Investors worried for weeks about the yield on the 10-year rising above 3 percent and destroying the stock market's gains, so the "Mad Money" host was surprised that more market-watchers weren't coming out and saying that now that it's declining, stocks could run higher.
"Why are rates falling? Yesterday we got Fed minutes from the May meeting and the esteemed body agreed that inflation may be transitory and not embedded," Cramer said. "If inflation is temporary, people, there's much less need for the Fed to tighten aggressively."
Cramer had five reasons for why the Fed's call that inflation wouldn't run above 2 percent for long seemed sound.