Markets had expected the central bank to keep its benchmark interest rate steady while setting up a cut at the July meeting.The Fedread more
Powell said policymakers are concerned about some of the recent economic developments and see a growing case for easier policy.The Fedread more
The Fed chief said that despite reports that Trump was looking to demote or fire him, he doesn't plan on leaving anytime soon.The Fedread more
With bold and targeted steps, economists say, government can increase opportunity and incomes for many more people in ways that strengthen, not weaken, American capitalism.Politicsread more
Beyond Meat has blown up. The plant-based meat company is now larger than 80 S&P 500 companies, including Macy's, Xerox and Mylan.Trading Nationread more
More and more American firms are calling for the Trump administration to resolve its conflict with China.World Economyread more
Employees spoke out on issues such as forced arbitration, workplace equity and Project Dragonfly at Alphabet's annual shareholder meeting.Technologyread more
American Airlines is the first major U.S. airline to order Airbus' new long-range, single aisle aircraft.Paris Air Showread more
This is a comparison of Wednesday's FOMC statement with the one issued on May 1 after the Fed's previous policy-making meeting.The Fedread more
Federal Reserve Chairman Jerome Powell said on Wednesday that Facebook spoke to the central bank about the digital currency called LibraThe Fedread more
Federal Reserve Chairman Jerome Powell said the case for a rate cut at central bank's Wednesday meeting is not strong enough.The Fedread more
"[It] simply didn't have enough critical mass to make a difference until, well, now," the "Mad Money" host said one day after Apple's earnings report. "With last night's blowout quarter, which had huge China sales and fabulously better than expected numbers for even the much derided iPhone X, that narrative is now gone. "
"The key takeaway was that the service business has finally arrived," Cramer said.
Apple grew its subscriber count to 270 million people in the second quarter, up by 100 million year over year. Its services revenue was more than $9 billion.
"Suddenly, Apple's thinking of itself in terms of a brand new word: members," Cramer said.
In a world where brand loyalty is increasingly hard to come by, especially for consumer-facing companies like Procter & Gamble or Coca-Cola, Apple's burgeoning razor-razorblade model has power, he said.
"We've found one consumer products brand that has staying power, the Apple brand, with 99 percent satisfaction," the "Mad Money" host said.
Cramer has long argued that Apple's stock shouldn't be covered solely by tech analysts because it is, at its core, a consumer products manufacturer.
But Apple's emerging membership base means Wall Street needs to think even bigger, he said.
"Think about it: this is a revenue stream that grows even if they don't release a new iPhone," Cramer said. "Heaven forbid they actually create one that finally gets these tech analysts excited."
He argued that this "critical mass" gives Apple something that most membership-based streaming services can only hope for: a way to sell into their own, self-made channels.
And Cramer saw a lot more runway for the iPhone maker. He highlighted the possibilities in health care: Apple could charge consumers $15 a month to store all of their health information, including prescriptions, insurance cards and medical history, in their iPhones' Health apps.
"That would be huge. Now let's hope [CEO] Tim Cook has thought about it because then 2019 will be a gigantic year, and the margins? With this kind of service business, 90 percent margins is within the realm of possibility, " Cramer said.
"Yes, it's that good. It's a razorblade, but much better than a razorblade will ever be."
Disclosure: Cramer's charitable trust owns shares of Apple and Amazon.