Special topic: The Federal Reserve has kept interest rates unchanged for the eighth consecutive time, and Powell said that "rate cuts will be made as early as September"

CNBC's Cramer detailed on Wednesday why he thinks the Federal Reserve will soon cut interest rates. He said the earnings season so far has made it clear that consumers continue to feel the pinch of inflation. "The long-awaited rate cut cycle may have finally arrived, and it couldn't come sooner, because in this quarter we found that there are a lot of people in this country who can't even afford a hamburger, " he said. "I think that's why the Fed's statement today laid the groundwork for a rate cut."

The Fed kept interest rates unchanged at its meeting on Wednesday, citing "some further progress" toward its 2% inflation target. But Fed Chairman Jerome Powell said a rate cut could be "on the table" as early as September if economic data continue to show the economy is cooling.

Cramer said consumers are staying away from companies they believe are overpriced. Of the consumer discretionary companies that have reported earnings so far, 29% have missed estimates, nearly double the 16% average miss in recent quarters, according to a CNBC analysis.

Cramer even noted that value bastion McDonald's appears to have "lost affordability" and is feeling pressure to cut prices. Management acknowledged that prices were too high on a conference call earlier this week after the company reported weaker-than-expected earnings and falling same-store sales. But the fast-food chain said its new $5 meal combo has been an early success.

“Why would Powell wait to cut rates? Why not today? I mean, the consumer has spoken,” he said. “Things are too expensive because people aren’t doing well enough to buy them, and interest rates are too high. Not all sellers are willing or smart enough to cut prices.”

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