Few things will be more impactful than what Kevin Warsh says next week: Wharton's Jeremy Siegel

Summary

Jeremy Siegel explains the surprising market rally over the past ten weeks despite elevated oil prices and geopolitical risks. He points to blowout semiconductor earnings, increased monetary accommodation, and hopes for a Ukraine-Russia ceasefire as key drivers. Siegel emphasizes that the upcoming Fed meeting with Chair Kevin Warsh is the most impactful event in years.

• Market has rallied ten straight weeks despite oil near $100 and geopolitical uncertainties.
• Blowout semiconductor earnings, especially Intel's legacy chip value, contributed to the strength.
• Monetary policy has become more accommodative with money supply ratcheting upward.
• Liquidity from the Fed is supporting the AI revolution.
• A potential ceasefire in Ukraine/Russia is seen as a bullish catalyst.
• The upcoming Fed meeting with Chair Warsh is considered highly impactful.
• Fed funds futures are pricing a potential rate hike by year-end.
• Uncertainty remains around Gulf tensions and the timing of rate changes.