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Today the Fed told us what we already knew about domestic conditions. More important, the Fed said that it's watching international events as it makes its decisions, Cramer said. That's a big change and that means watching for a potential Greek default.
There are 27 of 30 companies in the Dow Jones Industrial Average that will be impacted if there is no deal and Greece gets booted from the EU. The International Monetary Fund has asked the Fed to avoid raising rates now as a result of issues in Europe. Cramer agrees that it would have been irresponsible for the Fed to act today without waiting to see how Greece plays out. Given low inflation, what's the point of jumping that gun? Given the Fed's statement and Chair Janet Yellen's press conference, it's clear that we are done worrying about what the Fed will do for the rest of the summer.
We got another important statement about the economy today from FedEx (FDX), which said that things aren't so hot; FedEx has as good a handle on commerce as the Fed does, Cramer said. Not reassuring.