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Cramer feels "powerless" after the Fed hike, telling investors to buy gold



For CNBC's Jim Cramer, the worst part of the Federal Reserve's recent interest rate hike is Jerome Powell, the head of the central bank, who seemed to ignore Cramer's "serious" weakness in the US economy.

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Cramer challenged Powell's argument. He reiterated that the economy has cooled since October, as reflected in weak consumption and corporate spending, and if the economy continues to weaken, further interest rate hikes will only lead to a "nasty slowdown", he said. Perfect Harbingers of a Smarter Economy ": Carnival Corp. and Accenture.

Carnival, a cruise line operator, predicted weaker than expected first quarter earnings on Thursday, the first sign of "real softness" in travel and leisure, Cramer said. The consulting and outsourcing service provider Accenture followed suit with its own forecast, which he described as "pathetic".

"If you buy stocks here, you're assuming that Jerome Powell already knows what I already know: that the economy has shifted down … that he does not have to move [that] he knows that next interest rate hike for Main Street will be really bad, "said Cramer.

While Powell maintains the course, the "Mad Money" host recommended buying into the "bull market" in gold. He liked RandGold, a mining game with a return of 3 percent and steady production growth, or an exchange-traded fund that reflected the price of gold as a GLD.

Cramer warned investors that they would regret selling shares, because "if Jay Powell realizes that he's wrong, the market will roar again."

I need to change course so you can own stocks, "he said." I am confident in my judgment that Powell may need to reverse the price over the next four months. If this is the case, you will regret the sale because the market is gaining ground so quickly. "[19659011]
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