hey, bill morgan, i'll just 0 her to of russia has launched a wave of air attacks across the cranes capital keys in the early hours of tuesday . regarding an official say the attacks were exceptional and its density on the edge. residents remain in homes and shelters. the capitals and defense system supposedly destroyed most of the incoming targets and the last of the few q still has on al jazeera, 8 agencies in nigeria, struggling is a cape, is rising food costs, conflict and displacement full thousands of children to the brink of non nutrition and palestinian smoke 75 years since they lost that home, not when it saves 5th around the screen. the had the exceptional heat flooding into western parts of north america broke records in the we can for western canada and the pacific northwest. we are expecting temperatures to still continue to rise in places like oregon and washington, but they will be coming down slightly for western parts of canada. with wall fires continued to burn, calgary seen $21.00 degrees celsius there on wednesday for full seattle. that upward trend just continues throug

. >> bill: morgan, good afternoon, bill hemmer here. revert back to a poll about two weeks ago, a little less than that. of the seven major issues we polled, the disapproval in the administration, 61%. people are paying attention when numbers are that high. >> absolutely. and it's because of the images, it's because people in border towns are being affected. and it's not just affecting republicans, right. it's affecting democrats and independents and people who are not voters. the american people are not blind. they know when there has not been a real solution offered, i looked at the state department release on title 42 and will enforce title 8. why haven't you been enforcing title 8 the past two years. i'm not against temporary measures to stem the flow, the flow of illegal immigrants, but what are we actually doing -- what are the long-term policies we are putting in place? the vice president is supposed to be in charge of the border. i have not seen her there, she's supposed to be in charge of root causes of illegal immigration and

hey, bill morgan, i'll just 0. how to sizing has broken out and sent a go between security forces and support as of the main office of shanita. it was months sancho purchase as through sterns. police who responded with tig ass skunk is due to a p, and course on choose day on right charges. it denies wrong doing. it says the accusations all politically motivated are found guilty. he will not be eligible to run for the 2020, for presidential election of the missing an opposition leader and former speaker of palm and russian canoe. she has been sentenced to a year and i've sent you on challenges of incitement over spain. she gave last year and if she leaves the and had a positive and as a fee is critic, the current president ty site is refused to appear in court saying that the trial is political. the latest in a series of charges against opposition figures are to cite of taking out in a to last year. still ahead on al jazeera palestinians mock 75 years and stated on that home line. when the state of israel was create

hey, bill morgan has worn out from the sudanese capital, hard to on fighting there. now fighting has been ongoing between the rapid support forces and this is denise army to control several locations in the northern part, despite the numerous fires, including the latest one. now in the early hours of the afternoon, around 12 o'clock local time, that's around 10, g m t. and strikes launch by the city news army around what residents in the say are our positions included? i think a fuel tanker, that's the cause of a dark plume of smoke rising out for a period of several hours over the city of battery in the northern parts of the capitol residence in eastern off that that they were able to fight the jets and see the 5 digit launch as track again, several positions which they also confirmed belong to the rapids support forces. now around the vicinity of the presidential palace, there was heavy artillery strike. and we can see a fire in one of the buildings around the vicinity of the presidential palace. it's right now under the control of the rapid support forces, but the

hey, bill morgan, onto 0. i'm their mind leaders to don's army, general abdel thought to elbow on the has us to you and a secretary general attorney, a good terrorist to replace his invoice to the country. of the hon. as accused of all confessed as though from failing to live up to you in standards of impartiality . un spokesman though, said the catastrophe has reaffirmed his full confidence in invoice. one of the last fugitives wanted in connection with the 1994 rwandan genocide has appeared in court in south africa for the jens kaya shima was arrested in western cape on this day of to 22 years on the run. he's accused of taking part in the beginning of $92002.00. it says, the sheltering inside a catholic church from the reports from cape town, a former london police officer full jones because she may have been on the run for more than 2 decades. he's accused of genocide and conspiracy to commit genocide in what's considered one of the worst atrocities in recent memory. when more than 800000 people, mostly tu

in fact, the control of the country for over a month, a bill morgan has moved from the city of under mon. we spoke to.

hey, bill morgan, alta 0 cartoon. will thousands of people fleeing the conflicts of cross it's neighboring, south sea dawn with government officials and agencies of struggling to cope our montage to reports from the georgia border in south. so you don't now do you me a rush and her family live. so don, when it became too dangerous to stay, they had fled south to don in 2015 when civil war broke out. now is violence engulfed, they adopted home. they had to run again. and now back, those people who does the gun fighting. that's why i always the robot dog. so i things mostly done is better events with the government officials insulted on say this crisis caught them by surprise. they knew some people would see great future, but didn't expect so many. the country already have huge challenges. thousands of people are displaced by insecurity and floods. now, more food, shelter, transport, and medicines are urgently needed. it's absolutely heartbreaking to see what this is just doing to, to people who have had their lives up

hey, bill morgan has moved from the city of under mon. humanitarian aid has spots a trickle into the capital have to on saturday, the world food program said that it has positive food distribution in parts of on demand city. and that it needs security guaranteed for it to be able to reach half a 1000000 people who've been trapped in the capital and in desperate need of a. but fine thing is still continuing in parts of the capital of 2 classes between the rapids support for states and disability armies were reported. and how soon sticking with blooms of smoke c and rising during mid afternoon, our local time here in the capital of to there's also been reports of pricing in the city of incisive in north the airport residence there. say that they were unable to leave their homes, due to heavy exchange of gunfire between the rapids support forces and the city needs army. now northstar for and therefore as a region is in desperate need of military aid. due to heavy fighting between the rapids support forces and is our allies malicious and the cities army health services have been destroye

hey, bill morgan onto 0. i'm going to mind the natives that ends on the general abdel for to i'll go home as honest to you. and 2nd, to general antonio pretended to replace his envoy to the country. club of hon was, has accused volk path as offending to move up to you in standards of impartiality. you and spokesman said competitors was shocked by the requests and has reaffirmed his full confidence in the un envoy. now one of the last fugitives wanted in connection with the 1994 over london genocide has appeared in court in south africa for the gents. cachimba was arrested in western cape on thursday of the 22 years on the run. he's accused of taking part in the beginning of nearly 2002 axis, with sheltering inside a catholic church for me that made a report from cape town where he's been charged with falsifying immigration forms to stay in south africa. a former london police officer full jones case she may had been on the run for more than 2 decades. he's accused of genocide and conspiracy to commit genocide

hey, bill morgan has more on the deal from the been on the outskirts of call to the ceasefire that was signed between the sudanese army and the rapids. support forces does not come into effect until around 9 45 pm local on monday, which is around the 1945 gmc. now people here say that they going to wait and see how it falls on the ground. they've seen how previous these fires have played out between the 2 sides with the ongoing sounds of artillery fire and as strikes being launched against the hours of viruses in his army, despite the fact that both sides have agreed to cease fire. this time it's a bit different, it's the 1st time, but the 2 sides actually signed on paper, on a cease fire that is supposed to last for 7 days, and they will be a monitoring mechanic them. so they will be 3 members from the rapid support forces . 3 members from the city needs army, and 6 of the members from the united states and the kingdom of saudi arabia to monitor any violations in the agreements. the agreement also specifies that there will be no use of heavy artillery in residential areas and that the

hey, bill morgan, i'll just 0100 to the still ahead on the al jazeera will tell you about a campaign drive in the philippines, aimed at immunizing children against vaccine preventables diseases and palestinian smoke 75 years and stay lost at home. not safe. this route was created, [000:00:00;00] the a lot of the weather is looking very quiet across much of the middle east and live and particularly up north across takia, west and areas seem terrace guys and lots of sunshine with the temperature and, and corrupt. picking lights up to $27.00 degrees celsius that on choose day. that's not going to last. we all going to see some what to where the start to move it's way east over the next few days. the weather however, pulls away from northern areas of iran. we'll see lots of heats coming back into town. temperatures picking up here, just sitting high across much of the region, 21840 degree celsius that on wednesday, a large of a hot and dry picture for the soft as well. hot and dry isn't the story though, for morocco, by the time we get to choose today, you can see that when, when do weat

hey, bill morgan onto 0. i'm going to mind the lead of sedans on the general abdel for to i'll put of hon as honest to you and 2nd, to general antonio. good ted as to replace his envoy to the country. although han has accused volk process of failing to live up to you and standards of impartiality, are you in spokesman said good tatters was shocked by the request and has reaffirmed his full confidence in the un invoice. one of the last fugitives wanted in connection with the 1994 london genocide has appeared in court in south africa. projects kind of she meant was arrested in western cape on thursday of the 22 years on the run. is a fuse of taking part in the kidding. i need a 2000 trustees with sheltering inside of catholic church. for me, the me to report some k town where he's been charged with falsifying immigration, the forms to stay in south africa, the former ones and police officer full jones because she may had been on the run for more than 2 decades. he's accused of genocide and conspiracy to commit

they will be selling a lot of t-bills. morgan stanley puts that number at $1.25 trillion. in what will it do to liquidity? vishwanath: i think that is a significant potential here for liquidity draining from the system. the natural buyers for these types are money market funds who have really parked their money. they are seeing massive inflows into money market funds. we have seen them apart their money at the facility. some of that could be taken out and that sets a potential. in order for that to happen, the people -- the rates need to be attractive. there needs to be less uncertainty of the future path of monetary policy. all that means is that we expect to see the front end funding rates to the higher because of 1.2 trillion dollars of treasury bills need to be a -- absorbed. whether it is done through the money market funds or some other way, either way, we think there is a significant potential for a liquidity drain in the system that is certainly not constructive. paul: how about yields? where do you see them heading and particularly, yield curve inversion? will not

he bill morgan al jazeera harton. meanwhile, in chad, more than 20000 people have already crossed the border to seek refuge. they're making thee dangerous journey from sedan on donkeys and by foot. a conflict also affecting the residence of chat with the flow of goods being disrupted cause and food prices to rise onto zeros. ultimate inner support from ton dottie west are for on the suddenly side of the border with shut. right behind me is a local police station here in 10 delta, it is deserted, completely deserted, and the lock and key and it looks like they how did they left this place when fighting, broke out in sudan over here, the same board. and now seeing the presence of the police station, it's constructed by the united mission mission in the for as implemented by the slime relief agency. many of the residents who fled the town of 10 delta after violence broke out. we understand that a lot of houses have been burned down. our security forces took to their heels and crossed over along with civilians. over there is the river bed, the dry river bed, which is a crossing point for

bill with piers morgan and ainsley earhardt. see you tomorrow at 5:00 a.m. ♪ >> neil: indeed rumor has it there's something bigger than the monarchy going on. it has nothing to do with the less famous britt celebrated ago coronation tomorrow, but a certain other much more consequential britt supposedly and a global treasure celebrating a birthday today. that's right. today. did you think i forgot my saintly siren of song? how could i forget someone like -- i was incorporating songs. if you don't know them in the next hour, you'll hear a tornillo of them. but it's happy birthday time for adele. adele, the singer. 35 years young today. when she was born 35 years ago this day, ronald reagan was still president. maggie thatcher was president. roll-up jeans and high tops were the rage. little did we know that a pop sensation was about to take it by storm and capture the hearts of millions, including yours truly. >> we broke it first on fox. the dust up with one adele. only my favorite singer. >> the bad news is in the middle of octob

bill with piers morgan and ainsley earhardt. >> neil: indeed rumor has it there's something bigger than the monarchy going on. it has nothing to do with the less famous britt celebrated ago coronation tomorrow, but a certain other much more consequential britt supposedly and a global treasure celebrating a birthday today. that's right. today. did you think i forgot my saintly si

house plans to vote today on the debt ceiling bill after clearing a key procedural hurdle. jp morgan ceo jamie dimon tells bloomberg he is hopeful it will pass. let's take a looking at futures. a lot of focus is what is happening in china. china's economic is reverberating across the board. it is hurting domestics markets and putting questions over some of the developed markets as well. contracts for the s&p 500 and euro stoxx 50 you can see dropping. futures down .8% but markets just stabilizing as they are opening. the worry i guess, what underscores all the concern about the recovery in the world's second largest economy could hurt commodities, could hurt luxury goods. we are seeing the spread across the board. equity indices just opening, the ibex in spain down .8%. the ftse energy-rich so this is a different composition when you look at the index. the ftse is down .4%. if you look at the other things we are watching, oil for example, you can see this is gas oil. you can look at brent crude at 73. 35. oil holding onto its biggest decline for forward -- for four weeks on supper de

so—called x—date, when the us government runs out of money to pay its bills, before the dental ministries. that is according toj.p. morganse. they say the other any worse. —— debt limit raises. kevin mccarthy said he thought progress could be made but warned the two sides remain far apart. but warned the two sides remain farapart. her pub but warned the two sides remain far apart. her pub concert amending that any deal must cut future federal spending in exchange for raising the debt ceiling, a redline for the white house. on wall street, us stocks fell as investors have been watching these talks closely for any sign of agreement. and even if a deal is done in time, economists say that dependent on the details, cuts to government spending are likely create economic had wins that could bring down inflation. a possible silver lining for the federal reserve, which has been raising interest rates to fight inflation. fed officials are still debating whether to raise interest rates or hold them steady when they meet in june. that was michelle fleury reporting. the debt ceiling bring the ship has led to a agency placing the us

what we know about jp morgan chase is purchased of the bill. first republic bank. and yet another french bulldogs stolen in the bay area. we talked to the owner about moment she realized the kidnapping happened right in front of happened right in front of her. nexgard is the flea and tick protection that's #1 with vets. your vet trusts it for her patients... ...and her own dog. plus, its delicious beef flavor is #1 with dogs. use with caution in dogs with a history of seizures or neurologic disorders. ask your vet about nexgard. i don't feel my age. why should my skin? with olay niacinamide24 i'm in my best skin yet. olay niacinamide24 goes 10 layers deep into skin's surface. my skin is smooth and strong. and try olay retinol24 for radiant skin, overnight. he snores like an angry rhino you've never heard an angry rhino my skin is smooth and strong. baby i hear one every night. every night. okay. i'll work on that. save $500 on our new next gen sleep number smart beds. plus, special financing. only at sleep number. >> breaking news, san francisco base, first republi

that's when the government runs out of money to pay its bills without a deal to raise the debt limit. that is according to the banking giantjp morgan. and they say the odds are getting worse. that forecast comes after house speaker kevin mccarthy said on wednesday that he thought progress could be made, but warned that the two sides remain far apart. republicans are warning that any deal must cut future federal spending in exchange for raising the debt ceiling — a red line for the white house. ——republicans are demanding that any deal must cut future federal spending in exchange for raising the debt ceiling — a red line for the white house. on wall street, us stocks fell as investors have been watching these talks closely for any sign of an agreement. and even if a deal is done in time, economists say that depending on the details, cuts to government spending are likely to create economic headwinds that could bring down inflation — a possible silver lining for the federal reserve, which has been raising interest rates to fight inflation. fed officials are still debating whether to raise interest rates or hold them steady when they

morgan. and there they will slow down because of the water bill is decreasing and they will slowing down and start accumulating and getting larger and larger and as steep fraud to will be form. and now once it's deep front is form, then gravity will make away break. and this is what is happening on the beach every day. so far, so normal, but not a ray has a special feature of the coast lies an underwater canyon, and it gets narrower and narrower towards the coast. whipped up by the wind. the waves are squeezed towards the land as if through a funnel storms move unhindered across the atlantic towards portugal, especially in winter. plus in that array, they meet an oncoming current. all this combined to make the waves here enormous sounds reasonable. so what's the problem with rogue waves in natalie by nazare at the soft spots? one big wave after another comes instinct. so these waves that belong there, not roadways. rogue waves away that occur spontaneously in a strong swell is for example, you have 6 to 8 me to waves. good and then completely out of nowhere away the 25 meters high comes a li

said it's a disaster, he's going to do everything in his power to stop this bill because of the defense money and you got morganget, taking inflation into account, it would shrink the military by 6% in real terms over the next two years which is unpalletable considering the threats we face, she writes. she's also talking about just looking at specific numbers, the biden budget takes the u.s. navy from 298 ships to 291. the chief naval operations testified to congress the navy needs 373 ships and 150 unmanned platforms to deal with multiple threats we face. >> we've got to shift the way that the pentagon has been spending money in defense. again, shift it towards the threat that china poses. we set up that select committee on china that chairman gallagher has headed up and has done some really important work on. maria: just to be clear, this bill doesn't do that. this bill doesn't do that. >> this bill sets the stage. this bill does increase defense. overall spending numbers are down which means nondefense, nonveterans programs will get cut. defense will not get k it's the only agency in addition with veterans t

bill segment. not too much if you look at the investment-grade credit market. but you have ubs, jp morgan saying that could change,. if we get past the x date without a deal, you could see ig spreads hit 200 basis points. if you look back to 2011 when we were last there, it was the level that we reached. ig spreads trading around 150 basis points. they have been remarkably contained and not seen 200 since the early days of the pandemic. we will cf that changes. we know lawmakers are working on a deal. the date is drawing ever closer and jp morgan puts the odds of us getting past that date without a deal at 25%. if that happens, the best guess is this blue line will rise. matt: we will watch that carefully. katie greifeld there looking at ig spreads. let's bring in bnp paribas, meghan robson. great to have you in studio. what do you make of this debt ceiling drama? do you have to make contingency plans? meghan: our base case is that we will get a resolution and i think we could see a bit of relief rally in credit around that. as was pointed out, there was not much risk premium priced in ar

screaming about a new fed with a new mandate in a modern economy and whether it was roach at morgan stanley or billhe academic discussion chair powell has to face every day, and here we are looking at it again. michael: bill raised the question of what do you think the fed's reaction function is now given the new monetary policy framework does not apply at the moment? bill: they will keep rates at this level or maybe higher until they see -- until they are confident inflation will get back to 2%, and to be confident that inflation gets back to 2%, they need more progress on the labor market, wage inflation and services inflation. tom: when do we get under 3% inflation? give us your market economic analysis today of the timeline to 3%. when do we see it? bill: before the end of the year, because housing inflation will come down dramatically. housing inflation in the cpi and pc lacks a lot behind what's actually happening in housing. that will start to turn down sharply in the second half of the year and that will help. tom: thank you for joining us. superb essay, thought-provoking essay, for all in

bill with no cuts just hours ago. meanwhile, a little relief in the banking sector. wall street giantjp morganse took over the troubled first republic bank in a $10.6 billion deal brokered by regulators. they seized first republic early on monday, after efforts to rescue the bank fell through over the weekend. the failure of the bank is the second—largest in us history, and the third in the country since march. samira hussain has more. as of monday, first republic customers turning up at their bank are in fact customers ofjp morgan chase. the signs above will soon change. first republic had been under pressure since the collapse of silicon valley bank and signature bank two months earlier. last week, it revealed depositors had removed $100 billion in the space of a few months. investors were convinced it was about to fail. riding to the rescue of america's financial system the boss of america's biggest bank, jamie dimon. he says the turbulence in the banks is nearly over. this is getting near the end of it and hopefully it helps stabilise everything. i think all the regional banks, they actual

these are my two new best friends, morgan and hailey they're sisters from billings, montana.e from lubbock, texas. today is her 75th birthday wow, you look amazing, sue when she was 10, she visited the plaza. she peeked in the window and saw dave garaway how about that >> and now she's back to celebrate with us. >> did they do steals and deals 60 years ago >> i was 2, so -- >> you are the pioneer and inventor of steals and deals >> today if you're traveling, you need some pick-me-ups, refresh, everything for you. the qr code, bottom of the screen, scan it. i want to say, some of these products we've had on before and they sold out quickly. so get your fingers ready. first up, the kitsch satin sleep bundle retail price, $45. i use -- do you use a satin pillow case? >> i want to >> i understand that sentiment >> i believe in it >> this is why i believe in it first of all, the brand says -- let me tell you what you get you get the satin pillow case, five scrunchies and the eye mask they're fabulous, they don't wrinkle your hair. the retail price is $45 for the set. i love an eye

bill winters speaking to manus cranny the fintech summit. let's stick with the stress in the banking sector and other risk events. jp morganning that the worst is not over. what are we hearing? annabelle: when it comes to the direction of u.s. stocks, jp morgan has a note out and it makes for a dire reading. we could have more losses to come because the expectation from investors, jp morgan says we have hit the peak of pressures in the market and that is because recession risk is an event on the horizon. they see equities remaining or weakening for the remainder of the year. we are yet to see the full effects of the fed's tightening policy hitting markets. the factors that have supported growth like corporate margins are going to be starting to wane. take a look at the monthly performance of the s&p 500. you can see we had gains, that is march and april. in may, the direction has been lower. jp morgan saying that is likely to continue because the risks of recession are not priced into the market. there has been a low rotation so far on a historical basis into defensive pockets of the market. the reason for rate cuts, jp mo

morgan and stearns was bought in 2008. the big banks are getting bigger is the takeaway. >> bill: nice to see you back in california. >> danae biden administration's very controversial mortgage rule takes effect today. it forces home buyers with a high credit score to pay more in order to subsidize riskier borrowers. some say it's nothing more than a middle class tax hike. co-host of the ramsey show jade is here. let's put up the board for everybody to see. if you have a fair credit score, not the great credit score, you used to have to pay $5 thousand over the course of the loan. after that rule change goes into effect today it's only $3 thousand. if you have a very good credit score you used to pay $1 thousand and after today you will have to pay $2 thousand. jade, you are somebody who worked very hard over many years to get a high credit score. how does it make you feel and what should people do? >> what you said is true. they're trying to shrink the gap between those with a low credit score and those with a good credit score so more folks with lower credit scores can get in and start buying homes. the thing is the shift

oh, well, you know, jp morgan, goldman sachs, so these big payments that binds in class. but if you know it just come in economics as an economy, as bill not just on the dollars co code when the key is built on the people that have small to medium sized businesses or students, a medium size box. and when they pulled and small to medium size, let's, let's put that in perspective. they know tiny binds the funds have it tends to even the hundreds of millions of dollars on the management. and it's sort of collapsing not going to affect is happening across the u. s. economy. is it the buying this guy? imagine what's happening to the business is that these bonds was the pull to those businesses company doing very well. otherwise, why the bonds collapsing? well now over to peru, where the cool pointed under the lights, the president's dina by the watts, it has signed a $770000.00 lobby in contracts with american payoff and patriot strategies. according to the agreements of the us, company will provide preschool months with public relations assistance on macros before the us congress and the white house is, comes admit to present policies, cri

oh, well, you know, jp morgan and goldman sachs will these big, but he wants to find in class. but if you know, is it just common economics is an economy as bill not just on the dollars coca cola in the big. it's built on the people that have small to medium sized businesses for students, a medium size box. and when we go to the small to medium size, that's best for that perspective. they know tiny binds the funds, have it tends to even hundreds of billions of dollars on the management and that sort of collapsing. and i don't, i think it's happening across the us economy. is it the buying this guy? imagine what's happening to the business is that these binds was supporting those businesses company doing very well. otherwise, why the buyers collapsing of more so they just use this for this document. reason debates is the website policy dot com. thank you for choosing audience. national the, which really motivates nato visit strategic interest and geo political positioning . or is it id ology in a pathological hatred of russia? i will let the viewers decide, but one thing is certain. the alliance has split its very existence on the line. you can

but grocery bills climbing, hitting a high. more job cuts at morgantanley in the midst of a dealmaking slump. senior managers are discussing plans to eliminate about 3000 jobs by the end of this quarter. morgan stanley has about 82,000 employees. many cuts expected to take place in the banking and trading group. hsbc will buy back as much as $2 billion of stock. the london-based bank will also resume paying quarterly dividends for the first time since 2019. they first reported quarter results that beat estimates. global news powered by 127 journalists and analysts in 127 countries. this is bloomberg. ♪ >> i think the resiliency in terms of consumer spending speaks to the fact that so much of a mess was cleaned up during covid from stimulus programs and time people were forced to spend at home. the strength is coming in and it is an asset and buffer for the economy and it is showing up in consumer results. jonathan: great to catch up with lori. on the equity market, more learnings. thursday is apple. the rba overnight, hiked interest points. a surprise

treasury department would have to make hard choices about which bills to pay they've never been in that situation before david and morganh. and the hope and certainly the market consensus for now is that we won't be in that situation again, but i know she's really sticking firm to that june 1st number the defense spending piece of this puzzle, we've seen those stocks sell off on the uncertainty around the trajectory of defense spending here domestically, the comments from mccarthy over the weekend about that as well, is there growing sense that yes, discretionary spending is in focus right now as they try to put a deal together here for the debt ceiling, but maybe defense is off the table and you're still going to see some potential increases there? >> well, discretionary spending is the only part of the budget where a deal can take place. republicans and democrats alike have said that they're not going to touch entitlement programs. republicans have said they're not going to raise revenue so that essentially leaves you with discretionary spending. as far as defense spending goes, the biden administration has proposed i

morgan, thank you for that. >>> now live to capitol hill. kevin mccarthy is speaking about that last minute debt limit bill. let's listen. >> about democratic votes and how many he might be able to provide? >> i haven't talked to him. >> is that necessary to do? >> you've been here a long time. anytime there's an agreement with two parties, there's always two parties who vote. but the thing that's interesting here is a largest savings from american history. the unshackling of wasteful washington spending. of all the money they rescinded and added together, this is higher than that. and the idea we fought so hard to get those work requirements and welfare reform or the idea that you could make the president, if he wants to add a new regulation, that now he has to off set that. we haven't had that. so i'm not sure what everybody wants. we couldn't get everything we wanted. focused on about 11% of the budget and when you talk about spending back to 2022, the nondefense is back. veterans get more money. defense gets more money. so i think this is a place and we can't for the next six years have always said the

bill that could be amended to increase the debt limit. support would be needed from five republicans in order past the house. it comes as the u.s. could risk default as soon as morganey says it is in talks with authorities discuss trades that we have violated security rules. morgan stanley has let go to bankers in relation to the issue. u.s. vice president kamala harris will with ceos from microsoft, openai and anthropic to discuss generative ai. officials plan to tell the company have a response ability to mitigate potential harm. the administration is looking for a frank discussion with the corporate suffers world government -- governing body -- in five major european countries. viva says bids from protesters in italy, germany, ranz, the u.k. and spain are not acceptable. the popularity of the women's game is surging, but the time zone difference of the southern hemisphere is worrying some global news, 24 hours a day, powered by more than 2700 journalists and analysts in over 120 countries. this is bloomberg. shery: mobility today is powered by ev's, we discussed the outlook from the milken institute global conference in beverly hills. this is bloomberg. ♪ automa

bill winters speaking to bloomberg at the qatar economic form. let's stick with the market risks we heard about. the u.s. debt talks, inflation, some of the reasons why jp morganabelle joins us now. the recommendation right now is to hold onto cash instead? annabelle: hold onto cash or by gold. this is the view coming from jp morgan which has trimmed its equity allocation. that is because they say there is a poor risk reward ratio. it says there is a disconnect between equity markets and bonds. and of the risk coming through from the debt ceiling talks. this is the team led by one of the biggest bulls on wall street in 2022. he has changed his tune. he is picking up on how equity investors are interpreting no potential cuts we could get from the fed, which has been seen by some as a positive for riskier assets. he says even if we do see the fed cutting, it would be in reaction to a risk of event. there is a policy that we could see the fed pausing for some time. that would be something else that weighs on equity markets. in terms of the recommendations, further reducing equity allocation, rotating commodity portfolio from energy into gold as a safe haven, and

morgan will pay $10.6 billion to the fbi see fdic. house republicans are challenging the senate to pass its own debt limit bill.ressure on president biden to hold talks on spending cuts they blame to an increase in the u.s. borrowing limit. the president has insisted the two topics should not be connected in the u.s. runs a risk of defaulting on payments as soon as june. tim scott is teasing an announcement later this month on his expected run for the white house. the republican senator from south carolina says he will have an announcement on a final step may 22 and he has already set up an exploratory committee. in canada, about 120,000 government workers have ended the strike that began april 19. prime minister justin trudeau's government agreed to wage hikes of about 12% over four years. about 35,000 workers from the canadian tax agency are still on strike. the japanese drugmaker has agreed to acquire iveric. it's based in new jersey and developed drugs to treat age-related blindness in the deal will be funded by cash and debt in the price represents a 75% premium to the 30 day average for the end of march.

morgan, do you want to take that one? >> brian: eli. >> wait a minute. ask me the question again. i can't hear anything in my mic. >> if this billn't imagine people standing in the way to be able to see someone thinking to yourself now, see someone quickly how many lives could this save? >> you can't quantify that. i mean, you hear the statistics that we're losing 22 a day. that's just 22 reported. the biggest complaint we have in our districts is the time at which an individual, a veteran, man or woman, calls or contacts the v.a. and then is turned away. now, when it comes to cognitive and emotional instabilities, our quality of life, if you can reach out, the v.a. actually reaches out and touches somebody, that will decrease the statistics of our suicide and our emotional problems underneath that post-traumatic stress umbrella, you can't quantify it. >> brian: eli, final thought on this and then i want to get your memorial day message. >> yeah. final thought on this from me, brian, is. this this administration has been lying to veterans about what republicans are trying to do when our debt ceiling bill. they have been telling

bill and keep going. >> reporter: state farm is the largest insurer in california announcing late friday it will not take any new application for homeowners insurance due th >> reporter: mike morganation insurance agent at gene morgan insurance agent. gene was his father. the company has been in business in livermore for more than 70 years. >> state farm leaving is going to cause a definite problem for insurance availability for homes. and it is very possible that other companies have followed suit. >> reporter: after the oakland hills fire, it became increasingly more difficult and expensive to get homeowners insurance. and after the devastating wildfire in santa rosa and other parts of the north bay in 2018, other areas that don't seem obviously fire prone, are experiencing similar insurance issues. he says it is now harder to get policies in places like orinda and lafayette, parts of walnut creek, concord, martinez, area even areas of pleasanton and livermore. >> the potential for significant increases of premium are there. they're real. >> reporter: he says in some cases, they've seen the annual homeowners insurance rate go up by as much as 400 to 800%. the problem that could

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jp morgan chase would have to pay a little less than one and a half billion dollars under the assessment. banks will start paying on that assessment in june 2024. a bill that would outlaw caste discrimination in california is now one step closer to becoming law. the state senate voted in favor of the proposal, sending it on to the assembly. if passed, the bill would make california the first state in the nation to make cast bias illegal. the caste system is a social hierarchy that places people in rigid categories at birth and it has its origins. in ancient india, the most recent data from the united nations estimates a quarter million people worldwide still face caste discrimination. right now, the caste system is only banned in seattle bay area state show a hob has authored that california bill. >> on to the weather now. some popular areas of your 70 may see some closures into the summer as the snow melt causes the rivers to rise. park officials say that they could be periods between may and early july when you 70 valley is just inaccessible due to flooding. so snow surveys conducted on may first were 231% of average for them or said river basin. 25

after jp morgan chase purchased first republic in a fire sale, after it became the second-largest bank to fail in u.s. history. iowa, republican governor kim reynolds on thursday pledged to sign a billling back child labor protections. among other things, the legislation will permit children as young as 14 to work in construction and demolition jobs if a guardian has granted permission. in washington, d.c., vermont independent senator bernie sanders called thursday for a 32-hour workweek with no pay cuts for u.s. workers. sen. sanders also said he'll introduce legislation to more than double the federal minimum wage from $7.25 to $17 an hour. >> in the richest country of the world, nobody should be forced to work for starvation wages that is not a radical idea. if you work 40, 50 hours a week, you should not be living in poverty. it is time to raise the minimum wage to a living wage. amy: in north carolina, the republican-led senate has passed legislation that would ban most abortions after 12 weeks. republicans quickly approved the measure less than two days after it was introduced. democratic governor roy cooper has vowed to veto the bill, but the legislature's gop supermajority l

morgan global fx vol index. if the debt ceiling as the focal point -- it is showing up in the t-bill index, but why is the fx marketcting that? mitul: i do think there is a sense that the markets believe a deal is in the offering. i know we are getting right down to the wire and it is repeated warnings from treasury secretary janet yellen with the middle of june being a key date, but i think markets are still believing that something will happen. it is a risk if it doesn't come and if that is the case come up what you tend to seize such events, it is a rallying of the dollar and worse you will see a rally in treasuries as well. right now markets are giving the benefit of the doubt to congress and the administration to come up with a deal. at least talks are ongoing and biden is coming back from the g7 meetings and likely to engage again with mccarthy to continue with debt ceiling talks. at the moment, there is no panic in the markets. yvonne: thank you. mitul kotecha, head of emerging-market strategy at td securities. also when it comes to the overall em arena, everyone is wondering if em outperform dm this year. w

morgan for some, what has to happen? it's simple. i think silicon valley bankers, the first three to go, should have gone because they had real credit problems. first republic invested safely, no billlmost broke this week, with short- sellers banging down the two regional bank etfs. not going to hold the bank stocks down. but this will continue until one of three solutions occurs. first, the fdic could raise the insurance.$1 million, which will congress endorse expo factor, because congress loves regional banks, or you simply have insurance accounts over to $150,000 who want it. coupled with the longtime lavia banks to make sure the insurance is covered. just charge a fee for insurance for individuals. or the fdic could levy all the banks to pay for insurance. it has to be universal. every bank can be the goalkeeper. you want the level of assurance to keep your money anywhere, not just in a regional bank. maybe if you think you can take the bad act of congress to get this done? this last one will be like the atm fee you pay when you take money out of some other bank, but you have to paper nobody says, you can't be charged. nasa's law student -- we all see the fdic dispenses monies

bills in a matter of weeks if the debt limit isn't raised or suspended. and there are new concerns about the nation's banks following yesterday's sale of first republic bank to jp morganwant to get to nbc chief white house correspondent peter alexander. peter, good morning. let's start with the debt limit. we have seen this before. what is the latest? >> reporter: we're now just 30 days away from that deadline for a possible default. that's according to the treasury secretary. that's really amping up the urgency for a deal here with the threat of an economic catastrophe looming. president biden on monday invited all four congressional leaders to the white house for a meeting may 9th, one week from today. nbc news just learned that house speaker kevin mccarthy accepted the invite. he'll be there. still both sides hardened their positions here with the president vowing not to negotiate over paying over the country's bills. bills, remember, that have already been incurred, noted the republicans voted to raise the debt limit without conditions three times under former president trump. republicans, for their part, they are demanding future spending cuts and really taking a

bill we'll be right back. help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morganls, power e*trade makes complex trading easier. react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity. e*trade from morgan stanley ♪ (upbeat music) ♪ ( ♪♪ ) woah. ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) ( ♪♪ ) constant contact delivers the marketing tools your small business needs to keep up, excel, and grow. constant contact. helping the small stand tall. this is the all new, all electric lucid air. a car that goes as far as it does fast. as sleek as it is... spacious. as smart... as it is beautiful. introducing the lucid air. experience the best. ♪ ♪ ♪ >>> good morning welcome back to "squawk box" on cnbc andrew is off today. u.s. equity futures, not a lot happening, but it's all red, down 37 points or so on the dow. on the s&p, the nasdaq, they both managed to have up mays, and the dow is down now about 3% >> yesterday -- >> no, for the month treasuries this morning, not a lot of action there, but we'll