NEW YORK (TheStreet) -- TheStreet's Jim Cramer said Tuesday he's watching the Federal Reserve as policymakers meet Tuesday and Wednesday, and he advises investors not to expect a typical relief rally following the gathering.
Cramer said the market's upside is limited because uncertainty over Greece and its membership in the eurozone will likely continue over Father's Day weekend.
Cramer also said that analysts at Goldman Sachs had said there could be two interest rate hikes this year. He said that if the Fed hints at anything like that, stocks could fall by a very big amount.
Cramer advised investors not to get too bullish and let the current Greek situation play out. He said there must be a resolution to the Greek crisis before people can get excited about the stock market.
Federal Reserve policymakers are expected to leave rates unchanged at their current meeting following a contraction in the U.S. economy in the first quarter. But economic growth is expected to bounce back, allowing for a hike in interest rates later this year.
Economists believe Fed members will not raise rates until September at the earliest. A rate hike this year would be the first in nearly a decade. Fed watchers are concerned that Greece's worsening financial situation could thwart the U.S. central bank's plan.
Fears of a Greek default weighed on markets after talks between Athens and its creditors fell apart over the weekend. Greece has about two weeks to repay $1.8 billion to the International Monetary Fund.
Fed Chair Janet Yellen is set to hold a news conference on Wednesday following the Fed's decision.