CNBC's Jim Cramer said Wednesday that Federal Reserve Chair Janet Yellen took a more dovish-than-expected stance for one specific reason.
"She seems to be concerned about … the working person. She recognizes the rents have gone up a lot year over year, she recognizes that health care has gone up year over year for the $40,000 [a year] person [and] she recognizes that gasoline prices are not offsetting that," Cramer said on "Squawk on the Street."
Yellen said Tuesday recent economic readings have been mixed and the central bank should proceed cautiously when adjusting monetary policy.
In contrast, several of her FOMC colleagues — including St. Louis Fed President James Bullard, a voting member — have indicated the economy could be ready for further interest rate hikes.
"To me, she is looking at the data, and making decisions," Cramer said. "We can have people on all day to debate that. It's like sports radio."
Equity markets across the globe liked Yellen's remarks. European stocks gained over 1.5 percent on Wednesday and U.S. markets moved higher.
