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Cramer: Economy doing better, but should Fed raise?

While economic conditions in the U.S. have improved since the Federal Reserve's policymaking committee last met, the central bank shouldn't be too quick to raise rates, CNBC's Jim Cramer said Wednesday.

"Wages are still doing nothing. If you're watching the tenor of the election, you know that people feel like jobs just go away every single day. At a certain point, the Fed cannot be as neutral as they'd like to be," Cramer said on "Squawk on the Street."

Investors around the globe have their eyes set on the U.S. central bank, which is expected to keep interest rates at current levels following its two-day meeting Wednesday afternoon. The chances of a rate increase were zero, according to the CME Group's FedWatch tool.

Cramer said the Fed will hint its desire to raise in June, "maybe sooner."

"The big things that they were worried about … are off the table, most definitely in the stock market. I definitely get the idea that they've got to be tougher, but should they be? I don't know," he said.

U.S. equities were mixed in morning trade.