Jim Cramer echoes Fed chair's call for more stimulus: 'I think he's right'
CNBC's Jim Cramer doubled down on his calls for more stimulus spending from Washington after hearing from the head of the U.S. central bank on Wednesday.
The service sector, which comprises a large majority of the U.S. economy, faces a tall order as businesses continue to be challenged by government efforts to contain the coronavirus pandemic and high unemployment in the country.
"When we heard from Fed Chief Jay Powell, he made me feel like we desperately need another stimulus bill from Congress because it's the only way to save these service businesses," the "Mad Money" host said.
The Federal Reserve closed its last two-day meeting before the 2020 election this fall and officials signaled that they are willing to hold interest rates at zero until inflation rises above a target of 2%, which the agency does not expect to see until 2023.
In his speech, Powell suggested that "more fiscal support is likely to be needed" as small businesses continue to struggle, industries remain hobbled by contagion containment efforts and about 11 million people remain without jobs. State and local governments are also suffering from revenue loss as expenses rise due to a coronavirus outbreak across the country that has yet to let up.
Lawmakers in Washington have been at a standoff over what to include in another coronavirus relief package, but President Donald Trump on Wednesday said that his party should "go for the much higher numbers" as he attempted to blame Democrats in a tweet for not wanting ...
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