Speaking from the floor of the New York Stock Exchange on Monday, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS charitable trust portfolio, said he'll be closely watching the Federal Reserve's two-day meeting this week.

The Federal Open Market Committee is meeting on Tuesday and Wednesday, with a statement expected from Federal Reserve Chair Janet Yellen on the state of the U.S. economy and on the Fed's interest rate policy. 

"I'm watching the Fed," said Cramer. "I think the Fed is going to signal that given the fact that oil has come back, maybe the world has calmed down a little.

But Cramer said he doesn't expect another interest rate hike until this summer. "It's going to be time to tighten in the summer and I think people should be prepared for that," he said.

In the Fed's most recent statement on Jan. 27, after its last two-day meeting, it noted that "labor market conditions improved further even as economic growth slowed late last year.

"Household spending and business fixed investment have been increasing at moderate rates in recent months (in late 2015), and the housing sector has improved further; however, net exports have been soft and inventory investment slowed."

Last December the Fed raises interest rates for the first time in nearly a decade.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.