The key is to listen for the words used by the Fed in its commentary next Wednesday. If it drops the notion of "gradual" when it comes to rate hikes and substitutes it for the word "orderly", Cramer will presume that it means there will be three rate hikes this year.
Three rate hikes would mean that Bank of America and JPMorgan could see as much as $3 billion in additional earnings.
While there are many investors that agree with Cramer that a rate hike is needed, he warned to be ready for a sell-off. Some investors may think that a quarter point increase will slow the economy.
"You need to be ready for it if we sell off, because this narrative could create some terrific buying opportunities," Cramer said.
Yes, a quarter point rate hike could bring up the average mortgage by $40 a month, the dollar will strengthen and some international companies could cut their numbers. To Cramer, this is a small price to pay for the acknowledgement that the U.S. economy is back on track.
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