By the Investing.com staff

CNBC’s Jim Cramer has called for Jerome Powell to be shocked and amazed at today’s report, which showed a 7.6% rise in consumer inflation over the previous year. Cramer feels that the Fed must raise 100 bps right now to offset the forecasted 50 bps by the market.

Cramer declared, “I want the Fed 100 basis point,” Cramer said, “Just get it done.”

Cramer stated that Powell may be trying to remain measured in rate increases, but “measured” isn’t going to cut the mustard anymore.

The economist said that it was important to accept that recessions will occur. But the cause of recession might not come from the customer. A recession with strong consumers will lead to the downfall of some businesses, while others will prosper.

Cramer predicts that the market will rebound if Powell continues to hike 100 basis points.