Siegel said the central can stop hiking interest rates now that inflation is cooling.
The Federal Reserve must understand inflation has been dealt with and stop raising interest rates, according to Jeremy Seigel, a closely followed finance professor at the University of Pennsylvania's Wharton School. Seigel said on CNBC's "Halftime Report" that the market has rallied so far this year because investors see signs that inflation is coming back down.
He called it a lagging data point, pointing to other data such as rental indexes that shows housing costs have actually come down . With that declining figure calculated in place for rent prices, Seigel found "core" CPI actually should have fallen for the month as well. Core inflation is what influences the Fed's decisions the most. Because of that, he said it's clear the Fed does not need to implement further interest rate hikes. He said December's 0.
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