Economist urges U.S. Fed to make emergency 75 bp rate cut

Jeremy Siegel, professor emeritus of finance at University of Pennsylvania’s Wharton School, called on the U.S. Federal Reserve (Fed) to make an emergency 75 basis-point cut in the federal funds rate following a disappointing jobs report, with another 75 basis-point cut anticipated for September, CNBC reported. He argued that the current rate should be between 3.5% and 4% and criticized the Fed for not adjusting rates despite slower job growth and rising unemployment.