The stock market's rebound Friday is the beginning of a "real rally," and the only thing that could hurt it is the Federal Reserve, according to CNBC's Jim Cramer.

Cramer, who has been critical of Fed leadership in recent days, contended Friday that the central bank should hike interest rates one more time this year and then "wait and see."

"I want to Yellen-ize," Cramer said on "Squawk on the Street." "I think the [current] Fed is vastly out of touch."

Cramer was referring to former Fed Chair Janet Yellen, Powell's predecessor. During her tenure, Yellen was cautious about raising rates while stressing that any future moves would depend on what the economic data showed.