'The Fed chair should be bullied by the bond market. And the bond market is saying, 'Whoa, are you wrong,'' says CNBC's Jim Cramer.
should admit he was wrong to increase interest rates so aggressively last year, as the U.S.-China trade dispute was escalating, economic growth was starting to cool and the stock market was tanking."Why can't the Fed chief say, 'You know what? I was wrong.' It turns out there's a once-in-a-lifetime opportunity ... to be able to make it so the Chinese have to play fair," said Cramer. "Look, sometimes what you have to do is you say you're wrong.
Cramer's comments come less than two weeks before the Fed's next meeting. The central bank is expected to cut rates later this month for the second time this year. Another quarter-point reduction in borrowing costs is the prevailing forecast among economists. The Fed in July cut rates for the first time in more than 10 years.
Cramer said Friday he's not worried about a recession in the U.S. if the Fed cuts rates. He said rates are still too high after the 2018 moves. Recession worries emerged last month as the
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