Message for the White House on Gas Prices
The White House told CNBC OPEC+’s gradual easing of production cuts is “simply not enough” amid a “critical moment in the global recovery.”
But TheStreet’s Jim Cramer says that the White House’s message is harmful to U.S. producers.
“They’re making hard for our guys to drill. There are people in the oil patch that are thinking about what could happen because the government doesn’t want any more pipelines. …” The government is pro anything that will reduce carbon, Cramer said.
Coinbase Remark Ill-Advised, Cramer Says
Shares of cryptoexchange platform Coinbase Global (COIN) were rising Wednesday after the company reported second-quarter results ahead of expectations.
The company’s CFO, Alesia Haas, told CNBC that Coinbase hoped to educate SEC Chair Gary Gensler about cryptocurrency. That’s a sentiment about which Cramer was not happy.
“Gary taught crypto at MIT. … It was very ill-advised to say on our air that you are going to teach the SEC,” Cramer said Wednesday.
The cryptocurrency exchange reported adjusted earnings per share of $6.42 on revenue of $2.22 billion.
Coinbase saw monthly transacting users jump to 8.8 million, up 44% from the first quarter. Trading volume increased to $462 billion from $335 billion.
July CPI Vindicates Jay Powell
Inflation, as measured by the consumer price index, is steadying as consumers spend less due to rising prices. This is a vindication of Federal Reserve Jay Powell’s strategy for the economy, according to Jim Cramer.
“My job is to try to keep people in the market rather than a foot in and out because that’s a loser’s game,” Cramer said Wednesday, praising Powell for his leadership of the Fed.
CPI came in up 0.5% month-on-month to 5.4%. Economists surveyed by FactSet expected consumer prices in July to have risen 0.5%, or 0.4% excluding food and energy costs. The annual CPI rate was forecast to have increased 5.3%.