Federal Reserve

The Fed's in 'no man's land,' Jim Cramer warns

Janet Yellen, chair of the U.S. Federal Reserve, pauses while speaking during a news conference following a Federal Open Market Committee (FOMC) meeting in Washington, D.C.
Andrew Harrer | Bloomberg | Getty Images

The Federal Reserve may be cautious to implement a total of three interest rate hikes this year after last week's mixed jobs report, CNBC's Jim Cramer warned Monday.

"I know there [are] some people saying, listen, it's still game one for a lot rate hikes. I don't know if that's possible if they're data dependent," Cramer said on "Squawk on the Street." "They seem to be in the midst of ... they're kind of in a no man's land."

U.S. stocks closed down Friday as the Bureau of Labor Statistics said the U.S. economy added 98,000 jobs last month, well below the expected gain of 180,000.

The unemployment rate fell to 4.5 percent from 4.7 percent. Average hourly earnings were up by 2.7 percent on an annualized basis.

Investors were also digesting a U.S. military strike against a Syrian air base Thursday night. The attack was in response to Tuesday's deadly chemical weapons attack allegedly carried out by Bashar Assad's military on a rebel-held area.

The Fed increased its benchmark interest rate in March.

— CNBC's Fred Imbert contributed to this report.