Jim Cramer: Fed's Bullard makes sense

CNBC's Jim Cramer agrees with St. Louis Fed President James Bullard's updated economic forecast.

Bullard, considered to be one of the most hawkish members of the Federal Open Market Committee, slashed his economic outlook on Friday, adding that only one rate hike is needed through 2018.

Cramer said on "Squawk on the Street" this made sense, given the recently weak economic data.

"It's interesting. He was a guy who last year, in August, was talking about how strong the economy is, and then really had to pull back," he said. "He saw that the data wasn't so hot."

"People change. I think he was a little doctrinarian and he's moved away from that."