Jim Cramer Is Keeping a Close Eye on the Fed Meeting Next Week

The Federal Reserve is set to begin its 2-day meeting on Tuesday, December 15. TheStreet's Jim Cramer says he'll be watching the FOMC meeting announcement which scheduled for Wednesday at 2 p.m. Eastern. Cramer says, 'we know they're going to raise rates. If they don't at this point, there probably would be a panic and people would say wow things are much worse than we thought. But if they raise rates the important thing for them to say is: now we're going to pause because we have to see how strong the economy really is. If they do that then we'll be fine, that'll be a big bad event that will be behind us and we can maybe do some buying. But right now this market is very skittish, it is skittish because of a high yield fund that is not letting people out and that is jarring people and that is what's causing most of the dislocation today.' Most economists expect the Fed will raise short-term interest rates by 25 basis points.