In an unsurprising move, Fed chair Jerome Powell kept rates flat on Thursday.

"The committee expects that further gradual increases in the target range for the federal funds rate will be consistent with sustained expansion of economic activity, strong labor market conditions and inflation near the committee's symmetric 2 percent objective over the medium term," the Fed said following its regularly scheduled two-day meeting to discuss interest rates. "Risks to the economic outlook appear roughly balanced."

TheStreet Founder and Action Alerts portfolio manager Jim has been adamant that the  pause was necessary given a "collapse in oil" and a "collapse in housing." He noted that Powell's pause, and potentially an extended pause, could change that.

"If there's any way that Jay Powell says, 'You know what, we got to wait and see,' we could have the rallies of all rallies," Cramer said on CNBC's Squawk Box prior to the decision. "But he has to green light us."

Powell has paused, but the market seems to be slow off the starting line so far as major indices finished Thursday down slightly.

So what's next?

"People have to remember that this November meeting is the last lame duck meeting," Quill Intelligence CEO and former Federal Reserve Bank of Dallas advisor Danielle DiMartino Booth told TheStreet. "imagine all of the drama with Trump castigating Powell."

She added that a raise is very likely in December and speculated that rates could possibly be raised again in January, which would surprise the markets.

"I don't think he has any qualms about having the market make monetary policy for him," Dimartino Booth said. "He's not afraid of the stock market."

 

 

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