Yellen's Comments Shake Bank Stocks Amidst Fed Rate Hike Uncertainty.

1 min read
Source: CNBC
Yellen's Comments Shake Bank Stocks Amidst Fed Rate Hike Uncertainty.
Photo: CNBC
TL;DR Summary

CNBC's Jim Cramer said that the Federal Reserve's quarter-percent rate hike was not the reason the market tumbled on Wednesday, rather, it was the "tone-deaf" words of Treasury Secretary Janet Yellen. Yellen's remarks that the government was not going to bail out shareholders, bondholders, or depositors in the banks that recently failed sent waves of fear through the market. Despite this, Cramer explained that the Fed's moves should not have been anything to worry about and were logical and reasonable.

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