03-23-2023, 11:38 AM
- CNBC’s Jim Cramer on Wednesday said that the market got distracted by Janet Yellen’s remarks on bank failures rather than focusing on the stability reflected in the Fed rate hike.
- During Fed Chair Jerome Powell’s press conference, the market whipsawed before falling in response to Yellen’s comments, according to Cramer.
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CNBC’s Jim Cramer said that the Federal Reserve’s quarter-percent rate hike was not the reason the market tumbled on Wednesday, rather, it was the “tone-deaf” words of Treasury Secretary Janet Yellen.
Cramer said the market “would’ve been fine” if it hadn’t been for Yellen saying that the government was not going to bail out shareholders, bondholders, or depositors in the banks that recently failed.
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