Cramer: Most important thing about the Fed meeting

Jim Cramer watched with awe as the market rallied on Wednesday following the Fed telling investors what they already know: that the country's gross domestic product is not robust, but the labor market is a bit better.

But the most important thing that the "Mad Money" host heard was something that wasn't stressed by the Fed. It was that the Fed said it is watching international events as it makes decisions.

"Why is that so crucial? Because very often in the past, the Fed has acted as if overseas markets shouldn't be included in its calculus," Cramer said.

Right now Cramer sees there is an insanely serious situation with Greece, where the European government may refuse to accept its obligations and stick it to its neighbors instead. Ultimately, if the Greek government doesn't satisfy its lenders, Cramer fears this could cause real chaos in a country of 11 million people, that could even spill into the rest of Europe.





Janet Yellen graphic
CNBC

It is also very clear to Cramer that there seems to be no backup plan in place if Greece and Europe break down, as everything seems to be stuck in a land of the unknown. This is exactly why Cramer believes that the Fed couldn't do anything right now even if it wanted to, as it has to first wait and see what happens with Greece.

And it is the key concept of timing that will determine when the Fed raises rates.

The Fed has a schedule of when it meets, and it is set in stone. Wednesday's meeting fell right in the middle of Greek negotiations, which was just bad luck for the Fed. Cramer suspects that if the meeting were to be held the day after Europe made a deal with Greece that it would have instead confirmed that rates would be raised at the next meeting.

In other words, if the meeting was on the last day of the month instead of the middle of the month, the Fed would have a better grasp on Greece and it could have announced a decision.

"I think it's terrific that the Fed considers the European implications because, try as we might, we can't distance ourselves from them. Some of the slowdown in our real economy has been caused by the weak euro," Cramer added.

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Really, all investors can ask for is that the Federal Reserve that takes the rest of the world into account. The real takeaway for Cramer from Wednesday's meeting, though, is that the Fed has a brain. Fed Chief Janet Yellen knows that there are still scars left from the great recession and recognizes that the U.S. is not an island.

"Janet Yellen is far more aware of the impact a rate hike would have on the world right now than anyone I hear come on television. Thank goodness!" Cramer said.

So, now that the meeting is behind us, Cramer anticipates that buyers will once again flock into stocks, which is good news. The bad news is that Thursday will resume the focus on Greece and if the talks are even more negative, then European stocks will go down and everyone will forget about the Fed rally.

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