“We have never been down 1,000+ points — EVER, not even intraday — on the Nasdaq”…. Jeremy Siegel calls for emergency rate cut.

Sharing is Caring!

Wharton’s Jeremy Siegel says Fed needs to make an emergency rate cut

Wharton’s Jeremey Siegel on Monday called on the Federal Reserve to make an emergency 75 basis-point cut in the federal funds rate after Friday’s disappointing jobs report.

See also  Dow loses 600 pts, Nasdaq slides 3 percent.

In addition, there should be “another 75 basis-point cut indicated for next month at the September meeting — and that’s minimum,” Siegel, professor emeritus of finance at University of Pennsylvania’s Wharton School, said on CNBC’s “Squawk Box” on Monday.

“The fed funds rate right now should be somewhere between 3.5% and 4%,” he said.

A basis point is 1/100th of a percentage point. A move by the Fed between meetings would be unusual, although not unprecedented.

The Federal Reserve kept interest rates at 5.25% to 5.5% after its meeting last week. On Friday, the jobs report showed slower growth than expected and an unemployment rate that moved higher to 4.3%, its highest since October 2021.

www.cnbc.com/2024/08/05/whartons-jeremy-siegel-says-fed-needs-to-make-an-emergency-rate-cut.html

Views: 279

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.