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CNBC's "Fast Money"

Get Ready for “Higher for Longer” and the Full Cost of the Labor Strikes 9/20/23

CNBC's "Fast Money"

CNBC

News, Business, Investing

3.91.3K Ratings

🗓️ 20 September 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Stocks closed near their lows of the day after Fed Chair Jerome Powell reiterated his intent to keep rates high and said that a soft landing for the economy is not the base case scenario. We break down all the action in the market today. Plus more details on the UAW negotiations. What all the strikes are costing the economy. Fast Money Disclaimer

Transcript

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0:00.0

Thank you, John. Thank you, Morgan Live from the Nasdaq Market

0:04.0

side right here in the heart of New York City's Times Square is fast

0:07.0

money and here's what's on tap today. Hoping for a rate cut soon,

0:11.0

well, don't hold your breath. The Fed reiterating it plans to stay

0:14.0

higher for longer, sending stock sharply lower and yields to 16

0:18.0

plus year highs. All the market reaction is coming up on the

0:22.0

show. Plus striking a blow, more than four million days of

0:26.0

work lost as union members from Detroit to Hollywood and beyond,

0:30.0

hit the picket lines. So how much will this cost the economy?

0:34.0

We've got a top labor economist who's going to break it down.

0:37.0

And then later on, going old school, shares of IBM surging to

0:41.0

their highs of the year, why one analyst thinks this big tech

0:45.0

vet can teach the new generation a thing or two.

0:49.0

I'm Dominic Chouin from Melissa Lee tonight coming to you from

0:52.0

the studio B at the Nasdaq on the desk here tonight.

0:55.0

We've got Tim Seymour, also Karen Feynerman, Dan Nathan

0:59.0

Guy, Adami as well. But we start with the warning that sent

1:02.0

stocks tumbling today major indices all closing at or near

1:05.0

their lows of the day after the Fed signaled one more rate hike

1:09.0

before the years end. The promise of higher for longer

1:12.0

spooking stocks, the Nasdaq dropping more than 200 points.

1:15.0

The tech heavy index now down 4% in September alone on

...

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