Jim Cramer wants to be taken seriously.
The spirited personality of CNBC’s Mad Money on Wednesday called out the Financial Times over an unwelcome reference related to July’s US inflation reading.
On July 13, the FT blog “Alphaville” poked fun at Cramer after the host predicted that the US had reached peak inflation, and said that his prediction leads them to worry that the US actually hasn’t.
The host, who’s notorious for making predictions that get opposite results, demanded an apology, and added that their “insulting words actually are NOT funny.”
This follows the Labor Department’s July 2022 US consumer price index (CPI) report, which showed an 8.5% increase from last year’s prices, a few percentage points lower than last month’s record-breaking 9.1%.
Shortly after, the publication posted a snarky response in the form of an apology letter:
“To whom it may concern,
In a previous Alphaville post we may have implied that Jim Cramer’s peak-inflation call was a reverse indicator for our readers. We regret the error. It was not our intention to give Cramer’s opinions any credence whatsoever.
“Today we learned that US consumer prices rose 8.5 per cent in July from last year. That is, manifestly, lower than the 9.1-per-cent reading from June.
Based on this single data point, and having now accepted that the core measure of CPI is likely to prove more transient than a CNBC presenter’s umbrage, we pledge to never again try to predict ‘peak Jim Cramer’.”
Cramer or CNBC has yet to comment on the letter as of this writing.
And in true Cramer fashion, the post attracted more people to poke fun at the host, with Fintwit humorously handing him the reverse card.
Information for this briefing was found via The Financial Times, Twitter, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
