks to Congress Tuesday, the consensus of Wall Street opinion is now that the Fed will raise rates a half a percentage point rather than the quarter point that had previously been expected.
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