• CNBC's Jim Cramer on Wednesday detailed why he thinks the Federal Reserve will soon implement interest rate cuts.
• "The long-awaited rate-cutting cycle may finally be upon us and not a moment too soon, because this is the quarter we discovered that we have a lot of people that don't have the money for a hamburger in this country," he said.
• Cramer said even value bulwark McDonald's seems to have "lost the mantle of affordability" and is feeling pressure to bring down prices.

CNBC's Jim Cramer on Wednesday detailed why he thinks the Federal Reserve will soon implement interest rate cuts, saying earnings season so far makes it clear that consumers continue to feel the weight of inflation.

"The long-awaited rate-cutting cycle may finally be upon us and not a moment too soon, because this is the quarter we discovered that we have a lot of people that don't have the money for a hamburger in this country," he said. "I think that's why the Fed really laid the groundwork for a rate cut when it issued its statement today."

At its Wednesday meeting, the Federal Reserve chose to hold rates steady, saying there has been "some further progress" toward its 2% inflation goal. However, Fed Chair Jerome Powell indicated cuts could be "on the table" as soon as September if economic data continues to show the economy is cooling.

Consumers are turning away from companies they feel have priced their goods too high, Cramer said. Of the consumer discretionary companies that have reported earnings so far, 29% missed estimates — almost double the 16% average miss rate from recent quarters — according to a CNBC analysis.

Cramer pointed out that even value bulwark McDonald's seems to have "lost the mantle of affordability" and is feeling pressure to bring down prices. Management admitted that prices were too high on its conference call earlier this week after reporting worse-than-expected earnings and a decline in same-store sales. However, the fast-food chain said it is seeing initial success with its new $5 meal deal.

"Why is Powell waiting 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 afford to buy them, and interest rates are too high. The sellers aren't all willing or smart enough to come down in price."

— CNBC's Robert Hum contributed to this story.

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