Wednesday on CNBC’s “Squawk Box,” network anchor Jim Cramer sounded the alarm on inflation and how it is affecting investment.
According to Cramer, inflation in the United States is “much worse than we thought.”
“I mean, look, I, think Paul Tudor Jones, as always, is right about inflation. It’s much worse than we thought,” Cramer advised. “I keep hoping that the capacity will come on and make it so that it’s not as bad, but it just can’t seem to come on as fast enough. I mean, for instance, I was going over it with my friend Frank Mitsch, who’s got his own firm, chemicals, and it’s just unbelievable. Fermium is using numbers that are just astounding, and it makes you feel like that Procter is not going to be able to get out of a jam, Procter being the one that yesterday focused the most on inflationary inputs.
“You want to go back and buy FAANG, because FAANG doesn’t have inflationary inputs,” he added.
A recent poll found that 62% of American voters believe President Joe Biden is responsible for the rising inflation resulting in costs for the increase in everyday purchases such as groceries and gas.
Follow Trent Baker on Twitter @MagnifiTrent