U.S. treasury&#x27;s surge while stocks drop as Chairman Kevin Warsh leads his long-anticipated first Fed meeting. What we learned from his press conference, and the major overhaul coming to Fed operations. Then in a CNBC exclusive interview, CME Group’s Terry Duffy talks perpetual futures, his reaction to the Fed meeting, and why he’s stepping down as CEO after 25 years. Plus, China stocks underperform while U.S. large cap banks soar, UniQure’s 75% spike, and why Netflix investors are changing the channel.<br><br>Fast Money Disclaimer<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

An Overhaul of Fed Operations… And Terry Duffy Steps Down as CME Group CEO 6/17/26

CNBC's "Fast Money"

# Full Transcript

**Podcast:** CNBC's "Fast Money"

## Participants

- **Melissa Lee** (CNBC)
- **Tim Seymour** (CNBC)
- **Karen Feinerman** (CNBC)
- **Dan Nathan** (CNBC)
- **Guy Adami** (CNBC)
- **Terry Duffy** (CME Group)
- **Gerard Cassidy** (RBC)

## Transcript

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Live from the Nasdaq Market Sight in the heart of New York City's Times Square, this is Fast Money. Here's what's on tap tonight. There's a new sheriff at the Fed, Chairman Warsh, leading his first central bank meeting as the Fed leaves rates unchanged. What we learned and didn't learn from the press conference and how a Warsh Fed is going to look a whole lot different going forward. Plus, the end of an era. Terry Duffy of the CME is stepping down as CEO. He will join us exclusively to talk about his decision, what he sees in store for the exchange, and much, much more.

And later, one from his very rosy outlook for Microsoft, the China tech tumble, and a biotech boomer. What is behind the massive surge in shares of Unicure? I'm Melissa Lee. Come to you live from Studio B at the Nasdaq. We've got a packed desk for you tonight. It's a historic day after all. Tim Seymour, Karen Feinerman, Dan Nathan, Guy Adami, and the head of multi-asset macro investing. Your title's too long. Janice Henderson, Michael Cantopoulos. Great to have you here tonight. Thanks, my son.

But we start off with today's Fed decision and Chairman Kevin Warsh's first meeting at the helm. The central bank voting unanimously to leave rates unchanged. Warsh's first Fed statement a whole lot shorter than the last one from Powell. And the new chairman announced a major review of how the Fed works. He's establishing five task force. Here to break it all down, our senior economics reporter, Steve Leisman. Steve. Well, listen, new Fed chair Kevin Warsh coming out of the gate with a hawkish message on rates,

reflecting that he inherited an inflation problem and saying the committee is strongly pledging to deal with it. We recognize that inflation has been running well ahead of the Fed's long stated inflation goal of 2 percent. That's been going on for more than five years. I am pleased to report that members of the FO...

An Overhaul of Fed Operations… And Terry Duffy Steps Down as CME Group CEO 6/17/26

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

An Overhaul of Fed Operations… And Terry Duffy Steps Down as CME Group CEO 6/17/26

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.