that the US economy will grow only 0.4% this year. Most economists are expecting annualized growth of 2% to 3% this quarter. Given that fact, the central bank's estimate implies the economy will shrink on average over the next three quarters, Siegel said.
Moreover, Siegel warned the Fed may be overlooking the potential fallout from the current pressure on banks, fueled by aup in recent weeks. He noted the impact could be equivalent to a large interest-rate hike, in terms of its tightening effect on financial conditions. "Maybe the markets will knock sense into the Fed," he said."I do think the Fed will be lowering rates by the end of the year and perhaps easing very rapidly."
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