CNBC’s Jim Cramer is going after the Financial Times following a spat over the latest US inflation reading for July. The feud emerged following the Labor Department informing that consumer prices jumped by 8.5% last month, a slight downtick compared to June.
The Financial Times “Alphaville” blog had earlier ridiculed Cramer for proposing the US had hit the pinnacle of inflation, writing in a July 13 post that his prognosis “leads us to worry that it hasn’t.”
When the latest figures surfaced, Cramer immediately requested that the publication apologize for its past mockery.
“Waiting for the Financial Times to apologize for trashing me when I said we have peak inflation,” Cramer tweeted. “I think their insulting words actually are NOT funny.”
Following Cramer’s tweet, the “Alphaville” blog responded with a post entitled “Jim Cramer: An Apology” but came with a sarcastic tone, which is likely not what the CNBC host wanted.
“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,” the publication wrote.
“Today we learned that US consumer prices rose 8.5 percent 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.”
Eduardo Razo is the Assistant Content Editor for BNM, which includes writing daily news stories on the news media industry. He can be found on Twitter @eddierazo_ or you can reach him by email at eddie1991razo@gmail.com.
