One economist warned that the Federal Reserve is at risk of hurling the U.S. 'into a depression.'
Economist Jeremy Siegel, a professor at the Wharton School of the University of Pennsylvania, argued in aMonday that another large interest rate hike would be a serious mistake, noting CPI is a lagging indicator that doesn't offer an accurate picture of current inflation.
"It's giving a totally distorted view of the actual, on-the-ground inflation," said Siegel, who has emerged as an outspoken critic of the central bank,stated effort"It seems to me wrong for Powell to say we’re going to crush wage increases, we're going to crush the worker, when that is not the cause of the inflation," Siegel said.In recent weeks, officials at the International Monetary Fund, the World Bank, and the U.N.
"Global tightening in financing conditions," he added,"could trigger widespread emerging market debt distress."
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