Jeremy Siegel backs off on calls for the Fed to do an emergency interest rate cut

Wharton School Professor Jeremy Siegel no longer thinks it’s vital for the Federal Reserve to implement an emergency interest rate reduction, but still wants policymakers to cut quickly and aggressively.

Siegel caused a stir Monday when he told CNBC that Fed Chair Jerome Powell and his colleagues should institute an emergency 0.75 percentage point decrease now and follow it up with another one in September.

Those…