Wharton’s Jeremy Siegel accuses Fed of making one of the biggest policy mistakes in its 110-year history

Wharton professor Jeremy Siegel says the Fed is making another mistake by raising interest rates and tightening monetary policy too aggressively. Siegel said the central bank is making working- and middle-class Americans pay with what he expects will be a punishing recession. The longtime market guru and frequent guest on CNBC unleashed a memorable rant on Friday as U.S. stocks plunged. “I think we’re giving Powell too much praise. … The last two years are one of the biggest policy mistakes in the 110-year history of the Fed by staying so easy when everything was booming.” Siegel: “They are making exactly the same mistake on the other side that they made a year ago’s making exactly.” . . .