Wharton's Jeremy Siegel Says Fed 'Has Our Back' After Jerome Powell Says December Rate Cut Is Not A Given: Report

Speaking during an interview with CNBC, Siegel highlighted Fed Chair Jerome Powell’s comments during a press conference after the 25 bps rate cut was announced.

Jeremy Siegel, professor emeritus of finance at the University of Pennsylvania’s Wharton School of Business, on Thursday reportedly said that the Federal Reserve “has our back,” after the central bank announced a 25 basis point cut on Wednesday along expected lines.

Speaking during an interview with CNBC, Siegel noted that Fed Chair Jerome Powell, during a press conference after the 25 bps rate cut, suggested a data-dependent approach ahead of the next meeting. Powell had expressed concerns that the central bank continues to face two-sided risks, in terms of inflation as well as increased downside threats to employment.

“The good thing is, I think the Fed has our back. They’re essentially saying, ‘if we do see a slowdown, we will cut. But if we see the strength that we’re seeing right now, we’re going to wait another meeting and see what happens in January,’” Siegel said in the interview.

Get updates to this story developing directly on Stocktwits.<

For updates and corrections, email newsroom[at]stocktwits[dot]com.<