With all eyes on the banking sector, the Fed may need to take “desperate steps” at next week’s meeting — and that could be “extremely bad” for your portfolio, CNBC’s Jim Cramer said Wednesday. OK”.
“This will be the most important Fed meeting in recent memory because the next move is so important we don’t know what it will be,” he said.
However, Cramer said it was too early to say whether the Fed’s move would outweigh the negative impact of the deepening banking crisis.
“We’re getting close to the point where the Fed might feel the need to take desperate measures, which could be fantastic for your stocks and your portfolio,” Cramer said. “We just don’t know if that will be enough to offset the negative impact of the snowballing banking crisis.”
Over the past few days, the crisis in the financial sector has Silicon Valley Bank and signature bank In New York, both banks have failed to respond to a series of rate hikes by the Federal Reserve over the past year.
stock fall wednesday Investors weigh global banking future amid fears of banking crisis spilling over to Europe credit suisse. After the Swiss regulator announced that the country’s central bank will Provides liquidity to Credit Suisse if needed.
