'It's not easy to start. You make your rookie mistakes, you come back. He's a great guy,' CNBC's Jim Cramer says.
Federal Reserve Chairman Jerome Powell changed course and finally made the correct policy decision by indicating the Fed is stalling interest rate increases for the year, CNBC's Jim Cramer said Thursday.
The latest policy decision came as the list of economists and business elite predicting a downturn grows. Speaking after the Fed's decision, Powell said that weakening Chinese and European economies are acting as a deterrent to growth at home even as policymakers see the overall outlook in the U.S. as good.
Cramer has been critical of the Fed ever since Powell's remarks on Oct. 3 that the cost of borrowing money was a long way from so-called neutral, sparking concerns about possibly more aggressive Fed tightening. Powell appeared to walk back those comments the following month, saying rates are"just below" the balance point of not stimulating or slowing the economy.
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