NEW YORK (
TheStreet) -- Before Jim Cramer's
Stop Trading! segment on CNBC Wednesday, the Fed announced that it would keep the fed funds rate at the exceptionally low range of 0 to 1/4 percent.
The decision sat well with Cramer.
"Unemployment is still weak in this country, so there's no reason to raise rates," he explained. "Let's get some hiring going and then you can raise rates."
Shifting gears, Cramer noted that on Wednesday,
(F - Get Report) was downgraded to underperform by CreditSuisse, despite posting a solid first quarter.
Cramer, who likes Ford stock, was unfazed. He thinks any downgrade for Ford is just a short-term situation for the automaker. The company is a "multi-year name" for Cramer.
He says that in due time, and with upgrades from rating agencies like Moody's and S&P, Ford will be providing its investors with "bountiful" dividends, with a "beautiful" balance sheet to boot.
"Yes, it can happen again," Cramer affirmed.
On Wednesday, he also recommended telecom plays, including
. The company has announced expectations of fewer subscriber losses and an as-expected first-quarter loss. Cramer said if Sprint can stop hemorrhaging, there's no reason the stock has to hover around $4 and can't take off.
He reminds us that we can't expect Sprint to just turn these "battleships" around at short notice, given that they were losing "scads" of customers.