Wharton Professor believes inflation is largely under control, and that the Fed's decision to maintain rates is the 'wrong approach' for the economy.
The Federal Reserve's reluctance to cut interest rates this year is a mistake, according to Wharton School Professor Jeremy Siegel. Fed Chair Jerome Powell announced during his press conference last Wednesday that despite tightening lending conditions from the banking sector crisis, "rate cuts are not in our base case." The comments came after the central bank raised its benchmark rate another 25 basis points, the ninth hike over the past year or so.
"In that most likely case, if that happens, participants don't see rate cuts this year. They just don't. I would just say, as always, the path of the economy is uncertain and policy is going to reflect what actually happens rather than what we write down in the SEP. But that's not our baseline expectation," the chair continued.
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