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The Fed has 'no excuse' to put off a rate hike, Cramer says

The Federal Reserve has no excuse to put off hiking interest rates in March, CNBC's Jim Cramer said on Thursday.

"The rest of the economy is strong enough to take it," Cramer said on "Squawk on the Street."

Markets have been looking at the probability that the Federal Open Market Committee will approve a rate increase at its March 14-15 meeting.

Expectations zoomed to 69 percent on Wednesday after hawkish statements from several prominent Fed officials and strong economic data.

Fed Governor Lael Brainard — a known dove in the central bank's monetary policy committee — said Wednesday evening the Fed could raise rates "soon," citing an improved global economy.

The Fed is expected to implement at least three rate hikes this year.

U.S. markets hit all-time highs Wednesday. The Dow advanced about 300 points to close above 21,000 for the first time. The S&P 500 and the Nasdaq both climbed more than 1 percent.

—CNBC's Fred Imbert contributed to this report.