Do not expect the Fed to bow

CNBC's Jim Cramer on Thursday said it's a "lunatic theory" to think that Federal Reserve Chair Jerome Powell let the market down by President Donald Trump's call to cut interest rates.

"That is insane." Look, I'm a big believer that the president has everything right to complain about Powell's moves, "the" Mad Money "host said. "I think that many of these criticisms actually [have been] spot on. Powell can do whatever the heck he wants. "

Disappointed, many times, Cramer said. Even if Powell followed Trump's orders and moved to ease monetary policy, he said.

It currently stands between 2.25% and 2.5%, the level of the Fed.

"If people started believing Powell could be pressured into doing what the White House wants, he would lose all credibility," Cramer said. "That's why I think Trump's tweets are counterproductive."

The federal Labor Department will release its nonfarm payroll report on Friday. Cramer expects the numbers to be strong, but it is concerned that it will only be necessary to reduce the number of people in the world. Fed will not concede that they got it wrong when they were more than planned for 2019.

"Powell can not start cutting rates here – no, it can not be said to be better than when we were in the market, which is the case," the "Mad Money" host said. "What is it?" Trump said, "What is it?"

The central bank on Wednesday revealed that it would leave interest rates at current levels amid low inflation. Trump has argued that the lack of inflation is a good reason to cut spur more economic growth.

"We do not live in a banana republic where the central bank is run by some spineless sycophant, and that's a good thing," Cramer said.

WATCH: Cramer directs why Fed Chair Powell will not bow to President Trump on interest rates