Jim Cramer highlights trade as a lingering obstacle for Wall Street’s bulls after the Federal Reserve seemed to walk back its hawkish interest rate hike plans.
Even though the Federal Reserve has now acknowledged the importance of data-dependent interest rate policy, CNBC’s Jim Cramer said Wednesday that the stock market isn’t quite out of the woods yet.
Stocks soared after Fed Chair Jerome Powell’s Wednesday speech, in which the central bank chief said interest rates were “just below” neutral, a reversal from his October stance that they were “a long way” from the Fed’s goal.
But for Cramer, there’s a more complicated hurdle that “we need to jump to reach the bullish promised land,” he said on “Mad Money.”
“We’ve checked off the Jerome Powell box. He won’t be the cause of the major slowdown, not after today,” he said. “However, we still have the G-20 summit — China — and this is actually a much tougher nut to crack.”
President Donald Trump and Chinese President Xi Jinping are expected to meet at G-20 to discuss U.
