Cramer said the week's employment report will be more important than usual. The market has been higher ever since the Federal Reserve reversed course in January and cut back on the number of planned interest rate hikes, he said. Fed Chairman Jerome Powell into tightening again. He said it's unnecessary because inflation has been "mild." "I hope Powell won't be gone – he finally seems to have a good deal on things – but he goes back to his old mindset, it could be "Let's go deadly given the run we've had," Cramer said.
Because the economy has been heating up, "peril awaits," Cramer said. He expects there to be some profit taking leading up to the jobs report. He also predicts "inflation hawks" will call for higher rates to fight off "imaginary" inflation, which could "cause at least a hiccup in the averages."
Cramer thinks the economy can handle one rate hike this year. [1
Disclosure: Cramer's charitable trust owns shares of Kohl's, Amazon, and Salesforce.com
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