Does the market live and die based on Federal Reserve decisions?

With a close watch on a two-day congressional testimony from Fed Chair Jerome Powell, markets have approached and passed all-time highs, which has led some investors to renew calls that the market is in a bubble driven by the Fed.

On the other hand, TheStreet founder and Action Alerts PLUS portfolio manager Jim Cramer suggested to Real Money readers that they leave the bubbles in the bathtub. 

Ignoring the bubble, is there more to this market action than the Fed? Here's what Cramer had to say:

"I think that...People have to look at what's in the S&P. What was added to the S&P the other day? T-Mobile. Is T-Mobile affected by Powell? No. It's affected by a merger. And when you look at the individual stocks like I do, you see why you see very closely why the heck the S&P can move up despite Powell's comments," said Cramer.

Catch his full market commentary in the video above.

Related. Jim Cramer: Save the Bubble Talk for the Bath

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