Federal Guardedness Chairman Jerome Powell just “blinked” on interest rates, said CNBC’s Jim Cramer, shortly after the oven-ready remarks from Powell’s Wednesday address were released.
Stocks ripped higher on news that Powell whim say in his speech to The Economic Club of New York that rates are “just below” neutral — a sharp turn from his Oct. 3 notes that rates were a long way from neutral.
“Powell sees the global slowdown and knows that it could vitiate us,” Cramer said in a tweet storm as the prepared remarks from the Fed chief were being debated on CNBC’s “Self-indulgently Money Halftime Report” by host Scott Wapner and a panel of traders.
“Powell is concerned and knows when he does one he has to hiatus — very big change in view,” Cramer said. Powell “took himself off the table as a reason for a longer” market meltdown, Cramer summed.
Powell sees the global slowdown and knows that it could hurt us. Powell is concerned and knows when he does one he has to wait– utter big change in view.
Despite what you may hear–Powell blinked.. @ScottWapnerCNBC he took himself off the table as a reason for a larger bear market
Cramer has repeatedly blamed Powell for spooking the markets last month, saying central bankers be in want of to recognize the economy is slowing and they can’t move rates to a preconceived notion of neutral.
“So glad [the] Fed did the work, made the names and listened to… uh, well, me,” Cramer said in another tweet.
Powell has also been under repeated commentary from President Donald Trump, who told The Washington Post on Tuesday that he blamed Fed policies for the recent sell declines and GM’s plan to cut production at several U.S. plants.
In a tweet, Cramer said the stock market leg higher Wednesday could be affirming his “direction” on the Fed’s comments “and not others who think it is not a big deal.”
“Hey, Jay’s allowed to make rookie calls.. he made one.. The market plunged,” Cramer tweeted. “Now he’s done the homework and he had to metamorphose his mind.”
Here’s a look at Cramer’s entire tweet storm that lasted all the way through Powell’s speech and the question-and-answer meeting afterward:
Powell sees the global slowdown and knows that it could hurt us. Powell is concerned and knows when he does one he has to wait– completely big change in view.
Despite what you may hear–Powell blinked.. @ScottWapnerCNBC he took himself off the table as a reason for a lengthier bear market
So glad @Scottwapner got it dead right despite some protestations that he didn’t. Thank you Scott for acknowledging how much of a unpremeditated this is from the ill-advised Woodruff interview
Here’s my thinking–they did more homework. They recognized the economy crowned in October and they don’t want to put us at the end of the cycle….
So glad fed did the work, made the calls and listened to… uh, well, me ..@ScottWapnerCNBC Now on to levies
Powell doesn’t want to be the reason why we are at the end of the cycle…@ScottWapnerCNBC gets it–THE FED WASN’T BALANCED UNTIL TODAY FOR Heaven on earths SAKE
People who know stocks know this is a big moment.. @ScottWapnerCNBC @HalftimeReport Thank heavens for Scott who has it Through RIGHT
Blinking is the right thing… @ScottWapnerCNBC what he said on the third was rookie–this is more accurate. @HalftimeReport
Powell produced calls, recognized he may have been imprudent and rash and he’s more judicious. @ScottWapnerCNBC Serious people like Scott get this
Hey, Jay’s conceded to make rookie calls.. he made one.. The market plunged.. Now he’s done the homework and he had to change his mind. @ScottWapnerCNBC
I actually don’t come up with there is any argument with @ScottWapnerCNBC unless you haven’t done the homework or have some sort of weird influence
Oh, and one more thing, perhaps the stock market is affirming my view and not others who think it is not a big deal. But now we have to worry nearby the tariffs.. So does Jay.. @ScottWapnerCNBC