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Jim Cramer: The Impeachment Inquiry Is a 'PE Lowering' Event

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Jim Cramer weighed in on the impeachment inquiry and what it means for the markets. 

Democrats have officially decided to launch an impeachment inquiry into President Donald Trump.

The move by House Speaker Nancy Pelosi follows the Trump administration's refusal to release a whistleblower complaint about a phone call between the president and the leader of Ukraine earlier this year. During the call, Trump is alleged to repeatedly have asked for an investigation of potential Democratic Party presidential candidate Joe Biden. Trump withheld aid to Ukraine prior to the call.

"The actions taken to date by the president have seriously violated the constitution," Pelosi said in a prepared statement.

Trump has since responded, calling the inquiry a "hoax," saying Democrats are more focused on the election than the country. 

The whistleblower complaint has been declassified and is expected to be released Thursday. 

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