The stock market could surge another 9% before year-end if the Fed does these 2 things, Wharton professor Jeremy Siegel says

The stock market still has plenty of upside into year-end, according to Wharton professor Jeremy Siegel.

He added that Powell is "stuck" in the idea that because real growth is higher, that's going to put pressure on wages, adding to inflation and ultimately forcing the Fed to continue hiking interest rates. Estimates for the upcoming the August payroll report are for about 160,000 new jobs being added, which would be about half of the job gains seen last August.

Second, the Fed needs to hold off on any further interest rate hikes for Siegel's bullish stock market projection to materialize. While futures markets are currently not pricing in another increase this year, Powell's Jackson Hole speech increased the odds of at least one more 25-basis-point hike by year's end.

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