There are now well over 100 people in the United States with the deadly coronavirus, and 11 have died as a result. The virus has had a negative impact on US markets, and on Tuesday morning the Fed announced a half-point rate cut to offset the negative trends. But in the eyes of CNBC’s Jim Cramer, the drastic measure–which was intended to calm Wall Street–may actually make things worse by stoking fear.
Cramer said that Fed chair Jay Powell is trying to calm the markets, but that his powers to do so are limited and may make investors even more nervous. The CNBC analyst said, “It’s terrific Jay is on board. He can do everything he can but in the end why go out.”
He said of the rate cut, “It makes me feel, wow, the weakness must be much more than I thought. And I’ve been trying to be bullish, but I can’t.”
Cramer addded, “I’m now nervous. I’m more nervous than I was before.”
This piece originally appeared on Objectivist.co and is used by permission.
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