Wharton Professor Jeremy Siegel has retracted his earlier call for an emergency 0.75 percentage point interest rate cut by the Federal Reserve, stating that while he believes the Fed should swiftly lower rates to 4%, such drastic measures are not currently necessary. The Fed's recent decision to maintain its key interest rate between 5.25%-5.5% faced criticism amid rising unemployment and concerns over recession, despite recent positive economic data easing urgency for immediate cuts. Federal Reserve officials are increasingly confident that inflation is cooling, suggesting they will base future rate cuts on economic data rather than stock market fluctuations. Market expectations indicate a likely 0.25 percentage point cut in September, with a potential full percentage point reduction by the end of 2024. Meanwhile, prominent economists like Elizabeth Warren and Paul Krugman express concern that the Fed is too slow to react and risk a recession, advocating for earlier rate cuts. However, some commentators argue that merely adjusting rates will not resolve underlying economic issues, emphasizing the need for accurate interest rates to prevent boom-bust cycles.