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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.
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: