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Jim Cramer Says Fed Minutes Were Excuse to Sell

Jim Cramer says the Federal Reserve didn't say anything new in the July meeting minutes, saying the central bank as been worried 'the whole way.'

Stocks declined Wednesday, which followed the S&P 500 closed at a record high, after the Federal Reserve said the coronavirus pandemic would weigh heavily" on U.S. economic activity and the jobs market.

In the minutes from their meeting in late July, officials at the central bank “agreed that the ongoing public health crisis would weigh heavily on economic activity, employment, and inflation in the near term and was posing considerable risks to the economic outlook over the medium term.”

The central bank said it expected to maintain rates between a 0% and 0.25% until it's “confident that the economy had weathered recent events and was on track to achieve the committee’s maximum employment and price stability goals.”

The Fed emphasized the need for further fiscal policy support from Congress.

Watch: Jim Cramer Says Stimulus Shutdown Could Make For July Economic Peak 

Democratic and Republican leaders have been hinting they are looking for ways to bridge the wide gap in their stalled coronavirus stimulus negotiations.

China's Commerce Ministry said Thursday that Beijing and Washington have agreed to hold a call soon to discuss the progress of their phase one trade agreement. 

Jim Cramer said that the Fed really didn't disclose anything new as the central bank has been worried about the economy since the beginning of the pandemic. Cramer added that traders were simply looking for "an excuse to sell." 

You can follow Jim Cramer and Katherine Ross on Twitter at @JimCramer and @byKatherineRoss. Read more from Katherine Ross here.

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