CNBC’s Jim Cramer on Tuesday said market rallies will be short-lived as long as inflation remains persistent. “Sometimes you don’t need to know the price of the Dow, you just need to know the price of Kerrygold butter or a Lennar three-bedroom,” the “Mad Money” host said.

Stocks fell on Tuesday as investors eyed the conclusion of the Federal Reserve’s Wednesday meeting when the central bank is expected to announce a 75 basis point rate hike. Traders also are watching for any projections from the Fed about how high interest rates will go.

“If they come down  not just versus last year, but versus two years ago or three years ago then your stocks can maintain, if not go higher,” he added. Fed Chair Jerome Powell is expected to reiterate the central bank’s aggressive stance against inflation.

In addition to bringing down the price of stocks and goods, Powell needs to tamp down wage inflation, he added. “That’s the final frontier, and the Fed will keep hitting the brakes on the economy until the labor market cools down,” he said.

Cramer reminded investors that more pain is ahead, and the market’s loss is Powell’s gain. Stocks represent purchasing power since investors can sell them for cash, and the Fed chief needs people to have less of that power in order to stamp out inflation, he explained.

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