10-Year Yield Hits 19-Year High… And The Energy Outlook As Oil Surges 9/15/26

15:08Paul Rabil:I want to ask him about how much he's following the three-month. But the other answer to Melissa's question is I'm kind of tempted to ask him the same question I asked him last time, which is he said he wants to get a feedback from the markets. So, Mr. Chairman, if the markets are talking to you, what are they saying? Look at the two-year. It's 100 basis points above Fed funds. Now, obviously, it should trade with some upward slope, but at 4.66, that's what it was earlier today, now 4.67. The market's looking for quite a bit of hike here.

15:43Fast Money Traders:Yeah, I think that would be a great question. I am so looking forward to this Fed meeting. Not that I don't look forward to others, but this one's going to be popcorn-worthy. Well, this is stoked.

15:52Paul Rabil:That's good.

15:54Fast Money Traders:Steve, thank you. Steve Leesman. What are you going to be listening for, Lori? So, you know, I think everything, to be honest. And really, I'm curious to see what the reporter's questions are in terms of what they come up with to try to get information out when it didn't quite work so well last time around. And I think at the end of the day, any sort of clarity, any sort of framework, I think is good for the market.

16:17Paul Rabil:No, that's all fair. I mean, I think an obvious question, whether it comes up or not, is are you concerned about what the administration's reaction is going to be on the back of this rate hike, assuming it does the 90 percent comes to fruition? I think that's a reasonable question. I think there's an answer for it. But, you know, it's coming to a theater near you. And it's look the elegant way out of this. If I were in the administration is interest rates are going higher because we have one of the best economies in the history of mankind. Right. That's a natural thing to happen. They're obviously not going that route, though.

16:45Paul Rabil:By the way, why is Steve giving up his question? If he doesn't have the first question, what if like the FT guy or someone like that asked the question before him?

16:54Fast Money Traders:But he said he's going to listen to the statement and then decide. No, they know they're coming in.

16:58Paul Rabil:Well, one thing I have to say is on valuation of the market and earnings growth. We came in this year with expectations for 15 percent year over year earnings growth. Right now, it's like nearly double that, which is pretty astounding if you think about it. Now, we have that 493 versus the seven situation. We know the 7 is drawing a lot of that sort of participation and a lot of that earnings growth. But if you look at the 493, there are other names that are adding a lot. That's Chevron, it's JP Morgan, it's Broadcom, and it's Micron. I can make the argument that, you know, all of those, you know, we have three of them that I think are tied to the AI trade, including JP Morgan.

17:32Paul Rabil:And then we know where Chevron sits in there. So to me, I don't know if that earnings growth is that durable coming into 2027. And at what point at 22 times do you start to discount a little bit? Because that is well, if you look at FactSet's numbers, you know, that is well over the five-year average, the 10-year average, about 18, 19 percent. I know that valuation is not a great timing tool, this and whatever. But when you have the equity risk premium this narrow and you have a 10-year yield at 5 percent, at some point you have to have some bigger discount in the S &P 500 valuation. And that has not happened yet, especially with the VIX at 17.

18:06Fast Money Traders:Well, I want to get to Lori because Lori has been flagging pullback risks. So what is your concern here? So, look, I think there's just a lot happening right now. We're, first of all, in a seasonally difficult stretch. Five of the last Septembers have been down. And one of the ones that was up was up by like 0.4 percent. So I don't think that even really counts. Then you've got the midterm elections. Historically, you see pressure in the summer. But if you look back at 2018 and 2022, you had a number of wild swings up and down. and the market just kind of traded sideways and had some really violent moves.

18:37Fast Money Traders:And there were other similarities, right, to the environment we're in today. 2022, you had a major war on energy price issues. You had Fed issues both years. You had tariffs in 2018. So, you know, there are a lot of ways that that starts to rhyme. We're also seeing, you know, a lot of concern emerge again about the AI trade. And that was not on our list of risks per se. But we did flag within the midterms the idea that AI backlash was becoming a bigger issue. So I think you're seeing some echoes of that this week. And then the interest rate issue. Right. And, you know, one of the things I've been saying over the last few days has just been whenever headlines land and you're possibly, you know, kind of kicking off a hiking cycle or you're tightening, everything just lands worse.

19:15Fast Money Traders:And this interest rate issue, you know, it's just been going on for months. It's just been building. And so at some point, you know, we think the market has to take a bit of a breather. I actually don't see valuation problem in the market right now. We're kind of on all the major indices in the middle of the post-COVID range. And I do think that's been a helpful timing mechanism recently because it's kind of identified troughs and peaks where you get in and out. And I think the war setbacks, you know, is kind of the last thing we'd add to the list. Obviously, that's having an impact on interest rates.

19:42Fast Money Traders:But if you look at consumer confidence to start the summer, we were seeing signs of stabilization when it looked like the war was starting to head in a better place. And now we've started to give that back. Right. And you have to ask yourselves, what's going to be the read through to things like GDP forecasts down the road the longer and longer this goes? And the last thing I would just add on the war is that companies, not this past reporting season, because they didn't say very much, but two reporting seasons ago, they told us, you know, we think this is going to go through the summer. We can manage through for a few quarters.

20:08Fast Money Traders:Some of them said through year end. We're not saying everything's rolling off. But you're kind of at that point where companies said, we think it's going to be over and it's not.

20:16Paul Rabil:You didn't mention credit. Any cracks in the credit picture that you're seeing? Because that could change the narrative entirely.

20:21Fast Money Traders:Yeah, not that I'm seeing. And look, I'll be honest. I do think that companies are in a different place regarding interest rates than they've been in the past because we have seen over time, right, that companies have really pivoted more towards longer term debt. So I'm not as worried about that issue. Obviously, we're always we're always vigilant. When you issue this report calling for a pullback or saying that there's a risk of a pullback, Laurie, did you factor in a potential pullback in CapEx? And how do you think about that if if CapEx were pulled back by, I don't know, 10 percent, whatever the number is, what that means?

20:53Fast Money Traders:Look, it's clearly one of the engines of the economy. I would say that would show up through our GDP assumptions. And what we actually did with our longer-term price target, and we're not trying to manage through the short term by adjusting a longer-term price target, but we actually pivoted with our price target to our valuation and earnings model, which is still around$81.50, and I can get into that later. But the GDP model we have right now is actually signaling about a 10 % return. And so if you were to see CapEx erode, I think it would hit that assumption. What I would say is we look at CapEx very closely.

21:25Fast Money Traders:Top 10 market cap names are at cycle highs. The S &P itself is hitting new highs. And if you look at the rest of the companies in the S &P X, those top 10, they're in about the third inning of a CapEx recovery cycle. And ISM new orders does tend to lead that indicator by about four quarters. So I'm probably a little less concerned than most people because I think the rest of the market is in the middle of a catch-up trade. Coming up, don't worry, we're not all going to die by AI by 2030. That's what NVIDIA CEO told TMBC about recent proclamations over the risks of AI. What he had to say about the call for an AI slowdown that is next.

22:00Fast Money Traders:Plus, JPMorgan's here staging a late-day rally on some comments from a potential successor to Jamie Dimon. The details on the next move for the big banks ahead do not go anywhere. Fast Money's back in two.

22:15Paul Rabil:At Venture Global, we think about what can be done, not what's usually done. Through innovation, Venture Global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy at a fraction of the cost and a fraction of the time. So while others are busy talking, we're busy building. That's Venture Global. That's unstoppable energy. There is so much NFL on ESPN right now. Monday Night Football, plus pregame and postgame. NFL Live, NFL Primetime. Everything you need to stay on top of every game, every week. Unbelievable. And now, NFL Network is on the ESPN app.

23:04Paul Rabil:More football, more coverage, more ways to watch. Football's on, all season long, on ESPN and streaming on the ESPN app. Hey, Chicagoland, the WayBear store is in your neighborhood at Eden's Plaza and Wilmette. Finally, you can feel the fabric, sit on the sectionals, and even open the refrigerators. Plus, our in-store designers will help you bring it all together with free one-on-one design support for any project on any budget.

23:31Fast Money Traders:Yep, we said free. Oh, and did we mention the cafe? So what are you waiting for?

23:37Paul Rabil:Come see all that's in store. Visit the Wayfair store today at Eden's Plaza and Wilmette.

23:48Paul Rabil:Are we all going to die in 2030? Maybe it won't matter. We're not going to die in 2030. There are so many people in the world who are going to build AI properly. We're going to have all kinds of guardrails, invent all kinds of technology for safety and security. All of that is happening around the world. It's not just two companies building things. There are thousands of companies building things. And so we're going to create AI that's incredibly useful. is going to be incredibly helpful, and it will be incredibly safe. We could have all of that at the same time.

24:23Fast Money Traders:That was a sneak peek of Jim Cramer's conversation with Jensen Huang, the NVIDIA CEO, making the case that AI does not represent a threat to humanity and is being developed with appropriate guardrails in place. Also in the next hour, Salesforce CEO Mark Benioff will sit down with OpenAI's CEO Sam Altman for a fireside chat. Safety sure to be a major topic in that discussion. You can probably catch that at CNBC.com. I was chatting with Kate Rooney, who was monitoring this interview, as well as other things in the AI space, on closing bill overtime. And I said, oh, it's like the food industry when they were speaking out against bans and 20-ounce sodas.

24:58Fast Money Traders:Or it's like the tobacco industry when they said, oh, no, everything's fine. You could smoke a pack a day with no consequences.

25:05Paul Rabil:Much, much worse. Like when, you know, Jensen, you know, he's got a lot of incentives, you know what I mean, to kind of sound this way. And a lot of these companies do. And again, I think it sounds a little bit preposterous that we're all going to die by 2030. But again, what just happened with this open eye and hugging face, you could say, well, this is kind of child's play. We're going to figure this out. And this is what Jensen is saying. But there's also dozens of countries that actually have lots of incentives to actually figure out how to use this to do harm. And I think that's probably what comes next, you know, like an attack on electric grid or, you know, some sort of water system.

25:40Paul Rabil:or we're seeing some advanced swarms as far as, you know, as it relates to war. And we're already starting to see some of that stuff. And once you get that recursive learning in these AI models, it's really hard to put back in the bottle. I'm not a technologist, but it doesn't take too much imagination to see how some things could go wrong in the near term. And the other thing for you Bitcoiners, the holders, these machines, they're coming for your Bitcoin. I mean, I'm just telling you, like, think about this. If you were like one of these things, you're going to take it all. So be careful. there.

26:11Paul Rabil:Yeah, that is a concern. Definitely. But I do feel like we are in an environment where, I mean, black swans, you never see them until they're really close. Right. But I do think the opportunity, if you're a black swan, it's your time to shine, I think, coming soon. So I mean, so Dario Amadei, Sam Altman, both saying the same things. And I don't think they're suggesting that there's an inevitability to this. What they're basically saying is we need to slow the process down and make sure that safeguards are in place, which I think we all agree with. The problem with that is slowing it down is not in the best interest of companies that can't have things slow down.

26:50Paul Rabil:So that's where the disconnect is. And I'm sure, listen, Jensen's a wonderful man, I'm sure, but it's his best interest for the speed of these things happening to continue. The flip side of that coin is maybe things should slow down so we don't have this inevitability.

27:03Fast Money Traders:And this gets back to the question that I asked you about your assumptions And if CapEx does get pulled back, for whatever reason, it could be a slowdown because of regulation or self-imposed slowdown. Then then what? No, look, I think it clearly is something that could be perceived as a headwind. But what I would tell you right now is if you look across sort of the picks and shovels trade of the last few days, we've obviously seen some pain in the semis, but we've also seen pain in things like industrials and utilities. And if you look at industrials and utilities versus the tech sector, industrials and utilities have gotten hit worse.

27:35Fast Money Traders:The difference between those is the tech sector, even semis themselves, kind of average valuations. You don't really have a lot of, I would say, valuation froth in that space. You have a tremendous amount of it in utilities. You have a tremendous amount of it in industrials. So seeing some risk being taken down there actually seems quite healthy to me, you know, when we think about this conversation. And I think, you know, the other thing I would throw out at you, we have this framework for evaluating drawdowns called the four tiers of fear. And we're looking for a tier one pullback, kind of a baby pullback, 5 to 10 percent.

28:06Fast Money Traders:Those are pretty common. But if you look at tier two, you look at tier three, you look at tier four, what all of those have in common, and I'm not going to get into all the levels, but just deep and abject fear, right? And if we just kind of go into like a tier two type drawdown, 14 to 20 percent, it's what we had around tariffs last year. It's really, you know, we look at the five of those post-GFC, and it's been a sense of things spiraling out of control. maybe something new like the U.S. debt downgrade that happened shortly after the GFC that was new and big and scary. And you see markets tumble quite quickly.

28:35Fast Money Traders:We do tend to figure out a way, you know, to deal with these. And sometimes you see policymaker pivots. So I've been talking about that quite a bit this week. A reminder, by the way, about the big night of coverage coming up on Mad Money. You can catch Jim's interviews with Salesforce's Mark Banioff, OpenAI, Sarah Fryer, and NVIDIA's Jensen Huang. That is all in the next hour. Meantime, there's a lot more Fast Money to come. Here's what's coming up next.

29:00Paul Rabil:Banking on a comeback? It's been a rough month for financial stocks, and one major investment bank is bumping up against a key support level. The name one of our traders is watching and where the group goes from here. Plus, fuel prices on the rise, crude at its highest level in more than four months. The outlook on the energy sector and what the Interior Secretary sees in store for the space. You're watching Fast Money, live from the NASDAQ market side in Times Square. We're back right after this.

29:34Paul Rabil:At Venture Global, we think about what can be done, not what's usually done. Through innovation, Venture Global is not only building some of the largest energy facilities in the world right here in the United States, but delivering American energy at a fraction of the cost in a fraction of the time. So while others are busy talking, we're busy building. That's Venture Global. That's unstoppable energy.

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30:35Paul Rabil:Hey, Chicagoland, the Wayfair store is in your neighborhood at Eden's Plaza and Wilmette. Finally, you can feel the fabric, sit on the sectionals, and even open the refrigerators. Plus, our in-store designers will help you bring it all together with free

30:48Fast Money Traders:one-on-one design support for any project on any budget. Yep, we said free. Oh, and did we mention the cafe? So what are you waiting for? Come see all that's in store. Visit the Wayfair store today at Edens Plaza and Wilmette. Wayfair, every style, every home. Welcome back to Fast Money. Banks coming under some pressure today, but closing well-off session lows after bullish commentary out of the Barclays Global Financial Conference. J.P. Morgan, And co-president Doug Pettino saying the bank is seeing robust deal activity and expects Q3 investment and banking and trading fees to be to each be up in the mid to high teens.

31:25Fast Money Traders:Those shares ending over half a percent higher. Meantime, Goldman Sachs lagging its big bank peers down another percent after yesterday's four percent drop. Guy, you flagged this.

31:34Paul Rabil:Yeah, because there's a trend line here. I'm playing the role of Carter Braxton worth. But from the lows of 2025 that spring, there's an uptrend that we actually traded down to today, seemingly held that coincides with 150 day moving average. So for you armchair technicians out there like myself, this is where it needs to hold. This is where it held. But I think Karen can look at this and say, you know what? There's been a marked underperformance in some of these banks now for the last couple of weeks. In some ways, it coincides with sort of the SpaceX IPO if you overlay a chart. So we'll see if they hold here.

32:05Paul Rabil:I think for Goldman and for Morgan Stanley, I think they are a little more focused. Well, Morgan Stanley, for sure, focused on investment banking, right? Not the banking business. So for those two, if there's any cooling off, that's why they would be down more. That's why they seem to be down more. I love the Doug Patno. Normally you have Jamie out there and, you know, everything's OK at best, you know. So it was good to hear him being optimistic. Also, it sort of makes Brian Moynihan's comments from yesterday look very specific to them.

32:40Fast Money Traders:So just full disclosure, I like financials. I'm overweight. I've been overweight in this sector for a very long time and ridden out a lot of things in it. The thing we noticed in our latest weekly is that this sector got expensive, not crazy expensive like utilities and industrials, but enough for us to call it out and say we still like it. It's a bit of a yellow flag. When we dug down into the sector, the regional banks looked fine. insurance, consumer finance. It was actually the capital markets group, which is a bit of a hodgepodge, but it's got everything from the private markets oriented companies to the retail trading firms to the big investment banks.

33:13Fast Money Traders:So and again, it wasn't crazy. This got, you know, I would say maybe a year, year and a half ago kind of got stupidly overvalued. We're not at that, but it was enough for us to say maybe this, you know, again, yellow flag was the right term. And I wouldn't mind seeing a little bit of a cooling off here. Coming up, the crude climb continues. WTI crossing the$106 a barrel mark. What Interior Secretary Doug Burgum had to say about the oil surge and the impact it is having on energy prices. Fast Money is back in two.

33:44Fast Money Traders:Welcome back to Fast Money. Stocks falling ahead of tomorrow's Fed decision. The Dow dropping more than 300 points. S &P down half a percent. The Nasdaq falling three quarters of a percent. And the Nasdaq 100 losing six tenths of a percent. Crude, meantime, climbing another four percent. WTI now trading above$105 a barrel, marking its highest settlement since May 19th. Meantime, the U.S. hosting G20 energy talks in Houston as global oil markets continue to reel from the Iran war. Interior Secretary Doug Burgum weighing in on a potential U.S. oil export ban. Morgan Brennan is in Houston with more on this.

34:19Fast Money Traders:Hey, Morgan. Hey, Melissa. That's right. So with crude at$100, with diesel surging to record highs, there is this growing expectation on Wall Street that you could see an export ban. implemented ahead of the midterm elections. But when I asked Interior Secretary Doug Burgum about this possibility, he actually pointed to the recent export ban under the last administration in LNG as an example why it's not likely.

34:43Paul Rabil:That actually then hurts production because if you can't export it, then why would I develop it here at the wellhead? By lifting that export ban, what do we have? We have lower prices. We've got more production. We've got more export capacity. that we've been able to help our allies and get lower prices at home. So I've said every idea should be on the table that actually will lower the price of diesel or lower the price of gasoline. I'm not at all confident that that would actually lower the price. I think there's plenty of scenarios, including, depending on how you implement it, it could actually hurt Americans or part of Americans that are relying on imports coming in.

35:21Fast Money Traders:Now, what could potentially be on the table here? We're invoking the Defense Production Act to boost capacity existing American refineries. Also, more deals to get more Venezuelan crude oil here to this area, the Gulf Coast as well. We're expecting potentially some more news and announcements around that here, likely tomorrow. As for what we are seeing in NatGas, here's a fun fact for you. NatGas is below$3 right now. It's actually lower than it was when we started this year. It's a very different story in Europe, where in some markets the price has come close to tripling. So LNG and doing deals around NatGas is very much in focus here and I think will continue to be as we look to the U.N.

36:00Fast Money Traders:General Assembly next week as well. And it's the reason why you're seeing deals announced, including just a short while ago, one with Cateris to boost its LNG facility.

36:12Fast Money Traders:Morgan, when Bergen was talking about using the DPA, is he talking about actually building out new capacity? Because refiners don't have any excess capacity, and that's the issue. So if you're building it, it's not going to come for a while. And I think that is the key question. It's something I spoke to Secretary Bergman about. It's something I also asked Energy Secretary Chris Wright about earlier today. And to your point, when capacity already is so tight, and now you've seen some of that come offline in key export markets like in Russia, in the Gulf and areas of the Middle East as well, and you already have that running so tight here in the U.S.

36:47Fast Money Traders:I mean, that is going to be the key and critical question is what can actually be done to boost that. Again, I think that's why you have certain policies like this idea of how to think about implementing a Defense Production Act to not build new refineries, which is going to take some time and is also longer term, probably here on potentially here on the table, but how to boost the facilities and that already currently exist here in the U.S. to be able to get them to do more and do more quickly and cut through some of the regulatory red tape and other things that would be associated with it. But I think, Melissa, bottom line here, it's a long-term scenario, and there really isn't much in terms of short-term fixes, which is why this is so important in such focus right now.

37:30Fast Money Traders:Absolutely. Morgan, thank you. Morgan Brennan joining us from Houston. And, of course, this on a day when diesel hits a new record on average across the country here. Diesel, of course, less elastic. I mean, you've got to ship things. You've got to load up the rails, et cetera.

37:46Paul Rabil:For context, I don't know if people realize, the last major refinery built was, I think, Marathon's plant in Louisiana 50 years ago. And people don't want prisons in their backyard. They don't want nuclear power plants. And they certainly don't want refineries. And it just doesn't happen overnight. So that's off the table. It's just not happening. And these stocks continue to work. Brian Sullivan hosted In Absentia while you were vacationing. And he mentioned his company, Delic. And, you know, I wish I had thought of it. DK is a symbol, and it's a downstream play. They have four refineries. Pulp a chart at DK, and you'll see the move that this has had.

38:17Paul Rabil:But Conoco, all-time high today. Chevron, all-time high today. The refiners continue to trade well. You can't run too far from these names, Mel. Yeah. Diesel Dan. Oh, come on. Peter Bookvar, friend of the show, he's been highlighting this, that on the calls recently, Ernie's calls, you had Kroger, you had Smithfield, you had Hormel, you even had Newell. They're talking about the same kind of thread here that we're starting to see pressures where we're going to have to raise prices, pass them on to consumers. And, you know, we don't think much about diesel. We talk about gas at the pump. I think that's really important.

38:48Paul Rabil:I talk about diesel a lot.

38:50Fast Money Traders:You're diesel, Dan. Coming up, counting down to the PLL Championship, co-founder and president Paul Rabel lays out what to expect ahead of the lacrosse final this weekend and how the league is looking to expand the brand. That's what he's back into.

39:06Fast Money Traders:Joining us for a preview to discuss what is next for the league is PLL co-founder and president Paul Rabel. Paul, good to see you again.

39:13Paul Rabil:Great to see you guys. Love being here.

39:15Fast Money Traders:This is going to be an amazing game this weekend. And this caps off what has been an amazing season for PLL in terms of viewership and sponsors.

39:23Paul Rabil:Yeah, it's been a flagship year for us. We launched the WLL, which we were here to preview about a year ago. We announced our$100 million fundraise. It was led by Joe Sy and Aries. We have record ratings and viewership. We set the high watermark. It was a peak of 1.6 million people watching in August. And our ratings year over year with ESPN are up 27%. And then we've eclipsed our 100th corporate partner. So from a sponsorship standpoint, from a viewership standpoint, those are the markers that investors often look for in pro sports.

39:53Fast Money Traders:And this is all coming out of time. We were discussing in the break valuations of teams across the board. whatever sport, male, female, but valuations overall going higher. So how's the PLL done? How about the WL?

40:06Paul Rabil:Sports is an exciting place to be. Look, Wall Street has created a desk that is now evaluating getting LPs involved. It's primarily been private equity led in the big four leagues have carved out minority positions for them to provide liquidity to ownership groups and also be thought partners. And I think you marry that with what we're seeing in AI. there's actually inverse tension, where if you think about what AI has done, it's created, in a way, infinite content that's almost free. And so if you take finite, live, sort of scarce content, it drives more value to that. And then operating margins can increase.

40:42Paul Rabil:But I think the general fan psychology and the consumer psychology is wanting to get more in real life. And what sports teams are, civic centers, they're a real estate place. Yep, Paul, I'm psyched to go to the game on Sunday. It's a great, great form of lacrosse. It's a great sport across the board, as I don't need to tell you. We've spent some time over the last couple weeks talking about how just disparate all the NFL games are. They're on, like, almost every network, and it's really frustrating as a fan. Talk to us a little bit across ESPN, ABC. We know where to go. I mean, like, that sort of thing.

41:15Paul Rabil:Do you think you're going to see, like, a re-bundling of some of this stuff? Because when we were kids, right, we had two networks for the most part, and it was not hard to find the games. It's a precarious moment for legacy media and tech, especially when they look at live sports. Both of them looking at live sports acquisition as profitable plays. But there's a compounding strategy in tech. So they're looking at a profitable investment to acquire live sports. Also, a customer acquisition cost to sell more telephones or sell Amazon Prime memberships. And on the legacy side, you're seeing three big moves take place.

41:48Paul Rabil:One, Disney holding on to ESPN, and they're a valuable partner in us to also invest in the league, so they're taking an equity position. But Warner Brothers' Discovery and Paramount have decided to come together to try to increase volume in IP and sports rights, and then Comcast deciding to spin Versant. So these three plays are reminiscent of former industries, and it's legacy media trying to figure out how to compete with big tech and ultimately our attention. You won't acknowledge this, but when you retired, you were probably one of the five greatest men's lacrosse players of all time. Whether you say yes or no, I know that to be the case.

42:22Paul Rabil:My question is talent is everything. When you see the guys and the women, by the way, but specifically the men playing now, do you shake your head and be like, I can't believe some of the things that they're doing? Yeah, it's extraordinary. And, you know, there's often a debate in sport that crosses over eras of talent. And then you have the discussion of Michael Jordan versus LeBron James and caliber of talent in the pool. And it's an exciting time to be a sports fan and specifically a lacrosse fan because what we've created over the last eight seasons is this new platform where players are full-time and on ABC and ESPN, like our championship game this Sunday.

42:59Paul Rabil:And I don't think we're near where talent will be in the next five to 10 years as the business progresses, specifically with the Olympics coming and showcasing lacrosse in 2028.

43:09Fast Money Traders:Paul, great to see you. Thank you so much. Thanks for having me. That game is Sunday, 1230.

43:14Paul Rabil:Guy. Eastern time. Jim Brown. Gary Gate. Gary Gate. Actually, the Gate brothers, Paul Rabel. I can keep going if you want. Okay. Paul, do you have a view on that? No. You're just going to buy the guy. Not me.

43:26Fast Money Traders:Thanks, Paul. See you next time. Bitcoin bummer coming up. The Clarity Act failing to clear a key hurdle in the Senate. We've got the details on what is next for the crypto space. Next on that.

43:39Fast Money Traders:Bitcoin down nearly 4%. while strategy robin did Coinbase. They're among the stocks falling sharply. For more, let's bring in Taneya McKeel. Taneya, what's next now? Yeah, Melissa, a major blow to the crypto industry's push for a market structure framework. They'll likely have to wait until next year to revive this. Midterms are seven weeks away. Congress is going to be out for recess until after that. So you saw Bitcoin and those names fall. The Fed decision tomorrow, I think, could be just as important for prices. But for the industry, Melissa, you might see it be business as usual. Most by now have accepted that regulatory momentum may have to be built outside of Congress via the SEC and the CFTC, for example.

44:18Fast Money Traders:So, you know, tomorrow Circle launches its ARK blockchain with some of the biggest names in finance. NASDAQ just said it's planning to launch tokenized stock trading next year. And that is one example of, you know, that's thanks to the SEC giving NASDAQ that regulatory green light. So there was a strong feeling coming into today that this would fail. And I do think that was largely priced in. So for price action, I think macro is the next thing you're going to want to watch. All right, Tanea, thank you. Tanea McKeel. Karen, you're a holder of Bitcoin. I am.

44:48Paul Rabil:Yeah. So not shocking, a little bit disappointing. I did think there was maybe a chance. I thought Brian Armstrong's comments a couple of weeks ago maybe opened the door a little. I think Calci was trading maybe 25, 30 percent chance. So that run to north of 80 ,000, I'm not surprised that that backtracks. I would think it goes down a little bit more. If you go crack, Stephanie, you can pull up a chart going back to May. Bitcoin traded up to about$82 ,500. Failed. We just traded up there again. Seemingly failed. Yes, it's about this without question. I also think the Fed comes into play as well.

45:22Paul Rabil:A hawkish Fed is not. A disciplined Federal Reserve is not good for Bitcoin.

45:27Fast Money Traders:Right. Do you use Bitcoin as any sort of indicator? We actually have it in our weekly. And we watch it as sort of a sentiment barometer. We don't cover it. We don't write recommendations on it. But, you know, what we found is if you go back the last few years and you overlay it with the S &P 500, when you get these periods of weakness in Bitcoin, it's either a coincidence or kind of foretelling a period of weakness in the S &P. So from my seat, we like to see Bitcoin behaving well, especially if it's been going through a rough patch or the market's been going through a rough patch because it can tell you, you know, it's a reason to argue for stabilization if you're seeing it there.

45:57Paul Rabil:Yeah, so last night we had Dee Chalbion, Open Reserve Bank, National Charter. I mean, he makes a really good case how everything's going to be tokenized. They built a bank on blockchain rails. And I mean, if that starts to happen, you start to see that sort of innovation and adoption. You're already seeing it in stable coins. It's whether you can find value in it or not. I mean, we will get more clarity on this stuff. It will happen. You think how tight this vote was? I mean, ultimately, it makes more sense. More regulation or at least guardrails than not.

46:25Fast Money Traders:Up next, Final Trades.

46:50Paul Rabil:We'll be right back. Total man-crushed. I also have a man-crush on InSville.

47:01Fast Money Traders:Well, yeah. Kind of weird. That's weird. Thanks for watching Fast Money. Mad Money. Jim Cramer starts right now.

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