Jim Cramer says bearish economic talk from bank executives shouldn’t be feared

CNBC’s Jim Cramer on Wednesday told investors they should be wary of bank executives’ gloomy economic comments.

“Don’t panic the next time you hear one of the leaders of these banks say something terrifying – they don’t understand the consequences of their words,” he said, adding: “Of course, we have a lot of problems, but they are not financial problems. apocalypse.”

The S&P 500 fell into its fifth trading session on Wednesday as investors mulled over the possibility of a recession.

Adding to investor concerns, JPMorgan Chase CEO Jamie Dimon said on Tuesday that inflation is eating into consumer wallets and could lead to a recession.

Top leaders Bank of America as well as Wells Fargo also warned that the economy is slowing as Americans cut spending.

“A reminder to American bankers: do not try to intimidate us. Don’t try to force us to sell everything,” Kramer said. “Don’t be the Grinch telling us a hurricane might be coming.”

He urged CEOs to remind investors that the Fed’s fight against inflation is going well, and he gave an example of what he thought one of the CEOs had to say:

“There will come a day when the Fed stops tightening, although that may be when the S&P 500 is a little lower. But I don’t know if I’m willing to risk, maybe miss [next] big rally. Hey, maybe buy a smaller one,” he said.

Disclaimer: Cramer’s Charitable Trust holds stock in Wells Fargo.

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