Mad Money w/ Jim Cramer 7/29/26

**SPEAKER_1** (0:00)
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**Jim Cramer** (1:01)
My mission is simple, to make you money.
I'm here to level the playing field for all investors. There's always a bull market somewhere, and I promise to help you find it. Mad Money starts now.

**Jim Cramer** (1:17)
Hey, I'm Cramer. Welcome to Mad Money. Welcome to Cray America. Other people are my friends. I'm just trying to save us some money. My job is not just to entertain, but to put days like today in context because they're very difficult. So call me at 1-800-743-CNBC or tweet me at Jim Cramer.
Darned inflation!
It's here. It's got to be taken seriously now, even if you think that it's being caused by a war that now seems endless and is driving up the cost of oil, killing any hope of lower rates. We expected the Fed would talk tough at its meeting today about how it won't let inflation get out of control. Give us that warning!

**SPEAKER_7** (2:00)
The House of Pain!

**Jim Cramer** (2:01)
Instead, we got a business-as-usual Fed, maybe even a tad complacent Fed, and we're in anything but complacent times. And that's why the averages, after initial fake hire, got crushed later in the day, Dow plunging 1,153 points, S&P going down 1.52 percent, and the NASDAQ finishing down 1.74 percent.

**SPEAKER_7** (2:25)
The House of Pay.

**Jim Cramer** (2:26)
Why is it so poignant to so many people about interest rates? Because of memories, that's why. When the 30-year Treasury went down in price and up in yield today, with a level of speed that I found astonishing, rates climbed to 5.2 percent. That's the highest since 2007, which in itself was a pretty ignominious year, when you think about it. The steep increase was the bond market's way of saying to the new Fed chief, Kevin Warsh, hey, chief, show a little more gum shit. In fact, I'm going to go a step further, and as an old bond trader, yes, I used to trade him, I'm going to challenge what's the conventional wisdom. The bond market genuinely fears a real inflation comeback, in part because prices for many items keep creeping up. It's not like we have a president who seems really concerned about inflation.
After today, I think the conventional wisdom is just plain wrong.
If Warsh wants to calm this bond market, he should have tightened today, or at least promised to tighten if long rates don't go down. So now we're in no man's land, where investors seem nervous that there wasn't any talk of raising rates. Now, normally, I don't have to go this deep into the weeds of the bond market. Not because it's boring. I got to take it seriously. But normally, we're not stuck in an intractable war with Iran that keeps pushing up the price of oil. That makes it difficult for our new Fed chief. He really does. I feel for him. I mean, he has the consensus of the Fed with him, but I wonder if they would have changed their minds after they saw the hideous action in wake of what they did. When the Fed speaks, we always listen around here because the Fed matters to the stock market. They can declare war against business if it wants to because that's how they can get inflation under control. The Fed didn't want to, and the bond market didn't like that. Big jumps in long rates like we saw today, long rates being the 20 to 30 year, will impact much of the stock market, making buyers more uncomfortable than if there had been a rate hike. Rather, you know, it can really turn buyers into sellers. It's too bad. Because the last thing this stock market needs is an interest rate jolt. Why? Because the stocks that have been working lately have been the ones that do well only when rates are quiescent.