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.