CNBC's "Fast Money" Tariffs, Banks & Private Credit Jitters… And Crypto Below $65K 2/23/26
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Feb 23, 2026 Anna Azalian, AccuWeather meteorologist, briefs on a powerful Northeast blizzard and travel disruption. Paul Horvath, founder of Orchard Global and private credit investor, breaks down private credit stress, asset-heavy lending, and European opportunities. They also touch on tariffs, banking fragility, AI demand risks, and crypto dipping below $65K.
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Volatility Says Markets Feel Riskier Than Index Shows
- VIX rising above 21 signals risk perception rising despite modest S&P drawdown.
- Melissa Lee links elevated volatility to crypto weakness with Bitcoin near $65,000 and sees this as telling about market sentiment.
Few Mega Caps Mask Underlying Market Weakness
- The S&P is stuck in indecision with broad internal divergence: a few defensive mega caps driving index stability while many stocks underperform.
- Mike Santoli notes 60% of S&P names were outperforming earlier, but the 50-day moving average is flat, suggesting opposing currents.
Favor Asset Heavy Private Credit Over Asset Light Deals
- Avoid asset-light private credit exposure and favor asset-heavy lending where collateral can be sold if stress hits.
- Paul Horvath recommends steering investors toward lenders focused on tangible assets and institutional-grade investors with liquidity expertise.