With the election looming just days away, worries about the Federal Reserve raising interest rates and the non-farm payrolls report due out Friday, investors have a lot on their minds when they look beyond their spreadsheets.
It seems like the Fed "desperately wants to raise rates," TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said from the floor of the New York Stock Exchange Thursday.
That's no secret -- and it's also no surprise that the Fed didn't raise rates right before next Tuesday's election.
But a hike could be coming soon and it's unlikely to be derailed from the upcoming jobs report. "These job numbers have been pretty strong," Cramer reasoned, and nothing that's happened over the past month suggests that will change. At least enough to alter the Fed's path.
Without a spike in unemployment, the Fed will likely forge ahead with its plan to raise rates.
While the rate decision is currently unknown, one thing is for certain: "Politics have really worn American down," Cramer concluded.
Economists expect 175,000 jobs to be added to the labor market and for the unemployment rate to come in at 4.9%.