Inflation is ‘basically over’ and the Fed is ‘making a terrible mistake’ by continuing to raise interest rates, Wharton professor Jeremy Siegel says

Traders work on the floor of the New York Stock Exchange (NYSE) on December 13, 2022 in New York City. (Credit: Spencer Platt—Getty Images)

Inflation, as measured by the consumer price index (CPI), rose 7.1% from a year ago last month, and Federal Reserve Chairman Jerome Powell said this week that it will take “substantially more evidence” to prove that it’s on a “sustained downward path.”

But Wharton professor Jeremy Siegel says the CPI figure doesn’t represent reality.