Advocating for consecutive emergency rate cuts of 75 basis points sparked panic, this big shot changed his tune

Wharton School professor Jeremy Siegel has changed his views on the need for an emergency rate cut by the Federal Reserve. Despite the market turmoil, positive data and market rebound have alleviated concerns about recession and a too-late rate cut. Siegel is calling for the Fed to cut rates to 4%, but no longer believes that an emergency rate cut is necessary. The market expects the Fed to cut rates by 25 basis points in September and may cut a full percentage point by the end of 2024. Siegel believes that Powell's approach is too slow and hopes he does not make the same mistakes during the rate-cutting process