Jim Cramer Is Keeping a Close Eye on the Fed's Statement Wednesday

The first interest rate hike in nearly 9 years is expected to be announced on Wednesday when the Federal Open Market Committee concludes its 2-day meeting. The announcement is scheduled for 2 p.m. Eastern followed by a press conference with Fed Chair Janet Yellen at 2:30. TheStreet's Jim Cramer says the timing of the next hike will be a key question, 'if the Fed comes out with the right statement, that it's not going to move again any time soon, the rally continues.' Some Fed watchers believe the next increase could come as soon as March. But economists say the central bank's next step will largely depend on how the economy and financial markets react to this first hike in December.