Federal Reserve

Cramer: December Fed rate hike is a done deal

December rate hike 'done deal': Cramer

Like it or not, the Federal Reserve will raise rates next month for the first time in about 10 years, CNBC's Jim Cramer said Tuesday.

"I am not saying we need a rate hike; there's much weakness in the economy. I'm saying we're going to get a rate hike because they feel the window's open," Cramer said on "Squawk on the Street."

Traders work on the floor of the New York Stock Exchange.
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"The consumer market in China is good, Europe's coming back and employment's good," Cramer said. "But the data I deal with — the micro data coming from companies — is terrible, but that doesn't matter; that's not what they're looking at. They're looking at employment."

The odds of a Fed rate hike rose from 58 percent to about 70 percent after the October jobs report handily beat expectations, according to the CME Group.

"The real economy is not doing well, but the jobs numbers support the Fed hike, and people have to realize that markets go down on a Fed hike," Cramer said.

U.S. equities were slightly lower in midmorning trading a day after posting their worst day since Sept. 28.