CNBC’s Jim Cramer said Thursday that the Federal Reserve no longer needs action to get inflation under control – and that’s because of the banking crisis.
Cramer said 10 days ago that investors expect a possible 50 basis point interest rate hike from the Fed, according to the chairman Jerome Powell’recent response to January inflation data and the strength of the labor market.
Powell warned that if inflation remained strong, he expected rates to go “higher than expected” and perhaps faster than a quarter point at a time.
It looked like a 50 basis point rate hike was brewing until the collapse of Bank of Silicon ValleyCramer said.
