The Federal Reserve on Tuesday announced an emergency rate cut to pump more money into the economy amid fears of a slowdown caused by the outbreak of coronavirus in the United States.
However, CNBC host Jim Cramer said that the rate cut, while good for the short-term health of the stock market, made him worried about the health of the economy as a whole.
"It’s great that the Federal Reserve recognizes that there’s going to be weakness, but it makes me feel, wow, the weakness must be much more than I thought," he explained on CNBC's "Squawk on the Street." "I’m now nervous. I’m more nervous than I was before."
Cramer also said that while the rate cut would help Wall Street, it would do little to help convince consumers nervous about the virus to go out and spend money.
President Donald Trump once again attacked the Federal Reserve for not being more aggressive in pumping more money into the economy, which he sees as his biggest hope for winning the 2020 election.
