CNBC’s Jim Cramer said Thursday that the markets appear to be less concerned about the furious price hikes on a range of commodities, from metals to wood.

“I have good news for you: the stock market, which is pretty right in this regard, says that commodity inflation has already peaked,” said the Mad Money presenter. “Forget the ephemeral, the market says it’s as good as over.”

Cramer noted the widespread declines in a number of commodity-linked stocks like Freeport-McMoRan. The copper miner’s shares fell more than 5% on Thursday and fell about 20% over the past month.

“Sure, the market could be wrong, but if you were concerned about inflation that was completely out of control, that possibility has been taken off the table,” said Cramer. “You see a sudden collapse in every commodity-related stock while long-term interest rates plummet – that wouldn’t happen in a world of wild and insane inflation.”

The Dow Jones Industrial Average fell again Thursday after the Federal Reserve’s monetary policy meeting and the release of its updated interest rate forecast. In the S&P 500, four cyclical sectors – industrials, materials, finance and energy – ended Red Thursday, while technology was the biggest winner.

“The buyers and sellers have spoken. They think [Fed Chairman] Jay Powell means business, but not anytime soon, and the subject of hyperinflation … is off the table now where it should have been all along, ”added Cramer.