Thursday on CNBC’s “Mad Money,” host Jim Cramer said he did not trust the current Federal Reserve chairman, Jerome “Jay” Powell.
Discussing the volatility in the stock market, Cramer said, “I need the Fed to shut up. I don’t trust the Fed at all. I don’t trust Jay Powell at all. Jay said everything that caused a tremendous selloff. You have to got to start recognizing how powerful his words are.”
He continued, “He took the president by surprise in a way that was really brutal. He took Congress by surprise. Jay has to start thinking, ‘I have these monthly meetings, a great time to talk about what I see in the economy, not about the forecast.’ He did the country a great disservice. I think he has to start thinking about how powerful his words are.”
He added, “He has to start recognizing we are in an unchartered territory. It’s a good time to be quiet. I think being quiet and being sensible and tempering your comments and not speculating about how many rate hikes you have, those are prudent things. The Fed is confusing recklessness with prudent. It’s an extraordinary time.”
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