and, a silicon valley bank, and signature bank, those in charge push their banks to grow too big too fast. they make risky bets, they got massive profits, executives were paying themselves bonuses right up until the moment that at least one of these banks crashed. to most americans, that is not surprising. people have gotten all too used to big bankers treating the industry more like a game, or maybe more precisely, endless atm for themselves, securing the knowledge that they won't pay any real price if things go wrong. mr. powell, mr. chairman, senators got 19 back with a 21 to 2 vote yesterday, those days for bank executives are over. chair powell, i look forward to hearing today how the federal protect american workers in the fight against inflation and promote an economy with a strong growing middle class. sarah scott? >> thank, you chairman. tara powell, thank you for joining us today. such an important time. your last appearance before this committee was about four months ago, just days before the collapse of two banks, and what we continue to investigate those bank failures, i

the central bank transfer one unit to this other bank. that is it. that is all there is. there is nothing revolutionary where it works different than the standard bank account which is a revalue to it stable coin is kind of like a commercial bank with the claim to a dollar. as long as that claim is honored they would circulate like money. the thing with stable coins is what is the business model that supports it? what are you trying to do with that? how are you going to make money? there different models but in order to be successful you have to tell me why you do it. every large bank i talk to they said has no interest they seen no value process. but at the end of the day if you did issue one it would circulate like any other and trade with u.s. dollar. there is nothing fundamentally wrong the peacocks i have commercial bank digital currency that trade with the dollar. the federal reserve account has been proposed that leading scholars that vanderbilt law and other places has come out with the idea of a fed account that would require eig

there are also bank-owned apps that travel within bank rails like zell. others are big tech firms. as i mentioned in china, alibaba's alipay and wechat's wechat pay became dominant in retail payments. in the u.s. and across the globe, apple and google traffic glow -- a growing number of payments through their digital wallet. starting in late 2021, the cfpb began to study these payment platforms including the big tech firms. we issued orders to many of the major players operating in the u.s., and last month at the federal reserve bank of philadelphia we released our analysis of tap to pay teachers, describing the regulations imposed by apple and google. we spent considerable time evaluating the complex data handling practices and privacy protocols at these firms. these firm's regulations are often long and filled with legalese. we often click right through them. to make things even more confusing they sometimes refer people to other policies to understand what data is being ingested, how it is being used, and what, if any, rights a person may have. and while there regulations are co

to say regulate it like a bank. it's not like a bank. we know how a narrow banking works.it's possible to think about ringing payment that are not profit t makers. not having to go to the retail space. it has a truth about it on the cdbc front which is if they -- if there were such a thing at work irrelevant it would be a movement of liabilities from commercial banks sector to the central bank which means unless you are going to say goodbye to the commercial credit quarter you have replacements and given examples of sovereign decision-making on credit example our finance industry i'm not super optimistic that can possibly be done. it would be a disaster. so, there. >> obviously there should be standards and supervision with quality standards. you should have bank like capital requirements on the stable coin system. it's not going to be leveraged. you can have a tier 1 it would render the entire thing value destroyed for everyone involved. frankly the bill that came out a committee in the house goes a long way and all those directions. >> as to what's been said here we need

they also have bank owned attacks the travel on the bank rails. others are tech firms as they mentioned in china we chat pay became dominant and in the u.s. across the globe, apple tracks a number of in their digital wallets. so starting in 2021, they began to study these platforms including the big tech firms. we issued order to the players operating in the u.s. and last month that the bank in philadelphia we released our analysis of tap to pay. we've also spent considerable time evaluating the complex data handling practices and privacy. the firm's regulations are often long and filled with legalese. to make things even more confusing they sometimes refer people to other policies to understand what data is being interested in how it's being used and what if any rights there are clear takeaways. first the firms collect a significant amount of data about the consumers using their products. they use this for a variety of purposes including to develop, market and sell payments, products and for the majority of them other products and services to pot

our traditional answer is banks and things that look a lot like banks. i think the policy question now is one of our the other types of firms that just don't present settlement risks where we could expand this? i do think the answer is yes. some of the storms are in a legal fight right now in order to get access on existing terms top but i think the fact they're having to fight the fed on this is one reason for congress to intervene. and the other types of firms would like access and a think should have access who are then not the type of firms we typically think of in the safety and soundness way. this is why i make the distinction between clearing and settlement rails, is that banks suck at technology. i know this. ident technology for banks in my career. it's not that there are not great people but the challenges of legacy technology stacks huge often amalgamated businesses and the fact that they're full of bankers and not software engineers means that when it comes to moving the clearing rails i had using new technology to do things that the next gen

yeah, about 30 years ago midland bank was a bank- ago.ah, about 30 years ago midland bank was a bank that l ago. yeah, about 30 years ago i midland bank was a bank that had very little capital, was barely making any money and because it didn't have much in the way of capital or money it was finding it difficult to make any money. i was involved in a project at the time to try to help it to make as good use as a good of the little capital letter got in order to grow itself and get out of the mess it was in, but in the end the solution turned out to be a takeover. it was taken over by hsbc. i out to be a takeover. it was taken over by hsbc-_ out to be a takeover. it was taken over by hsbc. i believe metro bank ist in: to over by hsbc. i believe metro bank is trying to sell— over by hsbc. i believe metro bank is trying to sell a — over by hsbc. i believe metro bank is trying to sell a third _ over by hsbc. i believe metro bank is trying to sell a third of _ over by hsbc. i believe metro bank is trying to sell a third of its - is trying to se

also they go for the banks and so on. ah, my legal support of the us stop the handing over the of the dial, the wheels cds in order to make sure because they knew that uh what's going on in switzerland that i went already to prison and they didn't go onto to get them more a be done to go often. so the actually about to protect the measured by on the one end. on the other hand, it was a we in the a marketing event to show a to make, to put the spotlight on the trial in switzerland because he felt about despite seekers and the world press actually turned off in theory. explained to us what happened in court in your 2nd trial. the prosecution essentially just fell apart. what happened there? what really happened is is the fact that my employment contract, which was confiscated by the persecution office and kept it in uh for 7 or 8 years because this contract really shows that ive off employed in the cayman islands. and that you, that it's not possible to apply space bank secrecy in the cayman islands to an employee who is em

the people that are banked in a bank. they do not have people accessing the banking system -- systems today. you go back 20 years. i don't know what that was. maybe 15, 18 years ago. what that did is pushing wealthier customers at the expense of underpaid customers the overdraft fee burdens and the fee policies placed on lots of everyday americans. moving out of the banking system we have a situation where many have not come back based on the experiences. they are using a more flexible account. i think that, actually, what we need to do is drive more general access to the banking system here. create these flexible charges and payment systems that allow banks to continue to innovate. and to create better experiences that will bring a lot of these un- banked in under banked people back into the banking system to have had this experience. >> do either of you want to chime in? >> the question for un- banked folks is really why are they on banked? why are they not in that space? they do surveys of this every so often. of cours

as the bank of england governor and as the bank of canada governor, do you think the central banks recently figured out inflation was more serious than it was too late, or do you think they recognized early on it was going to be serious and they did not do enough about it? mark: i think in hindsight, they realized it too late. they were operating under the old paradigm. it was an issue of not enough demand, and that is something that works well, generally, until you have a bunch of supply shocks. we had a covid supply shock. we had an energy shock. we had shocks with supply chains, geopolitics. all of which meant there was more than transitory inflation. it took a while for central banks to fully recognize that and start to respond. david: do you think they have done enough and do you see anymore rate increases likely to come about? there are many people in the market who think another rate increase in the united states is likely. what do you think about that? mark: for the first part of the question, i think once the fed started to move, it did respond in a very effective manner. it consis

make banks risky.this has it backwards. this is the world turned on its head. i think the whole point of our overarching financial architecture is to provide supervision, liquidity, capital and operational risk management, a whole set of other things to take financial intermediation which is nearly risky and make it somewhat less risky. when i was leading the occ we did a series of things designed to do just this. we said, for example, banks have the authority to custody reserve assets of stablecoin projects. we also said banks have the ability to serve as validator notes on blockage which after all of the underlay networks of which stablecoins trial. with the bass heavy authority to custody crypto assets not to stablecoins but bitcoin and of the kinds of things. we did it not because we were blind to the risk of crypto stablecoins. we did so precisely because those activities are highly risky and ought to be supervised, you would think. if there was anything that underscored the need to do that it wou

banks are subject to restrictions when it comes to crossownership and affiliation. payment platforms mentioned are part of big conglomerate to yosemite area. what is the problem? within the financial sector has become cozier recently. big companies are taking advantage as a moving threatening separation of banking money and payment on one side and finally on the other and engage bank activities under oath or complex arrangements about obligation. naturally it will have a strong incentive for all aspects matching c the with geolocation browsing history and so much more and the data can advantaged the rest of the businesses. detailed payments for pricing are for increased engagement with behavioral advertising businesses and corporate surveillance activity around the world raises questions about espionage tracking and censorship. there has been concern in the u.s. and abroad about the relationship between china's tech giants and governmental entities including with respect to sharing sensitive user data andd given the massive scale giants, it can raiseo alarm bes rega

the central bank transfer one unit to this other bank. that is it. that is all there is. there is nothing revolutionary where it works different than the standard bank account which is a revalue to it stable coin is kind of like a commercial bank with the claim to a dollar. as long as that claim is honored they would circulate like money. the thing with stable coins is what is the business model that supports it? what are you trying to do with that? how are you going to make money? there different models but in order to be successful you have to tell me why you do it. every large bank i talk to they said has no interest they seen no value process. but at the end of the day if you did issue one it would circulate like any other and trade with u.s. dollar. there is nothing fundamentally wrong the peacocks i have commercial bank digital currency that trade with the dollar. the federal reserve account has been proposed that leading scholars that vanderbilt law and other places has come out with the idea of a fed account that would require eig

we also know that bank deposits are an important source of funding for banks.so, the bigger question here is what will be the effects of that and the unintended consequences in the financial market structure. will this make the loans more expensive, the cost of credit, and so on and so forth. cdbc's in some quarters have been touted as sort of financial stability enhancing to the extent folks are worried about stable coins being sort of financial stability risks and perhaps cdbc might be an answer to that. but i think the jury is still out on that because if we've got sort of a flight to quality any crisis, that's going to be further destabilizing. so there's this whole sort of ambiguity around financial market structure. the second thing i've looked at in myke own scholarship is this question around individual economic rights. and really how money is a really important part of the relationship between people in the states. so, first there's the question of who gets to issue money?ue you can go back and i always lovenv when conversations start with the founding

the director of bank supervision at the central bank announced the appointment of a credit-led bank. for some institutions , assignments have been finalized because their approvals have been taken. news that, of course, the head of the central bank from about 6 last month, he promised it by the end of september. you can promise that this year will be the first. if the bank is done, how many banks will be done , god willing, very well, how long do you think , god willing, in the first half of this year, and now the latest news tells about the liquidation of the development institute. the liquidation of the development institute was held, the supervisory board was appointed, and it is going through the settlement process . development institute entered the field of banking in the country from september 1976 under the title of public shares. but in less than a decade later, with the news of corruption in this era, the dominance of some groups in the sources of wealth it has come to an end that they decided to divide the big points for themselves. finally, the directors of the institutio

we were checking with the bank. they were saying no, we have nothing relations and causing special to to, to the bank. and he has several meetings with them. and after that, mr. roberto just started the company, then i would use the registration that they signed the contracts with the bank for the gold line. so this was around 300000000 or better. i signed a contract with the orient bank because organ back is an owns a gold mine. is that what you say? my products. they were waiting for the tax because it shows uh just to make this payment on a computer or was there any kind of uh, due diligence that was done to the event that he gave a couple minutes today and they rich. this is this the capability to make this so with the 2 or 3 years he said the same as fast as possible. nothing ever arrived. no money ever arrived. yes. so it's a state thing. so stopped according to ship the piano back critical that it traveled across central asia to get collecting contracts for supposed the future investment projects with hundred

of the bank of england. he also chairs brookfield asset management. i had a chance to sit down with mark to talk about how he does these things so well. mark has been the bank of canada governor. the governor of the bank of england. has anyone ever been the governor of two different central banks in different countries? mark: i don't think so. david: in addition to that, you are also the chairman of oakfield asset management and you are -- of brookfield asset management and you are the new chairman of bloomberg. you obviously like b. bank of canada, bank of england, bloomberg and brookfield but there is a story in the latest addition of a canadian newspaper saying you might also be the next prime minister of canada. any interest in that? mark: in the story? it is interesting. you say the same thing over and over but against heard differently in different contexts. i think that story is more an indication of the current environment in canada. david: in other words you would not be uninterested in that. mark:

the employer deposited your salary into a bank account, the bank wrote on your account how much he nowou see this as a card balance, you paid for the purchase with a card, the bank transferred money to the store, the amount of the bank's debt to you has decreased, as has the card balance, it's convenient for everyone, you don't need to carry large wallets, service atms, you can unload cash registers and retail staff. so, while we have two formats of money in our country, paper and electronic, the third will be digital. the digital ruble is the same ruble that we pay in stores now, just adapted for trading in the digital world, they will be issued by our national bank, and they will be passed through all operations from this form of money, for this there will be a separate electronic platform under reliable security, in order to use digital rubles, people will create electronic wallets and enter them through the internet banking application in their gadgets, without... which bank will be a client user. all transactions with its digital rubles will take place on the national bank platfor

the creation of our nation central bank, the fed was a further acknowledgment that banking and payments had important public infrastructure importance. the nations payment systems. the payment driven in part by technological adoption of the telegraphth. the said invested in an architecture that created public utilities for wire services, ach transfers and now real-time payment. to be sure, our country is not always devoted theur necessary resources to ensure fast and open payment options over the last few decades. during this time, lots of private gatekeepers emerged. decades ago new private electronic payment networks like visa and mastercard started to grow they names, they grew over time. ultimately, they still move money through the regulated banking system through the backend relying heavilyco on communication rails built outside of the federal reserve system. at first, these networks mostly were facilitating short-termm borrowing. largely through charge card. credit card. over time,e, modern day debit cards through in a massive portion of those networks traffic. in general purpose

around the world, the federal reserve bank itself on quantitative easing, or just large banks in the u.s. is buying up a lot of debt to bolster their balance sheets. they have been non-interest-rate sensitive buyers. the glut of savings had to buy those bonds. now those investors because of inflationary pressures have stopped ng up new bonds. e same time, the fed is undergoing quantitative tening and created a perfect ripe where the only buyer of last resort for the new easury debt, the huge issuance coming out, the only buyer of last resort has been households. they are economically sensitive and they need higer rates to get them to buy up that debt. rishaad: banks have also seen capital flight leaving them with unrealized losses going to $500 billion figure range. how much of a concern is that for the banking side of things does it represent bank peril and where does that leave the system because they probably need to get bailed out at some stage. robert: i think it is probably a little bit early to worry about bailouts. we are not at that crisis yet but it is something to monitor

broader story banks.g revenue was propping up banks in the way their volumes were not. deutsche bank numbers instead and it looks like pretax profits are one point -- 1.7 2 billion the estimates are 1.6 billion. deutsche bank loan-loss provisions lately higher but they have room to release additional 3 billion euros in capital thanks to asset allocation and regulatory effects. it is less severe than initially expected. dani burger caught up with the deutsche bank cfo earlier. take a listen to what they had to say. jose: we have been more and more confident as the years have gone by firstly in net interest income outlook as you have seen with the rate environment, and also better than modeled expectations on pass-throughs. the deposit books in the corporate bank and private banks are performing extremely well. we think that is something that will persist for a little bit longer but at the same time, the businesses have been building momentum, even as the market environment has been unsettled. we are please

what will those investors need to see of metro bank? ~ . ., , , bank?ertainly they will be looking _ bank? well, certainly they will be looking very _ bank? well, certainly they will be looking very closely - bank? well, certainly they will be looking very closely at - bank? well, certainly they will be looking very closely at the l be looking very closely at the details of the plans and be talking to them, particularly the institutional investors about what they want this money for, about the other possibilities that could be on the table. it needs to refinance, we understand £350 million of debt, and it has a target of doing that by october 2025, but it will want to have done that before that deadline date and the problem is borrowing money right now on financial markets is more expensive because interest rates have gone up, which is why it's looking like it is going to go to existing shareholders for extra funding, because of the cost of borrowing shooting up quite dramatically. certainly metro bank is in a tight spot. it's profitability is under que

that the option chosen by the national bank bank, it creates huge opportunities for corruption, because if the national bank said: "okay, we need to spend within six months, the hryvnia at 6%, well so that we simply, this means by percentage per week, per month, okay , we will devalue the national currency by half a hundred on specific dates twice a month, under such circumstances, all market participants, the population, everyone understands what is happening and no one is not running anywhere anymore, because the interest rate is small, the fluctuation is insubstantial, there is no point in running anywhere, deposit rates are relatively speaking higher than yours, and the devaluation that will happen, under such circumstances, everyone acts as predicted, and there is no corruption, the model that chose the national bank and announced that it is so beautiful, it creates huge opportunities for corruption, with the way the national bank is actively promoting itself now, and i can see it, watching the social media posts, how they are trying to justify their behavior, in my opinion the loo

by complacent banks, took the money and sent it out to other international banks. then when needed, some of it would come to the, to the, for me to specifically remove this little bit of interest. i remember just starting to let me spend joyner warm at your side of your marriage with you over somebody was a drug trafficking is immensely profitable. the cocaine trade alone is believe to be worth at least $130000000000.00. and some estimate. it could be 5 times that figure then that i can get that has been trolling cocaine routes from south america to europe for at least 30 years. in this time, despite the periodic seizures of narcotics authorities of never managed to find the money until he retired in 2022, the best up in easy was the senior magistrate in the dna battalion, national mt mafia director, it last fall, but they never gave that ceiling agreement, i need people, my feels a great low the or bed i have a minimum the middle a few months. so in a given thought, they'd barely spoke to a female female. like whom? if i'm not at all bad, come if i'm not, i don't

on the bank loans.ink this is something we have seen in europe. only now with the banking industry in my part of the world has responded positively to the implem implementation. i think american banks should learn from the svb collapse. it was a regulatory failure. it was not a corporate governance. >> yeah, you know, we are hear in marrakech and we are discussing interest rates and the state of the global economy. i had a guest earlier who was saying this higher rate for longer environment is going to have ramifications on the broader financial system. there are pockets we are still not aware of. svb is a very good example of that. when you look within the banking system, where do you identify the areas of vulnerabilities? it could be a small number of u.s. banks that fall below the threshold for supervision. it could be the intermediaries. >> the last two years have been interesting. the svb crisis and global crisis we saw means we have learned to be careful not with the loan portfolio which was a pro

so this was around 300000000. rebecca signed a contract with the organ bank because organ bank isn't owns a gold mine. is that what you say? my products they were waiting for because the site shows like a drive uh just to make this payment on the computer. was there any kind of uh, due diligence that was done? oh, i see. so we gave a couple minutes today and they rich, this is this the capability to make this so with the bus to look see you see fit soon as possible. as far as the nothing ever arrived, no money ever arrived. yes. so it's the same thing. so stopped according to ship the piano back critical that it travels across central asia to get collecting contracts for suppose that future investment projects with hundreds of millions of dollars. sheffield said that because that is show documents testing to is incredible. well, to convince the companies that he had the money needed to invest. was there a connection between these documents and the 2 trillion euro fraudulent transaction that the premium police had discovered? in order to find out, we wrote to oriend bank, asking them

alix: are banks on your list? in some ways, they are perfectly set to manage volatility through the investment banking and trading divisions, but on the other, they are dealing with consumer issues. jamie dimon worrying about dangerous times ahead. megan: the financials are an interesting area to look in, but right now, we are not looking at the financials to end money into them at this point. i am more concerned about the consumer, not the consumer, but businesses. take a look at small business loan rates. these are very high. these will start filtering into the small businesses. auto loans, you heard from some of the big banks today that they are seeing a big uptick in the auto loan delinquencies. we have not even talked about the small and mid-cap banks yet. pe multiples arch attractive if you look at them, but the biggest problem they had was the rise in treasury yields and what it did to their balance sheets. no one is talking about that, and we are higher than we were then. there is trouble that could be bre

, why do we say the occupy west bank?let's talk about the west bank in numbers, from january the... beginning of this year until the middle of this year, there were more than 6,705 resistance operations in the west bank, including shooting operations, stabbing operations and runover operations, as well as launching missiles and shooting down israeli occupation drones. there is also a great state of hostilities against the settlers, a large presence of settlers in close proximity to the west bank, and lines of contact with the occupation soldiers that are almost continuous, therefore the occupation describes the occupied west bank front as a bigger. and most prominent threat to the occupation, especially if we remember the number of zin is killed this year. the number of deaths as a result of resistance operations this year to date has reached about 35 israeli settlers and occupation soldiers dead, compared to last year which was 30 dead, and the year before that were only approximately four or three israeli settlers and s

since the israeli military occupied the west bank, it has deployed a matrix of policies and practices that seats control the people of the occupied palestinian territory. israeli policies and practices have fragmented the territorial and economic landscape of the west bank. this takes that we vo to the productive capacity of the occupied palestinian territory, depriving it from its growth potential, the occupied palestinian. territories continue to be chronically dependent on donor funding for its fiscal survival, the palestinian economy remains extremely fragile, structurally weak and highly dependent on israel for trade, wage employment and provision of basic infrastructure. data and transfer reflect an economy that has already losts viability and fiscal sustainability. the israeli regime controls the borders, airspace, population registry and economic activity of the palestinian territories. israeli military orders assigns quotas and a permit system which restricts the palestinian access to and the development of water resources, given the continued and ever evolving restrict of co

in the banking system. to check the details of this news, i will talk with the deputy supervisor of the central bank, mr. mohammadpour . hello, please tell me about the new supervisory model of the central bank. what is going to happen in the name of allah, the merciful, the merciful. greetings and respect for your service and to all my dear audience, i will serve you as you expect. the law, in fact, the plan of the central bank was approved on the 22nd of mehram this year by the expediency council, maybe for about two years, this law was passed in the islamic council and later in the guardian council, which approved a series of articles of the law. iran was actually considering some reforms, and then in the series of expediency of the system, these proposed reforms were implemented and actually approved in the assembly on 22 mehr 1402 , of course, the history of reviewing this law goes back to the beginning of ten, maybe 10, 11 years ago, which somehow the discussion of changing the country's banking law s

central bank has had an unfortunate | bank has had an unfortunate turn of events.hout the invasion of ukraine, we would not be facing such a large inflationary episode. it was just a coincidence of the supply chain snarls as covid was ending, and then working through that as the commodity prices increase came from the war in ukraine. without that, central banks would not have had such a tough time, they have risen, rates, pretty fast. people could have argued they could have done a quarter points a couple of meetings earlier but i don't think that would fundamentally change the situation. a deeper issue is the inflation we have now is not really in central banks's remits. there is supply chain snarls, the war in ukraine, and a bit of pent—up demand from the covid stimulus checks and the covid stimulus checks and the fiscal boost that governments have done. so things that are more supply—side issues more than what central banks could fix. rates have gone up a lot, and thatis rates have gone up a lot, and that is something that will cause growth in the us to taper of

our banks are three categories of healthy banks. and well, d banks with problems, but it is possible to reform and revive them, 3 banks with problems, which cannot be reformed. we are taking quick action on the third one, removing them from the monetary and banking system so that the situation of the banking system can be improved, removing irreparable non-aligned banks, a topic that has been heard many times by government officials. it can't be leveled , it can't be leveled anymore, you have to go to the resolution of the banks some of them are due to the government's duties and some are due to the inadequacy of the system. mistakes and abuse of the power of money creation led to dissatisfaction with loans that did not return. something happened to bank qavamin and the group of military banks in the country and the government had to make a different decision because of the important imbalance that existed in bank qavamin. the big disharmony that happened after that in the noor institute, the one that happened today in the future ba

to the bank, then it is necessary write a statement to the bank demanding that the error be correcteduch requests remotely. within 10 working days, the creditor is obliged to conduct a check and send the data to the books, but it may happen that the bank or financial institution does not disagree with your arguments, in which case you can send an appeal to the central bank or solve the problem through the court. but don’t let this confuse you, there is an easy way to request all stories at once through government services; on the portal, open the receiving service information about storing your credit history, click start, the correctness of the data that will be pulled up from your personal account, send a request: a response from the bank of russia will come to your personal account, the formal waiting period is one business day, but in practice it is 10-20 minutes, open the received response , select a bureau from the list and go to its website , register and request the story itself, each bureau has a slightly different registration process and requests, so follow the instructions

i think the central banks _ circumstances? i think the central banks an _ circumstances?hink the i central banks an unfortunate turn of events for the invasion of ukraine, i don't think we'll be facing such a large and persistent inflation episode ever since the coincidence of the supply chains from covid—i9 is ending and working through that there is the commodity price increases from the wharton ukraine coming along and i think without that central banks would not of had such a tough time and they have rates pretty fast you can argue that they can be done a quarter point a couple meetings earlier but i don't think there would fundamentally change the situation.— fundamentally change the situation. and sp shipping monetary _ situation. and sp shipping monetary policy, - situation. and sp shipping monetary policy, the - situation. and sp shipping i monetary policy, the reserve bank of australia will be delivering its latest decision on the cost in this comes ahead of other central bank meetings and see one in new zealand and india at the end of the week. policymakers in a

most fargo is faring better than most other banks -- then some other banks, especially bank of americaoptimism in wells fargo. a couple years ago, you saw different stock. the turnaround is taking storm. jonathan: most fargo is up by 3%. let's turn to jp morgan. i.b. revenue comes at 1.4 billion dollars. the estimate was $1.48 billion. breaking it down to equities. 2.07 billion dollars and the estimate was 2.2 $7 billion. break this down for us. compare fixed sales and trading to what is happening with equities at j.p. morgan. sonali: this is pretty clean. there investment banking revenue coming in just a little bit over. for it to come in at 4.5 billion dollars versus four pray $3 billion is nice a huge is different -- versus $4.3 billion is not a huge difference but is nice. for them to show numbers in core institutions that are better than expected is a decent sign because it is telling you they are making money from the businesses and consumers. to the point you are getting at, the reason fixed sales and trading data matter so much as there is a question of whether it is stifling o