Well, it's official. The Federal Reserve raised interest rates a quarter point, as expected, and Jim Cramer told his Mad Money viewers Wednesday that frankly, he's disappointed. If you're planning to buy stocks, you are now fighting the Fed, he said, and that's never a good place to be.

According to Cramer, Fed chair Jay Powell simply doesn't care about appeasing investors. Powell instead only has one mission, to tamp out inflation and slow hiring, and to do so even if it means obliterating your portfolio. Some have interpreted Powell's remarks as taking a softer, more data-dependent stance. But Cramer countered that what Powell said was actually data indifferent, not dependent. Back in October, Powell sought four more rate hikes. Now he's only seeking three, despite countless signs that the economy is slowing and a stock market that's plunging.

Powell's fierce independence from everyone else may be good for the institution of the Fed, Cramer argues, but it's not good for the economy, your portfolio or the President's re-election hopes.

Taking a "wait and see" approach would have cost the Fed nothing today, Cramer concluded, but now we need to start thinking differently.

Executive Decision: Micron Technology

For his "Executive Decision" segment, Cramer welcomed back Sanjay Mehrotra, president and CEO of Micron Technology (MU) - Get Report , the semiconductor maker that saw its shares decline 7.9% today after the company reported just a penny-a-share earnings beat with weaker than expected guidance.

Mehrotra said that the end markets for all of Micron's memory and storage products remain very strong. The growth drivers in autos, graphics, the cloud, data centers and more have only been growing, which has led to an "air pocket" where Micron's customers have built up too much inventory that now must be cleared.

Mehrotra added that Micron expects supply and demand to be back in balance by mid-2019, with a strong finish going into the close of next year. In the meantime, the company will continue it's disciplined approach to its stock buyback program.

Cramer said while Micron is a lot better and more diverse than it used to be, the supply buildup is reminiscent of the company's former self, which saw volatile stock prices.

Off the Charts

Is the market poised for a rebound, even with a hostile Federal Reserve? In his "Off The Charts" segment, Cramer checked in with colleague Carley Garner for the latest read on the market action and what the charts are telling her.

Garner looked at several different charts to make her assessment. She first looked at a weekly chart of U.S. Dollar Futures, noting that both the relative strength indicator and Williams oscillator are signaling an overheated dollar that's poised to cool. That would be welcome news for U.S multinational companies. Garner then looked at the seasonal patterns of the S&P 500, noting that the end of December is historically a good time to buy stocks.

This sentiment was confirmed by looking at the daily S&P 500 e-mini futures, which signaled a bounce to 2820 may be possible, and with the longer-term monthly chart.

Executive Decision: Eli Lilly

In his second "Executive Decision" segment, Cramer sat down with Dave Ricks, chairman and CEO of Eli Lilly (LLY) - Get Report , the drugmaker that just completed a bullish investor day that included a 15% boost in the company's dividend.

Ricks said the dividend boost is a sign of their confidence in the growth of their company going forward. "It's a great time to be investing in science," he said, and Lilly will be introducing 10 big new drugs over the next five years.

In the diabetes market, Lilly continues to take market share, Ricks said, and they have new drugs in the pipeline to help patients control their glucose better and lose weight. He was also excited about the prospects of Olumiant, Lilly's rheumatoid arthritis drug, being approved by the FDA in a 4mg dosage. He said they continue to provide more data to the FDA and patients are seeing great success at that dosage.

When asked about competition in the migraine market, Ricks admitted that Lilly is a few months behind some of thier competitors, but with 30 million patients suffering from migraines, Lilly's drug, which has demonstrated the ability to cut the number of migraines in half for moderate to severe sufferers, will be changing many lives. The market may be a horse race, he said, but Lilly is playing to win.

Lightning Round

In the Lightning Round, Cramer was bullish on CyberArk Software (CYBR) - Get Report .

Cramer was bearish on Teva Pharmaceuticals (TEVA) - Get Report , Ford Motor (F) - Get Report and Washington Prime Group (WPG) - Get Report .

No Huddle Offense

In his "No Huddle Offense" segment, Cramer answered the question, "How do you model a lawsuit?", by looking into five companies battling high-profile cases.

In the case of Apple (AAPL) - Get Report versus Qualcomm (QCOM) - Get Report , Cramer said there is more downside possible for Apple, given that Chinese courts are controlled by the Chinese government and the country's iPhone ban could take a bite out of earnings.

In the case of Johnson & Johnson (JNJ) - Get Report and its alleged asbestos-contaminated baby powders, Cramer said he thinks the stock is a buy, but would wait a few more days to gauge the market's reaction.

Next was Goldman Sachs (GS) - Get Report , which is currently battling the Malaysian government, which has accused it of fraud. Cramer said he expects the company and country to settle, but it may take awhile.

Then there's Facebook (FB) - Get Report , which is now being sued by Washington, DC over the company's data practices. Cramer said he doesn't see this suit, or the myriad of others that are likely to follow, as derailing Facebook's business.

Finally, Cramer said that Allergan (AGN) - Get Report is another stock that's already been hammered, leaving little that investors can still worry about as this company once again battles allegations its implants caused cancer in some patients.

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At the time of publication, Cramer's Action Alerts PLUS had no position in the stocks mentioned.