CNBC’s Jim Cramer on Thursday said the Federal Reserve no longer needs action to tame inflation — and it’s because of the banking crisis.
Cramer said 10 days ago that investors were expecting a possible 50-basis-point interest rate hike from the Fed based on Chairman Jerome Powell’s recent response to January inflation data and the strong labor market.
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Powell warned that if inflation remained strong, he expected rates to go “higher than previously anticipated” and possibly faster than a quarter point at a time.
It seemed like a 50 basis point rate hike was coming until the collapse of Silicon Valley Bank, Cramer said.