of the old bank located in san francisco. david: at one point, they said you should be the chairman of the board of bank of america, is that rightlter: that's right. it was not that simple, but that's right. david: did you want to be chairman of the board of bank of america? walter: i had no time to think about it. it came about so quickly as a result of a shareholders meeting in april of 2009. after the shareholders had put on the proxy agenda a proposition to separate the chair and ceo, as you know in most corporations, that is a combined position. the shareholder vote, it got the majority of the board to not have to accept that recommendation, but the -- the board did not have to accept that recommendation, but the board did. and after the board meeting the chairman, ken lewis, said the executive committee was going to recommend to the board that i would be the chairman. this is ongoing into the meeting. and i said how long do i have to think about this. they said about a minute. david: so, after you get that position a couple of days later the federal government calls you up and says what? we've got to talk to you. you've go

driving change. >>> we'll continue our conversation with bank of america ceo brian moynihan when we comek. stay with us. female: my husband worked on a strip job for a number of years, got black lung. a little over three years ago he quickly started declining and started asking for my help. since jerry got sick and i've taken on the extra work here it's been wonderful to know that i can still hear the word with a message and have some pastor that i feel connected to in my home with me. ♪♪♪ >> announcer: this is the "cbs overnight news." >>> we begin tonight with new tensions between global rivals. today china's defense minister aggressively defended sailing a warship directly in front of an american missile destroyer. speaking at a summit in singapore he warned the west to stay out of waters and airspace near china's borders. the dangerous close encounter happened in the taiwan strait separating taiwan from china. cbs's elizabeth palmer leads us off tonight. >> reporter: addressing an audience of global security officials, china's defense minister, general li shangfu, had some blunt advi

. >>> bank of america's ceo will join us to weigh in on the economy of the chances of a recession. "cnn this morning" starts right now. ♪ >>> this is where we begin. major developments in moscow. vladimir putin making a live appearance after russia asnounsed it was dropping charges against the wagner group. vladimir putin personally thanking russian security forces for defending the country against the revolt. >> translator: you defended the constitution, the lives, the security and the freedom of our citizens. you saved our homeland from being shaken up in actual fact. you stopped a civil war. >> that's worth noting we don't know where the wagner group's leader is. yevgeny prigozhin supposedly struck a deal to go in exile in belarus. this morning the kremlin is refusing to share deals about that agreement and putin's spokesman is unaware of prigozhin's whereabouts as well. he is giving the military a choice, join the military, go home or abgo to belarus. the fighters are preparing to turn over heavy equipment to russian troops. the ukrainian military trying to take advantage that

driving change. >>> we'll continue our conversation with bank of america ceo brian moynihan when we come stay with us. >>> welcome back to "face the nation." we're back with the ceo of bank of america, brian moynihan. i want to pick up on something you indicated earlier when you said the fed had accomplished something. you said recently the fed won the war. is that war against inflation? >> well, the inflation is tipping over, but one of the toughest things for the federal reserve is the power of the u.s. consumer and they were employed, they were earning more money and spending. what you're seeing is that's tipping down. that's a key component to getting inflation under control because if unemployment is at % rate of inflation and that creates a hard job for the fed to slow that down because the u.s. economy is so consumer led. they have won that battle. they've won that battle, inflation is tipping over, but importantly see the u.s. consumer activity is slowing down which if you project that out ought to bring inflation down. >> with one of the impacts of the banking turmoil we went th

if you have somebody with lack of a better word the charisma of biden but in the banking sector reluctantly brian moynahan. bank of americaof the pandemic when jamie dimon was recovering from a medical emergency. he is really able to work with congress and work with other bank leaders to play that role. >> and does not drop the f bomb quite as often. >> you do not know that. >> in his own way a strong leader. >> one interesting thing about the report. some ceos have lasted a really long time for the tenure sure it seems to beginning shorter. last patient. >> the ceo landscape is really bifurcated. on the short end ceos are washing out earlier and earlier and on the long and the forever ceos. the people to last a long time. if you are bored forget about turning over every seven or ten years this person working as jamie dimon, let's keep them forever. obviously what is making it so difficult are things like shareholder activist like pe, like radical transparency on social media and of course the social issues. very, very difficult to be a ceo right now. >> almost out of time obviously anybody who invested in j.p. morgan whe

clear signal given the regional banking turmoil >>> here is a story that caught my attention bank of americauffered a $100 billion paper loss data from the federal deposit insurance corporation shows the losses far exceed the rival. bank of america's value has plunged the portfolio as interest rates have plunged the last year. giul julianna, that is alarming just digging into the data, the average maturity is about ten years. the interest rate is 2%. we are looking at significant lower yields of the that would be problematic if they have to sell they don't bank of america has $1.9 trillion of deposits $1.4 trillion of retail deposits even though these are paper losses, they definitely have the balance sheets absorb the losses because of the massive size of the retail deposits and they are paying low interest rates. >> it is not problematic from any solvency perspective it is the opportunity cost of holding to maturmaturity bank of america was in the worst position than many of the peers ofpeers. shares have fallen 15% this year against the rivals >> it raises questions about their balance sh

banks needed rescues? we all see the data every week and there's growing usage of some of these emergency facilities would bank of americavailable to help a bank that isn't able to make a go of it in the next couple of quarters? >> so i think there's a couple of pieces. first, for 30 or more years we have not been able to make a deposit acquisition by the law at 10% and we passed that threshold a long time ago, but we go above that and we'll grow through that because we do a great job with the clients and customers. will we acquire something? it has to be a failed bank and we would acquire it through the fdic process and many people don't employ, but we sold first rep republic a few years ago and others might and we'll take a look at it and that will come down for the irk transes and the good news is industry is strong strong and great shape and a lot of the worries and there are unique business models that fell out, but the reality is the rest of the company is in great shape and they're out there making money every day. >> brian, just to close it out we're in a new section of boston that 23 years ago didn't exist a lot

. >> thank you for having me >>> still ahead, bank of america flow data shows retail investors growingore cautious on stocks. one of our next guests agrees. he's playing it through etfs. >>> plus amazon is slightly lower, the ftc suing the company. we'll have the details >>> unitedhealth leads the way we also see strong performance intel, salesforce, walgreens are the decliners today, disney as the decliners today, disney as well ♪♪ the only thing i regret about my life was hiring local talent. if i knew about upwork. we're back after this. i would actually talented people from all over the world. instead of talentless people from all over my house. a third kid. what if she likes playing golf? it's expensive. we're outlawing golf. wait. can i still play? since we work with emower, we don't have to worry about planning for a third kid. you can still play golf... sometimes. take control of your financial future to empower what's next. >>> welcome back to "the exchange." let's check on what's moving this hour. dom which you is all over it at the telestrator. >> three straight days of loss

he stepped down from bank of america in 2021 after working in goldman. ay he turned bank of america into a trading powerhouse. so this is his grand return to wall street, if you will. we talked about the frustrations within goldman. we are a couple of weeks out from a major article in the wall street journal that called goldman sachs at war with itself. again, a lot of unhappiness inside that firm. so having the support for the ceo and chairman of goldman, pretty much answers questions about speculation, about what solomon's future might be. haidi: what are some of the major challenges ahead for goldman? su: so many are asking, can goldman get back to doing what it does best? it used to be called the gazillionaire maker in that people who work there end up becoming billionaires, many of the partners, they do very well. so it makes sense that the frustrations inside goldman have become increasingly public and escalated the pandemic even as the company had record profits, and they have intensified in recent months. this, despite the ceo david solomon public

bill, you bought bank of america last week. >> yes >> brian moynihan will be on "the exchange" monday. don't want to miss that. but go ahead >> we've highlighted a lot of my great trades the past few weeks, but bank of america, i because the it at the end of february. we didn't have enough banking exp exposure i sold it quickly in march and we didn't have any other bank exposure other than morgan stanley. so i'm evening things out. i do think that we'll see the economy continue to have soft landing for a bit and i like where the banks are with the rates and i think the curve itself, people talk about continuing to invert, but i think that we'll find momentum behind that. >> nine times earnings, 0.9 times book it is very cheap it has been cheap for a while, but all the financials are cheap. they are in a fate to have net interest income tdown 2%. and that is tough. opposite side, heavy investments in technology. trading actually is better than expected and i do think that we have seen the market participation which will help capital markets as well i also own morgan stanley. so it is c

bank. let's talk to ralph, who is the global head of rate research at the bank of america, from paris. ake of what she had to say that? because we are starting to get different views on how sticky inflation is and how central banks will respond to it.— will respond to it. yes, we are at an interesting _ will respond to it. yes, we are at an interesting turning _ will respond to it. yes, we are at an interesting turning point - will respond to it. yes, we are at an interesting turning point and l will respond to it. yes, we are at i an interesting turning point and you already highlighted three contrasting decisions this week. no real surprise from ecb, i would say. they told us a few months back that they were likely to raise rates in three consecutive months, this is the second run of those, they have pretty much committed to raising inflation rates again injuly, so as we have seen, there is no real surprise there, but we are obviously nearing the end of thatjourney in europe as well and what some market participants were hoping for today is some signal as to whether the ecb would stop

montag retired from bank of america. ank of america -- he's moving over to jp morgan. on radio and television, this is bloomberg surveillance. ♪. >> when you start to introduce geopolitical risks like what we are seeing come of one thing is the market tends to be very bad at pricing of these risks. overall, if you're going to flip on index properties like apple, those are quite inexpensive because if it becomes more unstable, you get a correlated move down which is what we've seen historically. tom: amy wu silverman was outstanding in the notional derivative value. this is an inside baseball item. if you were part of global wall street, go for our full conversation with her today. she was absolutely brilliant on the derivative build that lawrence mcdonald wrote about 10 days ago that was such news over a given weekend. we continue strong on the surprises of this 2023 market. gina martin adams put in a buy order for 100 shares of nvidia and now joins us. she is the chief equity strategist and you've never seen anything lik

in terms of banks specifically, you have to be concerned how well they've been trading. bank of america not been good jpmorgan to the penny up 133 i'm still of the belief there's something that's going to happen specifically in regionals and i don't think you can own banks here. >> up next, buy now, pay later stocks those are on fire. could they go up in smoke when student loan payments resume "options action," why it might be time to send your money abroad more "fast money" is ahead ♪♪ at morgan stanley, old school hard work meets bold new thinking. ♪♪ partnering to unlock new ideas, to create new legacies, to transform a company, industry, economy, generation. because grit and vision working in lockstep puts you on the path to your full potential. old school grit. new world ideas. morgan stanley. >>> welcome back to "fast money. fin tech stocks having a great year sofi jumping 78% and affirm up 53%. cnbc's kristina partsinevelos is here. >> we thought the supreme court would rule borrowers preparing to resume their payments in september. the three-year pause on $185 billion worth of s

bank of america said central banks aren't done raising rates and are coming for ai and u.s. tech the third quarter. jp morgan etsy is intentional for big down sign it -- downside in equities. -- jp morgan sees potential for downside in equities. guy: this week is the perfect set up for next week. you had the s&p getting into a bull market. the bank of canada, rba surprising us with rate hikes we didn't see coming. take a look at what is happening in court inflation in norway. the divergence we are seeing, the perfect set up for next week. if you get hot cpi, does the fed have to follow surprise are they in the surprise business? you get a hot cpi, we will wait and see. alix: bank of canada raising rates but today the jobs number really week. so how is that going to wind up working out? seems like you are seeing rate moves and there is no real consistency figures out what going on. guy: it was written this morning, it is of the jp morgan note which talks about the idea that if the bond market is right on volatility equity markets have a long wait two, 20% down from where we a

bank pauses the rate hiking campaign. more than half say they pick back up in july with the 25 basis point hike those views shared by the ceo of bank of americathey can't say i'm done because they don't know because they need the next set of data >> i'm not referring to this week i think inflation is stickier. you know, i think in the distribution of outcomes, there is a chance rates go higher. i'm not saying they will go there, but you have to be prepared for that. >> before the fed makes any call on policy, economists are bracing for the key inflation report with the headline cpi figure to dip slightly from last month to a still high 4% joining me with more is jeanna smialek. >> thanks for having me. >> is the market reading the tea leaves right a pause or a skip or could the cpi report change that >> yes, i think it is really interesting to note there is a 25% chance in the market that they actually move interest rates up this month which is very unusual usually we have 100% market pricing from wherever is expected ahead of the meeting. the fed is diligent of broadcasting what it will do in advance. it is notable there are still some think

a number of major banks. bank of america and jpmorgan chase. the china gdp forecast between 5% to 5.5% following a string of weak economic reports chinese equities are spiking they are part of the broader rally. i was looking at the etf earlier. also out performing. what is outlook with this disconnect between the economy and what we are seeing with the equities >> it's hard to figure out how investors are looking at china most economists are looking at china. i share the view of the economists as an economy that is absolutely stalling post-covid opening. a lot of that, frank, is because of the policy and problems are in a mismatch. what we need are policies to restore confidence and increase household income find a way to employ the youth in china what we are seeing is more credit facilities available and that's not exactly easing. easing is not going to fix the china economic problems. the right fiscal problems in some circles will do that. beijing has been reluctant to do that i think this move into the secof of the year despite the rosy out

of 100 billion dollars to the public. his corps worked from this bank. in this year, the bank of america and the defeat of the federal deposit insurance corporation of america also added four banks to the number of troubled banks and declared their number to be 43 banks. the state of new jersey turned america into ashes. this fire has so far more than it has destroyed 2,000 hectares of forest land. abc news reported that 2004 forest lands have burned in this area. the fire in the area depends on the forced evacuation of people from the settlements and roads, but the encouraging news is that the firemen are they are making progress, officials say what we need now is a little rain to help firefighters put an end to this fire, but fire officials in southern new jersey say they are winning. now approx 50% of the fire is contained, it is expected to increase the recognition of the right person, if nature cooperates a little, the file of this fire will also be archived , but this work will be done during the whole night last night, the conditions that the firemen were facing and the conditions

that is what we saw with washington mutual and bank of america in 2008. h silicon valley bank and first republic. regulators are not leaning in to address these issues say we will make a better test -- a better stress test. sonali: do you think they should? when it comes to fhl officials, they to be paid as federal officials instead of bank officials? aaron: it is not. i think the federal reserve regional banks is a model for them. i think it is higher for government employees but far less than what they are earning. it incentivizes the homegrown bank to go bigger. that is not in the best interest of the economy. sonali: switching interests. had president biden and the scope of his conversation around biting -- bideomics. is this a realistic place to go for the biden administration, given the push back something ranks have given about the idea of overdraft protection actually helping? aaron: is a huge success. both -- aaron co. this is a huge success. they voluntarily change their overdraft policies in ways that should have returned $5 billion a year or mo

bank of america had a note out this morning saying the bear market is over. we are in the bull market and on the flipside looking at flows for bank of america, they are cautioning about tech. you had goldilocks greed last quarter. the first quarter we got out of the recession fears but the rate hikes you're talking about will come home to roost for ai and tech. nothing has been heard on the vix. we have seen this for four straight days. two year yield moving higher. up about seven basis points that were versus the steep run we saw yesterday. by bear. bah bye. guy: i will talk about cpi and inflation and core inflation. need to think more about what is happening here. norwegian core cpi hit a fresh record high. we could see a 50 place point -- 50 basis point hike. you sought bank of canada delivering surprises. central banks caught out by the idea of place year -- by the idea inflation is stickier than expected. that is problematic. we are talking about it in the last hour. it is an issue here as to whether or not bond markets be more cautious on inflation vola

it is interesting that he reiterated it, we have been hearing the likes of goldman sachs and banks of americaand bank of america raising their targets. he is sticking with his view that we are going to end the year at 3900. we can expect a respite from the fed, we are seeing a boom link to the ai play continuing to play out. this is why he expect a down momentum ahead. >> our view is inflation is going to come down, while that is good for bonds, it will not be good first -- good for stocks. the reason we were bullish in 2020 and 2021, we expected inflation to drive a profits boom. now when inpatient comes down, you are going to have a profits recession. shery: now turn to some top corporate news. the european union charging google with abusing its dominance over advertising technology to push -- to crush competition. the you threatening to rake a part of google's business? >> it could break up part of the ad business, the good news is the eu probes can take years to complete. that gives a lot of time for both investors and the company. who will has been in the crosshairs of the eu before, thi

paul: so, it is a slightly different story for bank of america. seems to be faring better than its rivals. su: it is important to remember bank of america did not have the big windfall that it's bigger rivals had. they are likely to have a second quarter more in line with the one a year ago. they're projecting a flag is quarter, a much more promising outlook than rivals. let's take a listen. >> there is a lot of activity. the question of results in deals. on the sales trading side, frankly, i think we will be flat this quarter. jimmy tomorrow and the team have done a great job of stabilizing. su: its ceo, what he is saying is june is typically stronger than may. year-over-year, they are relatively flat, that is a relatively strong performance compared to rivals, such as goldman. wednesday we heard from morgan stanley's copresident, who also gave a gloomy forecast for his bank sale and trading a dealmaking operations, saying the sales are softer this quarter and results will be down year-over-year, echoing the views of goldman that investment banki

people are having that conversation of, should we take our money out of the smaller bank and maybe put it at a j.p. morgan, bank of americahose already bailed out because they were too big to fail? it just kills the ecosystem of smaller community banks. they do not have a chance. they have to go raise money and increase their cd rates which should have been the way all around. banks should not have been able to get around, they feel like they are doing you a favor. when it becomes difficult for them to pay out a lot on deposits and turn around and not have great opportunities to capture good margin from what they're loaning out versus what they are paying now, these banks are not losses, and that can be necessitated overnight, almost overnight, if people pull their money from the bank. host: we will go down to miami independent. , caller: good morning. i am a working-class guy, in my 60's, looking at retirement soon. in my career, i experienced 9/11. we did not see that coming and we took a big hit, the account crashed and there are people who were not alive or do not remember but, subsequently, we were kind of recovering

a bank of america company. rishaad: we get ready for the start of the trading day.e minutes away. we are looking at a downdraft when things get started. we will see what the day brings. one thing which the next few months brings is a career in seven wealth funds. -- sovereign wealth fund. >> i think india has many strengths. india is already take an important part of the supply chain and they have emerged as important player of the world economy. and there are a lot of investment opportunities in india. for example, infrastructure and venture startups. last year, the stock market was roundly. i think india has the potential and now i think they are showing their potential reality. finally. they also have some problems. i think their problem is not that serious. >> you are opening an office in india. tell us why and when. >> our aim is to open in india by november of this year. actually, we are trying to make a base for investment. we're trying to research what is going on in india. at first, we focused on infrastructure and venture startups. but as you know, india i

a bank of america company.e next gay games in hong kong. ♪ yvonne: the moment hong kong won its bid to host the gay games. it is now happening. rishaad: it will be cohosted with the mexican city of guadalajara. organizers celebrating this pride month. alan lang from gay games hk is joining us. a means a lot for the lgbtq community, but it is much wider. >> the gay games first time in hong kong, first time in asia. for the first time in 40 years of history, big impact and big visibility. yvonne: it is finally coming after the pandemic restrictions were lifted. what will we actually see? >> if you do join the games in november, you also get to go to the village which will be open for the whole week. in terms of registration numbers, tennis is really selling out really fast. rishaad: dodgeball as well i understand. how does it work when you have on the others of the world other events being held in guadalajara? >> they are hosting their own gay games. we are focusing on the asia region. we are making sure the peop

bank of america is a little bit different. it did not have the outsized gain here. generally, it is clear when you listen to the executives that trading activity is not going gung ho this quarter. investment banking has not picked up. andy saperstein said investment banking has been in a sustained stop. >> ponte of training when it comes to ai related stocks. what are we seeing in terms of retail traders now getting in? >> the retail traders are now getting into the ai frenzy. retail traders have poured over $285 billion into nvidia in just the past five days. now they are just getting into c3 ai, marvel which is a semiconductor company and it is interesting, the strategists said with nvidia, some private taken from the retail will really make a difference in invidious stock. but the market cap is a fraction of nvidia. if the retail trade starts to take some profits and pull off, we could see the stock start to fall a little bit. >> let's get it back to annabelle for a look at markets. what are you watching? >> i think we just need to start with one of the biggest m

if you really want to get a read on the consumer, you need aggregate data and for that i go to bank of americae covid. that amount has come down a bit from its highs but balances still remain elevated versus precovid numbers. very positive. the data shows the spending still strong, but it's slowing we're going back the normal levels from before the pandemic, although with a reminder that 2019 was a pretty great year credit quality remains hot even as they're gradually on the rise again i know my thesis of people being long on money and short on time still seems to be playing out, something bank of america calls the revenge travel international still struggles. domestic is slowing. we are in a fed obsessed moment in time. at the top of the show, the fed had very little to do with the strength of the magnificent seven which created their own fate even if it's not enough on its own to make the fed halt its rate hikes for good, it might be enough to make them skip meetings wouldn't bit something if they skipped a hike and skipped a second hike? i don't know if they'll do that. i know people believ

he's a key part of the transition of merrill lynch and works his way up, he's pretty high at bank of americang thing about him, very competent. people that know him say he's one of the best at capital markets, you name it, investment banking, obviously, it's going to be good to have him in the corner if you're david solomon where you have a lot of this internal strife. there was internal reports about workplace issues urn him -- cheryl: by him? >> because of him. these were reported. i thought the reports were pretty weak, to be honest with you. i read them all. stuff the about him being a tough manager. i mean, you know, that's wall street -- cheryl: that's wall street, i mean -- >> i will say this, goldman vetted those reports to make sure it didn't seep into sexual harassment and things of that nature. what i'm hearing from people chose to this whole process is there is no nothing in their vetting that's going to prevent him from getting this job. why is is he good for solomon? again, a key ally. not only that,s and i think i mentioned the other day or maybe it's liz -- cher cheryl monday

high >> on the network a little while ago said the time to be negative was at the end of 2021 bank of america, the breakout above 4200 a fomo rally. more room to run from rbc. the bulls are trying to line up in the face of what is still fairly bearish commentary and positioning elsewhere. the bears don't want to give anything up but the people who were more cautious sound more bullish. >> many have been extremely cautious until recently. we don't have to go through names -- >> well, i just gave you names >> they changed their tune in the last few days. what i would say in response, we've been bullish let's illustrate it with some numbers. the s&p is up 14% roughly. the top seven names are up 90% the rest of the market is up 5.3% can that persist i would say the market can go up but you need the rest of the market to move with it >> industrials are up, materials up like 6.5% small caps are about the same. so these areas that were lagging are suddenly doing something >> of course and they need to and they are. what we don't see is a continued move in the last week or so of these big cap names b

bank of america has announced several leadership changes in its investment banking unit including shiftingon services business. my no coat will -- they will lead enterprise payments. the former head of gts will become the head of global capital markets. general motors has become the latest auto giant to join tesla's ev charging network. ceo says the a deal will allow electric vehicles to get access to 12,000 tesla supercharger ports beginning next year. ford made a similar announcement last month, moving the u.s. auto industry toward a single charging standard. bloomberg has learned that the holders of 1.2 billion dollars term loan and and visors are weighing options after the company missed an interest payment on the debt. this includes negotiating with the company for an amendment, mitigating or attempt to seize collateral. byju's billion-dollar obligation is the largest loan by a startup ever. shery: taking a look at how futures are trading at the moment, we are seeing upside when it comes to the asx 200 futures up 2/10 of 1%. this of course as we have a more positive set up when it com

get you quick before we go to break, ch chargepoint reports after the bell you still own this bank of america calls it the best in class ev charging play that was just a couple of days ago they did that. the stock has been such a dud. what's up? >> yeah, and if you don't own it, look, i could be wrong, this could be -- they could have a great quarter and the stock could gap up but i have to tell you, they are not good at talking to wall street i actually spoke to their head of i.r., nice guy, i don't understand why they've been so ineffective at communicating their strategy the stock has no traction. i'm glad it rose on that initiation of coverage or upgrade or whatever, but, you know, this is one of the worst stocks i'm in right now. i hope it turns around but i don't think an earnings report necessarily historically has been the thing so i don't know how it's going to go. >> you say it's down 20% or therepoint, 19 or so. >>> up next mike santoli has his midday word. right back o"t hn healf" after this what if buildings could tell you how they could be more efficient? i'm listening. well, wi

you look at bk which is bank of new york mellon and bank of america. bank of america at a.p.e that is cheap as far as value with the banking stock some banking stocks pulled back to the point they are not a surprise. >> the kre would you put money into the regional banks >> frank, i would not play regional banks i would play with kre. you have a broader basket. if you have something unexpected, you have a lot of diversification. your odds are higher of making money with less risk >> vance howard. thank you for being here >> thank you, frank. >>> time for the check of the top corporate stories with pippa s stephens >> and china's producer index in may fell 4.6%. the steepest year on year drop since 2016 when it fell 7%. this is worse than april with the prices falling 3.6%. consumer prices rose 0.2%. >>> general motors striking a deal with tesla giving the detroit automaker customers access to the 12,000 strong as super charger network. on "fast money" last night, mary barra said this is the next step. >> ford, general motors and that's all now on the ch

morgan bank of america announced that the sanctions of the united states hit the banks of other countriesong with the increase in bank interest rates in the united states. the main factors of the expansion of the dollar there is gold in the world. in this report, it is stated that dollarization is well known in the stock markets in the world and 399 dollars has significantly decreased in exports according to the latest statistics of the international monetary fund in the last twenty years. there has been a decrease of 13%. the slovakian justice minister has been prosecuted for supporting russia in the war in ukraine . slander the country and a nation and also to confirm and extend the text of a crime because he was the head of the supreme court in the past, he said yesterday that he is proud of what he said earlier and believes that russia has acted in accordance with international laws russia is seeking to defend ukraine's large-scale attack on the region in the east of the country, the president of ukraine had previously said that the country's counter-attack against russia will begin s

bank of america sees a flat quarter. francine: if you look at futures, gaining 0.4%. a lot of folks on tech in asia saw a rally, and there are hopes the fed causes interest rate hikes. tom: those are linked, the fed tying into the tech rally in hong kong, that is pronounced. a number of factors keeping the catalyst around. optimism on the upside. the philly fed president saying we should not only skip in june but in future months as well. it is starting to build a narrative that the fed is in a position comfortable to pause in june, as we await the nonfarm payroll later today. the expectation is from 200,000 down to 195,000. the debt ceiling deal is done, it just needs to be inked by the president. equities building on the upside from yesterday. wall street finished in positive territory. the cac quarante adding 0.6%. the ftse 100 getting 0.5%. let's reflect on what is happening in this space in asia. the kospi in korea getting close to bull market territory. the chinese stocks listed in hong kong were on the edges of a bear market. that is being pulled back from the o

guy: did you see the bank of america story as well talking about all they are seeing in their credit card business. very little stress to the system right now. particularly the lower end of the spectrum. it runs contrary to what a lot of people have been saying that there are signs of stress coming into the system. their data stands in stark contrast. alix: little and quincy stabilizing a bit and coming back in a way. going on vacation isn't everything ok? guy: that would be the narrative but everyone wants to travel right now. the airline bosses there very excited. where are the risks though, the consumer may be -- maybe the monitor response needs to be more aggressive. cpi data out of the states tomorrow. we have the fed, the ecb and the bank of japan plus a whole range of other data. black rock head of ishares investment strategy america's in the last hour had this to say about how she is viewing the next few days. >> i don't think this comes from the ecb i think if there were to be a risk it would come from the bank of japan being more aggressive or hawkish or it would come from t

strategy had at bank of america global research. d then will: a week without fed speak and then the big meeting. this is bloomberg. ♪ we moved out of the city so our little sophie could appreciate nature. but then he got us t-mobile home internet. i was just trying to improve our signal, so some of the trees had to go. i might've taken it a step too far. (chainsaw revs) (tree crashes) (chainsaw continues) (daughter screams) let's pretend for a second that you didn't let down your entire family. what would that reality look like? well i guess i would've gotten us xfinity... and we'd have a better view. do you need mulch? what, we have a ton of mulch. some thingsiteral ton. in life never feel good, like paying your property taxes. did you know there's ways you can reduce your property taxes? i started ownwell to make reducing property taxes easy and affordable for everyone. at ownwell, we bring together local tax experts and cutting edge technology to maximize your tax savings. you can sign up in 5 minutes online. we'll do all the work

bank of america would consider another lender. n zeal to buy first republic. bank of america was considering their own bid but ultimately dropped out of the process. deutsche bank's investment arm might bring back the managing director title after scrapping it over two years ago. sources say frustration over the policy means the ceo is weighing whether or not to bring back director titles. we are told some staff have criticized the current policy for slowing career progression. coming up, barclays is downplaying a recent exodus in their investment bank. our exclusive interview with their ceo is next. this is bloomberg. ♪ hi, i'm katie, i've lost 110 pounds on golo in just over a year. golo is different than other programs i had been on because i was specifically looking for something that helped with insulin resistance. i had had conversations with my physician indicating that that was probably an issue that i was facing and making it more difficult for me to sustain weight loss. golo has been more sustainable. i can fit it into fa

interesting, jim, to see bank of america be so plain about it the title of the report is "bye-bye, bear>> i have to tell you, the five faqs was, i felt, not what i wanted to see. you don't want a bull market that's basically led by carvana. they did not mention carvana by name, david. but you have basically -- you have stocks who are reviled. why is the s&p trading at 20 times earnings all of this is basically like, we shouldn't be in a bull, but there's nothing we can do, and there's going to be fomo you want to be actively a stock picker, and then david, of course, i have to mention right up front because he's the oracle of a.i "how i do invest a.i.? that answer, i've given a thousand times i regarded this piece, "bye-bye, bear,"s bye-bye, happiness >> whoa, done with that. >> good song >> okay. now that we've gotten rid of that, you defenestrated that piece of paper >> that's a good one >> you know that one >> everybody loves it. >> the reason why i didn't like the piece, it says, we're up from the bottom, and now what do we do? i would have like to have seen something that's more ri

of advanced technology. banks are indeed being very cautious. we have heard from warren, who said once it is out there you cannot un-invent it. bank of americad you don't know what you are going into a lot of these decisions. you should potentially be concerned about the outputs. banks have a fiduciary duty not to trade on unreliable information. it makes a question about the sources of data that are pulled and when it comes to ai. caroline: how much are they building themselves? do you know how much they are looking to other ai tech outside of the world? sally: some are trying to do it in-house and others are using external consultancies. we had a great data point about talent. talent is very much at the heart of this. for all the banks really embracing ai, about 40% of their open jobs are ai related. that is for quants, ethics, analysts. jp morgan is at the forefront, accounting for more than 3600 others jobs. at the heart of this race is the battle for talent. caroline: and that talent is expensive. it is not bad timing that the big tech companies have been letting go people. is there anyre-stealing the ghost -- is there any re-skil ling

on the consumer an extraordinary note from bank of america that i read over the weekend. r own credit cards. listen to this here, we see few signs of consumer strain and lower income households continue to outperform higher income households in spending growth. importantly, lower and middle income consumers aren't relying more on credit cards either. strange, the fed will be pausing to see what impact its rate hikes have had, but it's going to be hard to stay on pause if the consumer keeps on keeping on and showing that kind of strength, guys andrew >> you know, that statistic or just that line in that report almost goes against everything we've been talking about. >> that's why i put it up there. >> are they in a different place? i mean, we've talked to so many leaders of banks around the country who said, look, we're worried actually about some of the folks who are using credit cards, especially at the lower end. that's at least what i thought was the prevailing view but maybe not? >> that's what i thought that's why that -- you know, first of all, it's good data it's hi

drought conditions are leaving a mark on the industry for more peter galbo research analyst at bank of americawelcome laura ray dickey, ceo of dickey's barbecue let me talk to you, laura ray, and ask you how the comment of that other restaurant owner in the piece that kate showed us resonates with you are you seeing the same increase in costs and how much are you passing on to consumers and can you keep doing it? >> absolutely we're seeing very similar. what we've seen is that we have about 6.5 million pounds of brisket annually that we purchase so certainly that impacts us we're a completely protein-based menu and it's affecting us we have seen about a 22% across our menu in the past 24 months of food inflation alone. our brisket price from may to june, our price per pound was $3.33 in may it's jumped to $3.45 in june we even have purchasing power and protection that a lot of restaurants don't enjoy because we have over 550 restaurants in the u.s. even with that amount of purchasing power we're still seeing quite a huge impact we've certainly reached the point that, no, i don't think that res

what as a stock seen on see of the horse and it was on, on the and then from the bank of america, door knob and plush uh, from iron mountain. both the wall cools fox home from george bush wells, west, pleasanton, i investment from union and it was on the i need chris lives on the hot that's horrible on, on, towels. do yours of it on you on the entry constructs to be on the 20th century. so a confrontation between 2 opposing systems, capitalism and socialism. the example of the soviet union live proclaimed the quality of all nations and all classes of society whose distress to capitalism, united states and great britain were equal in a specious of the sudden union. which communism saying as a direct threat to the democratic capitalist systems in the west. and so they were as an easy what service here known as they were with germany. 1938 the the austrian essentials. the petition of czechoslovakia by germany, poland, and hungary. the beginning of world war 2, the having realized the danger in march 1959. the soviet union proposed an antique fascist alliance to western countries. the. thi

a bank of america company. n: time for today's for what it's worth. $1600, the average price for a vehicle so that carmax in the latest quarter, a decline of 5.5%. high interest rates impacting demand, user market and impacted by a rebound in the production of new vehicles. carmack shares getting a lift but -- carmax getting a lift a little. trying to take some market share it with that. matt: we talk about the average mortgage rate at $3000, consumers looking at thousand dollar car payments. we are seeing default rates pick up here to a real concern and something to keep an eye on in this economy. jon: this is bloomberg. ♪ fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. hot dogs! fresh, warm hot dogs! before investin

bank of america warned that the eagerness to buy the dip never went away. there is an exodus in the stock of the retail investor. that could be a contrarian indicator. exports dropped by seven points -- 7.5% in china. not as bad as expected but it did put a cap in risk and raises more questions around what kind of similar's you can expect. that is the equity market story. is it time to double down and go long? anon non-recession recession is what you will get. let's have a look at some of the markets. let's have a look at the cross asset board at what is going on. the lira is hitting a new record low. oil is giving back all of its gains. let's check the oil price along with the lira in just a moment. ok. we will come back to those prices in just a moment. that's part those thoughts. the lira is set alone. the oil market is under pressure despite the one billion a dural -- one billion a barrel a day in saudi arabia. let's get news from our reporters around the world. we have jeremy. we will talk crypto. and we have the kingdom's big golf deal. the world's sec

when tom left bank of america, there were a lot of questions about his leadership at bank of america did build big america into this large trading behemoth. he helped diversify and a huge way. him joining the board of goldman sachs really is another vote of confidence in david solomon at a time where there have been a lot of questions, a lot of press around how fact -- fractured is goldman sachs really with all of these press leaks and grumbling from certain members of the staff. alix: this you bring expertise that is very different from solomon? >> the expertise is investment trading. the cart that goldman did an excellent job as was trading and investment banking. the markets part is going away essentially. there are still markets but the whole consumer operation is not the future of goldman sachs anymore in the form they had tried to make it. if you think about the way goldman sachs has to diversify, it is really asset and wealth. but yes, what does tom montag bring to the board of goldman sachs, he brings another friend for david solomon. guy: always a good thing. you have a big

. >> on that note, and bank of america, josh, is discussing this today in terms of funds and broadening this out, they're still waiting for clarity according to bank of america before shifting to cyclicals now we've had some whispers and some smaller moves of broadening rally in the last week but not a wholesale move and their idea is you're not going to get it until you get better clarity on the economy. do you agree with that >> no. do you understand the xli is 1% from an all-time high? are the industrials no longer cyclical have you looked at a chart of home builders lately omg. omfg, scott. so, no, i disagree the market has made a decision here's the three sectors that are -- here's the three sectors closest to an all-time high. xli, industrials, minus 1% xlk, technology, minus 1%. and an xlp which, whatever, we'll throw that one out it doesn't match my narrative. >> exactly shh. i'm just making the point that the market is not waiting for clarity. the market moves -- listen, i'm a price first guy. i don't have gdp forecasts apologies. i don't know how to do that. the price is movin

to be as broad as possible >> when you look at the large banks, all of them pass, all of them did well, the standout was citi and bank of americaaded pretty poorly considering, you know, it is still within the ranks of the higher quality sort of banks i'm wondering is that unfair why do you think there is that weakness in bank of america, just a couple of dollars off of its 52-week low. >> so that's a little more challenging. so they bought a lot of securities back when rates were lower and now the securities are in a pretty heavy unrealized loss position. the funding nuance of the stress test this time and why i think we might have trouble with a lasting sustained upward move in the group is that the construct of it allowed for those unrealized losses for the biggest banks to decrease. the value of their securities improved so, that's a good thing, but it is also a very specific situation and runs completely contrary to what we're seeing in the actual world today, where investors are concerned about upsidedown security portfolios bank of america has a chunk of unrealized losses that they're not going to damage the company or i