Wharton professor Jeremy Siegel says Powell just delivered the best news for the stock market in over a year

• Fed Chairman Jerome Powell gave the best news conference in over a year, Jeremy Siegel said.
• The markets guru pointed to Powell's comments that suggest the Fed is aware of the risks of raising interest rates too high.
• "He virtually came close to saying there's balanced risks out there," Siegel told CNBC.

Fed Chairman Jerome Powell just delivered the best news for the stock market in over a year, according to top economist Jeremy Siegel.

The Wharton finance professor pointed to Powell's comments after the central bank raised interest rates another 25 basis points. His remarks suggested the Fed is aware of the risks of raising interest rates too high, Siegel said.