Don't see Fed Chairman Warsh raising rates before the midterms, says Wharton's Jeremy Siegel

• Current Treasury yields (e.g., 10-year at 4.7%) are not considered a 'choke point' for financing, especially historically.
• The upcoming Jackson Hole speech by Kevin Warsh on Friday is a crucial event, with the market seeking clear policy criteria from the Fed.
• A clear articulation of criteria from Warsh could lead to a 'big rally,' while a non-informational speech might prompt the market to 'test' the Fed.
• Siegel expects a favorable PCE report on Wednesday, potentially at or below expectations.

Jeremy Siegel discusses current Treasury yields, stating that 4.7% on the 10-year is not a 'choke point' for financing. He anticipates a potentially significant market rally if Kevin Warsh provides clear policy criteria at Jackson Hole on Friday, especially with an expected good PCE report on Wednesday. Siegel believes the market is looking for transparency from the Fed regarding its decision-making metrics.