CNBC personality Jim Cramer says rising crude oil prices could cause an avalanche of inflationary pressure throughout the US economy.
In a new episode of Mad Money, Cramer says Federal Reserve Chair Jerome Powell may make the decision to raise interest rates again this week, putting pressure on risk assets.
The Fed is expected to make an announcement this Thursday to pause raising the Fed Funds rate at 5.50%, but Cramer says another hike is more likely, especially given the price of oil, which has risen from $69 to over $90 since June.
“Powell is much more worried about stopping inflation than he is about preserving earnings or jobs or corporate balance sheets, or consumer spending for that matter. He has to swim against the