Cramer: 'Powell blinked' on rates — 'very big change in view' from the Fed chief

• Fed Chairman Jerome Powell "sees the global slowdown and knows that it could hurt us," CNBC's Jim Cramer says in a tweet storm.
• Powell made "rookie calls" in October and the "market plunged," Cramer adds. "Now he's done the homework and he had to change his mind."

Jim Cramer

Scott Mlyn | CNBC

Federal Reserve Chairman Jerome Powell just "blinked" on interest rates, said CNBC's Jim Cramer, shortly after the prepared remarks from Powell's Wednesday address were released.

Stocks ripped higher on news that Powell would say in his speech to The Economic Club of New York that rates are "just below" neutral — a sharp turn from his Oct. 3 comments that rates were a long way from neutral.

"Powell sees the global slowdown and knows that it could hurt us," Cramer said in a tweet storm as the prepared remarks from the Fed chief were being debated on CNBC's "Fast Money Halftime Report" by host Scott Wapner and a panel of traders.

"Powell is concerned and knows when he does one he has to wait — very big change in view," Cramer said. Powell "took himself off the table as a reason for a longer" market meltdown, Cramer added.

Powell sees the global slowdown and knows that it could hurt us. Powell is concerned and knows when he does one he has to wait-- very big change in view.

Despite what you may hear--Powell blinked.. @ScottWapnerCNBC he took himself off the table as a reason for a longer bear market

Cramer has repeatedly blamed Powell for spooking the markets last month, saying central bankers need to recognize the economy is slowing and they can't move rates to a preconceived notion of neutral.

"So glad [the] Fed did the work, made the calls and listened to... uh, well, me," Cramer said in another tweet.

Powell has also been under repeated criticism from President Donald Trump, who told The Washington Post on Tuesday that he blamed Fed policies for the recent market declines and GM's plan to cut production at several U.S. plants.

In a tweet, Cramer said the stock market leg higher Wednesday could be affirming his "view" on the Fed's comments "and not others who think it is not a big deal."

"Hey, Jay's allowed to make rookie calls.. he made one.. The market plunged," Cramer tweeted. "Now he's done the homework and he had to change his mind."

Here's a look at Cramer's entire tweet storm that lasted all the way through Powell's speech and the question-and-answer session afterward:

Powell sees the global slowdown and knows that it could hurt us. Powell is concerned and knows when he does one he has to wait-- very big change in view.

Despite what you may hear--Powell blinked.. @ScottWapnerCNBC he took himself off the table as a reason for a longer bear market

So glad @Scottwapner got it dead right despite some protestations that he didn't. Thank you Scott for acknowledging how much of a chance this is from the ill-advised Woodruff interview

Here's my thinking--they did more homework. They recognized the economy peaked in October and they don't want to put us at the end of the cycle....

So glad fed did the work, made the calls and listened to... uh, well, me ..@ScottWapnerCNBC Now on to tariffs

Powell doesn't want to be the reason why we are at the end of the cycle...@ScottWapnerCNBC gets it--THE FED WASN'T BALANCED UNTIL TODAY FOR HEAVENS SAKE

People who know stocks know this is a big moment.. @ScottWapnerCNBC @HalftimeReport Thank heavens for Scott who has it DEAD RIGHT

Blinking is the right thing... @ScottWapnerCNBC what he said on the third was rookie--this is more accurate. @HalftimeReport

Powell made calls, recognized he may have been imprudent and rash and he's more judicious. @ScottWapnerCNBC Serious people like Scott get this

Hey, Jay's allowed to make rookie calls.. he made one.. The market plunged.. Now he's done the homework and he had to change his mind. @ScottWapnerCNBC

I actually don't think there is any argument with @ScottWapnerCNBC unless you haven't done the homework or have some sort of weird bias

Oh, and one more thing, perhaps the stock market is affirming my view and not others who think it is not a big deal. But now we have to worry about the tariffs.. So does Jay.. @ScottWapnerCNBC