Stock futures were sliding Friday as Wall Street continued to interpret signals from the Federal Reserve about raising interest rates.
TheStreet.com Founder Jim Cramer recently shared his thoughts with Katherine Ross about Federal Reserve Chairman Jerome Powell, concern about inflation, and the grocery store giant Kroger (KR) - Get Report.
"The market is not down," Cramer said. "We're in a seasonally weak time."
Fed Chairman: Powell 'Not Oblivious'
The Federal Reserve made no changes to record low interest rates Wednesday but hinted at two rate hikes in 2023.
U.S. consumer price inflation has been increasing. Cramer said Powell "is not oblivious to inflation risk," but the Fed chairman is also not oblivious to his "core belief that we have to have African-Americans and Hispanics doing better."
"This is a person who has a policy that I think many of us in this country share," Cramer said, "except for the big-money people, who somehow have not ever reiterated what he’s been saying. ... Why is this such a bad goal given the fact that the majority of America, as least the people who voted for Biden, would agree with this goal?"
Cramer said: "It's time to be a little more realistic about who this Fed chairman is."
"He is not cut of the usual cloth," he said. "He is not trying to back the money interests in this country and I think it's about time we had a Fed chairman like this."
Kroger: Buy or Sell?
Cramer also turned his attention to Kroger, which on Thursday posted better-than-expected results for its fiscal first quarter and increased its guidance for 2021.
Cramer noted that "a little bit of inflation is good for some companies."
In February 2020 Buffett’s Berkshire Hathaway took a 2.3% stake in the No. 1 U.S. grocery chain.
"I believe he'd buy even more if it gets really hit," Cramer said.