Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Monday’s key moments. The market needs a break to bottom Why Jim’s investing in the two-year Treasury Quick mentions: JNJ, LLY, AMZN, QCOM , DHR 1. The market needs a break to bottom Stocks were mixed Monday, rebounding from earlier losses as the 10-year Treasury yield reached an 11-year high of 3.5%, before backing off some. Jim Cramer said rising bond yields — especially the 2-year, which was already at 2007 highs and nearing 4% — indicate the Federal Reserve’s expected 75-basis-point interest rate hike at this week’s meeting won’t be the last. A move of that magnitude would be the third meeting in a row of 75. Jim said stocks still face two other big challenges besides the Fed’s tightening campaign to get inflation under control: Russia’s war in Ukraine and rolling Covid lockdowns in China. “You can’t have all three going at once. If you’re going to get a bottom, you need some break,” he said, thinking the first to break is probably going to be the Fed. It’s worth noting the S & P 500 was still about 6% from the mid-June bottom, which has held as the year-to-date low so far. 2. Why Jim’s is buying 2-year Treasurys Jim stuck by his decision to buy 2-year Treasury notes as he believes the yields have become more competitive with stock returns. As a reminder, Jim can not buy individual stocks with his own money per rules for financial journalists at CNBC. A driving reason behind his faith in the 2-year Treasury notes is his belief that the Fed won’t raise its key fund reds rates to more than 4% as the economy shows more signs of slowing down. So, if the Fed does 75-basis points this week that would bring the target range on federal funds to 3% – 3.25%. The Club is in a holding pattern ahead of the Fed meeting — and because the S & P 500 Short Range Oscillator shows the market is not oversold yet, despite last week’s crushing decline. Usually we wait for the Oscillator’s oversold signal before we starting thinking about buying. 3. Quick mentions: JNJ, LLY, AMZN, QCOM, DHR We have advice for new Club members who might be looking for additions to their portfolios. “I’d buy Eli Lilly (LLY) and I would buy Amazon (AMZN) and do this right here without any hesitation,” Jim said, adding that he’d also pick up shares of Johnson & Johnson (JNJ) if he didn’t own any already. He also said that he would buy shares of Qualcomm (QCOM), which has its Automotive Investor Day later this week. As for Danaher (DHR), the stock currently provides the best value in the Club’s portfolio, Jim said. (Jim Cramer’s Charitable Trust is long JNJ, LLY, AMZN, QCOM, DHR . See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio….