'Fast Money' Recap: Fed's Dilemma

"Fast Money's" Tim Seymour said that the Federal Reserve has a dual mandate when it comes to helping the economy -- fostering growth and keeping inflation in check.

Speaking on the CNBC show Tuesday evening, Seymour said the Fed can raise rates when inflation is a concern even if it doesn't like the U.S.' growth prospects. He said that Friday's consumer price index number will offer some insight.

The U.S. stock market was mixed Tuesday; the Dow ticked up 0.1%, the S&P 500 dropped 0.2%, and the Nasdaq shaved off 0.4%.

The "Fast Money" traders took note of oil's pullback today. Jeff Macke said that stocks performed poorly nearly across the board. He said that Lehman Brothers (LEH Quote) broke support today, and headlines overall today were bad for stocks.

Guy Adami said that investors have been scared by last Friday's big move in crude prices. He said that commodities have been a dollar-based trade, and the dollar has reversed and will go higher from here.

3 Stocks I Saw on TV

Seymour said that Asia is a mess. He pointed out high China inflation, weakness in Vietnam's market and a soft Philippines. He said the global economy is slowing, and if Asia rolls over, the U.S. is in trouble.

Macke pointed to Genco (GNK Quote) and DryShips (DRYS Quote), which had a bad day. He said that the dry-bulk shippers getting hurt is part of the global slowdown thesis.

Guy Adami said that Merck (MRK Quote) shares had an odd day. He said he'd instructed viewers to stop out below $36.50. He said the trade is off in Merck.