CNBC’s Jim Cramer said on Wednesday he agrees with President Donald Trump that the Federal Reserve should stop raising rates. But the “Mad Money” host wishes the president would stop talking about it.
“I wish the president would shut up,” said Cramer, reacting to Trump mocking Fed Chairman Jerome Powell in a Wall Street Journal interview published on Tuesday.
The president told the Journal that Powell “almost looks like he’s happy raising interest rates.”
Trump is now just “poking fun” at Powell, Cramer said on “Squawk on the Street,” chastising the president’s personal attacks.
The president has repeatedly slammed the Fed chairman this month, saying the central bank is increasing rates too quickly and that stronger economic growth won’t lead to problematic inflation.
Cramer has also been critical of the Fed in recent weeks, arguing against further rate hikes. But unlike Trump, Cramer thinks central bankers should stop because the economy may not be as strong as it appears.
The Fed has already hiked rates three times this year, with one more expected in December. Earlier this month, Powell said rates are a long way from so-called neutral, a level neither accomodative nor restrictive to the economy.
Those comments from Powell touched off rate worries on Wall Street, which led to several days of heavy selling in the stock market since then.
Cramer on Wednesday also suggested the president may have made a mistake when he “fired” Powell’s predecessor, former Fed Chair Janet Yellen, who raised rates at a slower pace.
Trump may feel that way too, but would never admit to being wrong, Cramer said.
The White House did not immediately respond to CNBC’s request for comment.
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