Recent earnings reports show the Fed is finally making progress tamping down inflation, Cramer says

CNBC's Jim Cramer connected Thursday told investors that the marketplace is yet seeing signs that the Federal Reserve is succeeding successful its combat against inflation.

"We're present yet getting advancement successful the warfare connected ostentation and advancement is this market's astir important product," he said.

Stocks fell for the 2nd consecutive time connected mixed net reports that kept the marketplace from reviving its rallies from earlier successful the week.

Among the companies that person reported this week are trucking and freight companies, whose grim quarters and forecasts suggest the Fed's conflict against ostentation is starting to instrumentality a toll connected them, according to Cramer.

Here are immoderate examples:

• J.B. Hunt reported better-than-expected nett and gross for its latest 4th but said it is struggling to unafraid equipment. The institution besides warned of uncertainty surrounding macroeconomic headwinds.
• Knight-Swift Transportation reported a miss connected net and slashed its full-year net guidance, forecasting a tepid play for freight successful the 4th quarter.
• Union Pacific missed third-quarter freight gross and carload measurement estimates and chopped its full-year forecast, informing of higher costs.

"The important happening is freight rates support coming down, which means the Fed's making advancement successful its warfare connected inflation," Cramer said.

He added that it's lone a substance of clip earlier wage inflation, a huge headwind for the Fed, comes down.

"As concern slows, nobody's going to beryllium talking astir a trucker shortage. Another triumph for the Fed," helium said.