FOMO still ‘ruling the market’ says Wharton’s Jeremy Siegel, as investors hold out for an elusive rate cut to boost prospects

Jeremy Siegel, Professor of Finance at the Wharton School (Credit: Denis Doyle—Bloomberg via Getty Images)

The sentiment on Wall Street may have dropped from outright optimism to something a little more realistic, but Wharton professor Jeremy Siegel remains hopeful that pockets of activity in the U.S. economy will keep it on the path away from recession.

The emeritus professor of finance at the University of Pennsylvania wrote this week that while data around jobless claims this week is "slightly concerning"—claims hit a 10-month high at 242,000—inflation is showing signs for the better.