texas has filed for bankruptcy in the wake of power outages is that caused an energy crisis during a winter freeze last month. brazos electric cooperative filed for chapter 11 in texas after racking up an estimated $2.1 billion in charges over seven days. last year it cost members $774 billion for power for all of 2020. the u.k. is trying to tries a person infected with a brazilian variant of the coronavirus. six cases of the mutation have been detected in the u.k. while five have been found, the identity of the final patient is still unknown. prime minister boris johnson is trying to reassure the public over the emergence of the variant, saying there is no reason to think vaccines will be ineffective against the mutation. in paris, former president nicolas sarkozi has been found

kittley of corruption. he is accused of helping a magistrate land a job. under the french system he is unlikely to serve time. prince philip today was moved to a specialized heart hospital in leon london. buckingham palace says he will continue to undergo testing as he continues treatment for an unspecified infection. the 99-year-old prince was moved to the hospital in london as feeling ill last month. his illness is not believed to be related to covid-19. globals news, 24 hours a day, on bloomberg "quicktake" but over 2700 analysts in over 120 countries. i am mark crumpton. this is bloomberg. ♪♪

david: it is 1:00 p.m. in new york, 7:00 p.m. in berlin. 2:00 a.m. in hong kong. mime matt miller. welcome to bloomberg markets. here are the top stories on bloomberg and from around the world that we are following for you at this hour. an exclusive interview with one of the most powerful men in banking, jpmorgan chase's c.e.o., jamie dimon joins us on wal-mart's tofertse take on wall street and the future of banks. the s&p 500 is on track for its biggest advance in nearly four months, up nearly 2% as investors shake off concern about the impact of higher treasury yields that are still climbing. plus, what does the new urban economy look like? we will explore as bloomberg's city lab summit kicks off. we will take you live there. let's get first a quick check on what is going on in markets. you can see the s&p right now

more than 2%. 82 points to 3893. a big bounce back after two days of drops last week. the u.s. 10-year yield is starting to climb again, now at 144, almost 145. the red arrow means it is selling off in price but the yield is rising. new york crude is down 1.% right now, more than a dollar to $60.39 a barrel. and bitcoin bouncing back. now up 7% to $48,761. for more on markets, let's bring in bloomberg's abigail doolittle. pretty much everything is up, right? >> true. it is really a risk-on day, and it is a broad-based rally. it is impressive. it reminds me of some of the monday as last november where we had monday after monday of big, big gains. right now it is breaking a two-week decline.

the s&p 500 s&p 500 down over the last five years, not a huge amount, but a bit of a reversal here. not so long ago the s&p 500 s&p 500 actually heading for its best day since june of last year. that is the degree of the buying power. right now since november it is flipping right on that marker, but we really have the bulls out. to the prod-baylessed nature, we have the s&p 500 higher on the trade, the financials, the energy of the nasdaq 100 higher on deck, and the smaup caps really outperforming. there is not a lot of places for the bears to hide today. the bulls are just that strong. matt: the russell is up more than 3% right now. i like to look at factors to watch, abigail, and i noticed that volatility is having a good day, momentum is everything a great day. value, not so much. >> when you have this risk-on mood, it is really going to favor those speculative stocks, the momentum spocks. relative to the speculative stocks, we once again have

those gamestops and reddits higher. arc fund added 3.7 million shares. and then relative to other momentum, traditional momentum at least in my mind, some of those technology stocks such as apple, beaten down over the last few weeks, but today a really impressive rally along with some of those -- the teslas, and the amazons and the facebooks. folks want in. they are buying the dip right now. the question, though, is whether or not this is just a brief relief rally or if, similar to what happened in november -- because if you recall, october and september were difficult, if this is the beginning of a real rebound here. matt: apple adding almost 10 points to the s&p by itself, closely followed by microsoft and tells la. these stocks gaining even though the 10-year starting to creep back up again. thursday was exciting. then you had yields slump on friday, and it looked like smooth sailing around 140 even

today, blue now it is starting to climb again. >> that is the big question in terms of whether this is going to be a very brief relief rally within the near term volatility over the last couple of weeks, or if it is going to be the start of something else. if rates stop rising -- although today to your point they are back on the rise and certainly on the last few months they are up in a huge way -- that caused the reprising of risk last week. too far, too fast. it makes capitalization more expensive. tech stocks and growth stocks become more expensive. if they have reaccustomed themselves to this new regime, maybe we are going to simply climb. however, if most strategists seem to be saying if it goes too quickly and that is what happened last week, at one point thursday, the 10-year yield up 23 basis points, heart to investors to digest that.

clearly this is a reflationary rate right now. but if the 10-year or 30-year yield goes too far, too fast, that brings in the question inflation. the financials on top really leading the way, up 3%. on the year that is the story. energy up 30% on the year. financial position up more than 10% on the year. some of the reopening second torgs, airlines and small caps up in a big want. it has to do with the optimism around the economy roping and being research eflated by the stimulus. unless it is too far too fast. we will have to keep a close eye on that. >> i remember last week you were egg showing the k.b.w. was overbottle. i love your charts, abigail, on the yield curve, and when it steepens watch out for the s&p.

we do have, though the inflation/reflation/reopening trade. we have things like johnson and johnson. does that lead to covid beaten down stocks like cruise lines,s airlines, is that reopening trade all up today? >> that is certainly a piece of today's rally. to your points on johnson and johnson, greats news around their one-dose vaccine that requires regular refrigeration as opposed to the deep freeze, even if the efficacy is a little less than the pfizer and morant vaccines. cruise lines, airlines and hotels are rallying on the day. it is not just on the day. over the last year or association these stocks are up in a huge way because last year they were so beat down. at one point the cruise line stocks were down 80%. what was bad last year, folks are buying up this year. that comeback trade, catch-up trade is hatching in spades for

the reoning sectors and names on vaccine and reopening optimism. matt: abigail, thanks very much. and gayle doolittle, maker of my favorite charts. i don't think you have a newsletter available to the public yet, but i do try and use them on my program every day. thanks for that contribution. speaking of risk on mood, something over the top, if there is just too much money out there, people tend to throw it away. and it looks like, at least to me, that is what is happening with nba top shots. this is all part of a huge new craze, mania maybe, called n.f.t.'s, non-fungible tokens. they are like crypto currencies built on a block chain, but they are not refundable. you can't replace one for another. they all have different values and purposes. what these n.f.t.'s that the

nba is create can't or doing, they are linked to moments, or really just videos and pictures of excites things that have happened in basketball. for example, one person recently bought a moment of lebron james dunking a basketball for $20,000. it sounds crazy, is even crazier is a cat meme from 10 years ago, the artist responsible for that put together a little digital picture of it and auctioned it off on a website called foundation for almost $600,000. don't worry. you can still download the picture and lebron's dunk for that matter for free and watch it or hang it on your wall if you want. but someone bought the original moment, like a trading card sort of for $600,000 in the case of nian the cat, which is like a pop tart cat shooting a rainbow out of its behind, or

$208,000 in the case of lebron's dunk. and those prices could rise if we keep getting more sometimies. coming up on our program, an exclusive conversation with one of the most powerful men in banking, jpmorgan chase chairman and c.e.o. jamie dimon joins for us a conversation you don't want to miss. this is bloomberg. ♪ (announcer) do you want to reduce stress? shed pounds? do you want to flatten your stomach? do all that and more in just 10 minutes a day with aerotrainer, the total body fitness solution that uses its revolutionary ergonomic design to help you to maintain comfortable, correct form. that means better results in less time. you can do an uncomfortable, old-fashioned crunch or an aerotrainer super crunch. turn regular planks into turbo planks without getting down on the floor. and there are over 20 exercises to choose from.

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matt: this is bloomberg markets. i am matt miller. let's take a quick look at the rally that we are seeing across global equities. focused in the u.s. right now, the s&p 500 up 2%, with apple adding almost 10 points alone.

tesla also putting up some big gains today. the nasdaq gaining 2 1/3%. you can see the 10-year yield. we are watching it closely, you are probably watching it closely. right now at 146. starting to creep higher again as investors feel safe enough to sell off government debt. and we have bitcoin rising again, 6.6% today to $48,693. as you can see from the headline there or the lower on the bottom of your screen, it is the s&p's pest day since june as investors buy the dip. as part of i.b.m.'s plan to pivot to the fast-growing cloud and a.i. markets, the company has announced a hybrid clubhouse service to allow customers to control how they store their information. for more on that, let send it over to bloomberg tech, caroline hyde, join the by jim whit hurst. >> thank you, matt. what a joy to be joining you

with jim. indiana president, but previously ran red hat, which was bought for a cool $34 billion back in 2018. today we get the evidence of the hybrid cloud. jim, walk us through the opportunity here. >> one of the big challenges we have seen with cloud is it is not just a place where you run computing. it's a modern way that you run computing. it is highly automated. it is highly standardized, which means you can take people out. it has inherently built in a level of security because you have a more holistic kind of framework and automation. the problem has been that for so many industries because they are regular lated or work loads that need to run at the edge, you can't avail yourself of those benefits because we are locked in these large hyper skill cloud providers. what we have done because of the framework of being able to have a hybrid cloud platt norm

is we are bringing the whole cloud now to wherever you want to run it you want to run a cloud and all of its services in your own data center, we can wring that to you. you want to run it out on the edge because you have a clever machine learning application that needs a advice what feed that is too much data to take back to the cloud, you can do that now. it is really transformational. it allows us to talk the platform we acquired with red hat, which was a cloud native platform that runs anywhere, and now we are running all the cloud services on top of that. it is quite unique in the marketplace and something for regulated industry or for specific use cases, it is transformational. >> let's talk about that regulated industry. it seems as though you are focusing in on companies that haven't been moving to the cloud that swiftly. banking and health care. why aren't they getting there fast? >> well, there is a whole series of regulatory

requirements in those industries that make it difficult to lift and move to the cloud. either the characteristics of the work loads or the regulatory environment and the ability to inherently build those controls into a generic cloud platform. we have been focusing a lot of time on building specific regulatory controls into the cloud itself. the route in traditional hyper scaler offering saying how do i build security on top of that? we are inherently building security into the platform itself. so when you want to put a work load on a cloud, if you put it on a traditional hyper scaler, you have to think about all the security controls. but the cloud having the security clouds, you can just add the application which speeds up the velocity that developers can move. we serve the largest possible market, which makes a lot of sense. indiana with our heritage in regular layed industries like financial services, health care and government, we have been doing this for a long, long time and saw the need and have

the expertise to be able to build a cloud that can serve those specific needs. >> just a minute, talking about security, i am knowing, the whole aftermath of the solar winds hack, it seems to be almost tech companies pitting cloud versus hybrid cloud, sort of making out that cloud is in some way safer and more secure than a hybrid cloud offering? >> it is a false distinction. here is what i mean by that. inherently whether on premise or on a cloud, you can build security or not. the big issue that has happened, by allowing so much freedom and self-s service to developers, you can end up with so many models, the likelihood that you miss one goes up. most security breaches aren't skies coming in through the skylights. it is somebody checking a million windows and finding the one window that is unlock the

and coming in. so the fewer environments you have, the better. almost any company is it going to have some degree of computing on premise, at a branch office and in the cloud. at one point there is no way you can say this is more secure than that. the whole point is you have them all. our strategy has been how do you have one platform that runs across all those. you have one platform that is secure. you can have one platform that developers have to work within that framework. you can have one security model that runs on top of all. that our strategy has been run the same platform on premise, in the cloud, on the edge, and as long as you have a platform that is inherently secure, you are fine. the issue is when you all-star team of his three, four or five and running different things on cloud and on premise, the idea where the metaphorical winn dough gets unlocked goes up. that is what our strategy. the cloud satellite allows to saw i am going to run a fully

secure cloud on the edge or in your data center. we are doing that for you in a secure and reliable way. >> indiana cloud satellite being unleashed on the mass,. we look forward to seeing how it does against competition. thank you jim , the i.b.m. president on the run rolling of the hybrid cloud. matt: caroline, thanks very much. advantages to jim very much, president of indiana. still ahead, our exclusive conversation with jpmorgan chase chairman and crow, jamie dimon.

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matt: this is bloomberg markets. i am matt miller. let's talk about the covid situation, and more specifically the vaccines. after the c.d.c. formally recommended the johnson and

johnson vaccine, the government will begin shipping nearly four million doses of the single dose vaccine that doesn't have to be deeply refrigerated around the u.s. right now. the c.e.o. telling our own david westin that supplies constraints are going to ease soon for them too. >> in the second quarter we are no longer going to be near as supplies constrained. as we get more doses out, we are going to be able to open up some of the requirements and restricts of who can get the vaccine and who can't. we are going to see a big difference around the number of patients vaccines around our countries and the world. matt: joining us to discuss furl they are, the senior scholar at the johns-hopkins center for health security at the bloomberg school of public health. doctor, thank you so much for your time today. this just seems to be one more piece of good news for a country that has been doing

very well at vaccinating well over a million people a day. how long do you think it is going to take to reach herd immunity? >> well, that is a big question. i think different models say 60%, 70% or more. but we have a big population in the u.s. and around the world that have not for then vaccinated and does not plan to be vaccinated, and that is kids. i think we are going to have a hard time reaching herd immunity until we start tackling that group as well. we will see. i want to be wrong on this. matt: what kind of vaccines are even available to kids. i haven't seen many studies with patients under the age of 15 or 16. is it there already something in the pipeline? >> that's right. pfizer than morant, they have started clinicals trials, and johnson and johnson is going to be doing the same. i think there is a smattering of clinical trials going

around. i don't think that people believe that we will start seeing more kids vaccinated under 18 until december, possibly later. so this is something just to think about for the future. >> of course kids don't typically die from this coronavirus. and actually fewer and fewer adults have been dying from it as well. are you encourage the by the drop in fatalities? >> it is fantastic news. it can't all be vaccine. i think a lot of it is people taking measures to protect themselves with masks and social distancing, i think. and then also just a lot of people -- you know, they are recovered, and so there are fewer people possible infect the. there are a lot of reasons why infections are going down, including over the holiday season, but it is all great news.

i hope we continue that trend, spatial as the variants pick up. matt: what about the variants? this was initially pretty terrifying to hear about variants coming out of the u.k., out of south africa, out of brazil. but if i look at the history of viruses like this with just obviously my very light amateur google researching, it seems that vaccines must tate to be less fatal even if they spread more and end up turning into common afflictions? >> yes. viruses are always mutating, and every time they infect somebody, it is an opportunity for that to happen. but it is important to not think about the trends maybe getting war -- matt: doctor, i have to cut you off. thank you very much. ♪

mark: i am mark schwarz with bloomberg's first word news. johnson and johnson is looking for ways to get its covid-19

vaccine administered as fast as possible. the company is looking for manufacturing partnerships to increase supply of its vaccine that was cleared saturday by ferlt regular late yorgs. the j and j c.e.o. spoke with david westin this afternoon. >> in the second quarter we are no longer going to be near as supply con strained. as we get more doses out, we are going to be able to open up some of the requirements and restrictions regarding who can get the vaccine and who can't. as a result, things will go up and we will see a big difference about the number of patients being vaccined in the second quarter around our countries and the world. mark: he added that j and j wants to speed up its time line of supplying enough vaccines to immunize 20 million americans by the end of the month and 100 million by the end of june. france needs another 4-6 weeks before the government can start lifting restrictions. the president tells the french

state newsage si more curbs might be needed. the country is already implements a nationwide curfew that runs from 6:00 p.m. to 6:00 a.m. president biden is putting technology and not trooments at the center of his strategy on china. he is attempting to rally what officials are calling tech no-democracies when it comes to standing up to beijing when it comes to semi-ing conductor fabricating anquan tully computing. iran says it is not the right time for direct talks with the united states and european pourls on that landmark 2015 nuclear deal. donald trump pulled the united states out of that agreement. president biden has offered to take part in talks to revive it, but iran wants the united states to lift economic sanctions first. global news, 24 hours a day on air and on "take a break," pourled by more than $2,700

journalists and analysts in over 120 countries. i am mark schwarz, this is bloomberg. -- mark crumpton. this is bloomberg. ♪ >> welcome to bloomberg market,. i am mendy. matt: and matt miller. we are joined bureau other bloomberg and bnn bloomberg audiences. let's get the top stories for you all from around the world. in just a few moments we are going to hear from jpmorgan's c.e.o., jamie dimon, in an exclusive interview with his insights on wal-mart's efforts to take on wall street and the future of traditional banking. also, what does the new urban economy look like? we are going to bring you live coverage from bloomberg's citylab summit. we are going to hear there from vice president kamala harris

and fed president from france, mary dailey. >> we are keeping an eye on the markets here, where although many of the elements that were in place last week remain the same, we are seeing a big reverse alt in trading. it is a risk-on mentality and you have a very broad-based event. every group moving higher. some of those beaten up last week gaining this week. the energy sector is up again. names like tesla up 6% on the day today. in toronto you are seeing these strong gains. some of that is the belief that the economy will stay strong. let's check in on the 10-year yield. this was one of the catalysts for the rotation as it briefly became more valuable than the s&p 500 yield. where this goes will be the story. we want to turn now to the

jpmorgan global high yield and leverage finance conference. there bloomberg's ed hammond is sestitoing down with jamie dimon. >> thank you melinda. it is great to be joined by our listeners and viewers across the bloomberg networks for our conversation with jimmie jeasm. greats to have you. >> happy to be here. >> it has been almost a year since you suffered a pretty mathiang health scare. wane to begin boo asking how are you? >> i am doing great. i am exercising again, got emotion of the my health back. happy to be back at work. >> let's talk about competition. you told your bankers they should be scared about the threat of others coming into the industry? isn't that a bit tweetist? >> a little bit, but i didn't mean it quite that way. many years ago we extent an

airplane full of people to go to china. we are doing quite fine. but you have big tech. you saw wal-mart recently. we just have to be prepared for intensified competition. we are ready for it we are very competitive, and we expect to win. >> prepared how? do you have to go out and buy something? can you build it organically? or do you use the wal-mart model? >> we are going to open another 400 branches in all 48 states. the franchises do a rot. they do wealth management, small business lending. they are really important to private banks, commercial bank clients. we have the people and the capability. we can do 100% organic. however, we are open-minded. if people ideas for us for acquisitions and partnerships, we are open to those ideas, too. >> but the growth of some of these companies, it has been so exponential.

then i look at what your competitors have done. the e-trade deal. do you think there a case should be made that jpmorgan should go out and buy one of these thin tech companies? >> we look at everything. you are correct. some of these people have done a great job. sometimes it is not cheaper or better. it is usually just ease of use or something like that. i assume the they were coming. i have been in competition my whole life. we are open-minded to acquisitions. what we tell people is we should do about we need to do to win mblingts in technology, people, market can't, systems, a.i. we are doing a lot of a.i. and cloud work and things like that. >> another thing it is responsible is this sort of democratization of the retail industry, the rekditt crowd is creating this narrative at the

moment is david versus goliath. do the davids have a point? is the system rigged? or stacked against them? >> god, in every bull market this has happen the had in any life. this is not a new phenomenon. but people should invest their money, but they should do their helmet work. gambling doesn't have a long-term success record. to the extent people are learning and getting involved, that is good. some will end badly and some will do well. just like the best tennis players, boxers, media folks, it is notion you are going to be great at it -- i remember my daughter made her first investment, and it went up, and i thought oh, god, it would have been better if it helicopter down. you learn more that way. >> what industry that has been damaged to some extent is the short-selling hedge funds. do you think that industry is

in crisis? >> absolutely no. r- -- absolutely not. what you are talking is a small part of the market. the market is global. sms like there are 10 trillion is bought and sold every single day. when we say investors. we are talking about retail investors, pension plans, hedge funds, money managers, individuals. i have been buying and selling stocks since i was 12 or 13. i believe in that. but my dad taught me how to read a balance sheet when i was 13. maybe i was guessing a little bits. but it opens it up. there are legitimate complaints about short selling, more around transparency and the duplication of being ability to short-sell the stock. there are legitimate issues around owl of them. the regulators are going to be looking at payment to flow, high frequency trade can't. those are good things. >> should people be able to

payment for to flow? >> that is a very complex subject. maybe. but much stricker ter rules about what you mean by that. it is not clear that everyone does the same payment for to flow. if i am paying a lot more to someone else or keeping more for myself, you probably have the right to know. certain sclures are not very good. >> moving on to the biggest question in finance now, the stimulus. is it too much? some can't seem to agree. you have one saying enough is already, and and you have janet yellen and others say more is needed? >> getting there covid is critical. it looks like there is light at the end of the tunnel by the beginning of the summer or something like that. but it is not a binary subject. democrats and republicans are like ships passing in the night. there are locate complaints about stuff in this bill that has nothing to do with covid. there are lot of suffering that need help. both are true. unemployed, they definitely

need help. small businesses definitely need help. people at the lower end need help. women who had to go home to take care of someone, they definitely need help. i don't know if you know this, but half the states, revenues went up. they didn't go down. do they need help? we are just throwing money at people at one point. and there is another side to that mountain. they should be cautious about overdoing it. get us through the problem but try not to do it too much. >> but isn't risk exactly that? you have places and states, people who don't need help, you overflood the system? >> and the system already has a little bit of that. if you look at what is in the system, it looks like $1 trillion unspent. that is barr this $1.9 billion. it looks like you are going to have a ganbusterer economy through this year and into 2022.

does it overheat the economy? i wouldn't worry too much about that. i would wore more about covid and nuclear war than that. but rates may start going up. >> let's talk about covid for a second. >> i have been very clear. i would not buy 10-year treasuries, just so you know. >> on covid, we are obviously doing this interview in person, which is fantastic. we are doing it in your offices here in new york, but still largely empty, as are my offices and probably a lot of people offices. how important is it to a bills like jpmorgan to have people physically coming back to work? >> it is very important. a certain amount of people work from home, and certain sales, you can track the productivity et cetera. a large portion will probably work in the offices. the branches, cash management, and the trading floors. there will be hybrids where you spent a week and a week or three days and two days.

it is reduce the need for commercial real estate, but there are huge weaknesses to the zoom world. mobse of us learn by apprentices, how do you handle the client or the problem. it is hard to behind cull indicate culture and character and all those things when you have a zoom world. upon cutaneous combustion goes await a minute it is hard to be very drit e- critical when you have 15 people on the screen. now a deep dive question looks a little rude. i met team in california all outside. breakfast. your own business, wiz, clients, your own products. i met with snowflake. you learn about technology and systems. you are not going to do that in a zoom room. so bankers, relationships, i think it is very hard to build and deepen a relationship in the zoom world. there will be more zooming. people like me will travel as

much a little i did in the past. >> as vament becomes more available, will you make it mandatory? >> it is hard to make it manned terry. i think we will have carrots and sticks. you can't make it mandatory until it is fully accessible. that question can't be answered unjudge. but i could see some companies doing it. i could see an arum or hotel doing it. there will be pressure and i would say carrots and sticks, not monday tore. >> another is spec? >> we were a day rate and a dollar short. probably a little skeptical going in. >> are you still kept cal? >> i think you have to be cautious. if it is a good sponsor, a fair sponsor deal, if it has good

pipe investors, if you really do due differently conference? the acquisition, these things make sense. clearly there is a lot of hype, a lot of sponsors that you shouldn't be doing business with. it doesn't mean you shouldn't do that. it doesn't mean there aren't some good ones. but we want to hold to jpmorgan standards with the people we actually do business with. >> turning to my home country. i know you have been hesitant in the past to opine on u.k. sovereign issues. but there are thousands of us who would love to hear your opinion on london particularly? what is the future for london as a financial center "now or never" that we have gone through brexit and the harder version? >> i get notes from britts saying go home, annika, keep your opinions to yourself. i was not in favor of a hard brexit the. it is going to cause difficulties and you are seeping them. i have also understood why you want to free yourself from a

scleritic europe. you have to deal with europe and all these other trading partners. in terms of financial services, there was no deal done, so you really don't know. are you in quenneville an are now? in my view what you are going to see parts that were done in london will be done elsewhere. though london will always be a financial center, it one be the financial center of europe. you will get other centers like paris, frankfurt, amsterdam. that doesn't mean it won't extend to other products. equity trading, and why not bond trading. i think there will be regulatory pressure to move those things. and we want to leave it where it is. we love 0 lynn do not and britain. it is very efficient for us. it is much cheaper to leave it the way it is, but that has to be settled between europe and

britain, and it doesn't look particularly good. >> new york, your home is city. there is a lot going on in new york right now in the finance services industry, people and companies moving elsewhere. what keeps a business like jpmorgan in new york? >> new york could have a bit after difficult time, too. already real estate needs will come down. emotion of us are going to more open seating. you don't need 100 seats for fewer employees. if you have higher individual taxes and corporate taxer, that does a pretty good job of driving people out, as does crime and inhospitable. make it like london, a wonderful place to visit. it is the arts, sciences, safety, parks, the soundness and the tax system. for ron do not, it is the rule of law. all the things around the financial system there, the lawyers, accountants and tech people, and they are all kind of important.

we need to do that here. you are going to have some exits anyway because some of the bad stuff has been happening too much, and you have seen a bunch of people vote with their feet and leave the city. but new york can fight back. it just has to have a real strategy. >> before we go, just a quick jamie dimon question. you are going to be 65 next week. you have been in the job since 2005. i think the only major bank to go through the 2008 crisis and navigating through the covid crisis. it is not up to you, you have a board and shareholderers. but if it were, how much longer would you want to do this! for? >> five years. the shortest answer i have ever given. it will be up to the pardon. we have great people here, and they did a great job running this company when i was unable to, which i think proves we have people in place that can do these things. >> how many people of your direct report group could step up and dot c.e.o. job. >> the ones i am going to mention are gordon smith and daniel pinto, but those two,

they did it when i wasn't here. they have done an outstanding job. we have tons of exceptional people. >> jimmie, hopefully there is another five years and beyond that. great conversation and great to be with you. with that, mendy, i am going to turn it back to you amanda. >> all right, ed hammond, great conversation with jamie dimon. matt miller, obviously when jamie dimon speaks, headlines ensue. pretty prod ranging conversation there. the view of credit, they are up there in the credit conversation. pretty interesting for see somebody of that caliber saying not so interested in the long end of the treasury curve. >> i thought it was fascinating. he said i would not buy 10-year treasuries to be clear. we are all watching to see what fed speakers have to say. it is important to listen to a guy who probably is the most important banker in the world. that is difficult to rank, but

at least he is up there. if he doesn't want to touch them with a 10-foot pole, why should anybody else at 146? i thought it was very interesting as well that he is looking at wal-mart as a competitor, and he knows that there is a lot of big competition out there. fintech is a growing threat that maybe wall street can't snuff out with regulatory challenges. >> to me that is:jimmie jeament is jamie dimon and why he has global clout, because he speaks the truth. in some ways the banks are only one regulation away from a real threat by a wal-mart. if you are c.e.o. of jpmorgan chase, you had better be pace attention. he obviously is and is not afraid to say so. >> yes. very interesting stuff. thanks again to ed hammond for that conversation with jimmie, chairman and c.e.o. of

jpmorgan. we are seeing yields repeat now at 144.44. we are all going to be watching the 10-year-year-d, aer those amazing moves last thursday. bloomberg.

milton this is bloomberg markets. i am matt miller in berlin alongside in a satellite sense, globally we are alongside each other, amanda lang in toronto. time now for the bloomberg business flash where people, brother and sister on this earth. look, right now at some of the biggest business stories around the world. micro strategy has added to its pile of bitcoin to raise holdings to more than $4

billion. the enterprise software company disclosed that it bought $328 of the tokens for $15 billion. in hung congress, the hang seng specks has planned one of the biggest revamps to the city's 51-year-old stock index. the number of companies will be increase the from 52 to 80, and the maximum weighting of any company in the index will be capped at 8%. a beach front mansion across from former president trump's maralago resort is on sale. the company bought the eight-ped room house from the former's sister in 2018 for $18.5 million. a full page add lists it now for $49 million. the exclusive listing doesn't mention trump, but it does say the house comes with a

mar-a-rago club membership. amanda are you a taker? do you think it is worth it? would you like to live there across from there? >> i'm not even sure how i would use a basis for comparison in that case. in these markets, i do think it does point to where we are at, which is the runaway evaluations we are seeing in different parts. spacs are the obvious once. i don't know if you have talking about it online today, but nba digital memorabilia. it speaks to a lot of money looking for a home. it can make some of us a little nervous. the higher you go, the further you can fall. >> absolutely. thinking about the inflation issue with the trump house, and the thing is i am not sure if his sister had a membership. this house now comes with that. that could april count for the

extra $30 million. i don't know how much it costs to join the president's club, but definitely you see a lot of cash sloshing around the world when people are paying $200,000 for a short video clip of lebron james that is not even exclusive to the buyer, slamming a basketball, or $580,000 for a meme of mian cat. things are getting a little bit frosty. >> they feel frosty. it feels dangerous. on the weekend reading kind of an historically review of the spac. those who have been around long enough, and both have, remember this really was a peck itf part of the market that was home to a lot of shenanigans which it was first growing up. respectable people are involved, and a lot of money has flawed. -- has flowed. but you do wonder if people are

drawn in without a full understanding of what is going on. i am not talking about the pros out there. they can do what they like. i worry about that retail ways that may be drawn into things that may be dangerous. >> definitely think guys. as jamie dimon says, do your homework before investing. figure outs how much nian cat is actually worse and if you want to hang that art on your wall. there is no price that really is too much for the meme nian cat. amanda, thanks very much for spending this half hour alongside me. i am matt miller in berlin. this isberg. ♪ -- this is bloomberg. ♪

>> it is 2:00 p.m. in new york,

7:00 p.m. from london. this is bloomberg markets the close. i am caroline hyde. >> and i am taylor riggs. >> let's go to the city lab global cities summit. right now the chicago mayor, federal reserve bank of san francisco, mary daily. let's listen in. >> in full relief, multi-dimensional. at the bottom of the economy what workers were seeing was a complete lack of access to a safety net. working incredibly hard and still not able to make ends meet even though they knew that their work was essential, right? now we all see that some of the work that was least visible to us is actually essential to our safety, our health and our well-being. it is often done by women and workers of color. and now that we see this, we can't unsee it, and we have the disruption we needed to chart a

new status quo,