However, Cramer does acknowledge that the Fed will eventually need to tighten in order to curb inflation. With this in mind, there is a specific test that Cramer uses to assess whether the stock market—not the economy—can handle a rate hike without being crushed.
The test? Cramer asks: If a rate hike were to happen, would it derail all the good things happening in the economy?
In the current environment with commodities tanking and prices coming down for many goods, Cramer doesn't think investors need to be worried about inflation.
"No, you should be fearful that our economy is flashing too much weakness for it to be able to handle a rate hike," Cramer said. (Tweet This)
Unfortunately, Cramer did not hear those concerns voiced by Fed officials on Thursday.
That is why Cramer recommended investors to own companies that don't need to worry about a rate hike. That group includes FANG—Facebook, Amazon, Netflix and Google—on weakness.
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Another group of stocks that Cramer thinks could work in this environment are those that reflect too much negativity and could be bought either for trade or an investment.
Those include Kohl's, General Mills, Kimberly-Clark, and pharmaceutical companies.
"From now on we must accept that stocks are going to be punished by Fed chatter, no matter what happens with commodities or the averages or even the data, because the Fed wants to raise rates," Cramer added.
That means Cramer has a new approach—look for stocks that have been punished because of mistaken group-think. When he sees the capital punishment hitting the stock, he will point it out before it rebounds. It's a harder way, but it could work.