CNBC Fast Money Podcast Summary

Episode: "An Economic Read From Powell, Banks… And Crypto’s Pullback Hitting Stocks"
Air Date: October 14, 2025
Host: Melissa Lee
Panel: Tim Seymour, Karen Feiderman, Steve Grasso, Guy Adami
Special Guests: Subhadra Jafa (SocGen), Phil LeBeau (CNBC), Andrew Ross Sorkin (CNBC)

Episode Overview

This episode of "Fast Money" delivers an in-depth analysis of the day’s most significant market moves, breaking earnings results from big banks, commentary from Fed Chair Powell, the impact of the recent crypto pullback, a monumental Stellantis investment, Walmart's AI partnership, and a retrospective on financial history with Andrew Ross Sorkin. The panel offers actionable insight for investors amid market crosscurrents, economic policy updates, and sector narratives from energy to retail.

Key Discussion Points and Insights

1. Economic Pulse Check: Bank CEO Commentary & Powell’s Outlook

[01:03-08:46]

• Bank Earnings and CEO Sentiment:

  • Big bank CEOs (JP Morgan, Wells Fargo, Citi, Goldman) signal resilience in the U.S. economy, but note "risks on the horizon": geopolitics, tariffs, high asset prices, and "sticky" inflation.
  • Jamie Dimon (JPM) cautions stock is expensive, notes risk factors, and says much good news is already priced in.
  • David Solomon (GS) emphasizes risk management and a strategic environment for growth, with Goldman shifting toward AI and announcing workforce reductions.

• Federal Reserve Commentary:

  • Fed Chair Powell signals the central bank's balance sheet runoff is nearing its end and keeps two rate cuts on the table for 2025.
  • “Powell is more cautiously optimistic, which means he’s more likely to cut rates, which means all stocks should be optimistic.” – Steve Grasso [05:33]
  • Yields briefly dip below 4%—seen as a safe haven move.

• Macro Market Takeaways:

  • "Markets have shown just how nervous they are over the last three sessions and even the intraday vol today…" – Karen Feiderman [06:51]
  • Ongoing debate about how deregulation and deal-making might offset a stagnant jobs market.

2. Treasury Yields, Dollar Trends, Gold Moves & Safe Haven Plays

[08:46-13:52]

• Yields and Bonds:

  • Investors gravitate to Treasuries as a safe haven; yields edge lower “because things are slowing down,” per Guy Adami [08:02].
  • Carter Braxton Worth’s note: "Continue to buy Treasuries, play yields for the downside" [08:39].
  • Discussion of a likely CPI release despite government shutdown—important for market and social security calculations.

• Government Shutdown Risks:

  • Subhadra Jafa warns each week of shutdown shaves GDP by 0.1-0.2%, concerns rising as workaround extends impasse [10:59].
  • "I'm concerned now. ... The longer it drags on the impact on GDP is going to be somewhere between 0.1 to 0.2% per week." – Subhadra Jafa [10:59]

• Dollar and Gold:

  • Weaker dollar attributed to imminent rate cuts and dovish Powell statements [11:57].
  • Gold spikes, not "people going to Costco and buying a couple of bars," but indicative of large capital rotates and safe havens [12:29].

• Money Market Flows:

  • Despite equity highs, institutional funds continue flowing into money markets rather than back into equities post-hike cycle.

3. Panel Investment Debate: $1,000 Allocation Challenge

[14:01-15:24]

Melissa Lee polls the panel: If you had $1,000 to allocate for six months—S&P 500, Money Markets, or Bonds?

• Steve Grasso: Always picks equity markets; S&P goes up 10% on average [14:16].
• Guy Adami: Money markets or bonds, coins a "coin flip" but sees VIX suggesting a move higher; prefers safety until year-end [14:29].
• Karen Feiderman: Prefers ten-year treasuries, “I'm not too worried about US Term premium” [15:01].
• Tim Seymour: "I'm always long, so S&P" [15:21].

4. Stellantis' $13 Billion U.S. Investment

[15:30-21:07]

• Headline Announcement:

  • Stellantis to invest $13B in U.S., adding 5,000 jobs, bolstering key brands (Jeep, Ram), reopening facilities, EV production.
  • "2018, they had about 2.2 million vehicles sold here in the United States. Last year their US sales were about 1.3 million. Tells you how far Stellantis has fallen." – Phil LeBeau [17:27]

• Panel Reactions:

  • Seen as both strategic and political, "currying favor" with the Trump administration.
  • Despite some manufacturing remaining abroad, U.S. investment is substantial and garners immediate stock price rewards.
  • Panel discusses implications for domestic tariffs, competition, and brand revitalization.

5. Bank Earnings Recap: Clean Sweep & Credit Quality

[22:24-25:58]

• Quarterly Results:
  • JP Morgan, Wells, Citi, and Goldman all beat top & bottom lines.
  • Wells Fargo jumps 7% (post-penalty box rerating), Citi up on improved margins and turnaround execution.
  • Jamie Dimon downplays a $170M charge-off; uses the analogy, "Where you see one cockroach..." signifying possible broader credit risk [23:04].
  • Guide for JPM's net interest income into 2026 viewed as positive; Goldman and Wells seen as having further rerating potential.
  • Panel debates the future of CEO "mystiques" and longer-term leadership impacts.

6. Crypto Pullback: Impact on Coinbase & Robinhood

[27:53-29:14]

• Sector Moves:

  • Bitcoin and crypto-related stocks (Coinbase, Robinhood) fall over 4%.
  • “That downdraft we saw Friday, that was pretty significant… I got to think you let the bitcoin move, the downside, flush itself out.” – Guy Adami [27:53]
  • Seasonal bullishness (Nov/Dec) may offer rebound potential, but panelist consensus is to “wait until the end of October.”

• Gold vs. Bitcoin:

  • Gold considered a true safe haven; bitcoin reaffirmed as a “risk asset” in the current climate.

7. Earnings Movers: LVMH, Albertsons, Domino’s, Papa John’s

[29:14-31:42]

• LVMH:
  • Pops on first sales growth in a year, driven by China rebound. “There were so many elements that were better than feared that maybe the turn is here.” – Tim Seymour [30:36]
• Albertsons:
  • Surges after strong EPS, revenue, and raised forecasts.
• Domino’s & Papa John’s:
  • Domino’s beats on promotions, stuffed crust, and digital expansion.
  • Papa John’s soars on Apollo Global’s renewed buyout bid.

8. Spotlight Interview: Andrew Ross Sorkin on ‘1929’

[32:09-39:07]

• Lessons from Financial Crises:
  • Andrew Ross Sorkin discusses his 8-year effort writing "1929" (parallels with "Too Big To Fail").
  • Sees “AI bubble” today, likened to the “fall of 1999” with potentially 40% upside left before trouble.
  • "We are clearly in a bubble. The question of course is when’s it going to pop?” – Andrew Ross Sorkin [34:24]
  • On 1929 policy mistakes: Fed was too new and timid, tariffs (Smoot-Hawley) devastated global trade.
  • Engaging exchanges assign panelists 1929 personalities; colorful analogies bring history to life.

9. Walmart’s AI Partnership with OpenAI and Retail Innovation

[41:03-42:48]

• Big News:
  • Walmart up 5% (record high) after launching direct commerce via ChatGPT.
  • “Everything OpenAI is doing in shopping and search chips away at Google’s dominance, positioning ChatGPT as the new starting point for discovery online.” – Mackenzie Sigalos [41:03]
  • Potential to threaten Amazon’s retail search dominance.
  • Analyst commentary suggests dramatic EBIT upside; panel bullish on Walmart’s digital leadership.

10. Energy Sector: Oil Declines, Alt-Energy & Nuclear Rally

[42:48-44:49]

• Trends:

  • Oil hits lowest levels since May, OPEC supply up, peace in the Middle East a headwind for oil bulls.
  • Alternative energy and nuclear stocks (SolarEdge, Enphase, uranium ETF) rally hard; Oklo up 700% YTD.
  • "I think nuclear is going to continue to be scarce in terms of the actual ways you can play it." – Karen Feiderman [44:13]

• Political Overlay:

  • Oil at $50 seen as politically challenging for President Trump due to impact on domestic production.

Notable Quotes & Memorable Moments

• On Market Tension:
  “Markets have shown just how nervous they are over the last three sessions and even the intraday vol today..."
  – Karen Feiderman [06:51]

• On Gold Flows:
  “Gold move is not a bunch of people going to Costco and buying a couple of bars. There’s something else going on here.”
  – Guy Adami [12:29]

• On Bubble Parallels:
  "We're clearly in a bubble. The question of course is when’s it going to pop? ... The tricky part about that is the market still had 40% to go.”
  – Andrew Ross Sorkin [34:24]

• On Policy Mistakes of the Past:
  “Global Trade falls by 60% a year later [after 1930 tariffs]… The crash was really a psychological break in terms of the market and the economy. And then a whole bunch of other policy choices were made that clearly went the wrong direction.”
  – Andrew Ross Sorkin [36:46]

• On Walmart's AI Edge:
  “Walmart had already invested heavily in their own technology … It just to me only enhances the margin profile of this company but ultimately the multiple it's trade at.”
  – Karen Feiderman [41:14]

Timestamps for Major Segments

| Timestamp | Topic/Segment | |-----------|---------------| | 01:03 | Main market setup and overview – Powell & Big Bank CEOs | | 02:52 | Guy Adami on bank earnings and valuations | | 05:33 | Panel on Powell’s cautious optimism and market risk | | 08:46 | Bonds, CPI preview, and yields trend | | 09:57 | Subhadra Jafa on rates, government shutdown, GDP impact | | 13:07 | Panel money market vs equity allocation debate | | 15:30 | Phil LeBeau: Stellantis $13B investment | | 22:24 | Banks’ earnings recap and panel reaction | | 27:53 | Crypto crash impact on Coinbase/Robinhood | | 29:14 | LVMH, Albertsons, Domino’s, Papa John’s highlights | | 32:09 | Andrew Ross Sorkin interview on “1929” book | | 41:03 | Walmart & OpenAI partnership discussion | | 42:48 | Energy sector: oil price drop and rise of alternatives |

The Podcast’s Tone & Style

Lively, fast-paced, and rich with trader expertise and historical perspective, “Fast Money” delivers a blend of sharp macro analysis, investment insight, and sector commentary, making this episode especially valuable as it spans everything from Wall Street’s current movers to lessons from its most notorious crashes.