Jim Cramer: It's About Time We Have a Fed Chair Like Jerome Powell

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As expected the Fed held rates steady Wednesday, but indication that the central bank would tighten monetary policy earlier than expected triggered an initial selloff. 

Jim Cramer told TheStreet's Katherine Ross that it's time for Wall Street to accept that Jerome Powell is not your typical Fed chair, and it's time for Powell to receive the recognition he deserves for his focus on minority communities. 

"We need more minority hiring and he doesn't want to get in the way....it's time to be more realistic of who this Fed chair is; he is not cut of the usual cloth," Cramer said. 

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