CNBC’s Jim Cramer told investors to take Federal Reserve Chair Jerome Powell at his word.
CNBC's Jim Cramer told investors to take Federal Reserve Chair Jerome Powell at his word when he said on Wednesday that it's unlikely there's a rate hike on the horizon.
"There's only one person worth listening to in this entire universe when it comes to this stuff, and that happens to be the plain-speaking Fed chief himself, Jay Powell," Cramer said."He's been consistent the whole time."when he said on Wednesday that it's unlikely there's a rate hike on the horizon, even as inflation remains stubborn.
Although Powell's comments calmed many on Wall Street, Cramer said it's likely investors will become anxious again ahead of employment data set to be released Friday. The figures could shed more light on whether the economy is cooling or is continuing to roar. "There's only one person worth listening to in this entire universe when it comes to this stuff, and that happens to be the plain-speaking Fed chief himself, Jay Powell. He's been consistent the whole time," Cramer said."He raised rates until he feared he could tip us into a recession, then he stopped raising rates and the economy got hot again. But then interest rates went higher on their own and now we've gotten some brown shoots that are helping to slow the economy.
"He's not talking about tightening. He just thinks that inflation will gradually go away on its own, making him more of a dove than a hawk," Cramer said."When asked about stagflation, the worst case scenario for stocks, he actually made a joke, saying he didn't see the stag or the 'flation.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Cramer says not to second-guess Fed Chief Powell after Wednesday's remarksCNBC’s Jim Cramer told investors to take Federal Reserve Chief Jerome Powell at his word.
Read more »
Cramer says not to second-guess Fed Chief Powell after Wednesday's remarksCNBC’s Jim Cramer told investors to take Federal Reserve Chief Jerome Powell at his word.
Read more »
Cramer says not to second-guess Fed Chief Powell after Wednesday's remarksCNBC's Jim Cramer told investors to take Federal Reserve Chief Jerome Powell at his word.
Read more »
Watch Fed Chair Powell speak live at Stanford policy conference economic forumFederal Reserve Chair Jerome Powell speaks Wednesday to the Stanford Business, Government and Society forum.
Read more »
Fed Chair Jerome Powell pumps brakes on rate cuts'We have time to let the incoming data guide our decisions,' Powell said.
Read more »
Fed Chair Jerome Powell Drops Crucial Statement That Impacts Crypto MarketJerome Powell drops crucial statement for crypto market
Read more »