>> 30 minutes into the u.s. trading day on tuesday, march 19. here are the top stories that we are following. the central bank kicking off its two day meeting after the bank of japan delivered its first rate hike since 2007. we will take stock of the global landscape. the future of new york community bank. we speak to a key investor in the $1 billion capital infusion. the long-term trend -- plan for the troubled lender. the ceo ducati joints to talk about the business of making motorcycles and the moto gp.

i am katie greifeld and welcome to bloomberg markets. you take a look at the markets and there is some red on the screen. the s&p 500 off by about point read percent, a far cry from this time 24 hours ago. you look at the nasdaq 100 and the big tech names and it gets worse. the nasdaq 100 off by .8%, not too big of a move but to the downside. this as we count down to the fed decision. that line is what you want to watch, the 10-year treasury yield lower by one basis point. we are sitting at 4.3% or so. of course that meeting kicked off at 9:00 a.m.. let us dive deeper into the markets with catherine, the stone next financial chief market strategist. let us talk about the fed but let us start about the bank of japan, the big news out overnight, the negative interest rate and the zero interest rate

era is over. what could that mean for global markets? >> it could mean a bit of an impetus for more growth in japan, i think the negative interest rate policy was controversial in its effectiveness which is why you continue to see this move higher in japanese equities which have done remarkably well. if we are looking from a global perspective, getting off of negative interest rate policy increases the attractiveness of the jgp which comes at a difficult time when you have the fed unwinding its balancing sheet and high financing needs. it increases the chances of a higher risk premium for u.s. treasuries. katie: you bring up something i've been wondering about. you think of the concerns of the past summer, all of this treasury supply and they are not necessarily being enough buyers to absorb that. is it possible that those

japanese buyers will stay home and not bother with the u.s. treasury market? kathryn: or move out and repatriate back into jgb makes sense. there is a sponsorship that is fundamental in nature from these current-account surplus countries such as china, japan and saudi arabia and russia. the truth is when you look at the holdings of treasuries, they are declining. there is a diversification from treasuries into something such as gold especially for china. that came after the sanctions on russia. there was this impression that you are not the friend zone of the u.s. then you are at risk. we saw the big current-account circle countries start to diversify. this also comes at a bad time. the risk premium is higher over the long term. the question is on the short

term. the two year and short-term treasuries are attractive at current yields. we saw a move higher and that makes sense for 2024. katie: short-term treasuries are attractive so let us get your idea on equities. the bank of america fund manager survey came out and it was a bullish read across the board just to redo some of the highlights. global growth expectations at a two year high and risk appetite at the highest since 2021. how do you stand versus consensus. you talk about your own risk appetite how does that compare to the past couple of years? kathryn: i am more cautious. when you look at the euphoria and optimism it hinges on pce services and housing. that take -- tick up being a one-off thing. if it is not i think you will get a repricing of risk which is to be determined.

the market is taking it as a fact, which is of course that inflation will meaningfully -- will maintain its trend in 2023. at the same time the u.s. economy grows above potential and that is not commensurate with trend. either the said chooses implicitly higher 3% target or something has to give. i think the euphoria is -- or the optimism is probably well placed. my position is what i am telling stonex clients, let us hedge our bets. quotes are cheap and volatility is low. the vix index is relatively low. take out that protection in the form of high yield in cash which will stay high-yielding because the fed is not likely to cut that dramatically. there is a chance they do not cut at all. two year treasury notes gold look good equity space.

i would not be chasing these high flyers that were the leaders over the past months. katie: let us talk about that more because in the survey magnificent seven, long magnificent seven, that was a most crowded trade at 58%. it sounds like you would not necessarily be chasing the big tech names. kathryn: if we are repricing in the market will reprice a fed not as dovish or likely to cut as previously imagined, that is not good for attack. that is not god. and it is not positive for any rate sensitive sectors especially if the fayette -- if the fed maintains nominal rates for a prolonged period of time that increases the rate of recession. at the risk of chasing these top performers that is not the place to be. i would be looking if the market

continues to move higher, which is a possibility, i would be looking for equally weighted s&p 500. we have seen a bit of a broadening in the s&p which is a good and positive thing. to get there we would have to see deceleration and really we had one poor retail sales data. i am concerned about the strength of the labor market implementing this course services and housing inflation which i think is a risk to markets. really enjoyed this conversation and a great preview as we count down to the fed meeting in 24 hours time. thank you to the stonex financial -- chief financial market strategist. we want to talk about motorcycle because ducati announced that the company's revenue came in at over one billion euros, the second consecutive year thanks to strong sales. i am thrilled to melt -- to welcome the ducati ceo joining

us from the company's headquarters in italy. it is great to have you with me. you hit the one billion euro mark and you had your best ever. what is fueling some of your numbers? >> yes. it is kind of of course really -- reassuring. it shows that our products are liked. we are generating what is needed to continue our development plan. we have a lot to do for keeping the momentum, there is a lot of investment that we are doing for product development for the future. there is a lot of technology to be developed in order to remain competitive. it is reassuring that we are generating that and financially strong in order to make that plan viable. katie: i want to talk about

input costs because i spoke the ceo of daimler trucks and it sounds like it is a wash for them. some costs are going down and some have risen. what does it look like when it comes to the cost of raw materials? claudio: that is a bit better anyway. -- in a way. energy price was high in the past and raw material increase. actually it is a bit of a relief now. it is not yet in europe, the energy price going to what it was, but actually it is better. and so that is helping in order to keep a proper balance within prices and margin, and actually we are in a strategy caused -- called raise the bar and we are targeting much more profitability than volume and it is very important to keep that

between prices and costs. katie: a bit of relief when it comes to input cost. let us talk about financing because they are quite high and starting to come down, but from this high level how does this affect the high end brands? claudio: of course, financing is important. so in many countries, even high end motorcycles have financing to make it more difficult anyway. a very high risk value for our product, so once you make the difference, that is for sure an advantage. so we are not suffering too much on that point. and actually when it comes to the company we have the luxury of it being cash positive so that is not impacting the p&l because if anything we get an

advantage. katie: i appreciate the context and i'm interested in your relationship with your parent company. you have been owned by volkswagen since 2012. how has working as a volkswagen company changed over that time's , -- over that time period, those 14 years old or so. claudio: sometimes it is complicated because i have mentioned how different we are. we are a 2000 people company different from a 680,000 group. and sometimes processes are more complicated. on the others there is a strong solidity and actually we are managing directly with audi, and actually now we have people that understand pretty much how to manage a brand like ducati, how much product is important for us and we are keeping innovative

and being italian, so this means that actually we have been helped to develop the cut -- the property company which is in the best shape ever. we are coming into the year 2026 with a long heritage we have a fantastic president. we like to see that we are building our future. also, a lot of that has to be thanks to the current shareholder that has allowed the brand to develop and work on many aspects like we have made a lot of investments in order to make sure that that this is completely out of discussion. katie: a complicated relationship but ducati can keep being italian. how much does -- how much is ducati able to collaborate with other brands under volkswagen? claudio: that is a very positive part.

we are in what we call a progressive brand group which is under the umbrella of audi, ducati, lamborghini, and bentley. we have very close relationships with lamborghini and we are from the same region and then we are very close friends with bentley which was made possible in the last couple of years to make a special version. we made our streetfighter in lamborghini trim which was a fantastic success. 630 units plus 63 specials only for lamborghini customers. and then we replicated one year later with bentley making a ducati for bentley. this is a very special version, very high price but collectors love it because typically the resale value is higher.

and so it is not only a fantastic deal but also a good investment. katie: we have to talk about moto gp because ducati won its fourth straight world title in 2023. what has that meant for sales. are you able to get close to quantifying the impact? claudio: that is a particular question. i have been asset many times. to be completely honest it is difficult with the result with our racing. for sure, there is a lot of prestige. everything we do and measure and we keep monitoring brand strength around the world, it has been skyrocketing in the last five years, and for sure when we consider that we are the only brand in the history of motorcycling that actually won this two years in a row.

that was never happening before in history. so when you do something so big, all the passionate bikers really understand and think that the technology comes from the brand is so high. and so the reputation is very high. katie: best of luck and really great to speak with you. thank you to ducati. coming up the deal. we will speak with the cofounder of reverence capital. a key investor in the $1 billion capital infusion in new york community bank. this is bloomberg. ♪

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get started today at constantcontact.com constant contact. helping the small stand tall. katie: last week new york community bank closed a deal to raise $1 billion from capital from a group of investors led by steven mnuchin. one was reverence capital which

committed one -- $200 billion. joining us is milton berlinski, the cofounder of reverence capital and sonali basak. let us set the scene and start to talk -- and talked about how the deal came together. did stephen call you or what was the initials first steps? milton: so, we were approached by the banker helping arrange this. we knew that stephen and i had a long relationship going back to goldman sachs to see if we would have an interest. we obviously did, for several reasons. one is that we recently merged into us a real estate group called pembroke road by -- run by larry combe who had a deep relationship with part of the bank, and knew a lot of the assets. so, we felt comfortable that we could assess the risk very

quickly. and secondly we had been having a dialogue on the asset side with institution and so that was very helpful. and so we got the call from the bank and of course we were very happy to do that. katie: this deal was immediately in the money, quickly and almost doubled. since then the stock has been volatile. investors are looking for a reason. what is new york community bank a year from now? how do you and your investor group plan to make it profitable? milton: first, obviously joe coming in, he has a very experienced ceo, having done this at onewest. i think he is going to work very closely first with the existing management team to assess the existing businesses and then we will step back and say

longer-term what do we want this franchise to look like? this is a very significant regional bank, more than new york city even though the name says new york city community bank. we are going to try and diversify and reposition the institution. and i think it is a long-term project so this is not something you can snap your fingers and it will happen overnight. i have high confidence that joseph will get this right in the short term. sonali: this only closed a week ago and investors are asking is $1 billion enough? at what point where it might need more capital? will $1 billion do the job? milton: i cannot predict tobacco -- the macro and where it goes but based on the work that we have done and liberty did this independent of us and then we came together to look at the results and we were spot on top of each other. i think we feel very comfortable

today based upon the current view that $1 billion is sufficient. if that changes in the future will, we will put more capital. katie: i want to talk about the role of private capital. is there a plan to sell assets to private credit firms and do they even want them? milton: we run a private credit firm, opportunistic. so reverence has re-businesses, private equity which is focused on financial services, the second is an opportunistic credit business and the third is an opportunistic real estate business. some funds would like the multifamily side of the business, some will like office at what they think is the reset value for those assets. and i think what the bank ultimately decides to do will be a function of how we want to reshape the bank.

a bunch of this will run off and mature and refinance elsewhere. part of it will sell into other pockets to take it off the balance sheet. and some part of it will sell. sonali: how much due diligence were you able to conduct before the deal? and now that you have a look under the hood, how bad is it? how much work is there to be done on the real estate portfolio especially the red regulated part? milton: we did a lot of work. we substantially went through the bulk, 75% of the office portfolio. we went through about 25% of the multi family, which is quite extensive when you think about a sampling. we also then took -- and by the way management and the bank was extremely helpful in providing us the information needed.

we stratified the business, each one of the multi family by percentage of rent control versus non-rent control. bou -- euros where they were located -- where they were located. we did a sale assessment of how much capital we would need and how the bank would be an regulatory compliance and we concluded that we could do that and still be in regulatory compliance. we were happy with that as part of the commitment of the $1 billion. i would say the thing that is misunderstood is that the multifamily portfolio is performing well. and as we have gone in and done more work on the inside with the bank, we feel better about it even then we did a week ago. sonali: really interesting color that the multifamily part of the business is a bright spot. i am curious to broaden out and

talk about regional banks as a whole. in your view did you think that nyc be was a standalone do you think there are more shoes to drop? milton: if you go back and look over the last five years, a lot of the growth came in the real estate area. and so people will have to adjust their portfolios, take reserves. i think that rates starting to peak and coming down over time will be helpful for that. most banks will be able to work through their issues including new york community bank. the smaller banks will need to raise capital and there are a lot of bankers out there who want to help them do that. sonali: you were mentioning how commercial real estate as part of the problem. you will only get two rate hikes this year, and in that scenario

where interest rates are still higher than expected, how much more damage in there in the property sector that could impact these banks? milton: i assume you meant rate cuts as opposed to ready kite -- rate hikes. i think the rate cuts are helpful. i think most people understand what the occupancy looks like in these buildings. people are coming back to work not as fast as and some geographies as they would like. and so i would think people have a good handle on what the operating expenses are for these businesses and what the ny is on the buildings. and so i think you will see banks slowly but surely start to take incremental reserves if they need them. and, frankly, start to interact with borrowers on how to refinance the existing portfolio. some of them will require more reserves than others.

today, i do not see any catastrophic events in the banking system, given the amount of capital that sits in the system today. katie: you have 30 seconds, you think there is another $1 billion deal out there? milton: i am sure there is. katie: i think that was three seconds. we really appreciate your time and great conversation. that is milton of reverence capital and sonali basak, a fascinating conversation on the one billion dollar capital infusion for new york community bank that was led by steven mnuchin and. coming up, homebuilder sentiment rises to an eight month high. we will speak to the stein bridge group ceo and founder. that conversation next. this is bloomberg. ♪

katie: u.s. homebuilder index rising to the eight month high in march. it was driven but limited number of houses for sale and falling mortgage rates. we have a great guest. we will do that with tawan davis , stein bridge group ceo and founder. a $5 billion national real estate development firm focused on national housing trends. great to have you with me in person. let's go to this line in your notes. we have the fed meeting kicking up today. the rate decision coming tomorrow. we cannot address housing or inflation without addressing the causes. the fed's policies increased inflation and now we must work to bring the costs down. what does the process look like?

how does that translate into this housing market which seems to be frozen? tawan: let's start with expectations for tomorrow's fed decision. most people are not expecting an increase in interest rates. the fed, if you look at today's inflation is about 3.2%. well down from the 9% peaks and 2022 but 120 basis points higher than the 2% target for the fed. if you add to the fact that today the bank of japan after 17 years finally increased the interest rate and the last central bank to come off negative interest rates, there are few drivers that would predict a fed increase tomorrow. if you look beyond that or under that, one of the major drivers of continued inflation and what has made it difficult is the housing crisis. if you look at broader inflation at 3.2%, housing prices

increased 5.7% in the same time and rent increased about 6%. if you look at gasoline and housing together they represent roughly 60% of all the nation's inflation at this point in time. we cannot begin to address the larger information problem without focusing on what is going on in the housing market today. katie: let's talk about the housing market. it feels like there are two factors that are really keeping some of those figures you mentioned hi. you have high interest rates controlled by the fed but you also seem to have a structural under supply of houses available to be sold. even if rates come down how much pent-up demand is there for what is a relatively limited supply of houses? tawan: that's the problem. housing finishes were up last month but there is still a chronic undersupply of housing. that is why today roughly 30% of

americans pay more than 50% -- 50% of americans pay more than 30% of their income and housing and housing costs which is housing burden. that is not a recent thing. that's been true for 60 years. if you look at the last decade, inflation has grown by 61% -- 31% over that 10-year periods. costs are up 61%. there has been a perennial long-term demand. the challenge is to provide -- find ways to create more housing and encourage supply. katie: you are an impact investing firm. where have you been deploying capital? what have the results of those investments looked like? tawan: we have half a billion dollars of development around the country. one of the unique ways in which we develop is to identify underutilized assets held by

nonprofits and catalyze those into productive uses. that provides homes for folks who need them and it also activates land underutilized and owned by nonprofits. one of the subsectors is single-family housing. when you think about the overall housing market, roughly 50% to 60% of all rental units are single-family units, not multi fund millions -- multifamily units. 60% are in single-family homes. you cannot address the affordability problem without also addressing single-family homes. one of the major things we do is supply single-family homes. it's beginning to come around to the idea. if you look at the performance of the residential sector, single-family outperforms multifamily last year in total return on multifamily rates. it was around 5.8%. the total return on single-family rates was about 21%, almost four times.

the single-family rates represent roughly 30% of multifamily market value. the market is beginning to understand you cannot address the housing gap and the affordability gap without putting significant investment into single-family homes and that is one of our primary strategies. katie: clearly an area of focus for you. talk about impact investing. i talked to regular real estate investors about the impact part. where did you land on that specific strategy? tawan: there are two areas of impact for us. one is how we identify the land to develop. that is by identifying community partners, partnering them to catalyze underutilized assets. the second is focusing on working families. focusing on people in the middle who are most housing burdened. if you look at the 1980's, it took roughly two to four years

to save the via home. today it is nine to 11 years for a family to say for a home. we are targeting those families, looking at the input, looking at how we identify and source homes by partnering with landholders, community landholders, and at the impact of targeting middle class and working families. we think that is the best way to add impact to investment. katie: i'm curious. you are in single-family homes but talk about geography. where in the country are you most active at this point? tawan: we announced a $109 commitment to black colleges and universities -- $100 million commitment to historically black colleges and universities. one of the interesting things is a good real estate strategy. 100 plus historically black colleges and universities. 90% in the southern path of growth in the states i will have the fastest growing economies, the fastest growing jobs, and

where re-migration is occurring like north carolina, texas, virginia, and maryland. we are looking at partnering with these institutions, catalyzing their underutilized land that is well-positioned into economically productive uses. that is consistent with where the country is geographically. katie: really enjoyed this conversation. fascinating stuff. hope you come back soon. that is tawan davis talking to us about the state of housing in this economy and as we count down to the fed decision tomorrow. before we get there let's take a check of the equity markets. we will do that with abigail doolittle. abigail: we are looking at declines mainly for the major indexes. dow up ever so slightly. the big drag is nvidia. the last eight days, down six of those eight days. losing about 7% over this time period, the worst stretch of the year.

one big question whether or not this is an inflection point of some sort for the stock that has only reality, rally, rallied out the developer conference, the tech conference, the woodstock of ai conference begin yesterday. it seems like it might be a sell the news moment. there is little question that nvidia's 96% move year to date at one point not to long ago now on a falling rsi. that's a barest divergence. the stock almost double while momentum is lessening. if the stock takes out its last lows we could see a pretty serious decline to the downside. s&p 500 not down so much. being balanced out by most of the other sectors being higher. nasdaq 100 weighing heavily, down seven tents of 1%. -- .7%. a bid for dollars and bonds ahead of the fed yesterday. one true bright spot is nordstrom.

shares are spiking higher, up 12% to 13%. 10% at this point. the best day and more than a year on a report out of reuters that the nordstrom founding family is looking at ways to take the company private. they tried to do this six years ago and was unsuccessful. maybe this time working with morgan stanley and centerview maybe the effort will work out. katie: we will see how this time around goes. abigail doolittle, thank you so much. coming up next on wall street we daily, scott bessent joins us to talk about what a trump economic team could look like if he wins the white house. this is bloomberg. ♪ ♪

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katie: today we are looking at how donald trump might build up his economic team if he wins the election. here is scott bessent, key square capital founder and ceo and wall street we co-david westin. we are in that part of the election cycle. david: scott, looking back. we talked about what donald trump retaking the presidency might mean. what about inflation? you have concerns inflation has not gone away yet. if he's president will he have to deal with inflation and how will he do that? scott: we will see what the federal reserve does. my sense is that jerome powell failed the marshmallow test. he ate the marshmallow at the

november press conference. he wanted to declare victory on inflation too soon. if he had shown a little self-restraint financial conditions would not have eased and inflation and economic activity would not be re-accelerating as we have now. i think despite their predilection to want to cut, the fed will possibly have to stay higher for longer. it all depends on what the fed does. katie: i have heard people tell me over the past few weeks that the fed wants to cut but they can't yet. why do you think they want to cut? why is that the narrative? scott: jerome powell said it in front of congress. katie: that's true. scott: i take him at his word. david: coming back to trump for a second, your name has come up as maybe playing some role. if you had conversations with the former president his team

that would indicate to you where he thinks he wants to go economically? scott: sure. what i will say is i'm not going to repeat private conversations but i think a bad narrative in the market is he will not be able to put together a fantastic cabinet. i think there are many qualified people who want to serve. i think people have his choice of a cabinet. i think another bit of misinformation in the market is one piece of a conversation i will repeat that president trump is laser focused on the size of the national debt, on the amount it has increased under biden, and the size of the deficit. i think you will hear from him in the coming months his plan or his wishes to bring both of those down should he get reelected. katie: i respect you don't want

to repeat private conversations but hypothetically, if selected, would you serve? scott: there is a lot of grain in between as they say in golf -- green between. i am laser focus on my business. we have great partners. we will be introducing an innovative new financial product. maybe i will talk to you about it in a couple of months. i am focused on that right now. david: i'm surprised to hear the former president is laser focused on the debt and deficit. a lot of people on wall street would be encouraged but surprised. he did have big trump tax cuts. he tends to like lower interest rates. he wants higher tariffs. those sound more inflationary than otherwise. scott: if we isolate the debt, the trump tax cuts could be

reinstalled in 2025. that would not be inflationary, just a continuation of current policies. i think you will be around spending and growth. i think the president said publicly he would like to see oil prices down. he would like to see deregulation, which would help the economy. i think we could see higher real growth. the spending levels being frozen, not cut, frozen. then a productivity pickup from lower u.s. to mystic reduction. david: tariffs are inflationary. scott: they could be good for the budget. katie: ok. potentially good for the budget when you think about the potential impacts of tariffs. we are having very hypothetical conversations since we don't know what's going to happen in november. let's talk about trump's relationship with the fed. if reelected, how important is

an objective fed under donald trump? scott: it will be important. no matter who wins in 2025 they will have a mess. very little gas left in the tank. we cannot keep running 5%-6% budget deficits with this level of unemployment. we have never seen this before. when we have had deficits like this it's a severe recession or during the war. something is going to have to be done. obviously, whomever is the fed chair will play big part of that. david: let's talk about who the fed chair is. president trump was not shy about jawboning jay powell. he was explicit when he did not like what was going on. is there a realistic possibility that trump 2.0 financially try to remove chair powell saying there is cause? scott: i don't have any insight on that. i will note that twice in the past 10 days joe biden has

called for rate cuts. he's getting in the political game now too. katie: there is a bipartisan call for the rate cuts to the point that jerome powell would like to deliver. we have the fed meeting tomorrow and the rate decision. let's talk about the market. i was reading notes you sent over. the topic of financial conditions, if the fed makes financial conditions even easier, you write they will create a big problem for themselves and be worried about a third quarter 2024 bond market revolt. what would a bond market revolt look like? scott: i think it would look like a failed auction. i think it would look like a dramatic steepening of the curve. it could look like inflation expectations getting away from them. we will see what they come up with tomorrow. the dot plot is how they signal their further intentions. do they leave at the same?

-- it the same? we could see maybe some of the panelists remove a cut for this year. certainly they will remove some cuts for next year. we will have a higher terminal rate. david: if in fact rates are higher than one might anticipate for longer that puts more pressure on the bonds, does it not? that raises the term premium and creates doubts about the debt. scott: no. it is all about credibility. the powell fed lost a bit of credibility by waiting so long to get in motion. they have got it back and then they kept eating the marshmallows and not wanting to wait. we've had this incredible easing of financial conditions since the november federal reserve meeting. it all happened in the press conference.

the minutes, the stated -- his press release afterwards were all right down the middle. he could not help himself and he got in a very dovish and. -- end. inflation is now taking backup. commodities are up. bond yields are up in 2024. david: he gets another chance tomorrow. katie: 3:30 p.m. we will have to wait and see which jerome powell we get tomorrow. our thanks to scott bessent, t-square capital founder and ceo. david, i fascinating conversation. who else do you have coming up? david: tomorrow we will talk to a colleague from the washington bureau who has written a book on the treasury and the dollar. on friday we will talk to the person at barclays responsible for tech ipos. we will talk about where we are

in the week when we see red it, -- reddit come out. katie: david westin, thank you so much. this is bloomberg. ♪ ♪ u don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh

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katie: it is a big week for central banks. you have the bank of japan putting an end to negative rates and now focus shifts to the fomc tomorrow. bloomberg spoke with bank of mecca chairman and ceo brian moynihan in an exclusive interview and asked for his take on the economy. brian: our team protected recession somewhere earlier this year. then they took it off the table and now they are predicting 2% plus growth for this quarter. you have gone from a negative to sightly positive 2%.

that is returning to the mean. it is not outsized growth. people cannot forget were going from a 4% to 5% growth rate to 2% growth rate. it is slowing down. the consumer is very resilient. they are providing an anchor that the fed has latitude that a lot of places don't have that they can be restrictive and that the economy catch up. they have to be mindful of the change. at some point they can slow down and they have slowed down spending. last year it was 10% growth. this year in the fall, 5%. now it is down to 3% to 4%. this is the tension we are in right now. the resilient ricotta -- economy trying to bring inflation down since the financial crisis and other try to get inflation up. and that is what we have to get right. jonathan: i'm wondering how much confidence there is out there still in corporate america at the lower level, and the small

companies across the country. brian: the american economy is the dominant economy in the world in terms of interest and investment. on the other hand, why are they using our lines so much? more costly and therefore more careful. everyone is trying to figure out how this economy will perform. performance ago people were worried about recession. now they are not. now to they want to invest heavily? that is where you are seeing a little tension here. katie: that was banker mecca chairman and ceo brian moynihan speaking earlier today with bloomberg -- bank of america chairman and ceo brian moynihan. kroger hitting a 52-week high after maintaining its regular dividend, $.29 per share. stellantis hitting highs after fitch raised the outlook to positive. stellantis up about 1.4%. coming up, paige costello joins up next. this is bloomberg.

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announcer: from the heart aware of money, power, and technology collide in silicon valley, this is bloomberg technology with caroline hyde and ed ludlow. ♪ caroline: i'm caroline hyde in new york. ed: i am ed ludlow in san francisco. this is "bloomberg technology." caroline: full coverage of nvidia's annual gpu technology conference. they are unveiling their most powerful chip architecture yet. why blackwell will be key to the future of ai. ed: as tiktok faces a divestiture, and outlook on what is to come