Why Jim Cramer Thinks the Fed Still Won't Cut Rates

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St. Louis Federal Reserve President James Bullard made some dovish comments about the possibility of a rate cut.

Bullard noted Monday that a "darkened" narrative on global trade could mean a U.S. economy "that is expected to grow more slowly going forward, with some risk that the slowdown could be sharper than expected due to ongoing global trade regime uncertainty."

Bullard said that a "downward policy rate adjustment may be warranted soon," triggering a late-session rally that pushed the Dow Jones Industrial Average into positive territory and pushed U.S. Treasury bond yields back to multi-month and multi-year lows.

"No, they're not going to cut rates. So just saying that inflation has come down, if we have an unemployment number that's really weak, I think he's going to put a lot of pressure on the Fed cut rates," said Jim Cramer. 

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