NEW YORK (TheStreet) -- With the Federal Reserve's two-day FOMC meeting scheduled to begin on Tuesday, TheStreet's Brittany Umar wants to know what Jim Cramer is thinking ahead of the event.
Cramer said the market has not priced in a tapering announcement, at this point. When Larry Summers withdrew from running for the position of next chairman of the Fed, markets rallied hard and stopped worrying about a taper.
He added that the market has essentially decided that a decision on tapering doesn't matter -- which typically means that it actually will matter when the announcement is released.
Equity markets are no longer setup for disappointment and are looking for a completely benign announcement. Anything that doesn't fit that blueprint will likely send the market lower. Cramer went on to say that Bernanke could cause interest rates to spike higher -- which fell dramatically on Monday. To take advantage of this, he said he would be a seller of Treasury bonds and likes regional banks at a certain point, since they will benefit from rising rates. Cramer concluded that a rise in interest rates would result in a selloff for the stock market, but because so many things are going right, the selling will likely have trouble gaining any momentum. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell