bofa. what number is it? four.en more money, so can do more projects like this faster. we have a number of projfor the resources and can you imagine with over 50 thousand units already approved san francisco, 50 thousand housing units in the san francisco pipeline what that would do fwr housing '!in the city! it would be a at is what we are doing with new housing policies and getting to yes and making magic like this project happen so hay u to all involved and congratulations to the new families who have a opportunity for a safe fordable place to call home. thank you. [applause] >> starting 5, 4, 3, 2, 1! [cheers [/:ivh begin the retirement meeting of >> roll call, please. >> gandhi? >> present. >> president thomas. >> present.resident heldfond. >> present. >> driscoll. >> present. >> bridges. >> present. >> thank you, quorum, mr. president. >> thank you, let's apologize number one for the noise.if any humor about need to read what h mo in the summer garage right across that alley. i'll let you read it because all

bofa. what number is it? four.even more money, so can do more projects like this faster. we have a number of that are waiting in line for these resources and cau giover 50 thousand units already approved in san francisco, 50 thousand housing units in the san francisco pipeline what that would do fwr housing affordablet in the city! it would be a amchangeer and that is what we are doing with new housing policies and getting to yes and making magic like this project happen thank you to all involved and congratulations to the new li have a opportunity for a affordable place to call home. thank you. [applause] >> starting ■■]with 5, 4, 3, ! [cheers ■ president heldfond you may begin the retirement meeting of augu >> roll call, please. gani? >> present. >> president thomas. >> present. >> president heldfond. >> present. >> driscoll. >> present. >> bridges. >> present. >> thank you, quorum, mr. president. >> thank one for the noise.d if humor about this vocation, need to read what happens to wamo garage right across that

■% bofa. what number is it? four.iver even more money, so do more projects like this faster. we have a number of projects ar waiting in line for these resources and can you imagine over 50 thousand units already approved in san francisco, 50 thousand housing units in the san francisco pipeline what that would do fwr housing lein the city! it would be a that is what we are doing with new housing policies and getting to yes and making magic like this project happen so had greful to be here. thank you to all involved and congratulations to the new families who have a opportunity for a safe l ace to call home. thank you. [applause] >> starting th5, 4, 3, 2, 1! [cheers , test, test, test, test, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , e t ready., test, >> okay.morning, everyone. i am wearing shadesit is july because i forgot my other glasses.ith me. [laughter]. okay. cld not read this at all. good morning. i call t san francisco department of disability and aging service wednesday july thir

bofa. what number is it? four. money, so ■2we can do more projects like this faster. we have a numbeofprojects that are waiting in line for these resources and can you imagine with over 50 thousand units already approved wyin san francisco, 50 thousand housing units in the san francisco pipeline what that would do fwr housing affordablet in the city! it would be a game changeer and that is what we are doing with new housing policies and gettiyes and making magic like this project happen so happy and grateful to be here. thank you to all involved and congratulations to the new families who have a opportunity for a . thank you. [applause] >> starting with 5, 4, 3, 2, 1 [cheers and applause] ■çáj■p

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bofa. what number is it? four.that is even more money, so we can do more projects like we have a number of projects that are waiting in line for these resources and can you imagine with over 50 thousand units already approved in san francisco 50 thousand housing units in the san francisco pipeline what that would do fwr housing affordablet in the city! a game changeer and that is what we are doing with new housing policies and getting to yes and makingis project happen so happy and grateful to be here. thank you to all involved and congratulations to the new families who have a opportunity for a safe affordable place to call home. thank you. [applause] >> starting with 5, 4, 3, 2, 1! [cheers and applause] nsz

do you think she wants to hear my bofa spiel? mait as she walks in. redo over? okay. greaidea.will do that. >> a t of us officials dignitaries are up here talking but i wa recognize some of our staff that are back here in the back. raif you work at this building and work at tndc. we appreciate each and every one of you guys. yes, thank you. [applause] you're what makes this happen. after and we have the ilding cutting you make the success-foot successful so thank you all for coming. jackson is here too? k shrea. yes. i think the mayor's here now. i'll stop. >> yes, to echo what ro said, the development team can build a beautiful dingwhat matters in the lives of the people that live in it is the experience every day with property management and services and pleased to introduce to you, mayor breed. [applause] >> alright. i made it. better late then never, right? ot to say, when i am able to come to events like this, whether it's ground breakings or ribbon cuttings, people don't always see is all the hard work that goes into making something this possible. all the various teams a

bofa. what number is it? four. to deliver even more ojects like can do this faster.e have a number of projects that are waiting in nefor these resources and can you imagine with 50 thousand units already approved san francisco, 50 thousand housing units in the san anpipeline what that would do fwr housing affordablet in the city it would be a game changeer and thisdoing with new housing policies and getting to yes and making magic like this project happen so happy and grateful to be here. u to all involved and congratulations to the new families who have oppounity for a safe affordable place to call home. thank you. [applause] >> starting with 4, 3, 2, 1! ■h■8 it is 2:42 you can sdart the meeting. thank you. good sxoon welcom t art's committee on wednesday august 21, 2024. the mote to order.

do you think she wants to hear my bofa spiel? maybe i'll deliver it as she walks in. redo over?y. roxanne will do that. >> a lot officials dignitaries are up here talking but i want cogne some of our staff that are back here in the back. raise your hand you work at this building and work at tndc. we appreciate each and every one of you guys. yes, thank you. [applause] you're what makes this happen. after it is built and have the ribbon cutting you make the ccesfoot successful so thank you all for coming. jackson is here too? thank you. shrea. yes. i think the mayor's here now. i'll stop. >> yes, to echo what roxanne development team can build a beautiful lives of the people that live in it is the experience every day with property management and services and pleased to introduce to you, mayor lo breed. [applause] >> alright. i madet. better late then never, right? i got to come to events like whether it's ground breakings or ribbon cuttings, what always see is all the hard work that goes into making something this possible. all the various teams and organizations put the financi

bofa. what number is it? four. that is going more money, so we can do more projects li this faster.er of projects that are waiting in line for these resources and can you imagine with over 50 thousand units already approved in san francisco 50 thousand housing units in the san francisco pipeline what that would do fwr housing affordablet in the city! it would be a game changeer and that is what we are doing wi new housing policies and getting to yes and making malike this project happen so happy and grateful to be here. thank you to involved and congratulations to the new families who have a opportunity for safe affordable place to call home. thank [applause] >> starting with 5, 4, 3, 2, 1! [cheers and applause] çí >> good afternoon and welcome to the the san francisco board of supervisors for today, 30, 2024. our last meeting before the madam clerk, would you pleads call the roll? >> thank you mr. president. supervisor chan, present. supervisor dorsey, present. supervisor engardio, present. supervisor mandelman, present. supervisor melgar, present. supervisor peskin, present. super

that could alleviate some pressure on bofa shares.t 18.5% this year, down slightly this morning. one to watch as we talk about part of that conversation we had with scott, is where there is potential value now. that kind of a run, i don't know if that would imply value, but just relative to peers with the various dynamics on rates kind of an interesting take. >> i mean, yesterday when jpm hit the record high, i was thinking, the number was 218, 219 today, that is crazy. we got down to 105 the october '22 lows. let's had a run. you can rationalize while the investment banks would be doing super well here. it doesn't have to be an early cycle sign. great volumes in trading, a bounce back in various issuance and m&a activity. but keep in mind it doesn't have to mean it's early cycle and it could be a late cycle surge. the thing that's interesting when it's bank of america or citi and jpm is that they've actually been all rather tepid in their guidance of nii. so again, you kind of add it all together and you're like wow, we're really at

morgan, gotman, citigroup, morgan stanley up, bofa down just a fraction. how about the cryptos?0,000. etherium, 25 -- 2570. both down a little. ken golden is back with iconic memorabilia. ken, welcome back. gotta start with the baseball bat used by babe ruth sitting right there. >> sure. so this one is from9 1928. in that year the yankees won the world series. ruth hit 54 home runs, and and this is what they call a ruthian bat, it is a 40-plus ounce bat, 35 inches, great use. and this one is part of our best auction of the year which is called the golden 100 which is why we have so many different genres here, because it's the best items of various categories of collectibles. stuart: value? >> the value on this is probably about $175,000. stuart: 175 grand, okay. moving on to the a barcelona olympics gold medal. from whom? >> yes. stuart: who won it? >> so this is very special. this is a dream team gold medal. it is the only one that has ever come up for auction. s it is clyde drexler's personal medal that he was given for winning the olympics in 19932. the dream team, to me, is

berkshire's holdings in the back to 12% over the last month berkshire has sold over 100 million shares of bofas here, it's lightning the load but is it a bad sign? >> when you put in context of selling some of that apple, looks like some of the big winners over the last fewyears and apple is a ten-year hold, i think, you know, bank of america just doesn't seem like with that overhang you want to take a shot here because they seem to be reloading on the sell side. >> book value in bank of america i think came out at $34.70, when they reported earnings was trading $44. we talked about it on the desk saying it will trade down to book value, it did, that's where you reload but not here at 38 and change. >> what do we think, katie? >> i have a four-month sell signal in bank of america and it suggests it will be range bound at best but very strong support around 34. >> tim? >> i'm long. i've been long it for a long time. i recognize this has been a slow process of rerating, part of it's been some relief on the regulatory pressure side, also capital give back, it's a story where money center banks ar

allows us to advance our pipeline in a way that i think is really powerful, particularly l■ if the bofavember, which a tremendous capital infusion and to have this operating subsidy component i think will be a powerful combination. so, that's-if we had a pipeline of a thousand units or something like that, certainly i think your question would be very appropriate and th approach to bring in more projects, so we could fill up threservoir of faircloth authority. exactly . given the pipeline is so extensive, we made initial mmitments for long-term multi-phase projects that have significant affordable housing obligations, this approach in san francisco where we reserve that winwe have flexibility over time to transfer that authority, i th this just makes a ton of sense for this city. >> thank you. with resptothe pipeline since that will be the focus, what is the process around selecting-identify identified ojects y now the that will be the first cohort in terms the next cohort. so everyone is clear, you reservations done, reservation of all these will be done by september 30. we are all het

really allows us to advance our pipeline in a way that i think is really powerful, particularly if the bofaes in november, which provides a tremendous capital infusion and to have this operating component i think will be a powerful combination.u7&so, that's-if we had a pipeline of a thousand un like that, certainly i think your question would be very appropriate and bring in more projects, so we could fill up this reservoir of faircloth authority. e right approach. given the pipeline is so extensive, we made einitial commitments for long-term multi-phase projects that have francisco where we reserve that authority based on our pipeline, knowing we have flexibility over time to transfer that authority, i a ton of sense for this city. >> thank you. respect to the pipeline since that will be the focus, what is the process around selecting-identify identified publicly no that will be the first cohort next cohort. so everyone is clear you of all these will be done by september 30. we are to celebrate that positive commitment from the city and however the board can help, i know we will. we will

really allows us to advance our pipeline in a way that i think is really powerful, particularly if the bofabond passes in november, which provides a tremendous capital infusion and to have this operating subsidy component i think will be a powerful combination. so, that's-if we had a pipeline of a thousand units or something like that, certainly i think your question would be very appropriate proach to bring in more projects, so we could fill up this reservoir of faircloth authority. exactly the right approach. given the pipeline is so extensive, we made initial commitments for long-term multi-phase projects that have significaffordable housing obligations, this approach in francisco where we reserve that authority based on ng we have flexibility over time to transfer that authority, makes a ton of sense for this city. >> thank you. with respect to the pipeline since that will be the focus, what is the process around selecting-identify identified publicly now the of projects that will be the first cohort in termthe next cohort. so everyone is clear you have reservations done, reservation of

. >> that said, the fund manager survey today out of bofa, the number one tail risk, u.s.has jumped to number one. "the journal" with this piece about the boom in travel spending beginning to slow. >> well, remember you can't have rate cuts without things going wrong. i mean, if everything is so great, why would we need rate cuts? we could say, hey, we have great growth. we don't have any inflation. no! >> it's a fair point. it's a fair point. >> he doesn't want to straight line. he doesn't want to say, look, i recognize the data is weak and i'm going to take action. if the data were strong, the conversation would be, why are you bothering me? why are you bothering me? you know that hour and a half torture we have? mr. chairman, when did you stop beating the fed funds rate. >> all right, all right. >> the fed chair answers questions to the american press. >> he gives people some idea of how he's thinking about things. the question now is do we get 50 basis points or 25 in september? it seems to be a 50/50 wager at this point in terms of the way the futures are going. >> do

bofa has an interesting list of layoffs, intel, match, intuit, fastly, so there's been a few, but itt a lot. >> no. >> all right. coming up, "squawk on the street" goes whale watching with a look at new moves just essclosed by some of the world's biggt investors. you don't want to miss this. we're back in two. do you have a life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned we could sell all of our policy, or keep part of it with no future payments. who knew? we sold our policy. now we can relax and enjoy our retirement as we had planned. if you have $100,000 or more of l

bofa today, five of six powell jackson hole speeches had the s&p down 7.5% on average in the next threehave to parse the time period but we'll see what the next few weeks give us. >> remember when he said pain at one of them, inflicting pain when he wasn't being serious enough about rate hikes. that was a jackson hole speech. >> mountain air. >> people think it's luxurious there but the jackson lake lodge, i promise you, is not. very rustic. >> oh. not a sara eisen chosen spot. it is beautiful. >> that speech at jackson hole is coming up. leo! he's there when we wake up, he's there when we leave, he's there whenever we come back home from school, he's just there always. mash it up doofus. ever since we introduced him to the farmer's dog, his quality of life has been forever changed. he prefers real, human-grade food. it's... ...like real food! it is! he's a happy dog now. he's a happy, happy dog. he's a happy, happy, happy dog! - i got the cabin for three days. it's gonna be sweet! he's a happy, what? i'm 12 hours short. - have a fun weekend. - ♪ unnecessary action hero! unnecessary. ♪

joining us is bofa securities analyst whamzi mowhan.ng this openai fundraising round, what does it mean for them? how significant could it be if apple is involved in the investment round? >> good morning. thanks for having me. look, i think it's really interesting, apple actually makes a lot of investments in startups and technologies and really goes down the rabbit hole across the spectrum in areas it thinks can change the future. they do investments. they did ride share. they invested in a lot of technology companies across the supply chain over the years to make sure that the direction of technology really fits apple's strategy long term and want to make sure they don't miss out on any large potential technology inflections. i think they go down the rabbit hole in the amount of r&d going down sort of every nugget of every technology innovation, whether it's battery or sensors or display, right. like they're there to make sure they don't get disrupted by someone else. so i think this is something to do with really knowing the directio

you screen for low beta, high quality s&p stocks that your analysts at bofa had a buy on.ese also names that you're talking about in terms of large cap value? >> not necessarily. this is more of a defensive list for folks that are looking for a place to sock away capital during the summer months, you know, potential volatility ahead of the election, you know, some question marks around economic growth and, you know, really the idea of what is fed policy, what are they going to do. as you pointed out earlier, i don't know what the fed knows exactly what they're going to do, but, you know, in this interim period where we're in, august to september period of low liquidity tightened volatility, potential uncertainty heading foot election, i think that's the sleep at night screen is more around, you know, how do we sleep at night and find stocks that can deliver returns and total returns, but allow us, you know, to kind of not worry too much about the trajectory of the economy. longer term, i think large cap value is a little bit more of a cyclical tilt makes sense, especially

bofa, sluggish growth in it china reason for the down grade. and look at nike.ponent rising 0.75%. stock grows over 5% you may recall thursday after big ackman's pershing square revealed a new stake in the company. worth $220 million end of june. keep an eye on nike. analysts in play today. big analyst calls of the day head to cnbc.com/pro. full access to all analysis there. andrew, back to you. supposed to toss it back to you. >> thank you, sir. have a great weekend. >>> i want to talk more about the markets this morning and welcome our guest, cio and senior portfolio manager at an investment group. good morning. >> good morning. >> what do you make of this wild ride? a week and a half, now two weeks of crazy? almost like it didn't happen. forget it happened? >> maybe not, though, because actually since the july 10 data point the nasdaq still underperforming. russell 2000 valued by 1,000 basis points. time will tell if that marked a pivotal moment. i think that one of the key, obviously, indicators, obviously, inflation reading coming down. something i would po

joining us now, bofa chief technic the strategist of equities.ast month six that vix it over 50? >> a vix spike. every once in a while get those indicating some sort of panic in the market. 90% down day, wash out baeth dd breath day. confirmation from market breadth at three 80% up days. 80% days stocks up of volume indicating a strong rally. also took advance declines to new highs. market's actually in a fairly strong position technically speaking given what's transpired. >> what's happening this week? last week was the big week, one of the best weeks we've had in a while. >> right. >> not much going on this week. >> yes. struggling with the 5600s, area of resistance we formed in july when we hit that level and a target for us entering the year. going forward we are ending the best three-month period of the election year from june through august. typically that period is up about 7.3%. so far right now we're up about 6.5%. so there's not much upside based on seasonality. then pause a little bit. ? an ideal world, pause ahead of the election. peo

that's what brian moynihan of bofa is worried about. this could be a theme at jackson hole next.arget but do so without risking recession and staying too tight for too long. guys? >> prior to the jobs report last friday, was there a belief amongst economists there was a growth scare brewing? i think there were data points that indicated perhaps things were softening but i don't know about full-growth scare. i'm trying to figure out how off sides we might be in this expectation for september 50 basis points in september? >> i don't think much. i think we were off sides. that number there that i showed you about the possibility of a 50, was 90% or 80% for 50 september and another 50 in november. that's been dialed back quite a bit. guys, i didn't ask for this, but the january 2025 feds fund contract it crashed down. that's a bit of a loaded question you ask because of the following reason, remember these economists were the ones who were forecasting recession after recession after recession. we would be in the third depression by now if the economists were right. they then came bac