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Wharton School finance professor Jeremy Siegel said he expects the Federal Reserve to raise interest rates next week, as oil prices and long-term bond yields keep climbing.
Siegel told CNBC's "Closing Bell" that holding rates steady would risk the credibility of Fed Chair Kevin Warsh, who took over the central bank in May 2026.
Siegel said financial markets routinely test new Fed chairs, and called next week's meeting that test for Warsh. Even so, he said, President Donald Trump has pushed publicly for lower rates.
"I think he's going to bite the bullet and raise rates because if he doesn't raise rates, I think there might be four or five or maybe six dissents, which would be unprecedented," Siegel said.
