Wharton professor Jeremy Siegel says the US won't spiral into a new bout of inflation even as economy stays hot

• The US won't see a resurgence in inflation, according to Jeremy Siegel.
• In an interview with CNBC, the Wharton finance professor pointed to increased productivity.
• "I see the productivity as being a basic deflationary force that will keep that inflation in check."

Wharton finance professor Jeremy Siegel said he wasn't worried about inflation rebounding, despite the signs that the US economy has stayed resilient amid aggressive Fed tightening over the past year.

GDP is expected to grow 5.8% over the third quarter, according to an estimate from the Atlanta Fed. Meanwhile, job growth and wage growth remain strong, with the US adding 187,000 payrolls and hourly earnings up 4.4% year over year in July.