Professor Jeremy Siegel calls for bold action at the US Federal Reserve

On Monday 5 August 2024, Professor Jeremy Siegel called for the US Federal Reserve (Fed) to take bold action publicly on a CNBC segment: An intra-meeting 75 basis point cut to the US Federal Funds Rate, the policy rate under the purview of the Federal Open Market Committee (FOMC). Another 75 basis point cut to this rate at their September 2024 meeting. He believes that the Fed has held interest rates too high for too long, creating restrictive monetary policy. The faster we can get this policy rate back towards a more neutral level, the better, in his opinion.