Jeremy Seigel says higher bond yields have been pressuring the equities market while the economy remains strong.
Even as higher bond yields rattle equity markets, the U.S. economy remains strong overall, said economist and Wharton professor Jeremy Siegel. "I think this economy is cooking," Siegel told CNBC's " Squawk on the Street " on Monday. "I know economic surprises, some of them have been negative, but on the whole we have a strong economy." During the session, the 10-year Treasury yield topped 4.7%, touching its highest level since October 2007.
The S & P 500 declined nearly 5% last month, and lost 3.6% in the third quarter. Siegel said he expected "positive" September payrolls data this week. He also pointed out that the latest jobless claims data, which showed initial claims of 204,000 for the week ending Sept. 23, still suggest strength in the economy. "Wow, that's one of the first indicators to show weakness on the real side [and] I don't see it yet," he said of the jobless claims report.
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