Wharton's Jeremy Siegel: September jobs report was 'a wonderful report' for Fed Chairman Warsh

• September jobs report was a 'Goldilocks' report, weak on headlines but strong below the surface (participation rate, work week up).
• This report gives the Fed 'cover to hold' interest rates in October, especially before the midterms.
• Rising interest rates are attributed to increased growth expectations, not inflation or deficits.
• Market rally can continue into Q4 due to strong Q3 earnings, with 'Mag 7' stocks providing strength while other sectors are squeezed.
• Recommends buying broad indexes for diversification and safety over overweighting specific sectors.

Jeremy Siegel characterizes the September jobs report as 'Goldilocks,' providing the Fed cover to hold interest rates in October. He believes rising rates reflect increased growth expectations, not inflation, and anticipates a continued market rally into Q4, driven by strong earnings and 'Mag 7' stocks, despite a squeeze on interest-sensitive sectors.