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Cramer: US markets in clear sailing provided no contested election, Fed rate hike

Forget the presidential election, says CNBC's Jim Cramer. The U.S. markets could be in clear sailing through the end of the year provided there is no contested election between Donald Trump and Hillary Clinton and the Federal Reserve raises rates in December.

"I'm just looking at the calendar," Cramer said on "Squawk on the Street." "If that's the biggest event, which is a Fed rate hike, wow. You could be off to the races provided there is no contested election. A Trump victory would cause a lot of disarray for a few days. And then we would begin to figure out what it really means."

Cramer's response comes after U.S. equities opened sharply higher on Monday following FBI Director James Comey informing the United States Congress the bureau had "not changed its conclusions" on Clinton's email probe.

Some strategists predict that a Clinton presidential victory would fare better for markets, while a Trump win could cause a "knee-jerk" reaction.

Cramer added that another thing that could shake markets is if the Fed does not raise rates at its Federal Open Market Committee in December. But many widely contest that the Fed will indeed raise rates. "We just have to get through this week," Cramer said.