we are joined by jeremy siegel on the phone any market implications that stood out to you, professor el >> i thought richard was skillfully noncommittal. very well spoken certainly he didn't commit as he mentioned, it is almost four weeks until the next meeting. that's a lot of time who knows? we could have a china deal by then or we could have a much worsening situation. we'll get economic data between now and then his thing, they do decide on a meeting by meeting basis no preconceived notion by the fed. it's going to be a war out there in september if situations stays the way it is right now. right now i don't see any cut to 50 basis points but i'm pretty -- i'm pretty sure if the -- unless the yield curve steepens 25 is the minimum but honestly, and i know this, you know, we talked about the yield curve, i think the fed is behind the curve. i think given that we have had 100 basis point, 150 basis point drop dramatic over the last 6 months, 8 months that the fed just moving 25 basis points is just far too little. it has to respond to the global conditions i know bullard, of course,

joining us now is jeremy siegel. jeremy, why 50 basis points immediately?well, yesterday morning, we had the fed funds rate 50 basis points above the ten-year treasury that is crazy. that inversion is very steep you know, it should be 50 basis points below the ten-year treasury fed funds rate now is the highest administered rate in the developed world, of any maturity secondly, i don't think the economy is all that strong, and that's before these trade disturbances recent data looks like second quarter, instead of being 2.1%, is going to be under 2 experts say this quarter looks under 2% i didn't think that employment report that we had last friday was really all that strong hours worked, et cetera. i'm not talking about recession. i don't see a recession. i see a meaningful slowdown. and probably, i think, another good reason why the fed should move, if the fed moved down 50 basis points, trump would have no one to blame for an economic slowdown, except his trade policy he couldn't pin the blame on jay powell it takes that out of the equation so in a way,