CNBC’s Jim Cramer on Monday said the Federal Reserve could raise interest rates in August, before its next scheduled meeting in September, if this week’s economic data shows that inflation isn’t abating.
“The Fed is still in charge of this market. A week ago, it looked like they might ease up, but after Friday’s red-hot jobs number and the passage of the [Inflation Reduction Act], I’m worried they might lower the boom on us even before September comes,” he said.
“If both numbers are scorchers, we will get a surprise August meeting,” he predicted, referencing the consumer price index and producer price index data coming this week.
The Senate on Sunday passed the Inflation Reduction Act, a Democrat-backed package aimed at fighting climate change and extending health care coverage.
The legislation, among other provisions, allows Medicare to negotiate prices with drug companies and puts a…