CNBC’s Jim Cramer on Wednesday said investors should feel good about the market after the Fed kept rates steady and indicated rate cuts later this year.
CNBC's Jim Cramer on Wednesday said he feels optimistic about the market after the Federal Reserve held rates steady and maintained there would be three cuts before the end of the year.on Wednesday said he feels optimistic about the market after the Federal Reserve held rates steady and maintained there would be three cuts before the end of the year.
He compared the situation to the claw game in an arcade. When the Fed is tightening, picking winning stocks is as difficult as getting prizes out of the machine. But when tightening is over, it's much easier for investors to find success on the market and not feel like they're getting swindled by the claw.
"When you aren't fighting the Fed, the claw picks up a lot of toys that are worth something," Cramer said."We aren't fighting the Fed. Get to the claw and try to grab some winners."its benchmark overnight borrowing rate between 5.25% and 5.5%, where it's sat since July 2023. This range is the highest in more than 23 years, and rate cuts later this year would be the first since March 2020.
Cramer emphasized that investors will not be fighting the Fed as long as rate hikes don't start up again. While he acknowledged that the Fed's decisions are important, he advised against getting caught up in predicting how many cuts the organization will make. Instead, it's more important to focus on what companies are poised to do well now that it seems more hikes are unlikely, he added."The important thing is that we can afford to think about earnings again, rather than worrying endlessly about the Fed's next move," Cramer said."A lot of people want to play that parlor game, I prefer trying to make money in the market, and for that the earnings are what truly matter.
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