In reality, Cramer's interpretation differs slightly from what many money managers might think, so he broke it down into three parts.
"First, bond buyers are transfixed by oil and its plunge down today to $43," Cramer said.
While oil's decline immediately spurs discussion of deflation, Cramer said this is likely to be a bottom for oil, where he sees steady demand despite producers pumping endlessly regardless of price.
The second round of deflation came from Amazon announcing its new Prime Wardrobe service on Tuesday, which will allow customers to try clothes on at home and send back the items that do not fit.
"We can laugh, but Amazon's rampage is now getting out of control. This company is now wrecking the price structure of everything the consumer buys," Cramer said. "The whole consumer price index is being Amazon-ed and we're now at a moment where the Fed might need to acknowledge, 'Wait a second, Amazon's mowing down inflation to the point where maybe we don't need to raise rates anymore.'"
The third and final deflationary push is coming from Congress being unable to pass legislation on infrastructure or tax cuts, Cramer said.
Washington standstills like those push down the stocks of businesses that stand to gain from President Donald Trump's pro-growth agenda, another signal of economic slowing, Cramer said.
These three deflationary factors are instrumental in pushing down industrial, bank, technology and drug stocks, all names that would not exactly thrive in the face of a slowdown.
"The bonds were a cruel taskmaster today. We can't ignore them," the "Mad Money" host said. "However, we must not be enslaved by them either. Today, stocks were manacled to bonds. Tomorrow, bonds could take us in another direction, or they could be more positive about growth than they let on in this session. They do play it pretty close to the vest, you know. So I say don't ignore the bond market, but don't let it be your master. Common sense can always be a factor, too."
Questions for Cramer?
Call Cramer: 1-800-743-CNBC
Want to take a deep dive into Cramer's world? Hit him up!
Mad Money Twitter - Jim Cramer Twitter - Facebook - Instagram - Vine
Questions, comments, suggestions for the "Mad Money" website? firstname.lastname@example.org