Jeremy Siegel, a Wall Street leader and a professor at the Wharton School of the University of Pennsylvania.
[Financial Channel/Comprehensive Report] The U.S. Federal Reserve (Fed) announced on the 22nd of this month that it would raise interest rates by 3 yards. interest rates as high as 4.6% to combat soaring inflation.
Jeremy Siegel, a Wall Street leader and a professor at the Wharton School of the University of Pennsylvania, criticized the Fed for making one of its biggest mistakes in its 110-year history.
"CNBC" reported that Siegel said in an exclusive interview a few days ago that he thinks the Fed made mistakes as early as 2021 because it failed to tighten monetary policy before inflation got out of control, and then Fed Chairman Jerome Powell (Jerome Powell) It also insisted that inflation would slow quickly on its own, and now the Fed is making another big mistake by raising interest rates and tightening monetary policy too aggressively.
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Siegel noted that when all commodities were rising rapidly, the Fed and Ball said, "We don't see any inflation and we don't need to raise rates in 2022." Today, the same commodities and assets are falling. At the same time, the Fed and Powell said that "the tenacious inflation makes the Fed must keep tightening in 2023." Siegel said, I really don't understand (the Fed) this approach, monetary policy is already too tight!
For these reasons, Siegel believes that the Fed will cause a painful recession in the U.S. economy, and the American working class and middle class will pay the price.
For Siegel's remarks, the world's richest man, Elon Musk, the world's richest man, agreed.
Musk shared a video of Siegel's interview on his Twitter account, saying "Siegel was clearly right."
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