In a virtual town hall Tuesday for educators and students, Federal Reserve chair Jerome Powell said the pandemic is “still casting a shadow on economic activity” but the impact of the delta variant of the coronavirus is still uncertain.
Powell also said that there will be return to the pre-pandemic economy. “We need to watch carefully as the economy continues to get through the pandemic and try to understand the ways that the economy has changed and what the implications are for our policy,” Powell said.
Ahead of Powell's statements Monday, Jim Cramer urged the central bank to continue a patient 'wait and see' approach to any tapering in response to hawkish fedspeak from other Fed members. "If I were the the Fed, I'd say we've got a big delta problem, we've got China, we've got people coming off unemployment benefits, what's the hurry?'" Cramer said.
In an interview with Action Alerts PLUS senior analyst Jeff Marks Wednesday, Cramer added that due to "disarray" at the Centers for Disease Control and Prevention and the Federal Drug Administration, the Fed chair doesn't have the data he needs to make a decision on the delta variant.
“There’s no peak I can see...he doesn’t have the data to make a move," Cramer said.
Cramer added that the media has historically played a large role in attempting to force Powell's hand. "The pressure on him to do something now because Jackson Hole… is lazy thinking," Cramer said.
Recap TheStreet Live: Everything Jim Cramer Is Watching 8/18/21