Live from the NASAC market site in the heart of New York City's Times Square, this is fast money.

Here's what's on tap tonight. A sell-off on the street as Fed Chair Powell warns of continued volatility,

saying tariffs are even higher than the central bank expected. All the headlines is market-moving comments straight ahead.

Plus, gold's dark side, the precious metal hitting yet another new high today. But one of our traders says the magnitude of the move is actually a potential cause for concern.

And later, mining the moment for critical minerals, a credit check on American Express, and will D.R. Horton be another bummer for the builders.

I'm Melissa Lee. Come to you live from studio, be at the NASDAQ on the desk tonight, Tim Seymour, Karen Feinman, Steve Grasso, and Guy Adami.

We start off with the markets taking a massive leg lower after some big headlines out of the Fed.

Chair Jerome Powell speaking policy at the Economic Club of Chicago saying government policy

could put changes to the central bank's monetary policy on hold.

The level of tariff increases announced so far is significantly larger than anticipated,

and the same is likely to be true, of the economic effects, which will include higher inflation

and slower growth.

Both survey and market-based measures of near-term inflation expectations have moved up significantly, with survey participants pointing to tariffs.

Major averages finishing sharply lower, though off their worst levels of the day.

The Dow down 700 points, the SB 500 falling more than 2 percent, and the NASDAQ dropping more than 3%.

The 10-year yield also taking a hit on the back of

today's comments falling back below 4.3%. So what should we make at the Fed's comments, Guy?

Well, they're not going to bail out the stock market. I think that's pretty clear. They're not going to

bow to the will of the administration in terms of lowering yields anytime soon because, quite frankly,

nothing out there justifies it,

I don't think.

I mean, if you think the stock market is scaring the Fed, I think you're wrong.

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