bank. during the global crisis, they had one of the best banks around the theme for bank of america, bank corpect estimates go higher in contrast to some of the discussions you were having before we think the main street banking revenues continue to grow after fourth quarter we think that their expenses are under control, no ah-ha moment like elsewhere we think they're near best in quality. a rising tide can lift a lot of ships. >> mike mayo, thank you very much good to hear from you, especially on the big call today of wells fargo let's trade it guy, your thoughts >> i love zack's work, and you're going to say it's mike, not zack, and i'm going to nod my head, because that's what i do bank of america, i love this call if it gets to those levels, the metrics that i look price to book, price to tangle book, understanding those numbers don't move dramatically, it's going to be expensive. i will say goldman sachs has been a name we've been on for quite some time. it's pulled back from 383. i think it's 345 now i think goldman sachs in earnings is probably a great trade on the long side >> we're a

and then i saw there's $100 less zealous owned by bank of america and six other banks. it issued a statement saying. we understand that as l network financial institution may have experienced issues processing some of their customers, l transactions whichhas now been resolved. many customers tried to contact the bank of america customer service, but say they were unsuccessful. the bank apologized on social media, saying transactions made between january 14th in january. 17th may be delayed in occurring and posting to accounts transfers will appear in your account as soon as possible. as of three p.m. eastern. they said the problem was resolved but did not give a reason for the disruptions. it's not the first time zell customers have had problems. the app is facing a lawsuit with consumer advocates and lawmakers, citing increasing fraud, a recent report claimed there were nearly 200,000 cases. it is a fraudulent transactions on sell between 2021 2022 involving more than $200 million. some customers may face overdraft fees. after yesterday's glitch. there was no immediate

but i will tell you that personally, i think that the bank is positioned to help a lot of -- as is bank of americanow that they get a bad rap, but a lot of them are spending a lot of money to go into neighborhoods that had been underserved, and undeservedly underserved, and they're trying to change that and it matters. i went to a jpmorgan at 19th and theth in philadelphia, a neighborhood that has been tough that my mom is from. they're there. and i think that we have to point out that fintech is overdone these guys are coming back with fintech to bank of america, and they are doing -- they're trying to make amends for what i think is a legacy of not wanting to lend in areas because there were, let's just say, the profit wasn't there there's something that i just said that i can't believe i said >> you did you did. nice things. let's get to delta, jim. we haven't hit it. it was one of the biggest losers on the s&p going into the open and continues to be down about 5% after the company did report earnings operating revenue was $13.4 billion for the december quarter. operating income, $1.5 billion t

roughly $24.33 billion and for bank of america, again, we know the investment banking revenues were les and trading results, especially in fixed income, currency and commodities did help void some of the results there. that's jpmorgan and bank of america. on the wells fargo side, again, that's taking the bigger hit right now among the banks that we've seen although, again, off the premarket lows down 2.5% we saw it down 3 to 4% earlier on again, some comparability issues with regard to the 67 cents that was reported it appears as though it could have been a beat but it does include 70 cents in terms of charges for the impact of the litigation that they announced pre back in december now, remember, the operating loss that they had estimated back then was around $3.5 billion if you factor in the big settlement with u.s. regulators over some of its business practices. that number, by the way, has been revised for wells fargo to $3.3 billion slightly better improvements than what it was they had estimated back in december as of overall net interest income at wells fargo was up 45% as we

bank of america, j.p. morgan numbers so the company and we will get into all of the equity futures at -1.1%. live from new york, as we close down the trading week and kick off earnings on wall street, this is bloomberg. >> keeping you up-to-date with news from around the world, with the first word. i am lisa mateo. in germany, the economy stagnated in the fourth quarter. that is easing fears that the war in ukraine and inflation have triggered a recession. for the year, gdp rose 1.9%, just ahead of the estimate on a bloomberg survey. meanwhile, the u.k. economy has avoided a recession for now. the gdp unexpectedly rose 1/10 of 1% in november. consumers cap spending through the warmest cost-of-living squeeze in memory. the numbers would strengthen the case for higher interest rate hikes. president biden's handling of classified documents are opted into a political crisis with potential legal repercussions. a special counsel has been named to investigate. meanwhile, the white house has confirmed a second set

at bank of america, another 10% downside to 3600 until we end the year higher. at is the catalyst? is going to be earnings season? some of the numbers and the outlooks are great but the s&p is only down 0.3%. guy: it has been an amazing start to the year. you look at what has happened in europe with luxury. that is the china reopening. you look at the bank stocks. they had a solid start to the year. you look at what is happening with the airline stocks. some of the most beaten up areas have been rallying hard. the question i'm trying to figure out is whether or not you get the dash early. is this the start of how a normal cycle would evolve? ie, people get back to the stuff most loved? alix: i don't know. lots more to discuss. fun. guy: let's talk about apple. tim cook's pay is going to be caught. kind of voluntarily. investors have been pushing for it as well. he is ok, apparently, with $49 million in 2023. ed ludlow will join us next to talk about this. this is bloomberg. ♪ alix: >> it is time for the biggest business stories. tesla slashing prices in the u.s.

analysts are talking about both bank of america and jp morgan this morning. , one analyst says sentiment was negative going in. better trading should have been known. the trading market is something that both of these companies have benefited from, all this volatility in markets. so both stocks have now turned negative. jpm is down three quarters of a percent, bank of america also this morning trading in pretty good volume on the heels of its numbers. we're going to get back to cheryl with all this breaking news coming up, b of a shares are trading up right now, up three quarters of a percent at 34, 70 on b of a. meanwhile, there's this. the 14th round of twitter files revealed how democrats pushed a fake story to discredit then california congressman devin nunes. he exposed the story of russia collusion being a lie and he did so many times on sunday morning futures with me. so we're going to talk to him this morning. the democrats claimed russian bots were boosting the story on twitter even though the platform found no evidence of russian influence. twitter w

and then i saw there's $100 less zealous owned by bank of america and six other banks. d a statement saying. we understand that as l network financial institution may have experienced issues processing some of their customers, l transactions which has now been resolved, many customers tried to contact the bank of america customer service, but say they were unsuccessful. the bank apologized on social media, saying zell transactions made between january 14th and january 17th may be delayed in occurring and posting to accounts transfers will appear in your account as soon as possible. as of three p.m. eastern. they said the problem was resolved but did not give a reason for the disruptions. it's not the first time sell customers have had problems. the app is facing a lawsuit with consumer advocates and lawmakers, citing increasing fraud, a recent report claimed there were nearly 200,000 cases. cases of fraudulent transactions on sell between 2021 2022 involving more than $200 million some customers may face overdraft fees. after yesterday's glitch. there was no immediate wo

that said, interesting picks by bank of america. epost the segment. now we show you fox. fox corp they like bank of america, like the sports betting old media company. stock down 21% this year in consumers, bank of america likes tractor supply the great balance sheet and dividend growth make it attractive consumer staples walmart. consumer trade down beneficiary. in energy, bank of america likes exxonmobil higher oil beta versus chevron it will move more and oils moves and free cash flow yield by the way, of the 11, this is the best performing stock the last year. bank of america notes exxon is high with the esg meter. in financials, arch capital. quietly booming up 34% in a year they call this an inexpensive consensus pick in health care, human a. they like the growing story. in industrials, honeywell. it could be a winner from the inflation reduction act. information and technology a analog devices it trades at a discount to the sector in materials, mosaic a fertilizer company it generates a lot of free cash flow the final two. one

you have been bullish on the banks like bank of america. est: these banks are very well reserved in terms of capital levels. they are well reserved in terms of loss provisioning. they can handle a mild or even moderate downturn and recession and not have to do anything crazy like cut dividends or bring buybacks in materially. i agree that the volatility continues in the market. i think trading remains a good source of revenues of these for the first half at least until the fed moves into the background and goes into a more neutral position. i think the rate story is a continued strong backdrop for banks. you will see expansion year-over-year as the rate work their way onto bank balance sheets. they have a good handle on expenses. a lot of them are reining in expenses as we speak in the context of a little bit of a weaker environment. the price-to-book and p/e ratios are low here and good dividend yields. there is a case for banks. jon: stephen, good to have you back with us, thanks as well to al's and williams, who has a -- allison williams

that's what you're hearing brian moynihan, ceo of bank of america. more on the outlook of the economy when the world economic conference kicks off in davos. i'll be there with a huge lineup of ceos. we'll talk to jane frazier, marc benioff, pfizer's albert bourla, and coca-cola's james quency, service now's bill mcdermott it's a great lineup and so many different industries across america and the world about what they're expecting for 2023 it all starts tuesday live from davos. >>> when we come back, wall street is buzzing about a major red flag being raised by one of silicon valley's most successful venture capital firms. details when "closing bell" returns. heart-pounding design. intelligent technology. courageous performance. discover a new world of possibilities in the all-new lexus rx. never lose your edge. the first time you connected your website and your store was also the first time you realized... we can do anything. cheesecake cookies? [together] the chookie! manage all your sales from one place with a partner that always puts you first. g

nope, because bank of america lets her switch her choice cash back category to online shopping, so she earns more on a replacement pair. with the bank of america customized cash rewards card, you just can't stop getting rewarded. ♪ i gotta good feeling about this, yeah ♪ with the bank of america customized cash rewards card, ♪ i'm with it ♪ ♪ i gotta good feeling about this ♪ ♪ yeah, ♪ ♪ so let's get it ♪ ♪ i'm feeling good vibes ♪ >>> leagueding the news, the hoe world is mourning the death of the golden jet >> a solo effort by bobby hull >> that was just one of the more than 600 goal bobby hull scored over his nhl career. he led the chicago blackhawks to the stanley cup in 1961 and was inducted into the hockey hall of fame in 1983 his son brett, also a hall-of-famer, said his father gave everyone he met a tremendous amount of memories. bobby hull was 84 years old. >>> and hollywood is remembering the iconic cindy williams, the star of "laverne & shirley," she died at the age of 75. her co-star remembered her glorious grin behind the scene, and dozens of stars talked about her passion

regard to the investment banks because there's not as much of that kind of overall banking assessment we would get from the likes of a money center like jpmorgan, bank of americas much more geared towards capital markets activity the capital markets commentary coming out of both these ceos has a lot to do with what happens with the bigger picture economic kind of, you know, environment we're in if you do see these banks start to get a little more stability with regard to the capital markets environment, sales and trading, also just the interest rate world, then you'll start to see deal volumes pick up again the interesting part about this is, morgan, there's been a lot more focus from morgan stanley on that more stable fee based revenue from management, and that's a transition they've been starting for years now this is seen playing out a little better. it's buttressed them against downturns we've seen in the market goldman sachs a little more levered to that capital markets activity again, interesting themes developing for right now again, going in opposite directions >> all right dom chu, thank you. >>> the world's economic forum in full swing in davos this

your money never stops working for you with merrill, a bank of america company. >>> down to the wire the chiefs and bengals battling for a spot in the super bowl >> able to see him here's the pass. oh, what a catch >> cincinnati fought back multiple times to even up the score in kansas city the game was tied at 20 in the final seconds. but the ball was in patrick mahomes' homes magic got kansas city in place for a last-second field goal the chiefs win it and head to their third super bowl in four seasons, 23-20 jalen hurts had the eagles flying high early in the nfc championship game. both 49ers quarterbacks. the rushing attack found the end zone four times. the eagles are back in the super bowl for the first time in five years. they beat the niners, 31-7 >>> philly been ruffling the nerves of new york state fans. the empire state building lit up green. everyone to the sanitation department all had to comment. later the empire state building said "that hurt us more than it hurt you," as it changed red to celebrate the win. super bowl in arizona when jalen hurts an

and i did bank of america, up 17%. the recovery is in the price. the moon landing soft landing is in the jp morgan price, and the moon-like soft landing is in the bank of america price, are these priced to perfection? >> the hope is they are priced accurately. we'd sort of been hearing chatter about this deal flow issue, that has been such a tax on banks share prices. but what we're hearing is in the months ahead companies realize we are reaching a new normal with this interest rate environment, and small companies realize they have to come to the mandate table. -- m&a table. perhaps these are better price than we feel. manus: we will requalify. jp morgan is 32% below its high in 2021. let's see where these numbers are at. let's thanks charlie wells. coming up with dani and i, a downshift in fed and the hiking path looks possible. we will discuss the impact on that cooler cpi print. will the fed blink? this is bloomberg. ♪ >> i expect we're going to raise rates a few more times this year. the what might be the days of us raising 75 basis points at a

bank of america customers on payday. that's too funny. i've seen that several times before. another good one. remember this guy? credit union folks showing up to read all of the bank of america tweets. and then there's another really good one here. yes, here we go. how chase is looking at bank of america you guys are too funny. >>> not so funny, people who live near carlsbad were caught off guard when a plane suddenly landed on their beach. that small plane right there has a single propeller. you can see the beach has little shoreline, so consequently the waves made the plane rotate as it was sliding on the sand. no one was on the beach when it came down. no one on the plane was hurt. >>> let's head over to the anchor desk now where janelle wang is working on the 5:00 newscast for us. what are you working on? >> we're still tracking that story out of san francisco, that video that went viral, that business owner spraying this unhoused person. he's now facing charges, that business owner, but a prominent leader in san francisco says the owner should not be in trouble with the

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your money never stops working for you with merrill, a bank of america company. >>> dramatic moment shows the moment atlanta police rescue the driver of a stolen car before train crashes into it. frantically trying to smash the driver's side window the 29-year-old georgia man stole the car during a traffic stop and has since been charged with theft, fleeing and eluding, reckless driving and damage to city property. >>> his story captured headlines, and now 70 years later, it is captivating americans. the life and death of emmett till, a 14-year-old boy abducted and brutally murdered in mississippi has been the focus of documentaries and a new hollywood victim a traveling exhibit opening in washington, d.c. this week shows how his story ignited the civil rights movement and continues to inspire activism today nbc's brie jackson spoke with till's cousin, the last living witness to his abduction about the exhibit and its relevance today. >> reporter: an iconic image a haunting brutal page of american history introduced to a new generation a 14-year-old boy murdered f

bank of america already gave us new numbers on december 6th. i don't think you're going to see much surprise there. i don't think it's going to be that great i do think expenses are running at the high end. that being said, net interest income will be up a billion dollars sequentially for them the stock is super cheap, 1.2 times book. jp, i just keep an eye on. everyone wants to hear what jamie dimon, the ceo does. they've sum bld in terms of expenses i think the expense number will be very important. i own morgan stanley it's a different animal. so is goldman sachs. we're in the bottoming process of capitol markets that's why i like morgan stanley. it's my favorite for the year. >> comprehensive we've run out of adjectives. stephanie, thank you so much we appreciate it >> thanks. >> great, that's all the work i need to do for the week. i know what's coming up. >>> kevin mccarthy finally gets elected house speaker on the 15th try his victory comes with concessions like new rules to rein in his power. should wall street brace for more big change

we don't have enough people. >> he is the chair and ceo of bank of america. back to you. thank you very much, indeed. brian, starting and finishing with the number today, which i think set the scene for much of what is happening a united states right now. you also have a current labor market in europe as well. christine lagarde has been talking about that as well. in terms of where we sit with european stocks right now, down by 1.4%. basically, we've unwound today. we are back to where we were friday. the italian selloff today in the market, you can see that, up by around seven basis points. a lot to think about, and a lot of moving parts right now. we've got some great guests lined up as well out of europe to think about what is going on here. is the ecb in danger of over-tightening? that is the question a lot of people are asking right now. significant strikes in france. let's see what is happening with employment. we are going to discuss all of this next. that is coming up. this is bloomberg. these days, our households depend on the internet more and more. families gro

your money never stops working for you with merrill, a bank of america company. >>> a college basketball player who has been shooting for the stars landed had he everself in the record books, oklahoma's taylor robertson set the women's division i record on saturday sinking her 498th three-pointer. she breaks the mark set by kelsey mitchell five years ago she would finish the game with 503 career threes and the sooners have at least nine more games this season, plenty of time to extend that record. >> a whole lot of points there. >>> a lucky bidder paid a royal ransom for one of the king's game worn jerseys. the uniform lebron james wore in game 7 of the 2013 nba finals sold at auction for $3.7 million. it is the third most expensive game jersey sold at sotheby's and it shattered the record price for a lebron jersey which was $306,000. >>> what's behind the rising gas prices. >>> plus ode to climate change why adam mayck is selling movie props to help a bigger cause . back... inflammation might be to blame. over the counter eye drops can provide temporary relief. x

thanks are taking measures to protect the bottom line, what is the picture joining mina back into bank of americaeo, thank you for being here welcome to davos. >> is beautiful being here get that sunset. gerry: let's start with last week you talked about the outlook of the economy and you said the bank central cases for a mild recession, can you explain that why do you come to that conclusion. >> this is the u.s. here we are somewhere else to be clear and her team pushed without another quarter and why do we call for a mild recession and the amount of consumer spending and stimulus and the ability to borrow is so strong all of that is employed in unemployment, all that says you can't have unemployment less recession you have to have an employee but on the other hand is taken long to get here so people get working to getting paid and spending that keeps the u.s. economy going and consumer driven. they have been pushing this out since last year since the end of 22 and the end of 23 and beginning of 23, same basic thing a mild recession that goes up to five and a quarter and comes back down. >> what

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bloomberg large bank of america named 360 managing directors. e around, more than half are women, or people of color. talk to me about bank of america's diversity efforts. >> this reflects a push across wall street to improve diversity. there is certainly a lot of work to be done. bloomberg reported last year 18% of senior bankers on wall street are black. so there is a lot of work to be done. and in bank of america's case, this is the third year where underrepresented groups from the majority of the promotions to managing director. bank of america is making progress but there is work to be done. dani: that is much, that is bloomberg russell ward in tokyo. as we head to the end of the hour, a quick check of what adani stocks are doing because indian markets were closed yesterday. the selloff is continuing, total gas is tumbling 20%, power 5%, adani ports and special economic stock is falling 17.5%. we had ackmann adding fuel to the fire. manus: we know about his ill-fated short sale a number of years ago on herbalife. he added that he found the r

following the bank results, a pair of interviews with larry fink on at 9:30 a.m. and then bank of american moynahan on cnbc at 3:00 p.m. today. >>> on deck, the morning rbi is going deep we are looking at some of the hottest and coldest stocks so far and what has been a pretty hot year for stocks. that's next when "wex" returns [office sounds] ♪upbeat music♪ ♪♪ ♪when the day that lies ahead of me♪ ♪♪ ♪seems impossible to face♪ ♪a lovely day (lovely day)♪ ♪(lovely day) (lovely day)♪ ♪(lovely day)♪ a bank that knows your business grows your business. bmo. try to fin kind of correlation there, i dare you. i couldn't gold, solar, china, whatever since it is not all wine and roses out there, can you name the worst performing s&p 500 stock so far this year probably not 1 in 500 chance. we can it is chicago based medical international baxter international. not a great start for investors this year. d down overall, a good start to 2023 for many stocks and history says that means a good start to the year could be a good year for the markets. history says only time will tell hopefully it is a littl

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the bank of america global head of european -- bank of america global research head of european equity strategy joins us next. this is bloomberg. ♪ guy: 14 minutes past the hour. as the market underpricing risk in europe, they have had quite the run. euro is trading 1.09. global head of research equity strategy, i think i'm just looking into the future. it's can happen. let's try and answer the question. we've seen a great run, european equities since the start of the year off their lows of the last year we have had a massive move. are we done. we underpricing the risk. >> we are the risk. >> quantify that for me. >> we have 20% downside from here. and the main reason for this is one wave of pain going down on the high energy prices, all of this is going away. the indicators are coming up but there's a second wave of pain waiting because it takes 10 months for the impact of monetary tightening to impact the economy. the fed has raised rates before hundred 25 basis points. the crowded davos says the sky is clear everything is fine. there's cost to that. the sharpest increase since the 1

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domestic many wall street laying off thousands recent including banks goldman sachs, morgan stanley bank of americaet opposite not performings layoffs, we want to talk how he sees things live with the chairman ceo of bank of america brian moynihan great to see you. >> good to be here again good to be here with beautiful views snow behind us. maria: you gorgeous this show you a it insure is. what are you doing in terms of this labor market we talked before about the tightness of it, such pressure on wages and on people but a lot of colleagues in the industry are cutting jobs, are you? >> we will be very careful manage approximating head count manage back down the way to think about that first quarter last year, you know we had to hire 4,000 people to replace people amount of people in company dropped in half we have o to slowdown hiring bring headed counted down got too high i toll family slow it down they are doing it keep critical staffing people we need watch it, we can manage that with 10% turnover rate 215,000 people we have to hire 5,000 to keep number head south stable slow down hiring let he

zell is pointing fingers as of now to bank of america bank of america said this resolved and it is still evolving. but the truth is, we are vulnerable. zell meanwhile, said the issue was with bank of america the san francisco 40 niners are getting ready for sunday's big playoff game against the dallas cowboys rookie quarterback brock purdy's record is six and o as the 49ers starter, including his first playoff game last week against the seattle seahawks, but the dallas cowboys defense is a different kind of challenge as it focuses on stopping the opponents' quarterback. players we talked to say they're looking forward to sunday because it's one of the best playoff rivalries in any sport. get to hear about this stuff. we hear about the history and hear about like you said the fans, even my family, just everybody talking about the rich history between these two teams and makes it super fun. i remember so much in my childhood from sixth grade to ninth grade because i was here 92 to 94. so it was the biggest rivalry in football to me growing up and then usually that goes away when you don't

of america and jp morgan but we own more wells than bank of america and jp morgan.er thing that i wish we could do and maybe you and guy and help us with this is having all four banks report on the same day is obnoxious. it would be great to be able to spread it out a little bit. it is a little bit like drinking through a fire hose today. but based on the early returns not the stock returns but early information, we like our positions currently. guy: at least you have monday off. so at least you have a little bit of time. we were talking to someone yesterday and she was sort of signaling something similar. it is a tough few days. out of curiosity, do you think that is done deliberately? my view is yes and it might be out for a little bit of fun because these banks are -- the trading numbers you want to compare them one against the other and you think they do it deliberately? mark: i am not a good conspiracy theorist, so i do not think they do. i think they do what they think is right for them. but i will tell you, let us also look at the way that all four banks trad

again, i just want to get it a little bit cheaper if i can. >> but the bank of america app is great like it. the problem is the payment platform that the banks have all collaborated on, zell is super mid as the kids say. i'll say send it to me like venmo like a gentleman, like you actually respect my time so, look, i think the opportunity here is to rebrand i'm not saying that alone will help the stock i think that will happen the perception of paypal being a last decade nongrowth story into one of the publicly traded fintech companies now that so many of them have stumbled and become mroiccaps >> up next we're going to grade my trade we're right back mom: hey! cheap flight alert! daughter: hawaii! can we go? dad: maybe. i'll put a request in monday. sfx: shattering glass. theme song: unnecessary action hero! dad: was that necessary? unnecessary action hero: no. neither is missing this deal. with paycom, vacation is yours to manage. unnecessary action hero: not to mention benefits, scheduling, payroll. it's hr in the palm of your hand. dad: wow. unnecessary action hero: ask your employer

if you lost money on his l transaction, bank of america says it has fixed the glitch. customers went to social media to complain that cell transactions were not processing and money disappeared from their accounts. the support team tweeted they were aware of the issue and directed affected users to contact bank of america. the situation caught the attention of massachusetts senator elizabeth warren who demanded that the issue be fixed immediately and customers be compensated. >>> the country's largest party supply store has struggled with years of ballooning debt and deflating sales. party city says it has secured a $150 million bankruptcy loan that will allow it to keep it stores open. have you heard of dry january? a sober movement where people across the country commit to not drinking alcohol. the surging demand for mocktails. nonalcoholic cocktails. how businesses are taking advantage of this wave of popularity. >> reporter: nonalcoholic news is one of the fastest growing trends in the adult average industry. >> this has snowballed into the driest january on record

. >>> meanwhile the list of big banks warning of a weaking economy is long and growing. jpmorgan, bank of americacitigroup, wells fargo, all agree a mild recession is coming. dana petersen, chief economist at the conference board. dana, nice to see you. what does the conference board see happening in terms of recession this year? >> sure. we actually have been calling for recession in the u.s. since back in june of last year. we think the recession is probably starting right about now. all of our leading indicators are suggesting that and we're probably see a short and shallow recession, three quarters, and we'll start to get out of it by the end of this year. lauren: short and shallow, we like that, however food prices are stubbornly high. everybody knows that. to put numbers on that, egg prices are up 60% in the past year. if you have got a family, you need milk, you need bread, both of those are up double digits. while inflation overall is coming down food inflation does not seem to be. does that make the fed's job here even harder? >> it certainly does because food prices are determined by fa

you have ericcson with margin problems, zalando was mentioned in the bank of america and upgrade. we will end up with a series of names you want to watch out for. i would argue the highlight of the week, is going to be what happens on thursday with lvmh. we have chinese new year, you have the u.k. data you want to be thinking about. the euro zone as well. we have german ifo coming out on wednesday. alix: you made that guy, you're still standing. let's get back to the earnings versus the underlying economy. christine lagarde spoke on a panel and she pushed back against suggestions to slow the pace of rate hikes. lagarde: stay the course is my mantra for monetary policy. i think other players must also do the same thing. alix: joining us now is melanie debono pantheon macroeconomics ltd from is the market still fighting the ecb and is that a mistake? melanie: markets are acting as if the shock to the economy is over but we see christine lagarde is right. inflation as well above target and a has to continue with its hiking cycle. guy: why is the market looking through what the ecb is

a reminder, we will have more big interviews coming your way including the morgan stanley and bank of america. stay tuned for those conversations. this is bloomberg. ♪ >> there is no economic reason for the widening of a trading range as the bank is continuing to manage market adjustments through fund supplying operations. shery: this is leaving markets from a risk of a potentially larger shock. let's bring in our chief rates correspondent. we had the yen and yields dropping sharply after the decision at that price action faded throughout the day. what does this mean in the future if we get the doj moving? -- boj. >> the question is more about timing area you can see from the bounceback in the yen in particular which was due to u.s. data coming in week, that since treasury yields down further. the yen coming back off the floor and yields moving that underscores the investors expect to be oj to bring moving sooner rather than later. the battle from between the central bank in japan is going to continue, some of them out overnight. that is the theme. they were saying we are irate to raise as we

. >> we had bank of america, warner brothers. this morning, goldman sachs comes out and says favorite media stock, warner brothers discovery. they had the merger phase behind us we have command and control of the business warner brothers is covering diversified assets, and the largest tv and motion picture library, our global footprint positions us for long-term sustainable growth, a company that has meaningful cash flow. i believe we have the best hand in media and our best days are ahead. >> look at this move end the year right now for them. >> i know people are saying, you know what, i got to get out. i don't know it's very hard to find a stock -- >> it's true obviously, a terrible year last year but there's a belief that they're going to return on those synergies and the new strategy the overall streaming product that combines everything, we're still waiting for that to see how that hits the market. >> cnn is for sale, 800 million -- >> 800 million instead of a billion. what kind of multiple would you get? i've heard plenty of

your money never stops working for you with merrill, a bank of america company. - [announcer] do you have an invention idea but don't know what to do next? call invent help today. they can help you get started with your idea. call now 800-710-0020. >>> new video has just been released from the august deposition of former president donald trump. he was opposed as part of the new york district attorney's investigation as to the fraudulent practices at the trump organization. >> we got this from the new york attorney general's office, and that's when trump gave the deposition. it's about 38 minutes. you may remember that trump had previously said in the past if you are innocent, why would you take the fifth? here's his answer. >> anybody in my position, not taking the fifth amendment would be a fool. an absolute fool. one statement or answer that is ever so slightly off, just ever so slightly, by accident, by mistake, such as it was a sunny and beautiful day when actually it was slightly overcast, it would be met by law enforcement under the advice of my counsel and

it is interesting that bank of america is saying there is a chance that today or tomorrow they could the yield curve control per -- program entirely. it would involve a lot of bond purchasing, even more because of what that would unleash. according to some people i talked to, a lot of hedging your bets, hedging your thoughts, and waiting for anything to happen. a lot of them say baseline, no move, but entirely open to something happening. haidi: what else are you hearing from market sources at this point? kathleen: first of all, there is no when you talk to who thinks it will be a surprise, or almost no one thinks it would be a surprise if they don't widen it even to 1.0. more talk now that eventually the boj could start shifting their stance just a bit by moving back from changing the target to 5%. the reason we're showing you this, up to 1% higher in terms of the level, depending on what they do. people are saying they are so convinced that normalization has begun that they're willing to lose money holding position that is pricing in the 1% or higher ceiling or getting rid of it. a

a warning was posted on the bank of america app that zelle transactions were delayed. a bank of america spokesman tells us that deposits and transfers are starting to appear in accounts. >> napa wine likely to cause more this year. 71% of napa valley's winer plan to raise their prices. the same was reported across the west coast, most wineries anticipating an increase. supplies and shipping have become more expensive. the author says likely not all who report this will actually follow through with the increases and ultimately the price difference is predicted to be small. >> boston dynamics is showcasing its bipedal robot in a new atmosphere, a construction site. let's look at the video. in the video, the robot is tossing planks in tool bags. this is not a real construction site. the company wanted to show its robot working next to a human. the man leading the research tells her to they are studying how atlas would perceive and manipulate objects in its environment. he says the video is edited and falls or mistakes have been cut out. let's see it all. >> do not edit it.

vonnie: bank of america is said to be pausing hiring as it tries to manage costs. s tell bloomberg it will hold off on bringing in new workers until the company shows -- economy shows signs of a turnaround. they have seen revenue growth in business banking and trading. global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am vonnie quinn. this is bloomberg. rish. rishaad: thanks. let's turn out to malaysia because they say that attracting investments will be key to ensuring that the country gets back to the people pandemic trajectory. zafrul abdul aziz's joining us from davos on the manufacturing side of things taking advantage of the recovery in global trade. >> the focus as the trade minister obviously is to ensure that trade continues to be one of the key drivers of growth for malaysia and investment as well, so these are the two areas we are focusing, and industry as part of the portfolio that gives that higher quality investments that malaysia wants to see. haslinda: ther

with jpmorgan, bank of america, citi results due out before the bell tomorrow. how are we set up, guy >> that's what the bulls now have to prove themselves, right? in the form of earnings. okay so the cpi i think -- if you're bearish it gave you something, if you're bullish it gave you something if you think the fed genius. everybody got a little bit of something today. now they're in the rearview mirror and probably rightly so now it comes down to earnings. and we've been saying for a while, earnings are what matters. earnings are going to disappoint we'll hear from jamie dimon in the commentary what he thinks. as we saturday in earnest in earnings season this is what matters. again, more and more of these strategists are ratcheting down their earnings numbers more and more people are saying the multiple currently be being paled for the market is too high in this environment. so you can say all you want about a 6 1/2% cpi and what it me means. it always comes down to earnings and i think they're going to disappoint >> tim i asked you what you'd do you said uld f

all to you on mornings when maria live, my live guest next week the head of glaxo, carlisle, bank of america un secretary-general, imf managing director, the ceo chevron and intel along with the president of the stock exchange and more to ninja fox business six to 9:00 a.m. eastern all week next week, this week and we will see you on fox news channel "sunday morning futures" live the first interview the house speaker kendra mccarthy giving us the house judiciary committee jim jordan, matt ten evi all with me sunday, live on fox news channel. i will do it for us, they get so much for watching, have a great rest of the weekend. i will see you next time

. >> still ahead with bank of america is saying after customers have been complaining about miss >> number of bank of america customers are experiencing some real headaches today. they say that money is missing from their accounts. people have called customer service to report the deposits and money sent to their accounts ins l transactions are just not showing up. the company posted an alert on its app saying that sell transactions from saturday through tuesday have been delayed. the alert says accounts would be updated as soon as possible, but they don't specify when. >> reporting on this story yesterday that dozens of dogs that are now safe after they were rescued from a pretty significant house fire in martinez yesterday morning. you see all pups pomeranian ce crews say took about 50 firefighters to put out the fire, get the animals out. neighbors were helping crowd for some and harry tells us now what's happening with all those animals? >> the home behind me here is now boarded up. but firefighters say they found about 70 small animals inside most of them dogs. luckily they believe al

we begin with a look at the domestic economic forecast and the chief economist for bank of america, michaelapen. he's here. happy new year to you and good to have you in person. >> happy new year to you and thank you for having me on. >> a majority of voters polled by "the wall street journal" says the economy is going to look and feel worse in 2023. what is your forecast? >> i think that's probably true. i think we're in a situation where the risk of recession is high. may not be a deep and prolonged one, but we're in a situation where the economy has recovered very rapidly from covid, and it's come with a lot of inflation. and the federal reserve is trying to slow down the economy to bring inflation down. in the past, more often than not, that's coincided with some sort of recession in the u.s. economy and the u.s. labor market. it's not baked in. it's not for certain. we may be able to avoid it. but i would agree that the outlook by most people who sit in the position that i do think 2023 could be a difficult year for the u.s. >> so, we may be able to avoid recession. >> yes. >> or it co

morgan stanley ceo, bank of america ceo join the team. they will maybe be able to add value to the liquidity drain. the liquidity gap, and what they are doing to pull drawbridge and drive what we so often look at. dani: good morning to you. they make chemicals, it is literally in everything. so fascinating to see. manus cranny there at the world economic forum in davos. he will be joining throughout. among some of those interviews, we will be speaking to the ceos of morgan stanley and bank of america. let's get to the other top stories and our reporters from around the world. we are covering the weak u.s. retail data and what it means. and then wescott is looking at the surprise resignation of new zealand prime minister. plus, on the latest on credit suisse. the comments follow data showing u.s. retail fell alongside week producer price indexes. joining us is an and. this soft data has us thinking that a soft landing is becoming impossible. how does it play into the fed's thinking? enda: that is certainly confirming a really strong consum