A surface-to-air missile shot down a U.S. military drone over the Strait of Hormuz, a U.S. official said Thursday.World Politicsread more
President Donald Trump has publicly blamed the Federal Reserve's interest rates hikes for holding back U.S. economic growth.The Fedread more
China's President Xi Jinping arrived in Pyongyang on Thursday morning for a state visit to North Korea — the first by a Chinese state leader in 14 years. Experts say the move...Asia Politicsread more
Gold prices spiked in the afternoon of Asian trading hours on Thursday after a dovish U.S Federal Reserve opened the door to further rate cuts, and the 10-year Treasury yield...Metalsread more
The Fed came very close to promising a rate cut Wednesday, and now markets are focused on a possible July rate cut.Market Insiderread more
Waymo has signed a deal with Renault and Nissan to develop self-driving cars and trucks for use in France, Japan and possibly other countries in Asia, including China, the...Autosread more
It's crucial to note that the culprit behind attacks on two commercial tankers last week has not been conclusively proven.World Politicsread more
"No U.S. drone was operating in Iranian airspace today," a U.S. Central Command spokesman said, according to NBC News.World Politicsread more
The Fed left interest rates unchanged at its monetary policy meeting. The U.S. central bank did, however, drop the word "patient " from its statement and said it would "act as...Asia Marketsread more
As the presidents of U.S. and China near a highly anticipated meeting on trade, the gap in both sides' expectations regarding a deal remains wide.World Politicsread more
Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
"What the bulls need right now more than anything else is for the Federal Reserve to be proven wrong," Cramer said Monday evening on "Mad Money" after stocks continued last week's decline and before the rally at Tuesday's open.
Cramer has been railing against what he calls "the Fed-mandated slowdown" since last week's market meltdown, arguing Powell needs to recognize the signals of a slowing economy and stop raising interest rates.
Growth may look strong now, with inflation creeping up, but it won't remain that way in 2019, Cramer said. "The bull thesis is very simple. You have to bet the Fed tightens in December and then says, 'You know what? We may be winning the battle against inflation. So let's wait and see what happens rather than committing to three more rate hikes [next year].'"
"If they do that, you know what's going to happen? We are going to get a huge rally into the end of the year," predicted Cramer, while also warning that the Fed does not have a good track record of making the right moves in the face of slowing growth.
Cramer referenced his 2007 "They know nothing" Fed rant, in which he warned central bank officials that they were ignoring signs of the impending financial crisis.
Stressing the "current situation is nothing like 2007 where we just had gigantic systemic risk," Cramer said Monday, "I think we're looking at a small Fed-mandated slowdown, not a total financial meltdown."
"But it sure feels like the Fed is making the exact same mistakes, doesn't it?" he asked, rhetorically, referring to what he believes is the current Fed's failure to take off its blinders.
Cramer implored Powell to listen to the buzz on trading floors and from Wall Street research firms about being "late in the cycle," explaining that's code for "'it's about as good as it gets;' we're decelerating, may be quickly."
On Monday's show, Cramer reiterated that Powell needs to change course and make monetary policy data-dependent again, rather than sticking with his comments early this month that rates are a "long way" from neutral.
Those remarks, coupled with projections after the September Fed meeting, about an aggressive path higher for rates next year, put pressure on stocks that resulted in last week's 4 percent plunge.
The Fed has hiked rates three times this year, with another one expected in December.