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Jim Cramer Says COVID Spikes Will Keep Fed on the Sidelines

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Amid continued worries about inflation, looming debt ceiling talks on Capitol Hill and an ethics review at the central bank itself, the Federal Reserve is set to kick off its two-day September meeting Tuesday with a decision expected Wednesday.

While the central bank isn't expected to raise interest rates, plans for the tapering of asset purchases will be closely in focus.

Real Money's resident Fed expert Tom Graff previewed what's likely dominating Fed Chair Jerome Powell's mind:

"Powell is trying to give the Fed some breathing room to make sure that inflation really will be lasting, and that's probably the right thing to do. Hiking too soon is probably more damaging than waiting a little too long. Bu if the trends we see now continue for the next few months, Powell won't be able to keep using this excuse," Graff wrote. 

In the video above, Jim Cramer explained the role COVID upswings will play in any future moves from the central bank. 

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