(Bloomberg) -- The Federal Reserve should make a 75 basis-point emergency cut to its funds rate, followed by another of the same magnitude at its September meeting, Wharton School Professor Jeremy Siegel said.

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“And that’s minimum,” Siegel said in an interview with CNBC on Monday. He said the rate should be between 3.5% and 4%. The target fed funds rate is currently 5.25% to 5.5%.

In an interview with Bloomberg on Friday, Siegel said the Fed should have been cutting interest rates already.

NOTE: Treasuries Surge as Traders Bet on Emergency Fed Rate Cut

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