CNBC's Jim Cramer stated on Thursday that the Federal Reserve's ongoing campaign to combat inflation is a long-term victory for the U.S. economy, but it appears to be hitting companies like Walmart, Palo Alto Networks, and Chevron in the short term.

Walmart, one of the largest retailers in the United States, saw its stock price plummet by 8% on Thursday after reporting their quarterly earnings. Although the company exceeded expectations in terms of revenue and profit, its same-store sales, a key metric in the retail industry, experienced a slowdown for the third consecutive quarter. Jim Cramer attributed this decline to the emerging deflationary environment, stating that when inflation was higher, Walmart was able to pass on its increased costs to consumers through price hikes, thus boosting same-store sales. Furthermore, cautious consumers, impacted by over a year of rising inflation, have affected Walmart's performance.

Meanwhile, Palo Alto Networks, a cybersecurity firm, witnessed a 5.4% decline in its stock price after its disappointing earnings report. The company revised its full-year billings outlook downward, explaining that customers were opting for shorter contracts due to increased borrowing costs. Cramer attributed this rise in borrowing costs to the Federal Reserve's interest rate hikes, making money more expensive for businesses and consumers alike.

Energy giant Chevron also experienced a negative impact, with its stock falling by 2.6% on Thursday. The decline was in tandem with the drop in oil prices, which have been steadily decreasing over the past few weeks due to concerns about global economic growth. While Chevron benefited from higher oil prices in the previous year, Cramer highlighted that the falling prices stem from a slowing economy, which aligns with the Federal Reserve's objective.

Cramer emphasized the positive aspect of lower prices breaking the inflationary spiral, but acknowledged the downside for companies. "The good news of lower prices finally breaking the inflationary spiral is also bad news for the profits of many companies," he stated. Consequently, it remains to be seen how these companies will navigate the current economic environment and its implications for long-term stock market gains.

As investors assess the impact of the Federal Reserve's anti-inflation measures, the decline in stock prices for Walmart, Palo Alto Networks, and Chevron serves as a reminder of the complex interplay between economic policies, consumer behavior, and corporate performance.