Siegel: Stocks Cheap; Fed Needs to Do a Bit More for Economy

Wharton Professor and author Jeremy Siegel says stocks remain “so cheap”, but he thinks the Federal Reserve needs to do a bit more to help the economy work through its recent soft patch. Siegel tells Bloomberg that he’s not talking about another round of quantitative easing, but instead other measures that would encourage banks to lend the money sitting on their balance sheets. Siegel says he expects GDP to accelerate to the 3% to 4% range in the second half of the year. He’s also shifted his stance on interest rates, saying the Fed should hold off a bit on raising rates due to the recent sluggishness in the economy.