Ahead of the Fed's decision on rates Thursday afternoon, all eyes are turning to Jerome Powell.

Speculation has largely come down on the side of no action from Powell.

"The lack of an immediate inflation threat means that the Fed can run a while longer with the illusion that their gradual rate hikes-half the pace of 2004-to-2006-somehow will eventually stabilize the economy in some kind of semi-permanent sweet spot," said Pantheon Macroeconomics Ian Shepherdson. "In short, the FOMC is under no near-term pressure from markets or the commentariat to signal any shift in their expected policy path."

A pause from the Federal Reserve could lead to a big rally for stocks that have been stung by the perception of a tightening Fed that would clamp down on buybacks, home-buying, and industrials.

TheStreet Founder and Action Alerts portfolio manager Jim has been adamant that a pause is 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."

According to Danielle DiMartino Booth and analysts along Wall Street, that green light may be coming up very shortly.

Listen in to Danielle and Real Money's Kevin Curran as they sift through the Fed's impact on equities as of late, the decision today, and what investors need to know moving into next year.

Employees of TheStreet are restricted from trading individual securities.

More from Video

Consumers Are 'Very Active' in Expected Strong Holiday Season: Mastercard Exec

Consumers Are 'Very Active' in Expected Strong Holiday Season: Mastercard Exec

Don't Let a Short-Term Headwind Cloud Your Focus, Jim Cramer Says

Don't Let a Short-Term Headwind Cloud Your Focus, Jim Cramer Says

Jim Cramer Says, 'You Can't Fall in Love With the Stocks'

Jim Cramer Says, 'You Can't Fall in Love With the Stocks'

How Vulnerable the U.S. Economy Is -- Recession Watch

How Vulnerable the U.S. Economy Is -- Recession Watch

Jim Cramer Discusses Nvidia CEO's Defensiveness on Earnings Call

Jim Cramer Discusses Nvidia CEO's Defensiveness on Earnings Call