Jeremy Siegel criticized President Donald Trump's response to the coronavirus outbreak and called for fiscal stimulus to help the economy.
560 cases of the virus in the U
.S., according to Johns Hopkins University, a number that is expected to rise as testing increases across the country. The outbreak has led to a flurry of school closures and companies implementing work-from-home plans, raising concerns about a slowdown in consumer spending. "Kits, testing, unemployment compensation, people who stay home to be tested should not ... lose their income. This requires emergency action," Siegel said.
Siegel also said that the Federal Reserve should cut its benchmark interest rate by another 50 basis points at its meeting next week. The central bank already did an emergencyThe professor said that help from the Fed would have a "marginal" impact overall but could bring relief to small businesses. "There's trillions of dollars of loans of these small businesses, based on the prime rate, based on the LIBOR, and they'll all go down. It'll help the cash flow. The cash flow is going to be critical," Siegel said.
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