Another surprisingly strong jobs report could prompt the Fed to hike interest rates by half a percentage point next month, according to Jeremy Seigel.
Another surprisingly strong jobs report could prompt the Federal Reserve to hike interest rates by half a percentage point next month, according to Jeremy Seigel, a closely followed finance professor at the University of Pennsylvania's Wharton School. "I will admit I was struck by the strength of the January payrolls," Seigel said Tuesday on CNBC's " Squawk Box ." "I will say if it's as strong as we got in January, yeah, 50 is definitely on the table.
The stock market staged a big comeback at the start of 2023, with the S & P 500 scoring its best January in four years. Seigel said the market strength came from smaller risk of a recession on the back of the resilient labor market. .SPX YTD mountain S & P 500 "At the same time that this makes rates higher, and also lowers the probability of a recession," Seigel said. "So it is more likely that the earnings estimates are going to be realized than they were before.
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