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Jim Cramer sees a narrowing market ahead, following Fed's rate hike pause

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CNBC's Jim Cramer debriefed investors following the Federal Reserve decision on Wednesday, predicting a narrow market ahead.

After the Fed action, Cramer said he sees a narrowing market ahead with investors selling in a panic.

Cramer believes the Fed will continue raising rates until it "kill[s] inflation stone dead." He likened the Fed's mentality towards the economy to that of an airplane trying to land, but needing to burn off fuel so it doesn't explode after touchdown. The Fed can't land the plane until it beats inflation, so it's giving the economy some time to get worse before it actually drops the hammer, according to Cramer.

, as he said it's possible inflation will actually lessen on its own through job losses and wage cuts, and rents may come down as new apartment buildings finish construction.

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