Jim Cramer's breaking down two of the hottest topics on Wall Street Wednesday, Dec. 19.

Two of the topics are the Federal Reserve's decision--which will come out Wednesday afternoon.

Micron (MU - Get Report) is Real Money's stock of the day.

The Federal Reserve

TheStreet's Bradley Keoun reported on how the markets are responding ahead of the 

"Dovish tightening" is the jargony phrase that might best describe how many economists and traders are viewing this week's meeting by the central bank on where to set U.S. interest rates. 

"Tightening" refers to the likely decision by Fed Chairman Jerome Powell and other members of the Federal Open Market Committee to raise the benchmark U.S. short-term borrowing rate for the fourth time in 2018; over the past two years, the central bank has raised rates at a pace of 0.25 percentage point per quarter. Powell has described it as "gradual."

And based on trading in futures markets on the Federal Reserve rate, there's a 73% chance that the central bank will maintain that pace when it makes its announcement around 2 p.m. today, boosting benchmark interest rates by 0.25 percentage point to a range between 2.25% and 2.5%.

Cramer breaks down what he's thinking about when it comes to the Fed and why he thinks that the market could have a 500 point swing in either direction. 

Micron's Earnings

TheStreet's Eric Jhonsa broke down Micron's earnings.

On Tuesday afternoon, Micron reported November quarter (fiscal first quarter) revenue of $7.91 billion (up 15% annually) and non-GAAP EPS of $2.97 (up 21%). Revenue was below an $8 billion consensus; EPS, benefiting from $1.8 billion worth of stock buybacks, beat a $2.95 consensus.

More importantly, on its earnings call, the memory giant guided for February quarter revenue of $5.7 billion to $6.3 billion (down 18% annually at the midpoint) and EPS of $1.65 to $1.85, below a consensus of $7.26 billion and $2.39. The company also cut its fiscal 2019 (ends in Aug. 2019) capital spending budget to a range of $9 billion to $9.5 billion from one of $10.5 billion, plus or minus 5%.