Jim Cramer says the Fed needs to slow down before making a rash decision

CNBC's Jim Cramer told investors on Wednesday that the Federal Reserve needs to calm down before it makes a rash decision about rate hikes that could make the market even worse.

"There are plenty of Fed-heads who believe they need to keep raising interest rates, rather than take their time to assess the situation," Cramer said. "They don't want to wait, they simply want to tip us into a definitive recession. I think their view is reckless simply because we're in an incredibly strange situation and we don't have all the facts.

"Everything else has gotten soft – everything -- to the point where maybe the strength in housing and wages should be tempered by the data from everything else," Cramer said.

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