On the eve of the May jobs report, CNBC's Jim Cramer reminded investors about the tricky balancing act the Federal Reserve is attempting to pull off — bringing down inflation without seriously damaging the economy. Investors are rooting for weak figures so the Fed will be more inclined to implement interest rate cuts. But Cramer said Wall Street should remember what is at stake for consumers, especially those with low incomes, when it comes to this data and the Fed decisions. According to Cramer, it is hard for retailers to correctly dub consumers as weak or strong because they are familiar with their own customers, not the broader population. Cramer continued, saying, "the gulf is wide" between consumers, but suggested that many wealthy investors do not know enough about this dichotomy.

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Persons: CNBC's Jim Cramer, Cramer, who'll, Jay Powell isn't, — he's Organizations: Federal Reserve