CNBC's Jim Cramer is not short of macroeconomic worries, but one that he can't quite get on board with is the worry that another U.S. recession is near.
"Listen, I'm worried about many things: I don't want another government shutdown, a dramatic increase in tariffs, the super-strong dollar that hurts our exports," he said Monday on "Mad Money." "But I'm not joining the recession camp because the data just isn't there. Maybe we get more of a deceleration, but an actual recession? Right now, I find that very unlikely."
The reason? Investors are "no longer fighting the Fed," he said, repeating a phrase he has used in recent months to explain the stock market's tendency to stop rallying when faced with a series of interest rate hikes.
"A couple of months ago, the Fed seemed woefully out of touch with the slowing economy. That's no longer the case," Cramer said. "Fed Chief Jay Powell has finally figured it out. He's not going to tighten — slamming the brakes on the economy — if the data continues to get soft, even if we still have robust job growth. That alone is enough to keep a recession at bay."
