Jim Cramer on June CPI report: Jerome Powell is winning
ACTIVISION >>> AND DOMINO’S SHARES ARE SURGING, ANNOUNCING THIS NEW PARTNERSHIP DELIVERY WITH UBER >>> LET’S BEGIN WITH CPI COMING IN LIGHTER THAN EXPECTED AIRFARE IS DOWN, USED CARS DOWN. >> THERE’S A LOT OF ODDITIES I MEAN, THERE’S A COUPLE OF REAL WINS THAT PEOPLE AREN’T THINKING ABOUT. YOU’VE GOT — I MEAN, WELL, AGAIN, YOU DEFINITELY HAVE THE USED CARS, VERY GOOD, BUT SHELTER’S DOWN A LITTLE BIT. AND WHAT’S INTERESTING IS WHAT’S UP IS ALMOST — I DON’T WANT TO SAY IT’S MEANINGLESS, BUT BAKERY BAKERY PRODUCT YOU CAN DOWNGRADE ON THAT, RIGHT? FRESH WHOLE CHICKEN. SWITCH
OVER TO BEEF. >> EGGS, DOWN 7% >> YEAH. SUGAR AND SWEETS WELL, GOOD, WE SHOULD HAVE LESS OF THOSE ANYWAY. THE ONES THAT ARE UP, I AM TELLING YOU, ARE GOING OUR WAY TOO. BECAUSE THERE ARE THINGS THAT, FRANKLY, ARE NOT — IF YOU REALLY GOT TO GO GRANULAR ON THIS, POWELL IS WINNING BECAUSE THE THINGS THAT ARE UP ARE NOT NEARLY AS IMPORTANT AS THE THINGS THAT ARE DOWN WE STILL HAVE TO WORRY ABOUT WAGES. I’M DOING A LOT OF WORK ON WAGES AND IT’S NOT GOOD. I.R.A., INFRASTRUCTURE, NUMBER OF PLANTS BEING BUILT, BATTERY
PLANTS, THOSE ARE NOT GOING HIS WAY. SO, WE’RE GOING TO HAVE TO — WE’RE GOING TO SEE A PLETHORA OF NEW JOBS CREATED THAT WE’RE NOT READY FOR,
SOME REAL WINS HERE. LOOK, I MEAN, AND THE ONES, AGAIN, THAT AREN’T SO GOOD, I MEAN, CLOCKS I MEAN, HEY, WHO NEEDS CLOCKS? WHAT’S THE POINT OF CLOCKS >> MAYBE THAT’S PART OF THE ISSUE. >> MAYBE THEY’RE TALKING ABOUT SOME ANTEDILUVIAN CLOCK. AND THEN WE HAVE JEWELRY AND WATCHES, AND I JUST THINK THAT’S APPLE WATCH. SO — AND LOOK, I KNOW PEOPLE ARE SAYING, JIM, YOU’RE BEING FACETIOUS. NO, I’M BEING EMPIRICAL. THE NUMBERS ARE VERY GOOD F. YOU DON’T THINK POWELL IS WINNING ON THE DETAILS, I THINK YOU SHOULD JUST GET THE PAGE AFTER PAGE
OF WHAT MATTERS BUT THE BIG ONE IS USED CARS, AND WE SAW THAT COMING WITH MANHEIM, AND THAT IS RIGHT IN THE SWEET SPOT OF AMERICA. >> AND A LOT OF DISCUSSION HOW IT’S GOING TO FEED THROUGH INTO JULY’S PRINT AS WELL THAT SAID, THEN, WHY ARE PEOPLE STILL TALKING ABOUT NEXT WEEK AS A GIVEN? >> I THINK YOU HAVE TO TALK ABOUT NEXT WEEK AS A GIVEN BECAUSE WE ARE NOT GOING TO SEE ANY ABILITY TO KEEP WAGES DOWN WHEN WE HAVE THREE STATES, TENNESSEE, KENTUCKY, LOUISIANA, THAT ARE IN A LEVEL OF WANTING TO
PUT UP FACTORIES THAT THEY COULD DISTORT THE WHOLE DARN COUNTRY. THE NUMBER OF JOBS THAT ARE OPEN BECAUSE OF I.R.A., BECAUSE OF CHIPS, IS SO EXTRAORDINARY THAT IT’S JUST INFLATIONARY, PER SE AND IT’S REALLY — I’VE BEEN PUTTING TOGETHER THE ACTUAL NUMBERS OF JOBS THAT ARE REQUIRED FOR WINDMILLS, FOR — JUST FOR PIPES FROM WEST VIRGINIA, FROM ALL THE DIFFERENT NATURAL GAS LIQUIDS, FOR LNG, IT’S INSANE. SO, THEY HAVE TO SOME OF THESE PROJECTS CAN’T BE STOPPED BY THE FED, BUT THE WAGE INFLATION IS JUST GOING TO BE ENORMOUS SO, I DON’T THINK IT’S WRONG
I THINK JAMIE DIMON HAS MADE SOME POINTS TODAY WHEN HE TALKS ABOUT HAVING TO GO UP, BUT
