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CNBC's "Fast Money"

The Warning From the Fed, and Landry’s CEO Tilman Fertitta 4/12/23

CNBC's "Fast Money"

CNBC

News, Investing, Business

3.91.3K Ratings

🗓️ 12 April 2023

⏱️ 44 minutes

🧾️ Download transcript

Summary

Markets dropped after minutes from the latest Fed meeting suggested the latest banking crisis could push the economy into a recession. What does this mean for policy makers and their rate hike agenda? Plus the owner of the Golden Nugget and the NBA’s Houston Rockets joins with his take on the economy, the consumer and his investments. Fast Money Disclaimer

Transcript

Click on a timestamp to play from that location

0:00.0

Right now in fast cracks in the consumer, new data from Bank of America showing spending

0:06.3

rising at a slowest cliff in more than two years.

0:08.6

Does this mean the post-pandemic shopping spree is about to end?

0:12.0

We'll ask a man who runs more than 600 restaurants, 15 hotels and six casinos, what he thinks.

0:18.5

Landry's Chairman and CEO, Tillman Fertito, will be with us.

0:21.5

Plus, losing altitude airlines, a big loser today as American warned its first quarter

0:25.4

profits would take a hit from rising fuel and labor costs.

0:28.4

The delta reporting tomorrow is now the time to delay your entry into the sector.

0:33.6

And later, one of our traders says this chart is ready to break out the big reveal and

0:37.2

what the surge means for the broader markets coming up.

0:39.5

I'm Melissa Lee, this is fast money.

0:41.3

We're live at the Nasdaq Market, so you got a full house here tonight.

0:44.4

Steve Grasso, Karen Feinem and Danathan and Diodami all here on set, ready to go.

0:49.1

We start off at the major warning out of the Federal Reserve, the minutes from the March

0:52.3

meeting showing central bank staffers believe the banking crisis would likely lead to a recession

0:57.6

this year.

0:58.6

Yet, the committee raised rates anyway.

1:01.0

Let's get more from Steve Leesman, he joins us now, Steve.

1:04.6

Yeah, Melissa, an interesting development staff forecasters at the Fed saw the banking

1:09.7

stresses.

1:10.7

Members, they flared up just around the time of the Fed's March meeting and they saw

1:14.8

them likely to lead to a recession.

...

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