CNBC’s Jim Cramer told investors to take Federal Reserve Chief Jerome Powell at his word.
CNBC's Jim Cramer told investors to take Federal Reserve Chief 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. These 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.
"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.
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