Cramer's Morning Take: May CPI Report 6/13/23

SPEAKER_1 (0:00)

Okay, text from the wedding planner. She's talking about a cake pop mural.

Jeff Marks (0:05)

Ah, exciting.

SPEAKER_1 (0:07)

Ooh, it's $8,000. I don't know, we're trying to save for a house.

SPEAKER_3 (0:12)

Well, you only get married once, or twice.

Jim Cramer (0:15)

The three time stops.

SPEAKER_3 (0:16)

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Jim Cramer (0:28)

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

Jeff Marks (0:41)

You mentioned CPI a little bit earlier. We should hit on that. Roughly in line, but the trend continues to move in the right direction, up 0.1% month over month, in line down 0.4 from the prior month.

Food's still up, energy down. Used cars up big, up 4.4, but new vehicles down.

Jim Cramer (0:59)

I spent an hour and a half with CarMax CEO last week. Now CarMax has, they have unbelievable, they use Salesforce by the way, they have unbelievable data, literally hour by hour data, not unlike what Tesla has. And the numbers in the last three weeks have been down appreciably. Now you can say, well listen, it doesn't matter, the CPI didn't capture that. What I care about is the future. And the spread between the new and the used is widening, which is going back to the way it should be normally, used cars coming down.

Carmack's the biggest seller of used cars, so I'm gonna take their word for it over anybody else.

Jeff Marks (1:30)

And this comes ahead of tomorrow's FOMC meeting. Market is taking CPI today and saying no rate hike tomorrow. But also the probability of a hike at the July meeting also declined slightly from 74% yesterday to about 65% today according to the CME FedWatch tool.

Jim Cramer (1:48)

Well, we're seeing food go up, which does worry me. The raw sustenance of food you'll see in PPI tomorrow.

But the trends are not bad until we...

Jeff Marks (1:58)

And shelter they haven't figured out yet.

Jim Cramer (2:00)

No, they can't figure out shelters. The pal kind of dissed that he's looking at wage inflation, but the team of rivals there on the Fed is looking at wage inflation and it's still here.

Start your day with my outlook on the daily market every morning at 10, 20 a.m. Visit cnbc.com/morningtake to access all the benefits of being a CNBC Investing Club member.

SPEAKER_1 (2:27)

All opinions expressed by Jim Cramer on this podcast and in connection with the CNBC Investing Club are solely Cramer's opinions and do not reflect the opinions of CNBC, NBC Universal, or their parent company or affiliates and may have been previously disseminated by Cramer on television, radio, internet, or another medium. No specific outcome or profit is guaranteed in connection with your reliance upon or other use of the content from Cramer. The opinions offered in connection with this podcast and the CNBC Investing Club are not an attempt to induce any particular trading behavior, investment, or strategy. You should be aware of the risk of loss in following any strategy or investment discussed in the content from Cramer. To view the full CNBC Investing Club disclaimer, please visit cnbc.com forward slash investing club disclaimer.

Okay, text from the wedding planner. She's talking about a cake pop mural.

Ooh, it's $8,000. Oh, I don't know, we're trying to save for a house.

SPEAKER_3 (3:22)

Well, you only get married once or twice.

Jim Cramer (3:26)

The three time stops.

SPEAKER_3 (3:27)

There's a lot of bad money advice out there. For knowledge you can trust, come to GISA Credit Union. Whether it's saving for the wedding or everything that comes after, we can help get you where you wanna be. Find a healthier approach to money at GISA.