Cramer says recent data shows the economy has cooled since the Fed’s last meeting

CNBC's Jim Cramer said minutes from the Federal Reserve's most recent meeting may not hold much weight because of new data that indicates a cooling U.S. economy.
The Fed minutes suggested members were concerned about inflation and apprehensive about cutting interest rates.
The major averages declined on Wednesday as Wall Street fretted about the Fed comments.

CNBC's Jim Cramer said inflation may be abating more quickly than some think, suggesting that comments from the Federal Reserve's most recent meeting three weeks ago may not hold much weight.

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"For the part of the market that was consumer-oriented, today was a day when the Fed won. Let's hope the Fed conclave realizes that their inflation lamentation from three weeks ago may no longer be necessary," he said. "If they don't ... then we might have quite a few more days like this one."

The major averages declined as Wall Street fretted about the Fed minutes, which were released on Wednesday. According to the minutes, "various participants mentioned a willingness to tighten policy further should risks to inflation materialize in a way that such an action became appropriate."

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But to Cramer, this commentary may be outdated. He said data that's been released since the meeting could make the policymakers change their tune. He pointed out the recent consumer price index was weaker than expected, and the labor report indicated a cooling economy.

Cramer admitted that during policymakers' last meeting, the economy was seeing "nascent commodity inflation." But now oil seems to be on the decline, he said. Cramer also mentioned that copper prices slumped on Wednesday, and shares from the U.S.'s largest copper producer, Freeport-McMoRan, sank.

"If the Fed had seen these numbers ahead of time ... there would have been a lot less hand-wringing," he said. "The minutes might have actually been positive."