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Prominent market commentator Jim Cramer has cautioned investors not to panic on hearing the gloomy economic commentary from bank executives, according to a CNBC report.
“Don’t panic the next time you hear one of these bank CEOs say something terrifying — they don’t know the impact of their words,” Cramer said. “Sure, we’ve got plenty of problems, but they’re not financial apocalypse problems.”
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Interestingly, JPMorgan Chase & Co CEO Jamie Dimon sounded a warning about the economy on Tuesday. “Inflation is eroding everything I just said, and that trillion and a half dollars will run out sometime mid-year next year. And so when you’re looking out forward, those things may very well derail the economy and cause a mild or hard recession that people worry about,” Dimon had said.
The chief executives of Bank of America and Wells Fargo have also warned that the economy is slowing down.
U.S. markets continued their weak trend on Wednesday as next week’s Federal Open Market Committee weighed on investors’ minds. The SPDR S&P 500 ETF Trust SPY closed 0.17% lower on Wednesday, while the Vanguard Total Bond Market Index Fund ETF BND ended 0.87% higher.
Message to Bankers: “Memo to America’s bankers: Don’t try to frighten us. Don’t try to get us to sell everything,” Cramer said. “Don’t be Grinches telling us a hurricane could be coming.”
Cramer has called on chief executives to remind investors of what’s going right in the Federal Reserve’s fight against inflation. “There will come a day when the Fed will be done tightening, although that may be when the S&P 500 is a good bit lower. But I don’t know if I want to take the chance of possibly missing the [next] big rally. Hey, maybe buy small,” Cramer said.
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Image and article originally from www.benzinga.com. Read the original article here.