The US has seen the worst of the inflation spike, but the Fed is still going to keep hiking, Wharton's Jeremy Siegel says

The US has weathered the worst of inflation, but it won't stop the Federal Reserve from hiking rates again.

"I think most of our inflation is behind us," Siegel said in an interview with CNBC.

He warned that the central bank needs to be forward looking when trying to tackle inflation so that it doesn't hurt the economy long term.

The monetary brakes have been slammed down. Siegel said that he has not seen that in any of the statistics he has been following for 50 years.

He kept going. It's good for forward-looking, but it also means that you have to be careful about what the economy means.

Inflation came in higher than expected in June, climbing 9.1% from the previous year. The reading was higher than economists had predicted. Energy prices went up 7.5% through June.

Energy prices should improve next month because gas prices have fallen quickly after hitting a record high. The prices of other key commodities have fallen.

The surge in price pressures to 41-year highs has peaked according to Siegel.