Jim Cramer: Rate Hike Will Hurt, But Market Will Recover

The Federal Reserve wants to get a rate hike in the books, so investors should not be surprised if they move sooner rather than later, says TheStreet's (TST) - Get Report Jim Cramer. Cramer said that despite the less than thrilling August jobs report, the Federal Reserve will hike rates this month because they are itching to do so and right now the calm overseas markets are giving them a window to make their move. In the end, Cramer said that the rate hike will indeed cause a setback for stocks, but they will recover.

At the time of publication, Jim Cramer's charitable trust Action Alerts PLUS held no positions in stocks mentioned.