Closing Bell Closing Bell 3/13/26
Mar 13, 2026
Pippa Stevens, energy markets reporter tracking oil spikes and retail crude ETF flows. Steve Leisman, economics correspondent analyzing Fed testimony and legal fallout. Janine Pirro, D.C. prosecutor defending grand jury subpoenas in the Powell probe. Eamon Javers, investigative reporter on the federal subpoena ruling. They discuss oil-driven market swings, Fed legal battle and courtroom rulings, and retail trading dynamics.
AI Snips
Chapters
Transcript
Episode notes
Retail Traders Have Turned Oil Into A Meme Trade
- Retail traders poured money into crude ETFs, turning oil into a meme trade and amplifying price moves.
- Pippa Stevens reports pure-play oil ETFs topped $210 million and U.S. saw its third biggest day of retail buying on record.
Private Credit Shows Strain Not Collapse
- Private credit shows stress but not crisis, with defaults rising and more payment-in-kind loans extending interest payments as extra debt.
- Leslie Picker notes redemptions surged yet fundamentals still show defaults below crisis levels while PIKs are increasing.
Large Banks Are Better Capitalized Than Private Lenders
- Big banks remain well capitalized and diversified, making them less vulnerable than some private-market lenders.
- Stephanie Aliaga highlights the big six banks' strong capital, expected loan growth and NII up ~7% next quarter.