Jim Cramer lays out what he anticipates from Jay Powell ahead of Wednesday's Fed meeting and what it could mean for the market.
"I'm expecting a statement from [Chairman] Jay Powell where he explains that he's watching the situation closely [and] he's prepared to cut rates next month if things deteriorate," thehost said. "I regard that as the most likely outcome, and perhaps the most positive outcome, too."
The Fed should raise rates when inflation goes up, but should act to spur more investing when the economy begins to slow down, he said. The steel industry, he said, has not felt the impact of billions of dollars worth of duties on imports from China, but steel prices are down. There has been no pick up in retail, he added.
"So the Fed's choice is easy. If stocks are going to keep climbing, we need to hear words like 'monitoring,' words like 'vigilance,' words like 'cognizant,' words like 'concerned,'" he said.
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