With low unemployment and little wage inflation, the U.S. economy is currently strong enough to sustain rising rates, Cramer said.
"So, in this environment, the yield on the 10-year going to 3 percent doesn't wreck the market. In fact, it provides precisely the leadership this stock market is looking for: the banks," he said.
"Banks are my favorite group to lead the charge higher," Cramer continued. "Why? Because you get the best pin action as it's all about growth with no inflation."
"This matters because historically the banks give us fantastic and long-lasting leadership," Cramer said. Later, he went over how a single research note from Morgan Stanley sparked a rally in everything cloud.