Jim Cramer's Thoughts on the 'One and Wait' Fed

Jim Cramer breaks down his thoughts on the Fed speech.
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The market rallied after the Federal Reserve chairman Jerome Powell spoke at the New York Economic Club.

The rally after the speech saw the Dow hit session highs.

"A day after remarks by Federal Reserve Chairman Jerome Powell sent U.S. stocks soaring by the most in eight months, some economists argue the enthusiasm was misplaced," TheStreet's Bradley Keoun.

Keoun wrote that "Eric Winograd, a senior economist at the money manager AllianceBernstein Holding LP (AB - Get Report) , says Powell's shift in verbiage was largely "semantic." Winograd said he still thinks the Fed will raise rates at a meeting in December, followed by four more quarter-point increases in 2019."

TheStreet's Scott Rutt recapped Cramer's Mad Money show Wednesday night. 

Unsurprisingly, one of Cramer's biggest focuses was on the Fed. 

Rutt wrote, "[Wednesday] was a big win for the stock market and investors should enjoy it, Jim Cramer told his Mad Money viewers Wednesday. After months of bullish comments on the economy, Federal Reserve Chairman Jay Powell did an abrupt about face, changing his mind on the pace of interest-rate hikes."

"Cramer has said for weeks that the Fed was seeing the economy wrong, not taking into account the slowdown in housing, autos, oil and retail," he continued. "But today's actions by Powell conform with Cramer's "one-and-wait" strategy on interest rates -- meaning one more rate hike, then a pause to assess economic data -- news that led to a magnificent rally."

Watch to see what Cramer tells TheStreet about the Fed speech.