CNBC's Jim Cramer explained why the markets fell after the Federal Reserve announced an interest rate cut and said there will likely be fewer cuts than expected next year.
While some investors will say the Fed's fanning the flames of inflation with this rate cut, others will say that without fanning the embers, the fire will go out, Cramer said. Cramer questioned Powell's assertion that the decision was a close call, and suggested that looking for progress on inflation while cutting rates is a bit of an oxymoron. Powell's mixed messages are a big reason behind Wall Street's disappointment with the announcement, Cramer said.
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