During his March Action Alerts PLUS members' call, Jim Cramer talked about the recent interest rate hikes. 

"When a rate cycle starts, even from a higher level, the first few rate hikes are fine. But we have now had five rate hikes and you now have to be thinking real impact to the economy," says Cramer.

Basically, he's saying, rate hikes are meant to slow the economy.  His problem though is that there isn't much inflation in the system. He points to some small commodity costs that are diminishing right now as well as freight cost increases, that have more to do with the strength of e-commerce then the lower rates.

So while the rates won't provide much inflation for the consumer, they will affect the bank stocks like Goldman Sachs (GS - Get Report) and JP Morgan (JPM - Get Report) , (both members of the AAP Portfolio) they also will affect the housing and auto industries.  Watch the clip above to learn how. 

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