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.