CarMax's Earnings Miss Is a Win in the Fed's Battle Against Inflation, Jim Cramer Says

CNBC's Jim Cramer on Thursday told investors that used car retailer CarMax's recent earnings shortfall is good news for the Federal Reserve's quest to tamp down inflation.

"When you look at this quarter from CarMax, it tells you the Fed's been incredibly successful at eroding consumer confidence," he said's recent earnings shortfall is good news for the Federal Reserve's quest to tamp down inflation. "When you look at this quarter from CarMax, it tells you the Fed's been incredibly successful at eroding consumer confidence," he said."[Fed Chair] Jay Powell doesn't want people to spend their money on big-ticket items."in its fiscal second quarter results reported on Thursday, citing macroeconomic issues including inflation and soaring interest rates.

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