Squawk on the Street SOTS 2nd Hour: Jeremy Siegel, Crypto’s Newest Lobbying Effort, Outlook for Pharam M&A 12/24/25
Dec 24, 2025
Jeremy Siegel, renowned Wharton School professor and WisdomTree chief economist, provides insights on recent jobless claims and potential market risks. Mark Zandi, chief economist at Moody's Analytics, discusses the fragility of growth despite low layoffs and critiques inflation metrics. John Flavin, CEO of Portal Innovations, shares his take on the recent Sanofi-Dynavax deal and predicts a robust year for pharma M&A in 2026, highlighting investment themes like AI's impact on drug discovery and therapeutic advancements.
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Labor Market In A Stable Sweet Spot
- Jobless claims staying between 200k–240k show a stable labor market, not overheating or collapsing.
- Jeremy Siegel sees this as supportive of a potentially good 2026 if key policy bumps are navigated.
Plan For Two Near-Term Policy Bumps
- Prepare for two near-term policy risks: the Supreme Court tariff ruling and a possible January 30 government shutdown.
- If those pass, expect the fiscal tailwinds (tax changes/refunds) to support the economy next year.
Lower Short Rates Broaden Rally Beyond Tech
- A lower Fed funds rate would cut many short-term borrowing costs beyond mortgages, boosting cash flow for small and mid-sized firms.
- That broader rate relief helps explain the rally and potential Russell 2000 catch-up versus the S&P 500.