liz everett on the bank of america and marcy macgregor of merrill bank of america private bank. we begin with the top story. the fomc meeting getting underway as traders push back bets on the first cut beyond june. mark cabana is looking for discussions on the balance sheet , writing "the fed needs to prioritize how and when to slow qt given the reduction of excess liquidity in the system. slowing qt is fed priority number one." mark kicks off our show this morning. good morning. mark: thank you so much for being here. jonathan: let's kick it off with the balance sheet. what are the considerations that go into making a decision like the one they have to confront for next when he for hours? mark: we think the balance sheet will be an important point of discussion and the fed will have to answer the question of how far and how much excess liquidity so they want to remove from the system and how comfortable are they pulling that cash out of the banking system that appears to really be wanting to hold an elevated amount of reserve levels and cash levels. lisa: we are talking out of

you go around the world and you are in charge of bank of america outside the u.s. o your clients worry about the most? >> it's great to be in rome. we think about the pace of slowdown. there has been a disconnect between what central banks have been signaling on what the markets are pricing in. that's one thing we can come back to. geopolitics is complex for people in finance. not things we have to tip over or not. we look at indicators like oil markets not moving very much. you wonder what future elections might bring through. in each of the suite -- c suites, i say they are probably a talented group with a lot of crises. i think supply chains and resiliency of that in inflation embedded in the supply chain, if they have to think through things like that is the top. francine: there are a couple of big wall street chief executives who said they are hopeful, unclear of whether we go into the soft landing scenario people are expecting. many questions are on china. when you look at inflation, how do you look at inflation and what the fed has been telling us? >> i have

jonathan: the conversation will continue from bank of america. ing for the meeting with the threat of dropping to two great cats. lisa: is inflation a lagging indicator? is the jobs market a leading indicator and is that how they will respond? are we looking at an implicit 3% target rather than 2? jonathan:jonathan: the meeting tomorrow is a little more interesting than it lisa: lisa: was a month ago. i agree. let's look at other stories. let's get to the bloomberg brief. sonali: hong kong has a fast-track measure for the cementing china's control over the global financial hub. the approval of article 23 completes a two decade campaign to pass local legislation protecting the chinese state new crimes like treason and insurrection carry life sentences and the measure also broadly defines state secret offenses in line with china's legislation around espionage this move -- raises questions about hong kong as a tourist destination. bitcoin slides as record daily output from the world's biggest etf token, the grayscale trust posted a 643 million dollar

the bank of america makes the argument you cannot compare to prior versions of itself like during the dot com bubble given the fact that there is less earnings volatility and it is less leverage an overall higher quality. when you look at the magnificent seven names are is reason to be concerned about concentration when so many other stocks have not seen the growth that they have. so far they are justified by their earnings. they have been deliberate on those earnings and that it has driven optimism. sonali: how much risk is there under the surface and is it giving people caution in their upgrading? >> the main concern is that we could see an uptick in inflation again and perhaps the fed will have to keep interest rates higher for longer. the people i am talking to did not seem to be too concerned that even if we do have higher rates, witnessing a recession. the fit has been successful -- fed has been successful at watching the economy be resilient. they are citing very strong earnings growth and strong economy and none of them are talking about the prospect that sauce will fail if we

bank of america raising the year-end target to 5,400 over the weekend. ting resilient margins and along with secular areas of euphoria over a.i. and weight loss drugs. the price target ties boa with ubs with the highest forecast on the street. joining me now to discuss is delano sapuro. >> thank you for having me, frank. >> bank of america tied for the highest on the street for 5,400. that implies another gain for the double digit gains. after what we see from earnings and small caps, small caps with the 52-week high, doyou agree or disagree? >> i'm less optimistic. i see the double digit gains, but the optimism in the market. we have been off to a great start. i do think we will see drawdowns. it will not be lineal to the double digit gains. there are a few reasons why i'm less optimistic. you look at jay powell's comments dictate the price going forward. that's what i'm watching closely. >> you are looking at jay powell. the trifecta to give us insight. two days of jay powell testimony. that is a lot of insight to the fed when he is on capitol hill. the

bank of america? merica is -- jpmorgan is my second favorite name >> so that's not cheap >> but in terms of price-to-earnings ratios what is an 11 pe to 20 pe market all banks have been de-rated due to fears about rates, recession, regulation guess what each one of those are less, bad, or good. you can see rate reductions that have increased recession doesn't seem to be as much on the table. regulation, a lot will be rolled out. an 11 pe in a 20 pe market looks cheap to me. bank of america is also inexp inexpensive. we think some of their kind of changes to traditional banking lending come a little bit later this year, but i recommend bank of america as my goliath >> goldman or morgan stanley >> goldman over morgan stanley every day of the week. morgan is decelerating they did a great job under james gorman ted pick takes over now as ceo but they have desscelerating rae of growth, whereas goldman has pressure to perform now. they fell short of expectations, but i think goldman is poised to pick up more

the bank of america provided the fbi list of people who made financial transactions with bank of americaousands of americans without probable cause for in a search for specific suspect inconsistent with specific requirement of the fourth amendment and the entire criminal justice system. considering how many americans use bank of america credit or debit cards this must've included thousands of people. this was almost certain included members of congress, their staff constitutionally mandated functions as well as reporters who are engaged in first amendment perspective activity. countless other individuals were swept into the surveillance without probable cause. phyllis include a people had a history of purchasing a firearm at any time which is a we likely violation of first, second, fourth amendment. the fact americans that is handed over to the feds on a fishinbanking industry because r customers were present in a particular region or purchase that constitutes item is acceptab any argument the financial information is subject to third party doctrine and therefore exception to the fourth

telemundo se contactó con bank of america para investigar la razón del por qué los clientes no pueden los usuarios de cajeros automáticos fuera del horario laboral. es posible que desconectemos temporalmente de estas máquinas durante la noche en algunas ubicaciones, algo que es una práctica común de los bancos y pedimos disculpas. contactamos al departamento de la policía, pero no recibimos respuesta. sin embargo, basado en la información de la página de internet de la policía de vallejo entre el 10 de marzo y el 20 de marzo, se registraron por lo menos 12 robos 38, robos domiciliarios y 29 hurtos. y todo esto en un periodo de 11 días. la verdad, tenemos poco viviendo aquí en vallejo vivíamos en otra zona. efraín opina sobre la política implementada en vallejo. muchas veces en la noche dispone la gente de su propio dinero. entonces pues no hay ninguna sucursal abierta más que un cajero automático. flavio lacayo . telemundo. este es el momento en que un indigente fue arrestado por la policía luego de agredir sexual a una mujer en la oficina de un quiropráctico en long beach, el hombre

we worked together back at bank of america. i think there are lags, but the models have changed. with all of this monetary stimulus, going all the way back to 2008, 2009, 0 interest rates, the balance sheet growing, growing again through covid, then going back to zero interest rates, it's really, the fed, i don't think anyone really knows how to model this, how does all of this monetary stimulus offset rate hikes? we haven't even talked about quantitative tightening. how is this impacting the economy, what are the lags? i feel that the fed will be very data-dependent. i mean, right now the fed looks good and they want to stay looking good, they want to stick this landing. i do think that we will eventually get rate cuts, it's a presidential election year, and there may one or two, but they may not be simultaneous. there might be months between them. i still think that the entire environment for fixed income and equity remains very robust. this is a very good investing market for clients to build out a diversified portfolio. vonnie: to that point, matt, the bond market has been mor

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ahora hablamos de los muchos clientes de bank of america de vallejo. los cajeros automáticos son desconectados y las personas no pueden realizar ningún tipo de transacción. pero como nos cuenta flavio lacayo, tienen una razón, dice el banco para hacerla. si un cliente de bank of america desea realizar alguna transacción electrónica en un cajero automático a partir de cierta hora de la noche en vallejo se va a encontrar con la realidad de que no podrá ni sacar dinero ni depositar debido a una política de dicha institución financiera y esto representa una inconveniencia para muchos. pienso que deberían de mantenerlos abiertos porque de una puro como yo ahorita necesitamos que sacar dinero rápido no es algo fácil y que 1 debería de tener a mano. telemundo se contactó con bank of america para investigar la razón del por qué los clientes no pueden usar ciertos cajeros automáticos en horas de la noche y dicha entidad respondió por escrito lo siguiente la seguridad de nuestros clientes es nuestra máxima prioridad. cuando vemos aumentos en la delincuencia que

sizable moves in morgan stanley, bank of america, and wells fargo helping lead the group. and the regionals are faring even worse. still today, regionals did okay, considering the news on nycb, to your point, karen, which proves it's an idiosyncratic thing -- >> hopefully. i think that was a unique set of problems there. but i think the market is looking for things that aren't so crazy expensive. banks are a good place for me. i own the money center banks, jpmorgan, the biggest one. they've moved, but it's not like they're in crazytown, where dan would hang out and say bad things about them. >> well, and again, until the rally that has bank of america about 41% off of those october lows and citi around 45% off those lows, they were being treated as if there was something wrong. and it wasn't just dynamics around loans and mark to market, held to maturity skrts, but i think there was a sense that there was really something broken in their business model. meanwhile, if you think about the benefits of where at least a.i. and efficiency, i think the year of efficiency is going

bank of america today, downgraded to hsbc, a hold from buy. ank of america by $4 to 44. it is up from the october 27 low. nobody owns this you have jpm, though which has been a stalwart. >> it's the best of the group on many levels. almost on any time frame that's reasonably long enough the stock has outperformed nothing against bank of america. technically it actually looks great. i think a lot of people can make money in a lot of these stocks the banks have actually been the big laggards mnkamongst the financials we've seen a lot of outperformance relative to the banks, but now the banks are bringing up the rear and that's okay maybe it's that time in the cycle for them similar to the rest of the market, the promise of a rate cut is good enough for right now. and these companies, they've gotten rid of some competitors a lot of the flows of money have gone their way because they're considered to be safer and more stable they've won already on a lot of fronts fundamentally and now the stock is starting to work. >> oracle on deutsch, jimmy, buy?

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there's no question about it when it will be appreciated, i don't know bank of america trades at 1.1 ok the dividend yield i believe will go higher and their expense management is phenomenal on morgan stanley, more of a mix. and that wealth management is 50% of their business. maybe not as levered as goldman sachs but i do think you're seeing a recovery in the wealth management space in fact, schwab, i recently have added to, their nna rose 4.7%, which is one of the highlights in terms of getting new assets, and i think that bodes well for all of the banks in general, a real sticking point not only for schwab but for the group i like those three names those are the ones i have been adding to on weakness. >> jason, the return of capital markets is a big deal for your goldman sachs. >> i do believe capital markets will pick up in the second half. the stock is only up 5% year to date it's encouraging to see even the reddit ipo and other names come to market. as it relates to the space and i would say it's important we are seeing less interest rate volatility will play well. >> jimmy, you

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peaceable our story is one of many demonstrating increased rise and the threat of viewpoint -based d banking. in 2023 bank of americaose the long-standing bank account of indigenous advanced ministries a christian nonprofit that helps impoverished widows uganda. the bank closed the account of a local tennessee church that donates to that ministry. the longer ones to serve their business that indigenous advanced exceeded the bank's risk tolerance. the abrupt decision as a lo on the populations they served. the list goes on j.p. morgan chase the bank arkansas family counci at risk. incredible reason for canceling the counter former u.s. senator the national national committee for religious freedom.wells fargo denied payment processing to the pro-life group because it was a hate group. these d banking stories and many more hea of the systemic risk a political religious bias that pervade the financial industry. particularly unfettered discretion. in their view prohibition on hate speech and intelligence that include the institution to make subjective both policies are vague and ambiguous sweep in broad swaths of content

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only from bank of america. >>> the most iconic pair of shoes in movie history now have quite the story has the incredible story. >> reporter: after more shocking twists than even the wizard of oz could have dreamt up, the rightful owner of these original ruby slippers finally got the reunion he'd spent 19 year waiting for. >> they're in very good shape. >> reporter: michael shaw owned the famed hollywood props, one of just a handful of pairs in the world for 35 year until they were stolen in 2005 from this very podium, while on loan to the judy garland museum in grand rapids >> how do i feel it's like welcoming back an old friend that i haven't seen in years. >> reporter: and it wasn't shaw's only emotional reunion on that cold february day >> just joy and surprise everyone at the museum kept it a secret from me, so i was totally shocked when i arrived that day at the museum. >> reporter: for john, it's a much happier shock >> they were in a plexiglass case right here. >> reporter: than that fateful morning which he relived for us and many others ten years ago. >> they broke in through

bank of america say we have to get to 152 or even up to 155 before we see that. results of the focus we see on the onshore and offshore yuan because we saw a rebound in both of those yesterday, raising the most since january on a closing basis, after we heard the pboc setting that daily reference rate for monday at stronger than expected levels. it helps to alleviate some concerns of further depreciation. let's bring in our next guest, he is a chief fs strategist at mizuho bank, ken cheung. seems like the pboc is she shaking expectations for stable fixing. ken: it looks a bit contradictory, because on friday, the pboc signaled further depreciation would be allowed. but then on monday, they kept the cny fixing a bit steady. so the objective from the central bank's perspective maybe just to try to introduce some volatility into the market because before friday's session, we'll the renminbi, the yuan was steady and the volatility was very low. i think it is not enough for the central bank to exceed this policy because right now the market is better. the fed may lower

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only from bank of america. want the power of 5 serum benefits in 1?brighten, and improve texture. it's my best skin yet. olay okay, so here's my most requested hack for stubborn odors. you'll need vinegar, a large salad bowl and... oh, hi! have you tried tide fabric rinse? it works after your detergent to fight deep odors 3 times better than detergent alone. i love that. try tide fabric rinse. >>> easter is less than a week away, and shoppers are expected to spend over $22 billion this year, with some of the worst sticker shock hitting the candy aisle. nbc's business correspondent brian chung looks at what's driving up prices. >> reporter: this morning, with easter baskets ready to be filled to the brim. >> thanks, easter bunny! >> reporter: a sweet holiday is going to cost you more this year. >> easter eggs that are already filled with candy were so expensive at the store, y'all. >> reporter: it's all thanks to soaring sugar and cocoa prices, the perfect recipe for higher prices for those easter treats. according to a recent wells fargo report, globa

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only from bank of america. >>> now to harrison, elevates, short.irst four kicked off tuesday with wagner holding offer a late rally from howard they'll face top-seeded north carolina later, colorado state dominate virginia >>> a high school basketball team with a years-long winning streak fighting for their coach, who suffered a medical emergency the night before the state championship game. our ellison barber looks at how they rallied back. >> reporter: in st. louis, missouri, a basketball dynasty so great no current player knows what a loss feels like >> it will be fun to tell my kids, you know, brag to them a little bit >> reporter: incarnate word academy's 131-game-winning streak not just a state record but the longest current run in the nation >> i think we have so much more potential to be great. >> reporter: behind it all, head coach dan rothis he's guided the red knights to 12 state titles. >> i think they're used to the pressure we walk into gyms, everyone wants to see us lose it's been that way for a long time >> reporter: but for a team

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upgrades coming from bank of america. nasdaq futures are pointing to modest gains. t's look across assets. european futures, let's look at the currencies. money moving out of treasuries. 108 on the single currency. bitcoin in focus having crossed the 64,000 level. etf flows continued to support opec-plus extending cuts, now the most important decision for the cut in june. brent at $83 a barrel. mixed demand. what is standing up to you, april hong? >> the tech rally and from the u.s. is helping, but pulling back from session highs. chip stocks are lifting indeed. something we are seeing broader. but that is going to be key to watch for the japanese broad-based gauge. most of the stocks that are lower today, for it to go higher we want a broad-based rally. investors watching jerome powell for jobs data in the china mpca. let's look at what we are getting we are stocks have pulled off session highs. seeing a rally in bonds, but in order for this to climb, we have seen a floor. they want to see structural reforms and policy consistency. let's look at the real estate sect

is the swiss pharma company, up about 6% this year it had modest guidance for the year ahead bank of america one of the most well-held stocks in your why do you like it here? >> finally, the sort of covid comps are starting to kind of become a thing of the past, so we're starting to sort of go into more positive outlook for the company. as they're continuing to grow revenues, also they're -- you know, their margins are expanding. so they're setting up to do well they're being cautious, but i do think that this is a company that continues to deliver. we'll see how the lung cancer data comes out in terms of their pipeline but on the whole, this is a company that is doing everything right and finally getting past those covid comps. >> next up, we have gone from totale energies, the french energy company, up 7% so far this month bank of america names it a top pick in the oil space earlier in the year, and it hasn't got a single sell rating, which might be a worry but you still like this one. talk to us about the valuation, as well. when you see valuation discounts, europe versus the u.s., you ca

banks might fail, thousands of banks have failed. is this model change. the quality of the system is strong. paul: that was bank of americaan moynihan speaking with bloomberg. blackstone responded to concerns by shortselling. blackstone increase liquidity to record levels and reduced leverage while maintaining strong earnings. they reveal the short position in the trust and property market woes have gotten worse. >> we are more bearish than we were when we announced the short in december. initially we were only focused on office, but a lot of multi family real estate is troubled. paul: here are the latest corporate stories. maritime says saudi arabia is leading a push into ai and considering a fund of $40 billion, making it among the biggest players. representatives of the fund have discussed a potential partnership with jason horowitz and others. chevy wants it's a new car to become one of the best selling models. the company is going to begin sales next week. xiami's move will test it against a price war. haidi: shares in europe, a holiday themed session. japan is off. we've seen european futures softer as we get into t

bank of america seeing healthier returns ahead of the pharma giant.ll and scour the market for take outtargets in the biotech space and specifically in obesity space. investors take a shine to gold this week. we will dig into the top names and help you mine for profits. more "fast money" right after this. [♪♪] your skin is ever-changing, take care of it with gold bond's age renew formulations of 7 moisturizers and 3 vitamins. for all your skins, gold bond. welcome to ameriprise. i'm sam morrison. my brother max recommended you. so, my best friend sophie says you've been a huge help. at ameriprise financial, more than 9 out of 10 of our clients are likely to recommend us. our neighbors, the garcía's, love working with you. because the advice we give is personalized, -hey, john reese, jr. -how's your father doing? to help reach your goals with confidence. my sister's told me so much about you. that's why it's more than advice worth listening to. it's advice worth talking about. ameriprise financial. >>> welcome back to "fast money." stocks closing out y

bank of america is seeing the risk of intervention by japanese authorities if the yen climbs to that zone. they would likely conduct a smoothing type of intervention to smoothie ends opening. the japanese currency has been the worst performer this year, down nearly 7%. we have seen a little bit of return when it comes to the bloomberg dollar index, down about .32%. much more trading activity when it comes to emerging market and some of the more volatile currencies. the aussie dollar at 65.36 at the moment. dollar china pretty much unchanged that we've seen that recovery in the yuan sending emerging-market currencies higher, boosting cup confidence within that em space as well. we continue to keep a watch on japan, that 152-155 zone is where they think that will see it. >> this is what we are seeing as well in the crypto space today. a modest pullback, but take a look at that level. you are back above 70,000 for the first time in about an week. 70,000 was a record high for the token as well. it has all been about the spot bitcoin atf's being approved. it has generated a lot of inflows

let's start off with valero it was raised to abide from bank of america up 4%. sees upcoming catalyst to lift shares higher and you can see investors heating that. on the other end we see mars with the 52 week low. president biden saying he will review shipbuilders subsidies. david greene from the electronic frontier foundation he joins bloomberg technology with caroline hyde next. this is bloomberg. j.p. morgan wealth management knows it's easy to get lost in investment research. get help with j.p morgan personal advisors. hey, david! ready to get started? work with advisors who create a plan with you, and help you find the right investments. so great getting to know you, let's take a look at your new investment plan. ok, great! this should have you moving in the right direction. thanks jen. get ongoing advice; and manage your investments in the chase mobile app. >> from the heart of where innovation, money and power collide and beyond. this is bloomberg technology with caroline hyde and ed ludlow. ♪ caroline: i am caroline hyde in new york, above though is off

telemundo se contactó con bank of america para investigar la razón del por qué los clientes no pueden representar riesgos potenciales para los usuarios de cajeros automáticos fuera del horario laboral, es posible que desconectemos temporalmente estas máquinas durante la noche. en algunas ubicaciones, algo que es una práctica común de los bancos y pedimos disculpas con vamos al departamento de la policía, pero no recibimos respuesta. sin embargo, basado en la información de la página de internet de la policía de vallejo entre el 10 de marzo y el 20 de marzo, se registraron por lo menos 12 robos, 38 robos domiciliarios y 29 hurtos. y todo esto en un periodo de 11 días. la verdad tenemos poco viviendo aquí en vallejo vivíamos en otra zona. efraín opina sobre la política implementada en vallejo. muchas veces en la noche dispone la gente de su propio dinero. entonces pues no hay ninguna sucursal abierta más que un cajero automático en vallejo flavio lacayo noticiero telemundo 48. cambiando de tema, si usted recorre el puente de richmond san rafael, atención a la siguiente información. porq

bank of america analyst labeling estee lauder a, quote, cinderella story. they upgraded the company to the weaker chinese market, that is helping the recovery. shares are up about 6%. >> christina, we will be back to you in a moment. live outside the new york city court house. >> thanks, sentenced to 25 years in prison today for what prosecutors argue was one of the biggest financial frauds in u.s. history. the fall of one of the longtime crypto billionaire two years ago. he was leading a $30 million penthouse in the bahamas, he was really the face of the crypto industry at the time. today he took the stand in a beige prison jumpsuit pleading for the judges leniency. he was cross-examined back in the fall during his criminal trial. he said today that his actions quote, haunt him every day. he also said, i'm sorry. the judge asking him to forfeit $11 billion. the 32-year-old pointed to the, quote, and not harm he did, the brazenness of his actions. the exceptional flexibility of the truth and his apparent lack of any real remorse. he said he obstructed justi

the bank of america fund manager survey came out and it was a bullish read across the board just to redo some of the highlights. global growth expectations at a two year high and risk appetite at the highest since 2021. how do you stand versus consensus. you talk about your own risk appetite how does that compare to the past couple of years? kathryn: i am more cautious. when you look at the euphoria and optimism it hinges on pce services and housing. that take -- tick up being a one-off thing. if it is not i think you will get a repricing of risk which is to be determined. the market is taking it as a fact, which is of course that inflation will meaningfully -- will maintain its trend in 2023. at the same time the u.s. economy grows above potential and that is not commensurate with trend. either the said chooses implicitly higher 3% target or something has to give. i think the euphoria is -- or the optimism is probably well placed. my position is what i am telling stonex clients, let us hedge our bets. quotes are cheap and volatility is low. the vix index is relatively low. take out that

bank of america says they see little evidence to support the concerns on wall street. they say the market has legs. this started last year. as sharp as it has been, that doesn't reflect conditions we have seen in previous cycles. really talking about the idea that sentiment levels are mutual. not bullish compared to what we saw in 1999. there was strong earnings and the resilient economy. and more room for gains. >> two different sides of the coin. let's get more with mark cranfield. we can get to the fed inflation in just a moment. you have bank of america saying the market has legs. >> i think if you want to pinpoint the biggest single risk to the u.s. equity market right now, it is nvidia. the reason for that is not just the fact that this is volatile but as bloomberg had been writing this week, what we see is a large number of people selling volatility on the u.s. markets and the numbers involved in that are very large. that tells you people have assumed a reasonable amount of confidence that the market is only going one way. all of this will go on regardless. nvid

we have seen big banks, bank of america today change their forecast. xpect to change next week. it could be in stages. because of the fiscal year and, bank of japan might not want to risk disrupt markets too much. maybe they mention yield curve control first, see how the market response and follow-up with a great change in april. the way things are going, march really looks as though something will happen from the boj. tom: very interesting in terms of the potential sequencing from the bank of japan. mark cranfield from our mliv team, thank you very much. just crossing the lines, the governors saying they will decide policy, a little bit of softness coming through from the japanese yen. let's switch focus now. the president has warned the russian president will attack other countries if the kremlin wins its war in ukraine. because as the polish leader seeks to convince the u.s. to approve further assistance for kyiv. >> we are the nation who was enslaved by russia several times. if russia wins the war in ukraine, he will attack one more time, he will at