The IMF has approved a $3 billion bailout for Sri Lanka, with an immediate disbursement of $333 million and access to additional financial support from other institutions.
Jim Cramer believes that the banking crisis is doing the work of inflation control, making action from Fed Chair Jerome Powell and the Federal Reserve unnecessary.
The Federal Reserve faces a difficult decision between continuing interest rate hikes to potentially disrupt the markets or pausing, which could result in higher inflation.