manus: what will drive the markets to jp morgan's note. we will put that to janet yellen and what will that due to the growth story. this is bloomberg. ♪ manus: welcome back to the open. we are 14 minutes into the trading day this monday morning. a reappraisal of risk and it is fundamental. the question is -- it is predicated on the view that russia does not invade ukraine. what is at risk? the fundamental question -- is this the grandest and most global stage that putin could ask for? a moment to negotiate and de-escalate? for the moment, the market is banking on de-escalation which is what diplomacy will do. to that end, you see the reduction in recession risk. european equity markets are up this morning. paris is up by 0.6%. macron has real skin in the game. if he has brought them together, think of what that will do for his election. this could be a win for macron going into the polls rather than the specter of a conflict. london is up. credit suisse has a report that they were banking and doing business for people involved in a variet

and i have taken that to heart and i do the same thing when i went to jp morgan.ssume there is any employee in the room from jp morgan, and there is a shareholder in that room, and i'm supposed to look out for them. that is my job. in terms of what jamie has taught me, howard and jamie have taught me different things. obviously i have been with howard a long time and i think he molded me as a person in terms of my professional self from watching him, especially for so many years and so up close. with jamie, i haven't been there as long. but what i can say to you is i have learned, without a question, how he has put a world-class team around him to run an extraordinarily complex business, and at the end of the day, you are only as good as your people. i think that is what i see and what i have learned from jamie. david: another initiative you have been involved with is getting jp morgan and others to invest in minority-owned businesses. how is that going? mellody: the initiative is really targeted at the growing sustainable minority businesses by bringing two thing

david: today you are coming to new york for a board meeting of jp morgan.hich is the biggest bank in the world by market capitalization. mellody: largest in america. david: in america it is the largest and it is led by jamie dimon, who has been ceo for some time. as a board member there, what is your responsibility? is it to help the bank grow? what have you learned from jamie dimon? is he a mentor to you as well? mellody: to start up with, any board role, you are a fiduciary for the shareholders. howard taught me this past. he told me every time he sat in the room he pictured two chairs. one share is a partner in the -- and the other is a shareholder. he said when you are the boardroom, be proud of everything you say to those chairs. and i have taken that to heart and i do the same thing when i am at jp morgan. i assume there is an employee in the room from jp morgan, and there is a shareholder in that room, and i'm supposed to look out for them. that is my job. in terms of what jamie has taught me, howard and jamie have taught me different things. i have

jp morgan ceo jamie dimon joining us next for an iv

i feel that i am better off contributing to organizations like ariel, starbucks, and jp morgan.id: if somebody says i want to bundle the optimism and enthusiasm for life that mellody hobson has, what do you think is the key to being so optimistic and energetic? mellody: gratitude. when you have had the life i have had, every day feels like a gift, blessing, feels beyond anything i have ever expected. if that is the way that you look at the world, it ends up being a much better life. that does not mean days are not hard. i told people at ariel my worst day is still awesome. i have had some bad days but in the context of what i know that can be really bad, worrying about where you are going to sleep or eat. nothing is that bad, nothing. it gives me empathy for people who have those struggles. because i never forget, i am always grateful and because i'm grateful, i think i am supposed to work hard and do better. i'm supposed to be optimistic because the contrary is -- it just doesn't seem right given the opportunity i have had. what do i have to complain about? it doesn't mean i do

we had jp morgan -- morgan stanley saying we could get maybe 5% on the s&p 500 if there are signs of de-escalation. it feels when it comes to european and u.s. stocks some of this has been priced in already. the market remains jittery and watching what is going to come next in terms of sanctions and how the west response to the move. >> i am curious about that exact idea. in a few months ago, a lot of economists were saying the first quarter was going to be volatile anyway. they were attributing it to a hawkish bet and strong pivot. no one saw these geopolitical tensions creeping up. how much of the price action is those russian tensions? justina: it is a combination. you have this big policy shift from the fed and this geopolitical risk. there have also been signs of decelerating earnings. people are worried about slower profit growth at the same time. it is hard to disentangle everything because the russian news at the same time affects inflation expectations through commodity prices. that affects what people expect the fed to do. tom: when it comes to central banks, the market pri

manus: deutsche bank of 50%, goldman a jp morgan 40% to 50% up.f percentage do you see the bonus food at ubs rising? ralph: i cannot give a percentage yet but it is increasing. manus: 2020 was up 24%. ralph: it is not as much as that this year. it is about paying for performance. that is what is important. if people perform they get paid well and if they do not they do not. clearly the market has done well. we have done well in the market and so the pay is up. guy: the ubs cfo speaking to manus cranny. manus cranny joins us from zurich. the market left what it heard from ralph hamers and ubs. is this as good as it gets? manus: i think he will push further. i think given the new targets he is delivering on profitability and cost income it is closing the gap. look at last year's numbers. look at some of the b.i. they have run the numbers with the profitability target of around 18% payout in a cost income ratio targeting 73. this could evolve into a bank that has rates around 75% and that is when you begin to play large with wall street and you go he

>> at jp morgan, we do not think so. we see equity more carts -- markets washed out from a valuation perspective. in asia, china is the largest underweight for investor portfolios. investor started to dip their toe into the market over the past couple weeks and we are seeing a strong start to the day in hong kong, but we see opportunities forming for bottom fishing, particularly cyclicals, emerging markets, and china. rishaad: i want to get to the geopolitical overlay. 100 dollars a barrel for wti, if we get to that, does that change the game for central banks and the consumer? >> so it is an interesting dynamic. i think we are seeing clear drivers of that increase that are non-geopolitical in nature and the impact of climate change, higher energy prices overall, a positive from a climate change discussion perspective, because you're encouraging the developing of renewables and getting a better price umbrella for energy sources, so arguably better for the long-term discussion on climate. you add to the conversation some

a dire warning from one of america's largest banks, jp morgan said oil could easily hit $20 per barrel if tensions between russia and ukraine escalate, as inflation tops 7.5%, that is the highest level in 40 years. plus this. >>> new images this morning of u.s. fighter jets arriving in poland as russia launches joint military drills in belarus. details on what the u.s. and european allies are watching as possible signals of an invasion by russia. >>> and back here at home. the national archives asking the doj to investigate former president trump's handling of white house records. this after boxes of documents recovered from mar-a-lago. >>> details reveal former staffers believe the president if tried to flush some documents at the white house. >> more than once. but we begin this morning with the inflation news. cnn's matt egan following all of this. matt, a number consistent with what we saw in december but crucially, not tailing off at all, which is what the white house had said they'd hope to see in the early part of this year. >> jim and bianna, this is another brutal report on th

we have a terminal chart that shows some optimism, by jp morgan.hey say this is now the winter season for stocks. jp morgan stays they saw a signal where they jumped more than 50% above their monthly moving average. for them, they say that is a clear signal to buy in stocks. you can see that call in january 25, that is where it came in. they think it is an opportunity to get into stocks. this key marker has a rep failed. francine: what they call that is a bulletproof indicator which is a bold call. they're looking at moving averages. your chart is wonderful. if you have them rising more than 50% on a one month moving average, which it did, jp morgan says by some stocks. joining us now to look at his bulletproof indicator is the head of european equity strategy at barclays, emmanuel cau. it is good to look at indicators of an opportunity, is or anything in the market right now the you think signals were sent to come for stocks -- signals more strength to come for stocks? emmanuel: [indiscernible] we are seeing a lot have left the market. across the

the global head of karate's research and strategy at jp morgan -- of research and strategy at jp morgan. to the opec countries have enough to make it up -- do the opec countries have enough to make it up? >> opec agreed to proceed with a hike in march. it is not equal a monthly increase. is below what they have been quoting because some of the members clearly had trouble meeting production. they cannot get the numbers which they are hoping for. matt: i am looking at opec on the bloomberg to find a spare capacity and we see it in saudi arabia which has been described as the shock absorber of opec. elsewhere, it is not there. uae has some and iran has some. how much more can they pull out of the ground? >> you are correct in terms of some members underperforming. there are many difficult issues preventing production that has been cut over the last two years. at the same time, a couple of the members like saudi arabia and the emirates do have the ability to increase capacity. the alliance views themselves as balancing the market and they are observing what the inventory has been doing and

at jp morgan, the only definition of wealth that matters is yours. smaller house, but a bigger nest egg. a goal to work toward, or the freedom to walk away. with 200 years of experience, personalized advice, and commission free trades on an award-winning app, we are working for you. planning. investing. advice. jp morgan wealth management. >> 5.23 right now and the giants and the a's are in danger of having to cancel games said this point. the players in the league have reached a deal to end the lockout. know that's a problem. the league and the players. >> union did wrap up their 7th straight day of negotiations on sunday. unfortunately, they were unable to reach a deal. so the 2 groups were told met for about 6 hours. espn is reporting that talks were productive, though. union source says that the sides are still pretty far away from any sort of agreement. league officials told the players that regular season games would be canceled if they didn't reach a new labor agreement by today, the mlb and the players association. they're going to be this mo

jp morgan saying, $110 per barrel because of the escalating ukraine russia tensions. thank you very much for that. i want to circle back to the discussions, the debates that are being handled at the united nations. let's hear from the united nations secretary general, speaking now. >> -- it's clear that military action will be happening in the territory of ukraine. obviously, if it leads to a generalized war, it is difficult to forecast how dramatic it will be in the number of people that will die, in the number of people that will be displaced, in the number of people that will lose hope in relation to the future. it's also clear that the consequences for the russian federation will be very meaningful. it's not for me to comment on sanctions that are being implemented. it's clear that there will be consequences. what's clear for me is that this war doesn't make any sense. it violates the principles of the charter and it causes or will cause, if it doesn't stop, a level of suffering europe hasn't known since at least the -- crisis. >> is there anything the u.n. can do

for the fed, mike for early of jp morgan -- michael feroli of jp morgan talks seven hikes for the fed. suggesting that if the fed does not deliver what the market expects, you would get an adverse reaction in this market because the belief would build that the fed would not deliver on the issue of the moment. tom: we just heard reticence from blackrock. there is still a group out there that says improving inflation will get us away from certitude of seven hikes. jonathan: we really are super divided. we can talk about what is priced. whatever i put out on twitter, goleman says seven, bank of america says seven, jp morgan says seven come of the month of the mountain pushback you get to that, the same old line. they will not be able to do this without causing big problems. tom: a fractured washington, particularly the legislative branch, tries to respond to what we observe in kiev. lisa: and also to inflation, and it is related. the gas tax and the gas issue, and how much gas prices have climbed. this all plays into this idea of the self-limiting kind of spiral you are seeing. how much

at jp morgan, the only definition of wealth that matters is yours.ller house, or therewalkwaer nesgoal to wo, and commission free trades witon an award-winning app,e, personalizeddv we are working for you. planning. investing. advice. jp morgan wealth management. your mission: stand up to moderate to severe rheumatoid arthritis. and take. it. on... ...with rinvoq. rinvoq a once-daily pill can dramatically improve symptoms... rinvoq helps tame pain, stiffness, swelling. and for some...rinvoq can even significantly reduce ra fatigue. that's rinvoq relief. with ra, your overactive immune system attacks your joints. rinvoq regulates it to help stop the attack. rinvoq can lower your ability to fight infections, including tb. serious infections and blood clots, some fatal; cancers, including lymphoma and skin cancer; death, heart attack, stroke, and tears in the stomach or intestines occurred. people 50 and older with at least one heart disease risk factor have higher risks. don't take if allergic to rinvoq as serious reactions can occur. tell your doctor

we still feel confident about doing that. >> kevin foley from jp morgan. send it back to you. tom: headlines continue to come out and there are many more to come as well. lisa, i'm still not used to aberdeen. they have been left unable to sell 5 billion sterling stake. and that's according to sky tv. that's exactly what you've been talking about, lots of realities. >> how do you liquidate assets? how do you move at a time when credit default traders are pricing in a 6% chance that russia will default in the very near term. how do you sell government bonds and begin to value them? if we don't have a sense of what the sanctions will pass. >> it will be difficult and heart wrenching. and lisa, there is a headline. u.s. issues do not travel advisory for russia. >> and how do u.s. nationals and european nationals get out of russia, an idea where things are clamping down. tom: you will have that conversation on radio and television for you this morning. markets are very much with nuances in the morning. the bank of russia speaking removal. slightly elevated over

haidi: jp morgan chairman jamie speaking exclusively with bloomberg ed hammond.lines coming out of japan including from the prime ministers office saying that japan has bolstered its sanctions against russia to include allow the freezing of assets held at the nation's central banks. now, this would also include allowing the freezing of president vladimir putin's assets. this coming from the japan prime minister's office. haidi, as we get more insight into perhaps how japanese policymakers are looking at these sanctions against russia, the prime minister also talking about these sanctions on russia's central bank being effective and that they will watch the impact on the japanese economy as well. haidi: we have reporting about japan. also within the g7, of course, policy coordinated approach to freeze russian foreign exchange reserves. that was according to earlier reporting in the nikkei and of course, over the weekend, those efforts by western nations in these restrictive measures roughly affecting about half of russia's reserves held in g7's nations. that is ac

jp morgan predicting global rates will be around 2% by the end of this year.cine was saying, you will see more action in the bond market than the equity markets today. retail, 0.8%. based resources, 0.5%. energy down 0.6%. brent is around $92. that is a sector break down 30 minutes into the trading session. we also want to look at what is happening in the banking sector. we have an important interview minutes away. let's look at what the chart is telling us about the differentiation between some of these lenders in the euro zone and how we adjust for prospects of higher rates and whether -- and to what extent will that be further supportive of the lenders? you can see the breakdown. that is the yellow line. intesa has outperformed over the last five years. francine: i like that chart because we see the correlation between some of the bonds but also the outperformance of intesa. i think i saw three banks say they were rating the bank because it will disburse 22 billion euros to shareholders. this as it reported better than quarterly earnings. i am very pleased

we know that from the likes of jp morgan, goldman sachs.ou'll see a huge question as to what talent remains, whether they just bifurcate the pool and give some to the top performers and push away the people who are not. jonathan: is it that usually how it works anyway? lisa: either it is that or they risk losing their talent. this is a pretty tricky negotiation considering what we have heard from other banks. jonathan: two years ago, it was deutsche bank getting a story like this. now it is credit suisse. tom: they have been challenged. it is the unique zurich thing that we have experienced. jonathan: coming up, congressman french hill, who knows a bit about markets. we are down .2%. this is bloomberg. ♪ ritika: one day after meeting with vladimir putin, emmanuel macron goes to ukraine to meet with that country's leader. he says his discussions could form the basis of their next steps. the u.s. is losing patience with china regarding trade commitments reached during the trump administration. american officials say they have not seen any rea

jp morgan saying they were averaging $110 in the second quarter. that is the average forecast. at times, it can spike higher than that. also some factors in the nuclear deal with -- which looked like it was getting fairly close to completion. prices definitely heading higher on this. it is important to note that at this stage, neither side has socked to weaponize oil. they lean to commodities. russia has not been hit by sanctions yet. no indication at this point that they will take steps to stop russian oil exports, or that putin would take steps to restrain exports to put more pain on the west. but that could change very quickly. rishaad: also, just seeing bitcoin taking an absolute plunge. nearly 10% down. risk assets. looking also at the dynamic on the energy side of things. look i gas, as well. the suspension, not nord stream 2, what is the impact of that? >> gas prices rose on that. that is a big deal. essentially being put on ice. that is with gas, russia supplies around 40% of europe's gas. there are supplies from the u.s. and qatar that make up some of that shortfall. b

for jp morgan's mike caroli, they are -- mike feroli they are ready to go.very single meeting this year. tens at the moment just north of 2%. do you yields backing away from 1.60%. -- two year yields backing away from 1.62%. the reason jp morgan has made a move, the ecb is set to make a move as well. switch up the board and finish on euro-dollar. the end of last month, we opened up the final trading day of january with a 1.1 1% handle. came very close to 1.15% handle. the idea being that in the past, the fed had to back away because it had to worry about the dollar getting too strong. does this take those concerns away? tom: i think there has been's good work on this, include bruce kasdan -- bruce kasman and youngkin fells of pimco -- and joachim fels of pimco. jonathan: i remember being woken up. wasn't it my christmas vacation? lisa: first thing in the morning. merry christmas. jonathan: 15 basis point move. i missed the flight, tom. [laughter] the things i will do for this program, the links i will go. lisa: touching. jonathan: just to have a phone conver

myles bradshaw, head of global fixed income strategies, joining us from jp morgan asset management.he focus, maybe you could argue, more on the bond market than the equity markets. today we are seeing some stabilization in the european markets, but is your expectation that we are going to see an ongoing increase on both sides of the atlantic? what is priced now? how much more is still to come, do you think? myles: i think it is a world in which value is being created in the bond market, but as an investor, it is still to patient. i don't think assets are yet cheap enough, and that implies we could have higher yields to come. clearly, we are in a world where we are waiting to see the inflation data to have confidence about the direction or speed of the rate hikes, but i think we are still in a world where we should be bracing for more volatility rather than less for the time being. so now is not quite the time to be loading up the boat with fixed income. i think we can be patient. value is being created. kailey: there's been a lot of turmoil on the sovereign side. what about the corp

tom: this dovetails with the jp morgan's housing note of the weekend. the supply is not there.'s a supply issue. in that rent story, inventory is down 83% in terms of available apartments compared to january of last year. as someone who has to move in new york city in a couple of months, those are the headlines i hate to see, especially as a consumer. this lens into the idea pricing power for companies, how much more can you tolerate these higher prices? how much more can the consumer tolerate these higher prices? we are starting to see sentiment dwindling and savings rates r-star -- are starting to deplete. mark: the equity market has got a bit of a reprieve. people are feeling good about some of the earnings they are seeing today and recently. but that's backward looking. we are focused on what's going to happen going forward. there is still stimulus in the pipeline, consumer balance are still flesh from the stimulus checks and the mortgage deferral. that is increasingly going to go away as the year plays out. bookings at theme parks are going to be great in the short-term. p

jp morgan of citibank are among the banks taking a more liberal approach.time will tell if goldman sachs will speak to it or not. matt: is it important enough to a new generation of workers to get this kind of flexibility that is going to change the way we work forever? or is this something, a proverbial flash in the pan that in two or three years, people go back to working in the office five days a week? william: according to future forum, 68% of the knowledge workers that they surveyed want to be able to hybrid work in some capacity from now on. in terms of whether or not it's permanent, it's important to look at the wider cultural changes that are going on in society. as prices are becoming much more expansive, young people are increasingly priced into markets. it makes sense to be living outside the city, where things are a bit cheaper. people have different expectations about family life than they used to be. they want to be able to be a parent and be an office worker and be a banker. if they're going to be dragged into the office, that's the risk of b

christyan malek of jp morgan, thank you very much. andy three dollars.ubted the quepasa -- $93. he doubted the capacity of some of these opec+ carriers. tom: i would suggest the balance between economic policy and economic growth, commodities will be the unexpected. my radar is up on that. jonathan: to hear people like christian, like jeff currie speak like this, that quote, "this is a molecule crisis. we are out of everything. i've never seen markets like this." lisa: "you name it, we are out of it." how much does this show the limits of a world dependent on just-in-time delivery and driving vehicles filled with stuff? jonathan: the stoxx doing ok. the nasdaq 100 up 0.4%. the s&p up 0.25%. tom: the report is it is a fractional lift, but it is a carryforward of the shock of friday. we can't say it enough, friday was stunning. jonathan: it was stunning, and this move in europe has been stunning as well. the selloff in the italian debt market is fading a little bit here. we were up 10 basis points plus on the italian to, now up just five. on tends, -- on t

jp morgan chase, wells fargo, and citibank.n other words, these banks are also owned by a handful of wall street firms. what about transportation? we all get on planes and go here and there. these three major wall street firms, blackrock, vanguard, and state street, they are among the top owners of the four major airlines. united, american, etc.. what about health care? who owns the health care industry? together these three wall street firms own an average of 20% of the major drug companies. they also own many hundreds of nursing homes, hospitals, and emergency rooms. what about housing? what we are seeing is a handful of wall street firms are now a major owner of rental housing in america. at a time when housing and rent is shoring -- soaring in this country. maybe, just maybe if you have not heard a whole lot about these issues, and my has something to do with the fact that a handful of wall street firms control half of the newspapers in america. i think there is a reality, which maybe, says it all. that is, during this terr

banks that jump on the virtual train. >> there is a 3d world and there is a picture of -- there is jp morganrtual world with an avatar of jamie dimon riding a tiger. you are looking at the brick-and-mortar headquarters of j.p. morgan chase which remains in new york city but the blockchain formed back in 2020 created the virtual world office and they are also creating an upstairs lounge. all of this comes as j.p. morgan chase releases a paper on how businesses can explore opportunities in the metaverse. that is perhaps where it is going. a lot of digital platforms believe is going to be part of the future. many analysts, including those in bloomberg intelligence and bank of america is a leader in the metaphors -- metaverse category -- roadblocks seeing its stock plunge, down as much as 19%. it has pulled back, one of those companies that really took off in the pandemic because it is a leader in metaverse, a creator with a unique view of the world. it reported bookings miss the estimate, there is a bit of a slowing down that may be the pandemic boom is over. it could also show growing pains as

jp morgan in a note this morning saying, quote, the impact will be limited at the global scale as thersea's exposure of russian banks and financial system is relatively small but a closely followed rate strategist said bank's inability to make payments due that their exclusion from s.w.i.f.t. is the same as leeman's inability to make payments due to its clearing bank's unwillingness to send payments on its behalf. the issue involves counterparty risk any global firm had a swap-out standing with a sanctioned firm could be met with a counterparty that's unable to pay but this market is opaque, so it's unclear at this point in time where the risk lies and how systemic it is another thing to keep an eye on, guys, this is right up your alley, russian adrs in the tech space in particular that includes the google of russia and ozon, the amazon of russia, listed on u.s. exchanges, halted today. they have big american investors according to fourth quarter filings. it's unclear how much of these adrs they still hold at this point in time, but one would expect that as you can see there, now down

jp morgan saying the run-up to $150 a barrel could mean a slow of global growth. inflation at 7%. it's a situation you not really want to bn. take a look at where we are in terms of markets. risk off. equity markets pretty much in the red. back from a three-day holiday playing catch-up to that selloff which we saw on friday. investors seeking shelter pretty much in the bond market. yields easing on the back of that. also on the back of yields easing for treasuries on friday. taking chances somewhere. in the fx space we are checking the yen. remember it was 116 just on friday. and we are tracking crude. bti crude up 51.5%. brent at $95.69. remember, oil is about 50% higher on the year. just two years ago we saw oil down low that zero mark. how things have changed. rishaad: yes, it certainly has indeed. looking at this eight week long rally we have seen for crude. what better way than to actually perhaps refill your coffers than to have high energy prices for a country like russia. when of those things that is a corollary of what is going on. the vix volatility index spiking up. see

at jp morgan, the only definition of wealth that matters is yours.ouse, but a bigger nest egg. a goal to work toward, or the freedom to walk away. with 200 years of experience, personalized advice, and commission free trades on an award-winning app, we are working for you. planning. investing. advice. jp morgan wealth management. >> announcer: today on an all new "dr. phil"... almost two years after george floyd's murder... >> no justice, no peace! >> announcer: what's changed for black americans? >> the problem is systemic racism. >> mass incarceration, police brutality. >> spend a week in a black community. feel what we feel, see what we see. >> how can white allies help in the black community? >> invest. >> provide opportunity. >> are you gonna give me some of that macaroni and cheese or not? ♪ ♪ >> dr. phil: the murder of george floyd on may 25th, 2020, sparked a nationwide movement. but it has been almost two years now, so the question is, what exactly has changed? i have invited leading experts

a dire warning from one of america's largest banks, jp morgan said oil could easily hit $20 per barrel the highest level in 40 years. plus this. >>> new images this morning of u.s. fighter jets arriving in poland as russ

authorities imposed $200 million in fines on jp morgan state -- on j.p. ing the headlines for the past hour or so. president putin saying he's considering an appeal for official recognition from separatists in east ukraine. the headlines helping to send russian stocks at one point to their lowest level since 2008. for the latest, we welcome bloomberg's mark champion. we are seeing this meeting taking place at the russian security council. headlines coming sick and fast from many different voices. crucially, president putin saying he is now considering recognition of separatists. bring us up-to-date because this has been something that the russian duma had already voted on, but he has not done it as yet. what is the significance of this? mark: this would make it relevant minsk peace accords that diplomacy has really been based around, the attempt to get implementation of the peace deals that were made in 2014, 2015, so it would really change the game because that would no longer be relevant. it would allow the russians to claim that these are now independen

jp morgan wealth management. people are soon going to be ordering a pizza from a pizza. >> vending machine i want if it gets it faster in my mouth, i'm all in favor. let's find out the machine is supposed to be able to make a fresh pizza and a man. so this is like a it's up him and made pizza. really handmade. its machine may know, but it's an oven machine. right? rich demuro shows us how it works. when you think pizza, you might think delivery or someone tossing some dough up into the air. >> but robotics is changing the way pizza makers are doing business now. a fully self-contained pizza. making vending machine is getting ready to hit the market. >> pizza is a fan favorite. everybody wants pizza. you can eat pizza at any time during the day and night. now a new way to get it anywhere. anytime my answers at 40 out. who made city mossimo know what day marco is creating a pizza vending machine where pies are made fresh and on demand. i fell in love with peace. when i was a kid on the 7th generation and hospitalit

at jp morgan, the only definition of wealth that matters is yours. goal to work toward, or the freedom to walk away. with 200 years of experience, personalized advice, and commission free trades on an award-winning app, we are working for you. planning. investing. advice. jp morgan wealth management. are you tired of clean clothes that just don't smell clean? downy unstopables in-wash scent boosters keep your laundry smelling fresh way longer than detergent alone. if you want laundry to smell fresh for weeks, make sure you have downy unstopables in-wash scent boosters. king c. gillette is a complete lineup of tools and facial hair care products. this is the style master. designed to style your stubble in one stroke, a pivoting metal head that defines every edge, and three comb lengths for added versatility. one tool that helps you choose, change, and master your style. king c. gillette >> from the area's local news station. you're watching the kron. 4 morning news at >> and happy monday to you. i'm daria and i'm james. we've got john reyna all of us

yeah, there was a lot of examples you talked about wells fargo and jp morgan chase and i was just like oh i've been with yeah many many years and you gave me great reasons to stop. i'm finally gonna do it. like you said it's a little bit of pain, but it's okay, so we have some questions first question. what advice would you give someone in their early 20s on while activism? yeah, um, i think honestly the more that you can get into some of the habits the butter so, you know sort of just the american way the capitalist way is very much to as you grow in your career and you earn more you're supposed to spend more you're supposed to buy nicer things. you're supposed to, you know, people call smaller homes starter homes with the application that you're always supposed to move up into a bigger home if you can just sort of set your expectations at looking for what is and this is a concept that i don't talk about in this book that i do talk about in my first book work optional of finding your comfortable spending level. once you get to a point where you say, okay, i can pay all my bills. i can

jp morgan saying if there is some sort of disruption in the exports, then we'll see the price of oil right now, it's just over $100 a barrel. if there is a disruption, we are likely to see $120, $150 a barrel. >> thank you. he has become the face of solidarity and defiance in ukraine. how president zelenskyy went from an actor to a war-time president. it's my 3:10, no-exit-in-sight, migraine medicine. it's ubrelvy. for anytime, anyere, migraine strikes. wiout worrying if it's too late or where i am. one dose can quickly stop my migine in its tracks within 2 hours. unlike older medicines, ubrelvy is a pill that directly blocks cgrp prote, believed to be a cause of migraine. do not take with strong cyp3a4 inhibitors. most common side effects were nausea and tiredness. ask about ubrelvy and learn how abbvie can help you save. >>> the united nation says more than 150,000 ukrainians are fleeing, many have decided to stay and fight. they've taken up arms, fashioning weapons ut of household items. >> these are i have civilians without any military training who say they must step up. we have

casman at jp morgan walking away from $150 a barrel on oil. they walked through the supply coming on, including iran. a better time. jonathan: do we get an iran deal? does that change things. we spoke with anna edwards earlier. the big ceo of a big oil trading company, talking about a massive moves in demand and perhaps pushing crude to triple digits. that is a different conversation than a short-term supply jump. does it move the dial? does it move it over the next 12 months and beyond? tom: the media loves inflammatory statistics. risk has been walking back $150 a barrel oil. lisa: near-term, not seeing massive disruption. orchids are impatient, but it is unclear what could bring oil prices substantially down. if oil prices stay where they are, how much of a shock is that? if you look at the inflationary impact and the ramifications on the fed, it is that going be easing monetary policy. we tried to get somewhere and got diverted and ended up coming home. do you really want to hear it? we will do it on the rake. we missed our flight, they ca

i would suggest jp morgan is way out front on this with this quarter sub 2% and that's slow growth. they are coming in a little bit more. lisa: mohamed el-erian made this argument where you will get to slower growth regime. what we are seeing now is even if the fed does nothing, you will see that slow down which might be sharper because they will have to move faster and you could see more appetite by which will be reduced. it's such a difficult moment, how the fed policy is considering the lack of real wage growth is not the same as 1970. jonathan: have we met the limits of pricing power in america? is this the story this year? lisa: amazon increase the price of their prime membership by $20 in the stock surged by 15%. they were saying we can pass this on and everyone cheered. at a certain point, it seems they can kick things up. jonathan: i thought prime is that much? maybe i won't hold onto it. i don't use it anymore. i'm not sure i get things enough delivered for the one hundred $90? lisa: it's like $134. that's the first thing you thought of? jonathan: i thought about canceling

jp morgan also will be rubbing their hands, they have made about $300 million on these trades. d morgan stanley are also among those who have profited. manus: just how lucrative is the business that we are talking about here? briefly. >> it is a big win for those who are doing it successfully. however, this is not a trade which is for the fainthearted. the sterling market in inflation for example is affectionately known as the widow maker. brokers talk about traders having to be taken out, taken away from the trading floor last year during some of the drama. inflation is notoriously difficult to read. is it transitory? is it longer-lasting? you have to be able to take a view on what central banks are going to do. that can be difficult. manus: ok. we have to leave it there. nope. we have literally run out of time. it little bit like those on the swap trades. will shaw with the big take. this is bloomberg. ♪ if you're a small business, there are lots of choices when it comes to your internet and technology needs. but when you choose comcast business internet, you choose the larges

jp morgan not quite as aggressive, but they expect lift off by december. watch inflation.they will watch it closely. if there is a sign of inflation starting to peek and turned back -- peak and turn back, we will see if she turns the door open wider. shery: the bank of england are leading the charge on inflation. kathleen: in a way, with the meeting today where the bank of england did their 25 basis point rate hike -- that was telegraphed. there was a vote. four out of nine wanted a 50 basis point rate hike, out in front of not only the ecb, but in front of fed reserve as well. if you see what's going on with inflation in the u.k., you can see why andrew bailey and his colleagues are continuing to be ready to move hard. 5.4%, highest rate of inflation since 1992. energy prices rising. the u.k. government today unveiling a program, $1.2 billion to help british people pay high-energy bills. that is one of the reasons these high energy prices, the boe raised its forecast for peak inflation. they expect by the middle of the year, april, to 7.2 pipe percent. -- to 7.25%. they w

jp morgan global strategist will be joining us next. this is bloomberg. ♪ kailey: warning of the impact of the potential russian military action. mike wilson wrote a note overnight saying to work materially increases attacks for economy in earnings and a spike in energy prices would perhaps tip several economies into an outright recession let's get more perspective from meera pandit , global market strategist. how do you view the geopolitical risks out there with the appropriate market response is russian mark -- is? meera: for the market perspective, it comes down to the fact that markets do not like uncertainty and we are seeing a lot of uncertainty right now. it is already fragile. the biggest transition mechanism here in terms of this conflict is oil prices and energy prices and how that puts rusher on global growth and the consumer. the impact could be more severe in europe that is reliance on russia for energy and a little more limited on the u.s.. we are seeing a sentiment for people looking to hedge in areas like treasuries, the

do you think you can get the jp morgan nine rate hikes or where do you sit at the moment? our view is there will be rate hikes, which is one important thing. the second important thing is that the fed and other central banks at some point will reduce their balance sheets, which means liquidity to taken out of the market. we have to prepare for a scenario in which a -- interest rates are higher and inflation remains high. on the operational side, when it comes to costs, when it comes to claims, we have that well under control. we have the ability to also reprice our contracts. on the investment side, since we are a very strong fixed income investor, higher interest rates are a positive message for us in the medium-term. manus: thomas, we wish you well. well done on the numbers and the buyback. that is the ceo at axa, my guest this morning. kyiv is a city under pressure this morning. martial law has been declared. this is a country which is grappling with president putin's military operation in the east of ukraine. we will have more on the market implications on this escalat

so the strategist at jp morgan think bitcoin could be a lot lower, ryan, jump in here.nk jp morgan is generous at 36,000 actually and jamie dimon says you you can't call currency but a token. i wonder let's say the u.s. does come out with digital currency, doesn't that just put the kabash on all the crypto currencies that are out there? lack at, for instance, bitcoin, talking about regulation, i wonder take a pause on coin base and borrow against bitcoin, volatile asset classes that i know of. you can't borrow on penny stocks on regular brokerage stocks, isn't that problematic with the leverage? you get another cascading selloff? it just seems to me once the government steps in, that's kind of the end for a lot of the crypto currencies? >> yeah, i don't know. i get your point. i think it's a very valid point but i think financial markets are incredibly resilient and unpredictable and because of that -- let's wait and see. the president's working group, you know, all the terrible things with stable coins and they may happen, they may not happen. i heard the same argument

[laughter] lisa: [laughter] paul: my friend mark farrow is that jp morgan. he is my cousin. [laughter] paul: crude hasn't gone up as much. if you look at the crew chart, this was discounted. still thinking it is a shorting opportunity. i have not been as destroyed as i would have been. the back end of the curve went down yesterday. my short, and i personally traded, was in uso. it did not wreck me yesterday and i am still in with a shot. jonathan: lucky for you we are out of time. you are a windup merchant and you know it. it will catch up with you. paul sankey. futures down .8. this is bloomberg. ♪ ♪ >> the most obvious impact of what we have seen is just a rise in uncertainty. >> we are going to have to deal with this friction with russia right now. >> inflation stock, inflation dynamics is getting intensified. >> we could see prices moving closer to $125 and stay there. >> globally, stagflation is the fear here. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: from new york city, for our audience worldwide

>> jp morgan had some nice figures over the weekend to make the point that by year end average interest rates should be back around to percent globally which gets us back to pre-pandemic levels. and by april, central banks covering half the local gdp will raise interest rates. no doubt we are going on a trajectory but there are some notes -- the services industry in china remains dovish. the bank of japan remains in the dovish camp also. central banks are tightening an interest rates are going up but there are plenty of questions about how high they can go. dani: question marks we will try to work through in the rest of the hour. thank you for joining us. helping us work through that is kit juckes. a perfect time to have you on. over the weekend, -- your call on the euro is 116 versus the dollar. kit: i think there -- i think we started the year with the story being about the fed hiking and others not. that has changed and we are likely to get a hike from the ecb. i do think the global recovery has enough momentum that when we get through the turbulence we will see with this adjustment

we have a commentary coming out from jp morgan saying to they priced into much recession. we did see losses in january sliced in half. and the aussie dollar went down by as much as 0.5%. prime minister boris johnson is facing fresh fury from his own conservative lawmakers after a report slammed failures of leadership and judgment. metropolitan police are investigating 12 gatherings in government buildings including one in his own apartment. let's get more from our reporter. what did we learn from this report? parts were left out. >> this is an update because of the overlaps with the metropolitan police criminal investigation. the update was still highly critical. it found there were failures at leadership and in judgment with this behavior that was difficult to justify. given what was happening in the rest of the country at the time. the report did not name johnson or explicitly say he had breached lockdown rules, broken the law or misled parliament. where does that leave him? it was confirmed that the full report will be released in the police investigation concludes. and