Happy hump day! And, of course, a very merry Fed decision day.

Jim Cramer breaks down what investors need to know about the safety of Jerome Powell's job, Adobe's (ADBE - Get Report) quarter and what it means for retailers and whether or not CBS (CBS - Get Report) and Viacom (VIA - Get Report) are getting serious about a possible merger. 

Is Jerome Powell's Job in Jeopardy?

Tuesday afternoon, President Donald Trump was asked about Jerome Powell and whether or not the Fed chair's job is safe. Trump told White House reporters yesterday, "Let's see what he does," ahead of the Federal Reserve decision on interest rates. 

It had previously been reported that the White House had been looking into demoting Powell back in February. 

The Federal Reserve will be releasing its decision about interest rates at 2 p.m. Wednesday. 

But can Powell actually be demoted? And if he is, what would that mean for the markets? Here's what Cramer thinks. 

Adobe's Impressive Quarter

Real Money Stock of the Day Adobe released earnings after the bell Tuesday.

Adobe reported non-GAAP earnings of $1.83 per share, up 10.2% from the same period last year and 5 cents ahead of the Street consensus forecast. Group sales rose 25% to a record $2,744 billion, as cloud subscription revenues rose 27% to $2.46 billion and digital media sales rose 22% to $1.89 billion.

Adobe $ADBE reports earnings:
- Diluted EPS: $1.29 on a GAAP-basis; $1.83 on a non-GAAP basis
- Revenue: $2.74 billion
- Digital Media segment revenue was $1.89 billion
- Digital Experience segment revenue was $784 million

— TheStreet (@TheStreet) June 18, 2019

On the call, CEO Shantanu Narayen said, "This is the golden age of creativity and our vision for Creative Cloud is to be the creativity platform for all. Whether you're a student, an experienced designer, a YouTuber, or a marketer, storytelling is central to the way you communicate and connect."

Cramer wrote in his Real Money column Wednesday that big retail needs to perk up when it comes to Adobe. 

But is this truly a join or die moment for retail? 

Is it Time for CBS and Viacom to Merge?

The Wall Street Journal reported that CBS and Viacom are in talks to merge. 

The Journal reported that CBS  (CBS - Get Report) is preparing to make an offer for Viacom (VIAB - Get Report) in the coming weeks, following a meeting of CBS directors last week in which a potential deal was discussed.

Representatives of CBS and Viacom already have had preliminary discussions about the outlines of a deal, one of the people told the Journal.

If the companies move ahead with negotiations, it would be a third attempt to reunite the media companies.

The real question here is why now? 

And, maybe even more importantly, can it succeed in the current environment?

Related. Jim Cramer: Adobe's 'Golden Age of Creativity' Is Upending the Retail World

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