An emergency Fed rate cut of 75 basis point is needed now, Wharton’s Jeremy Siegel says

(Credit: Getty Images—CNBC)

Following a disappointing jobs report on Friday, stock markets have been reeling. Japan’s Nikkei 225 crashed more than 12%, Europe’s Stoxx lost 2.17%, and the Nasdaq is down 3.8% on Monday after sinking 3.6% last week. 

Now, economists are calling on the Federal Reserve to cut rates as soon as possible—with some warning it may be too late to avoid a recession.