Cramer: Janet Yellen ‘nailed it’

Jim Cramer on Thursday praised Fed Chair Janet Yellen and the central bank for the statement after this month's FOMC meeting.

"I think she nailed it," Cramer said on CNBC's "Squawk on the Street." The Fed dropped the word "patient" from its statement on Wednesday, paving the way for the first rate increase since 2006.

The communique, however, was much more dovish than investors had expected. "Just because we removed the word 'patient' does not mean we will become impatient," Yellen said at a news conference after the statement's release.

Cramer also commented on some other topics. "February was a weak month. We're going to hear from Williams-Sonoma. Williams-Sonoma is an amazing company, and this ports slowdown directly impacted their numbers." He also said that the uncertainty around oil's demand and weak housing start numbers contributed to a sluggish U.S. economy last month.

Markets soared after the Fed's statement was released, while the dollar posted its biggest one-day fall in 18 months.

"These [currency moves] are legendary," Cramer said. "You're literally seeing the speed of light on trillions of dollars. Currencies are trading at the speed of light, [and] it's very hard to get your hand on."

Read More Fed removes 'patient' but says no April hike coming

The dollar index was up 1.7 percent at 99.33, while stocks were mostly lower late morning Thursday.

—Reuters contributed to this report.

Disclosure: Cramer's trust did not own Williams-Sonoma's stock at the time this article was published.