Wharton School Professor Jeremy Siegel has changed his mind about the necessity of an emergency interest rate cut by the Federal Reserve, after rattling the financial world with his calls for one earlier this week.
Initially, Siegel had advocated for an immediate reduction of 0.75 percentage points, followed by another cut in September. This call for action was driven by concerns over a potential recession and the perception that the Federal Reserve was not responding quickly enough to the deceleration in inflation.
"Obviously, I wanted to shake things up," he said in an interview with CNBC.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
