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Jim Cramer Is Watching Commodities Ahead of Powell's Jackson Hole Keynote

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As many anxiously await any clues of upcoming Federal Reserve tapering, the Kansas City Fed announced Friday's economic symposium “Macroeconomic Policy in an Uneven Economy,” will be hosted virtually.

Fed chair Jerome Powell will now speak remotely as fears of the rapidly spreading delta variant of the coronavirus forced the in-person event to be moved online. The event was widely considered a sign of a 'return to normal' among the financial community.

“While we are disappointed that health conditions will prevent us from being able to gather in person at the Jackson Lake Lodge this year as we had planned, the safety of our guests and the Teton County community is our priority,” Kansas City Fed president Esther George said in a statement.

And the Fed's Powell isn't the only one working from home. On Real Money, Cramer noted that the continued impact of the delta variant could alter Wall Street's view of inflation, turning Powell from villain to hero.

"Going into Jackson Hole we have to be thinking not about how inflation is runaway but how deflation could be on the horizon much faster than we realize if the Fed pulls the rug out, which we know is just a matter of time. Right now the Chief seems like a pinata, theoretically beaten by the inflationistas.

I think it's just a matter of time for them to look like the fools and Jay Powell to look like a hero of our time." 

In the video above, Jim Cramer explained why he will be closely eying commodity prices heading into Powell's keynote. 

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