Cramer's Morning Take: Fed Watch 5/2/23

Jim Cramer (0:02)

I'm Jim Cramer, and you're about to hear a sample taken directly from today's CNBC Investing Club morning meeting.

We've got the four horsemen of the potential apocalypse here, and I'm concerned about them. We have the Fed meeting tomorrow, which is worrisome. We've got Apple, which is always on everybody's radar screen because it's so big. We have the unemployment number, which may show something involving accelerating wages that the Fed wouldn't want, and then we have the debt ceiling. And I think that this gauntlet is too hard to get through without some real bumps.

Jeff Marks (0:35)

Yeah, I mean, at least on the Fed, I think it's widely expected they'll get a quarter point raise, but a lot of questions come, what happens after that? Do they pause? Some people think that they may start cutting later this year, which might be a little bit too early for...

Jim Cramer (0:48)

And that I disagree with entirely, and I'm going to talk about that tonight.

Jeff Marks (0:51)

Right, given where inflation is. I mean, jobs, Friday, I mean, it's always the interpretation is good news, good news, or is bad news, good news now. So a lot to see there, especially with the unemployment rate. And then Apple, as you called out. Right.

Jim Cramer (1:06)

What I really want people to understand is that the debt ceiling lifted. There are a lot of things...

Yellen just moved it up. Congress is out of session for two weeks.

Jeff Marks (1:15)

So we're saying June 1st now.

Jim Cramer (1:17)

There's just too much. There's not enough time. Too much has to be done. So maybe you get an extension, but people have to remember what happened in 2011

Jeff Marks (1:25)

Yet there was a big decline that's called close to 20% in the S&P.

You could see it happen later in the summer. It turned out to be a great buying opportunity.

Jim Cramer (1:35)

It was, and it will be again.

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SPEAKER_3 (1:54)

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