CNBC’s Jim Cramer suggested an uneven start to earnings season makes the Federal Reserve’s March decision on interest rates hard to predict.

“When you’re on the battlefield, the fog of war is so thick, you don’t know if it’s time to raise rates or cut them,” he said. “Could go either way, which is why it’s nuts that so many money managers are betting on premature a rate cut in March.”

Cramer unpacked earnings results from some of the many companies that reported on Tuesday. DR Horton‘s earnings miss sent shares plummeting, down about 9% by close. Higher rates lead DR Horton to offer mortgage incentives so that customers would buy homes, Cramer said.

But some companies’ reports showed inflation is still a real issue, he added. General Electric‘s report showed weakness due to inflation and supply chain issues. And RTX‘s outgoing CEO Greg Hayes said costs were higher than the company expected last year, suggesting that the thought of the Fed cutting rates is “misguided.”

“We have so many stocks that’ve rallied because buyers were betting on low inflation, a strong economy, and a series of rate cuts,” Cramer said. “Do we really want those rate cuts? Sure, if you’re a suffering homebuilder like DR Horton, but no way if you’re a manufacturer like GE or RTX— they still see way too much inflation in the system, and lower rates will just exacerbate their problems.”