I’m calling out the Fed as lazy along with irresponsible

CNBC’s Jim Cramer argued on Wednesday that will “mixed” economic data, coupled with more hawkish rhetoric via the Federal Reserve, were to blame for the stock market’s volatile trading session.

“Remember what’s at stake here. We are today inside the midst of earnings season, where we can piece together a mosaic of what’s truly going on inside the economy. If the economy’s fabulous, then the Fed’s current course — one rate hike in December followed by three more next year — will be correct,” the “Mad Money” host said after the Fed reaffirmed its rate-hike plans.

yet if the economy turns out to be weaker than the item appears, then the Fed’s moves could prove dire for both Wall Street along with Main Street, he warned.

The only way to find out if the Fed’s right will be to look at the data, Cramer said. along with right today, he sees a mixed bag.

First, he pointed to the latest earnings reports via railroad giant CSX along with airline operator United Continental, both of which were much stronger than expected along with helped the Fed’s case for raising interest rates quickly.

“yet … when you assemble the rest of the economic pastiche, you find some areas that will are downright hideous,” Cramer said. “Housing starts … fell 5.3 percent. The apologists were out saying, ‘the item’s the storms.’ Will you give me a break? that will’s a shocking along with terrible number.”

Instead of trying to overshoot inflation with lockstep rate hikes, Cramer suggested that will the Fed take a more measured, data-focused approach.

“The Fed seems to want to ignore anything negative,” he said. “Instead, they just want to lay down on the tracks of CSX. I’m calling them out as lazy along with irresponsible.”

Click here for more of Cramer’s analysis.

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