NEW YORK (TheStreet) -- The broader market reversed early morning losses and closed near session highs.
On CNBC's "Fast Money" TV show, the group was discussing the Federal Reserve's monetary policy. Tim Seymour, managing partner of Triogem Asset Management, said falling inflation is more important than the unemployment rate, which is distorted by labor participation.
Guy Adami, managing director of stockmonster.com, said the Fed will not taper in March, going against the popular belief held by many market participants.
Dan Nathan, co-founder and editor of riskreversal.com, questioned how the economy would react to higher rates in 10-year Treasuries and tapering from the Fed.
Karen Finerman, president of Metropolitan Capital Advisors, said the Fed is likely to taper in March and that as long as the economic data supports it, it should be viewed as a good thing.
Cisco Systems (CSCO) provided terrible guidance in its earnings report and sold off violently in the after-hours trading session. Adami said the stock needed to hold the $21.50 level and Nathan said he would be a buyer at $21.
Jon Hilsenrath, chief economics correspondent for the Wall Street Journal, was a guest on the show and said that market-moving news (if any) from future Federal Reserve chairwoman Janet Yellen would come in the question and answer segment of her confirmation hearing scheduled for Thursday. He added that economists are unlikely to change their tapering estimates.
Adami said traders could buy Tesla Motors (TSLA) and use $135 as their stop-loss.
Snapchat rejected Facebook's (FB) bid of $3 billion and Adami said the deal is likely to get done at some point. He added that shares of Facebook successfully held $46.50 and could rally to the mid-$50's on a completed deal.