What June CPI Data Tells Jim Cramer About State of the Economy

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Markets were mixed in intraday trading Tuesday after the June read of the consumer price index (CPI) came in higher than expected. June CPI increased 5.4% in June versus expectations of 5%.

Jim Cramer told Action Alerts PLUS senior analyst Jeff Marks that he attributes the higher number to lack of cars, new and old, amid the ongoing semiconductor shortage as well as challenges to freight. 

So is it time for the Federal Reserve to take action in raise rates? It's a resounding "no" from Cramer. 

Cramer said the solution to inflationary pressures won't be found in an action from the central bank. 

"Jerome Powell can not create drivers by raising rates...You do not get more people created by raising rates," Cramer said. 

Watch the video above to hear Cramer's plan to curb inflation. 

Hint: It might have to do with your paycheck. 

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