CNBC’s Jim Cramer said the Federal Reserve’s decision to hold rates steady is a win for the bulls and is a sign the tightening cycle is coming to an end. With inflation easing and the potential for rate cuts next year, Cramer said the economy has managed a soft landing and more sectors are ready to soar.

“Sure, the easy money has been made in a couple of sectors — mostly tech — but now it’s time for a bunch of other sectors to shine, the economically sensitive ones that were supposed to be crushed by an inevitable recession,” Cramer said. “These stocks aren’t liked. May I suggest you cotton to them because the plane has landed, our seatbelts are unbuckled, we’re going down the gangway, calling an Uber and getting the heck out of the airport.”

The Fed held its key interest rate steady for the third straight time, and committee members indicated there could be at least three rate cuts in 2024.

Some on Wall Street worry this Fed action suggests there’s a recession on the horizon, but Cramer said it would be wise to ignore this outlook, adding that a strong labor report on Friday indicates the contrary. To Cramer, potential rate cuts would mean “smooth sailing” for stocks, with investors becoming less interested in bonds.

Although the market has been up for weeks, Cramer said there’s still money to be made in cyclical stocks and sectors that benefit from lower interest rates such as homebuilders, autos and financials. Cramer suggested buying financials that have hit lows recently, including Bank of America, JPMorgan Chase and even regional banks that suffered after the banking crisis in March. He also named Caterpillar, Stanley Black & Decker, Ford and General Motors.

“Not only is the Fed no longer our enemy, it’s much more likely to become our pal, assuming the economy stays on its current, slower course,” Cramer said. “This is the about-face that the bulls were waiting for.”

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Disclaimer The CNBC Investing Club Charitable Trust holds shares of Caterpillar and Stanley Black & Decker.