The Federal Reserve released its minutes on Wednesday, Oct. 17. The tone of the minutes remained hawkish as the Fed stuck to its decision to hike rates another time in 2018.
Jim Cramer, who has publicly criticized the Fed and its chairman, Jerome Powell, explained why he's not a fan of another rate hike.
"I don't think Powell follows the digitization of America," Cramer said.
Cramer's Real Money column Thursday, Oct. 18 was about the death of regional banks.
Cramer said that he believes, "we need a younger person on the Fed."
TheStreet's founder also discussed the Fed on Mad Money Wednesday.
"But then there's everything else, Cramer said, and everything else is pointing to weakness in the economy, which should give the Fed pause. Housing starts fell by 5.3%, sparking a downgrade of KB Home (KBH - Get Report) to an outright sell. Home Depot (HD - Get Report) and Lowe's (LOW - Get Report) also saw downgrades that took much of the retail sector lower as well," wrote Scott Rutt in his recap of Cramer's show.
"Cramer said the Fed is being lazy and irresponsible if they ignore all these negatives and don't adopt a wait-and-see approach to raising rates to stamp out inflation before it even begins," Rutt continued.