Investors need not worry that the Federal Reserve induced a market "sea change" by calling off interest rate increases this year and adjust their game plan to make money, CNBC's Jim Cramer said Thursday.
The major averages all rose higher during the session on the agency's monetary policy reversal, he said.
"This is a dramatic shift—we don't need to worry about more rate hikes—and that's why it's causing a sea change in the stock market right now because we're in a low growth environment again," the "Mad Money" host said.
Although Chairman Jerome Powell and the central bank reduced the forecast on GDP growth and inflation, there are more stocks that can perform well in low-growth rather than high-growth conditions, he added.
As a guideline, Cramer suggests picking stocks whose sales won't get knocked down by an easing economy, focusing on high-yielding dividend stocks, buying the fastest-growing names while inflation is near flat, and loading up on companies that do a lot of business overseas, including those impacted by the trade war with China, because the dollar is getting weaker.
The Fed's benchmark funds rate will remain in a range of 2.25 percent to 2.5 percent.
"I'm not saying you should swap out of the losers and buy the winners immediately," Cramer said. "But the bottom line is that you need to be in the right frame of mind for this new market for this playbook" below.