Wharton professor Jeremy Siegel calls on the Fed to hike interest rates by 100 basis points, joining a chorus of market gurus

The Federal Reserve needs to raise interest rates by 100 basis points this week, according to Jeremy Siegel.

The closely followed economist joined Bill Ackman and Jeff Gundlach in urging the Fed to tighten monetary policy more aggressively.

Siegel told CNBC's "Squawk Box Asia" that the Fed needs to grab the narrative of inflation. They have to go immediately.

Powell had previously committed to raising interest rates by 50 basis points in June and 50 basis points in July. Siegel said the US central bank should raise rates by 100 basis points immediately.

He said that Powell could say he's bringing July's rate increase forward without committing to another hike in July. He accelerated from the path he was on.

The publication of US inflation numbers on Friday gave rise to the idea of an accelerated hiking schedule. It rose 8.6% in May, which is a 41-year high.

US stock futures rose on Wednesday ahead of the Fed's interest rate decision. Siegel thinks riskier assets would respond positively to an aggressive hike.

He told CNBC that he thought the risk markets would turn around. There was a big rally this afternoon, first a downshoot, then a rally after.

There will be disappointment ifPowell only does 50 points. Siegel said that they would say he didn't have control. Now is the time to take your medicine to cure you.

Siegel warned back in February that the Fed was likely to be more aggressive than most investors expected, and that he'd added value stocks that would resist rate hikes to his portfolio.

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