Cramer's Morning Take: Dead Ceiling Deadline 5/15/23

Jim Cramer (0:01)

Jim Cramer here to share with you a sample of my take on the market from today's CNBC Investing Club morning meeting.

Jeff, I got to tell you, sometimes you write these pieces and you're proud of yourself. I did a piece about POP and about how pricing isn't what the CPI really is, that they're not getting the pricing right. They're not looking at what Costco is doing, not looking at what Amazon is doing, and they're basing their decisions based on data or data that is old, which suggests to me that the CPI is actually adjusted lower than people think, so therefore we're further along in the tightening cycle.

Jeff Marks (0:36)

Right, you were focused on apparel. Apparel was up slightly in the CPI report last week, but you could extend that out to other categories is where you were going with that.

You have to also think about the bigger picture, right, innovation that comes, whether it's through something like a Chippy that Chipotle rolled out, or perhaps some AI. Right.

Jim Cramer (0:56)

I mean, I was involved with the Wendy situation. My friend Michelle Cruz Cabrera is on the board, my friend Nelson Pels is the head of it, and we were all talking about the possibility of using AI to replace someone who answers on the drive-through because a lot of immigrants can't speak English as well as we'd like. They're intimidated, but the AI understands 28 languages.

Jeff Marks (1:21)

And this is tech being a deflationary force, perhaps something to why you should always look ahead to things and not necessarily, especially now that we've made a lot of progress on inflation.

Jim Cramer (1:32)

But now again, the market's down, and I think the market's down because people very much feel that we're hearing these sources that there's a debt deal, but nothing from the Republican Party.

So I don't know who's sourcing these, but I don't want people to feel that this is a done deal. And it's that, combined with the fact that Raphael Bostic told our own network that, look, we are probably not going to have cuts till late next year, is making people feel like, geez.

Jeff Marks (1:58)

Even if we get a recession.

Jim Cramer (2:00)

Even if we get a recession.

Jeff Marks (2:01)

Inflation is his number one priority, getting that down. So even if there is a big slowdown in the economy, he's still saying no cuts.

Goolsbee, and he's saying the impact from the rate hike is still not even reflected yet in the economy.

Jim Cramer (2:16)

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SPEAKER_3 (2:34)

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