CNBC's Jim Cramer on Thursday told investors that the market is finally seeing signs that the Federal Reserve is succeeding in its fight against inflation.

"We're now finally getting progress in the war on inflation, and progress is this market's most important product," he said.

Stocks fell for the second consecutive day on mixed earnings reports that kept the market from reviving its rallies from earlier in the week.

Among the companies that have reported this week are trucking and freight companies, whose grim quarters and forecasts suggest the Fed's battle against inflation is starting to take a toll on them, according to Cramer.

Here are some examples:

• J.B. Hunt reported better-than-expected profit and revenue for its latest quarter but said it is struggling to secure equipment. The company also warned of uncertainty surrounding macroeconomic headwinds.
• Knight-Swift Transportation reported a miss on earnings and slashed its full-year earnings guidance, forecasting a tepid season for freight in the fourth quarter.
• Union Pacific missed third-quarter freight revenue and carload volume estimates and cut its full-year forecast, warning of higher costs.

"The important thing is freight rates keep coming down, which means the Fed's making progress in its war on inflation," Cramer said.

He added that it's only a matter of time before wage inflation, a huge headwind for the Fed, comes down.

"As business slows, nobody's going to be talking about a trucker shortage. Another win for the Fed," he said.

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