michelle morgan, i'm the one on the plan. one modern j blood. yup. modern j declutter to make one of age is a little fuzzy almost to my lead it is. i'm not allowed to leave it. we ended design a, b, b, b. it's called jack lacey lantham shoulder or coke, which i should say probably names on august is along with a, with all should a soldier review. i will talk you about the appeal that total from the data to be the soldier. the thermostat battle from that aggregate choice to transfer them as somebody moved or anything. yep. hold on. just if you can go to the you come over the phone i she dakota came in to take lunch to get to visit. no, let me be any chance in that we to know any any daniel ruth ah my young desperate i'm in kind night so me all i believe in me. yeah. me in suddenly $36.00. you bottom it, we should ask level assailant let ariano a just sum up a meeting and as unit testing that you had to just clarify church mostly with physics and they came yourself to me and i gave you was indicated positive. you are not a church 1st and i will no

jonathan: bob michele at j.p. morgansset management in the last hour -- just absolutely fantastic. off the back of this banking turmoil over the last couple of weekends, he believes we get a cut from the federal reserve in september. what's interesting is we started talking about cuts in september, priced in the hikes and we haven't even gotten through q1. lisa: let's see where we are in three weeks and perhaps we can reprice them in or talk about inflation he counted out. it is all moving so quickly and when things move quickly in a vacuum, things break. this is one of the key questions and why we are watching how the trading evolves. how do things shake out among a lot of investors who have gotten spooked by the emergency measures taken? jonathan: we've got another message across the bloomberg terminal. as a former credit suisse employee, i can't help but feel emotional. lisa: this is a 160 six-year-old institution, one of the major banking institutions of the world. a massive implication in the u.s. as well. that's on

morgan's bob michele.ited on the uncertainties of financials and how it affects the frederick policy. bob: this is the tip of the iceberg. there is a lot more consolidation and pain yet to come, so you put your money into the highest quality assets you can find. with credit suisse on the table, they will pause. i think they should pause. i think hiking rates, either the ecb hiking rates this week or the fed hiking rates next week, has the potential to be the greatest gaffe since this ecb height rakes in june 2008. -- hike rates in june 2008. jon: let's get this discussion going with our guests. liz, i will start with euro, the idea of this being the tip of the iceberg. are you see that reflected in the moves right now, particularly the fixed income world? liz: yeah, we are seeing a lot of cracks. i was looking back to 2008. it was the tip of the iceberg and i heard bob speak today. it is true, like the unraveling a way of different stuff but it was the same kind of thing, people saying this is the tip of t

bob michele of jp morgan said every single point across the curve, dovishly called. -- that was the calledold enough and people were calling for 7% 10-year gilts. jonathan: that was good. when was that? last week. >> keeping up-to-date with news around the world. ubs and credit suisse are among the banks being looked at in a u.s. justice department investigation. the authorities want to know whether finance professionals helped russian oligarchs avoid sanctions. subpoenas with employees at some major u.s. banks. credit suisse and ubs both declined to comment. u.s. has carried out airstrikes in syria following a deadly attack there that killed one american contractor. and wounded five service members. officials say a drone crash into a coalition base. according to the pentagon, u.s. airstrikes had facilities linked to iran's islamic. in of korea, over solid tests of weapons designed to deliver nuclear attacks against u.s. and its allies. one of them was described as an underwater drone but to create a quote radioactive tsunami. the official north korea news agency says the drone cruise for

lisa: the same sentiment from bob michele at jp morgan.ditions and increasing the risk aversion. with headlines like what came of this morning, mortgage rates fell to its lowest level in five weeks. when people start pricing out rate hikes and pricing in cuts, how much does that ease on the margins and areas that were most affected by the rate hikes? these are the dueling narratives and crosswinds. everybody has a different take on the emphasis. jonathan: i think that is going to be the interesting part. i'm other association between the prices and the supply. lisa: a great point, especially because recently there was a federal reserve survey that showed that the number of auto loan applications were rejected rose to the highest levels going back to 2016. more than 9%. even if rates come down, peoples are still going to take them because what bank is going to want to extend that longwood has more constrained capital? -- extend that capital when it has more constrained. jonathan: let's see how it plays out. no drama at all in the equity mar

morgan is announcing their could be more issues ahead for the banking sector. annabelle: that's right, we had an interesting interview earlier with bob michele, the global head ofncome and also cio at j.p. morgan. he was talking to us about the amount of criticism they were facing their, that they were extending the duration of their portfolios, issues that were being criticized by others in the industry that were saying that the fed will need to raise rates to up to 6% or 7%. we still see stronger employment figures, wages going up and they were expecting a soft landing. now bob michele says what has happened is this is the effects of sustained tightening. it was not as fast and steep campaign. that cumulative lag is what is catching up. he says he is not particularly surprised by what is happening. he says yes, there could be more pain to come. take a listen. >> if you think about where we were a year ago, the fed was starting its rate hiking cycle. so over the next couple of quarters, you will get those long and variable cumulative and lag impacts hitting the market further. so i think this is the tip of the iceberg. i think there is more consolidation, a lo

his daughter mckenna and wife michelle, what a little cutie sharing some time together before today's game between the reds and the a's at camp park. comedian tracy morgantennessee orange happy about his team's march madness win over duke. todayhhe threw out the first pitch. not so sure about that delivery. so yeah, think he's funny. as for the game, reds outfielder stuart fairchild was the story. he was 2 for 3 today with 3 rbi, including this solo homer off saml and 8 reds take home the wind. 7 to want. today was the second round of the liv golf tour tucson, arizona. what's that? you ask a javelina. they run wild on the golf course in tucson. looks like a wild boar right? but it's actually a rodent. so that would be a good job for exterminator, i think, on to the gulf familiar name to golf and sergio garcia has his 4th shot on the par 5 17th. and this one. right in for the birdie garcia shot a very nice 6 under 65 today. he's in second place. that's 2 strokes behind yesterday's leader marc leishman. in the short birdie here. he shot a 5 under 66 today and he's all alone on top of the leaderboard. of course, you can watch the final round of the liv gol

michelle. little cutie sharing some time together before today's game between the reds and the a's. and whoa, whoa. camp park. and comedian tracy morgan in his tennessee orange. happy about his team's win over duke today. and ncaa tourney threw out the first pitch. so sure about that delivery. good thing. with the comedy roots his career. as for the game outfielder stuart fairchild was the story. he was 2 for 3 today with 3 rbi, including this solo homer off a sample in the 8th and the reds take home the win 7 to want. and finally, today was the second round of the liv golf tour in tucson, arizona. what is that? you ask? it's a javelina. they run wild on the golf course. it looks like a wild boar right? >> it's actually a rodent. so i'd be a little nervous if i saw that on the golf course. but let's go on to the gulf. >> familiar name to golf and sergio garcia, his 4th shot on the par 5 17th hole. >> line ended up carefully and that he's going to roll. >> he shot a very nice 665 today. he's in second place. that's 2 strokes behind yesterday's leader marc leishman liesman knocks in the short birdie here. he shot a 5 under 66 today. so

tony kemp, his wife, michelle, and their adorable little daughter mckenna sharing some time together before today's game between the reds and a's at camp park. comedian tracy morganessee orange happy about his team's march madness win over duke today threw out the first pitch. i don't know about that form. tracy. good so funny. as for the game, reds outfielder stuart fairchild was the story. he was 2 for 3 today with 3 rbi, including this solo homer off sam. all and that 8. so the reds take home the win 7 to 2 want. and finally, today was the second round of the liv golf tour in tucson, arizona. out. what is that? you ask? it's a javelina. have you ever heard of that? they run wild on the golf course. there. >> it looks like a wild boar, but it's actually a rodent. i don't like that. but shockingly, the javelina didn't seem to impact the excellent play of several golfers today. here's a familiar name to golf and sergio garcia, his 4th shot on the par 5 17th. >> well, just rolls right in for the birdie. he shot a very nice 6 under 65 today. he's in second place. that's 2 strokes behind yesterday's leader must be leishman knocking in the short birdie here. he shot

morgan wealth management. paul: china's latest trade data is due later on tuesday with exports likely to have dropped my percent. -- 2%. let's bring in michellecting to see a contraction in exports. what is your outlook considering that the china reopening trade is behind us. there is still this backdrop of tension between the u.s. and china. michelle: our growth forecast for the chinese economy is 5.8%. of course, there is still a lot of uncertainty such as the trade outlook. we expect the trade data to be disappointing, with notable contraction, especially considering that there is probably still some disruptions playing out in january due to the cmi factors. all in all, the bullish outlook should be pretty much in place with china given the reopening. especially, there are still some savings for the households to utilize if we see a stabilization in the property sector. paul: that growth target of 5%, pretty much received as being on the timid side. is this a case of under promising and over delivering later in the year? michelle: i think so. if you look at the growth target for, 2021 at 6%. the gdp growth turned out to be pretty decent of