Jay Powell's 'been dealt an insanely bad hand' in the inflation fight, Jim Cramer says
CNBC's Jim Cramer defended Federal Reserve Chair Jerome Powell Monday after the central bank chief promised aggressive action on inflation.
"Powell's been dealt an insanely bad hand. So of course he's fallen behind. Hence why he's said that the Fed will move with alacrity from here on out," the "" host said. "So feel free to blame him for not seeing what was coming. If he has to do a [50 basis point interest rate hike], he will." Powell on Monday pledged that the Fed will take strong action against surging inflation, which is currently at its highest level in 40 years. Powell said rate hikesare possible and hikes will continue until inflation is under control.
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