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There’s enough pain out there for Fed to slow rate hikes

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CNBC’s Jim Cramer on Monday said that there is enough pain out there for the Federal Reserve to contemplate easing its pace of rate of interest hikes.

“There’s enough turmoil that the Fed must decelerate its rate hikes, if only to stop the headwinds from turning into some kind of weird [Category] 5 hurricane,” he said.

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Stocks fell on Monday, snapping last week’s streak of gains, as investors mulled over corporate and economic news that sent mixed signals concerning the state of the economy.

Amazon reportedly plans to put off around 10,000 employees starting this week, which could be its largest headcount cut in history. The cuts would make the e-commerce giant the newest tech firm to curtail its workforce this yr to slash costs in a worsening economic environment.

A brilliant spot throughout the trading session was Federal Reserve Vice Chair Lael Brainard’s indication that the central bank could soon reduce its pace of raising rates of interest.

Cramer pointed to the reported layoffs at Amazon and turmoil in other sectors like crypto and software stocks as examples of the Fed’s damage. The Fed’s already done an awesome deal of harm to the economy, it’s just that it’s all packed into probably the most bloated sectors,” he said.

He added that customers are also beginning to feel the load of the Fed’s rate of interest hikes, especially because the variety of corporations shedding their employees increases.

“Apart from travel, people aren’t really doing much. They’re hunkered down now, attempting to work out in the event that they should return to work while going to their tenth wedding since we got here out of pandemic mode,” he said.

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