we're back with blackrock's larry fink and charlie gasparino.erly net inflows $3 billion, that is down significantly from 80 billion of inflows in q2. >> right. liz: where is the money going? i'm guessing the money market business. >> for the last 12 months we had $301 billion of inflows, bigger than any other firm. our inflows i can't tell you when they come in, don't come in, with different quarters. we had some specific issues in the third quarter. you're i-shares product is the most liquid product in the world to take an expression on the views of the marketplace. and because it's so liquid we see a lot of active investors use her i-shares to short or dispose of their positions or to hedge their positions. so in august and september when we had the market declines, that is when we saw, you know, over close to $19 billion of money leaving the i-shares business. now it is a big difference between other quarters. when people are bullish, they buy those. >> right. >> express their interest in the marketplace. also in the second quarter we did ha

beats across the board from jpmorgan, wells, blackrock, pnc, citi, unh.s out of harker but the university of michigan consumer sentiment headlines not that great. above 4.6 where we've been circulating the last couple days. the key dow names in focus, we mentioned microsoft, activision and boeing too. >> we've got reporters all over it. julia boorstin and phil lebeau with us. julia, on microsoft and the deal, finally closing. >> yeah. well, sara, microsoft closing at $69 billion acquisition of activision blizzard this morning. 19 months after the deal was announced. now after this morning, this all comes after this morning's uk authority approved the deal approving the way for the deal to close. microsoft saying we have crossed the final regulatory hurdle to close this acquisition which we believe will benefit players and the gaming industry worldwide. activision blizzard on "squawk box" speaking to microsoft's concessions to close the deal. >> they've given up a lot, but i think it will encourage competition. this gets back to the willingness of microsof

we heard from blackrock.g of the earnings flood season. s&p futures right now up by about 13 points. the nasdaq, higher by 16. we've been watching treasurys this morning too, and those yields are slightly lower this morning, but that has been the basic ticket item. that does it for us today. have a great weekend, everybody. join us for next week. right now, it's time for "squawk on the street." ♪ >>> good friday morning, welcome to "squawk on the street," i'm carl quintanilla with jim cramer at post nine of the new york stock exchange. david faber has the morning off. futures are holding their gains despite the worrisome headlines out of israel and gaza. you can thank a steady series of beats today. speaking of earnings, blackrock's larry fink will join us here after the opening bell. our road map begins with the banks topping estimates across the board. >>> the

blackrock's larry fink sees more fear than anytime in miss professionallal career.e has been in the business for 50 years. i'm not buying it. i will ask don luskin if he is buying it. ♪ this is spring semester at over 13,000 us school districts, which have become top targets for ransomware attacks. but there's never been a reported ransomware attack on a chromebook. which is why thousands of schools like the fairfield-suisun unified school district switched to google tools for education. so they can focus on teaching and 22,000 students can focus on learning, knowing that their data is secure. ( ♪ ) your brain is an amazing thing. but as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. at stores everywhere without a prescription. say goodbye to daily insulin injections with omn

that is not good. >> blackrock is offering access. with access to 401(k) plans do better than people without access to 401(k) plans. we want to look at what is working in 401(k) plans, deliver it to the individual investor. liz: via etf. >> which is a investment that most people are using. >> this is an investment, not everybody has an employer who offers 401(k), correct? >> 57 million americans don't. they don't have access to a 401(k) plan. liz: on your screen here's how it works. can you explain this? the i-shares life path target date etf. >> simple as i can make this grow, protect spend. when you're young we want to maximize growth. a lot of equities in the portfolio. as you're poaching retirement, mid career, approaching retirement, adding more inflation protection, high quality fixed income. in retirement it is about spending. what we're doing professionally managing the portfolios. these are simple to use and very locos. liz: let's talk about the low cost. i always ask because i'm of the warren buffett crew says why i am payin

blackrock has no comment. by the way, is there tension in here of some type?n i never, i never knew -- liz: oh, my god. >> i never knew talking about crypto and larry fink would just lead to like wicked testosterone spikes in me. liz: you and neil cavuto. thank you, charlie, very much. >> all right. liz: we told you about nvidia getting slammed after president biden cut off china from more u.s. made chips. nvidia down 4 1/2%. separately tesla reporting tomorrow. part of what the street calls the magnificent seven. i call them the miraculous seven, "magnificent seven" that dominated the s&p 500. our "countdown" closer has an etf rivals the mag sieve meant seven without exposure to individual tech names. george with morris harris. that is not true, it has got exposure to many individual names. it is the s&p 500 equal weight technology etf. what's in it? why does it look better to you? >> well, liz, "magnificent seven" are magnificent. they are wonderful companies. they're highly profitable. they are gigantic and they won't be able to grow as fast as they used to

blackrock, is it performing the way you thought it would in this environment?o you see maybe underperformance creating a opportunity there? >> no. none of these stocks have look done great this year. charles: right. >> i'm a value investor. blackrock is one of those stocks folks move into money market funds folks will not do as well. as they get enticed into the market for stocks and bonds i think blackrock will be a good stockown. i would say their balance sheet is impeccable. charles: they're the number one aggregator of cash, everyone of their rivals, particularly on the mutual fund side, everyone is dumping mutual funds they're killing it there. on the bond side, maturities, short duration stuff one toe five-year stuff. you like munis and also government agencies. if someone is not familiar with the bond market but wanted to sleep a little better which one would you zero in on? >> really depends on your tax situation. if i'm a high-taxed person, someone makes a lot of money i might look at municipal bonds. i in particular look at general obligation bonds. t

seventh edition of the future investment initiative with the likes ofjp morgan chase's jamie dimon and blackrocks larry fink among many other well known chief executives who are expected to attend. they grapple with the current challenges facing the global economy and bring their wisdom in to play. some observers say they are attracted by the size of the public investment fund, one of the region's most active sovereign wealth funds. it's chaired by crown prince mohammed bin salman. a short time ago my colleague sally bundock spoke to a board member of the future investment initiative, matteo renzi, who was also prime minister of italy. he told her what the initiative is all about. future investment initiative tried to offer a platform of dialogue, particularly in business and correctly you explained the quality... one point, european... 400 ceos from europe as well as china, discussing here the initiative that became one of the most attractive and brilliant possibilities of exchange. last time was in the army the next time will be in hong kong but this is the pillar of the initiative of f at the

paul: blackrock ceo larry fink expects u.s. 10 year yields to top 5%.d supply chain shifts are creating inflation. >> i don't know what is the new normal, i think every day is normal. the markets move, respond, they respond to political issues and uncertain. but i would clearly say we are in a time with these mega cycles, so many transitions. whether it is a transition to inflation, a geopolitical transition, where does that go? the fragmentation of supply chains is just beginning. we have policies in many democracies that have moved from policies that were embedded for more deflation. policy more embedded inflation. >> jamie dimon said rates could go to 7% and were not ready for it. is he right? i want to know your opinion. >> we will have 10 year rates at 5% or higher because of embedded inflation. structural inflation is unlike anything. and i think business leaders and politicians are not providing the foundation to explain this. we haven't seen inflation like this in over 30 years. i was a young bond trader during the late 70's where we had hyperin

alex fraser from blackrock. the latest from them.o the program. when we talk about high for longer, let's talk about with the longer means. they are talking about may be over the next five years. get used to this. lisa: another layer of uncertainty. that doesn't necessarily mean in his eyes that stocks are going to underperform. there isn't a natural correlation to bond selling off and actually creating a headwind given how high yields go for stocks. artificial intelligence and other trends. tom: that was the composition of the week. that was really sobering. it will be a percolation like credit suisse marking down global real estate 9%. 20, 30, 40 different ways. his idea of longer. that is how we put it out there. that was a really important discussion. jonathan: he was absolutely fantastic. in some ways he speaks to the geopolitical tension as well. the president of the united states about to make a formal request for $100 billion for resources to help ukraine and israel. from new york, this is blorg. hey david. connect with an ad

earlier this summer, blackrock said it was trying to launch a spot bitcoin etf.ld's largest as that minister saying the coast is clear and we are ready to move on into a new era of crypto put a cap on the ftx conversation. it honestly hasn't come up in the past few months. i think there will be some lurid coverage of the trial but that is crypto of the past. many people are thinking what happens next in crypto and what's exciting, let's move on. caroline: there's been a rally lately. you are still offering etf andetp products for the first time. >> we are very excited to eventually launch spot etf's on bitcoin and a theory him e -- thereum once the sec allows that. people have the chance to invest today. if you think about the first bitcoin etf filed, it was in 2013 and it was below $100 per coin. if you been waiting for the spot bitcoin to come, you missed a lot of appreciation. many investors know a spot bitcoin etf is coming. they want to get ahead of them and for those investors, these are great solutions. caroline: who are these investors? what sort of insti

wei li, global chief investment strategist at blackrock.uy was mentioning polish markets rising as pro-european parties are set to unseat the nationalist government. we will get those details to you next. this is bloomberg. ♪ alix: the market moving event in europe is poland. donald tusk is set to return as prime minister. his priorities are normalizing relations with the rest of the european union. joining us now is our warsaw bureau chief. what is the significance of this, how close is donald tusk to actually taking the reins of polish government? >> it is extremely important in the sense that, what we have seen over the last eight years, poland has moved farther away from the european mainstream. the fact that tusk is on top as the leader of one of the three parties that will form the coalition, that he will take power after the selection, is going to be significant. what is important is the turnout of the election. record numbers. 72.3% of voters turned out. clearly he has a mandate, the three parties have a mandate to take over. the im

a false report stating blackrock sent bitcoin above $30,000 for the firm to deny the story.est on the trial of sam bankman-fried as the former employee says he was intimidated and, at times, humiliated. matt: as president biden heads to the middle

sonali: we have to talk about blackrock's approach to cash all year long.rock has big money markets as well and if you take a look earlier this year, they had said they're a beneficiary of this movement away from the agbajiing system and into money market funds and other areas. but now you're seeing that turn into other products. you're starting to see pressure on most of its big business lines and larry fink now is saying it's because of that preference for cash. and so you have investors that are a little more stifled. how does that read through in terms of performance? jp morgan as well. look at the private bank and asset manager. private bank doing well. people are still taking on loans. asset manager, not as robust in terms of the slow story relative to expectations. so you're watching these giant asset managers feeling those fears. and when we're talking about the numbers themselves, yes, you see that blowout in the lehning number but when you're looking at the investing lines at these businesses, you're not seeing that same sort of confidence in inst

the likes ofjp morgan, jamie dimon and blackrock's, larry fink are among many other well—known chief. some observers say they're attracted by the size of the public investment fund, one of the region's most active sovereign wealth funds. well, one of the board members of the future investment initiative is the former italian prime minister, matteo renzi. he spoke to us earlier from riyadh and told us the events in israel and gaza are focusing minds at the conference. i believe everything that has happened in the last two years around the world is an unbelievable change. when i was prime minister, the world is totally different and that was only seven years ago, eight years ago. and now we have a crisis between russia and the ukraine and we have crisis inside europe, in the balkans. we have a lot of crisis in africa, particularly sub—saharan. and we can continue with the tensions and troubles between china and the other other people in southeast asia. but of course, israel—gaza war is absolutely worse than others, not only for the region. that is my opinion, and i'm very appreciative

dani: that was the blackrock chair and ceo larry fink to me exclusively at the end of last week. see a recession until at least 2025, is he among many who are too optimistic? the u.s. government is staying open but lumber economics -- bloomberg economics sees more ahead. joining more is tamera henderson. most, including the fed, anticipate a soft landing in the u.s. you and the team expect a recession kicking off this quarter. why is that? tamera: the labor market is looking small and the fed is teasing another hike and if you extrapolate from that going forward it looks like a soft landing but bloomberg economics is looking for the recession to start this quarter and there are a number of reasons for that. first of all, the 525 basis points of rate hikes we have in the system, these will start to bite harshly this quarter. as we know, monetary policy operates with a lag that tends to be 18-24 months for the u.s. labor market to see it and we are in that window now. supporting that we see key indicators are already flagging recession, these are indicators that are used to define

we with wells fargo, travel trust people, jpmorgan, citigroup, and blackrock. i got the horror thing under wrap here. jpmorgan will be excellent people by. c will be okay, people sell, and blackrock only cell and people will be fine. it will be a buy sell cheap stock. we always talk about this double. we went back for today. he got quite excited for you original remember this? when the market in october, we checked in with him today to gauge his enthusiasm of the first really solid in ages. he said things are shaping up in excellent fashion. and hold on. bottom line, i think growth with low inflation can certainly fulfill larry's bullish prognostication. the fed does not need to destroy the economy in order to save it, then we have a much more positive backdrop than any of us thought coming in this very morning. let's go to rick in illinois. rick? >> caller: jim, how are you today? >> i am doing well, rick, how are you? >> caller: i'm about to do well. i'm about to bear because i'm going to open a bottle of -- that i saw you at denny's in highland park. >> how

maria: he's got all the index funds. >> he's got all the blackrock money.d -- yeah, we need to get to the point obviously where we stop pushing these radical forms of dei and we get back to promoting merit based hires and diversity is great but diversity of thought, have different thoughts. maria: it's not supposed to be what a university is. quick story. i have a friend who had $800 million at major firm. $800 million. he says to his guy at the firm, look, my son needs an internship this summer, can you give him an internship. the guy says i'm sorry, we can't, we can only hire interns this summer who are black or women. he took the whole 800 million and brought to it a exeat for. >> 2021 fortune 500 companies hired 6% that were white in 2021. maria: this is the reality of the status we are in. when we come back, new yorkers better watch out ooc and other social -- aoc and other socialists are coming for your money. they want new tax increases. it's the hot topic of the hour. it's coming up after this break. stay with us. ♪ ah, these bills are crazy. she ha

rishaad: blackrock chair and chief executive larry fink speaking to dani burger in berlin. a look at the thoughts of the manager of investment strategy at ocbc bank. give us a sense of what you are taking away from that what larry fink said but generally the discourse surrounding the whole monetary policy side of things and where do they go next? the point being, is this whole idea of there being a soft landing or no landing in effect people living in google land -- cuckoo land? vasu: our view is in the short-term at least the 10 year bond yields may hit higher because of the u.s. budget deficits and inflation expectations and so on. the higher for longer rates will eventually impact the economy. the fiscal transfers because of the pandemic are slowly wearing down. monetary policy is tightening. we see a recession in the u.s. affably some time in the first half -- probably sometime in the first half of next year. it is not going to be severe recession. probably two quarters of negative growth before the economy rebounds but we think the higher for longer rates, the tighter

morgan, city, blackrock, pnc this is the start of the earnings season. what you expecting it to you get the sense that financials will find their footing overall as we continue to watch people piled into bonds market you saw were they closed on friday the 30 year just below 5%. >> i think the third-quarter earnings are going to shape up directly like third-quarter earnings are little better than we would've expected, the economic data has been better than what we thought the consumer has been resilient and giving them credit for that is to keep margins elevated in margins rise and we expect them to rise. i think the equity market from the earnings perspective doing better than we could've guessed at the start of the year. when it comes to financials in particular that is an interesting story we can talk about the nuance in indie secrecy is that flow into bank stocks but at the end of the day and reporting later this week, the biggest source of revenue for these companies the biggest source of earnings is net interest margins borrowing low in lending out

i want to switch gears to blackrock. interesting.some of the speakers. one speaker was interesting. semifors is new publication, covers a lot of finance and public politics, started by ben smith, long-time journalist used to run "buzzfeed" at "new york times." at semifor, gary cohn, former number two, worked with trump at the nec. one that caught my eye is mark weed man. the guy head of client relations, head of client for blackrock the big money management firm. a likely, i shouldn't say likely, possible successor to larry fink when he retires, if he retires. you never know, larry is 70 and still going strong. they asked him about esg. you guys are getting a lot of you know what pushback on esg. he made two comments i found tag. number one he he said, there is demand for esg. esg was capitalism inspired, there are a lot of tree hugging investors out there in blue state pension funds, and individuals. that kind of made sense to me. the second thing was he said we talked about it too much. cheryl: put their rep tanks? >> that is where

that doesn't mean it was approved but soundings like blackrock is getting ready for it to be approvedtom emmer is starting to emerge as possibly the next speaker of the house. he is about as pro-crypto as you can find. he might be the next speaker of the house. combine those two things together, those technicians talking about the god candle, you had a spectacular 24 hours in cryptocurrencies led by bitcoin. charles: what is really interesting, all the bitcoin fans, that you normally see around this time, they haven't been around. i think they were even caught flat-footed. this is sort of, feels more organic if you will. hey, jim, thanks a lot. always appreciate starting the show with you. >> thank you. charles: folks, don't look now the uninverting of the yield curve is starting to speed up. what do you we mean? you remember inverted yield curve was really bad down here, 100 basis points? it is down a lot less. we talk a lot about it on the show, the two and 10-year spread. my next guest says if this happens there is some interesting consequential things that could happen. joining me

jeff rosenberg from blackrock is still with us.e move is reflective -- they move in dollar is reflective of that rate move. i want to go back to what michael mckee was saying. i think that is what you are seeing in terms of pricing in the last hike. they will recognize that the market is doing a lot of the work for them. we will get the tightening in financial conditions and hoping to avoid an easing of financial conditions. that helps to move us off of the fed tightening path. the real issue entrance of the bond market pricing is we have priced out about half of the cuts priced into next year. that is the next move you can see, pressing out the cuts as you get more of this higher, restrictive for longer perspective. lisa: we did see the 30 year treasury yield cross that market briefly but flirting again with that level. how much is this a sustainable rate? you said pricing out cuts beyond 2024. is this sustainable economically from a risk assets perspective? jeffrey: a lot of that depends on this projection in terms of the inflati

needed in finca, blackrock. they invest in the ground, why the hell do they need it?u, it’s normal, but when all this comes together in parallel, like this, in parallel, like, for example, the satisfaction of the minister of defense of the netherlands, with something... that costs very little the weakening of russia at the expense of the lives of ukrainians , and mr. fink complains that many people are buried in his land, which should bear fruit, it decomposes the corpses of dead soldiers, and in parallel with this, the wonderful travels of the first lady mrs. zelenskaya to cortier boutique. where she had a fight with the saleswoman, she was even fired, and the saleswoman, go ahead and post a receipt on the internet for the purchase of jewelry worth $1,100,000, about a week ago the wife of the president of ukraine, elena zelskaya, came to the boutique, it was during their visit to new york, she seemed upset, no, not just upset, she was beside herself. honestly, she was my first vip client, i tried to give her a little tour, but she was not interested, when i brought h

regulators had approved blackrock's application for a bitcoin etf.u remember, denied that report. the publicist retracted it. bitcoin still up about 6% this week. joining us right now with more on that, mike novogratz, galaxy founder and ceo. mike, start with this report. let's start with all of the excitement/hype/i don't know what about the fact that not just blackrock but so many others have attempted, at least, or have applications in to try to get a bitcoin etf going. the question is whether, just because they're asking, is it going to be approved? >> it will get approved. we're partnered with invesco on an application. we think it happens this year in 2023. all the indications of dealing seemed to be heading in the right direction, and that's, you know, from -- >> mike, though, because i don't want people to -- people are going to say he owns a lot of bitcoin, he wants this to happen, obviously. what would you pinpoint and specifically suggest that you're seeing around the approval process that is somehow different today than it was a year ago

seventh edition of the future investment initiative with the likes ofjp morgan chase's jamie dimon and blackrockent challenges facing the global economy and bring their wisdom in to play. some observers say they are attracted by the size of the public investment fund, one of the region's most active sovereign wealth funds. it's chaired by crown prince mohammed bin salman. a short time ago my colleague sally bundock spoke to a board member

. >> i think buy blackrock.roversy about larry fink's woke views on investments b i he's actually built a very big business, a very good outlook, the biggest player in etfs right now. and the stock is pretty inexpensive, around 17 times forward earnings, 3% dividend yield. >> and, jacob, what's your stock pick? >> mcdonald's. it was down as much as 13% since the middle of september when the ozempic news hit. if you look at 27, $28 billion of annual sales, probably north of a billion purchases made a year and the fact that the number of people that use ozempic next year is going to be 20 million even though it's growing, that doesn't hold a candle to the size of mcdonald's. >> interesting pick and not just because you brought french fries for us today. thank you, andrew, jay e cob, ben for your ideas. check out this weak's edition at barron's.com and don't forget to follow us on x, formerly known as twitter,@barron's online. see to you next week on "barron's roundtable." with "making money." ♪. >> this is a fox b

well, i say by blackrock, i mean there's a lot of controversy about larry fink's woke views on investmentsery good business. it's the biggest asset manager in the world and a very good outlook. the biggest player in etfs right now. and the stock is pretty inexpensive, around 17 times forward earnings, 3% dividend yield. all right. and jacob, real quick, what's your stock pick? mcdonald's. it's down. it was down as much as 13% since the middle of september when the ozempic news really hit and really made people afraid of people's appetites for unhealthy foods like mcdonald's. if you look at $2,728 billion of annual sales, probably north of a billion purchases made a year and the fact that the people the number of people are going to use ozempic next year is not even going to be 20 million. even though it's growing. that doesn't hold a candle to the size of mcdonald's. all right. interesting pick. and not just because you brought french fries for us today. thank you, guys. thank you, andrew, jacob, ben, great ideas. to read more, check out this week's edition at barrons.com. and don't forget

joining me now is wei li, global chief investment strategist at blackrock. good morning to you.tart with the uk, do you expect inflation to come down again in the month of september? i again in the month of september?- again in the month of september? again in the month of setember? ., , ., september? i would say first to acknowledge — september? i would say first to acknowledge that _ september? i would say first to acknowledge that uk _ september? i would say first to acknowledge that uk inflation l acknowledge that uk inflation has come down a lot and that has come down a lot and that has been driven by a mismatch unwinding as we come out of the pandemic. but if the us inflation basis is anything to go inflation basis is anything to 9° by inflation basis is anything to go by the inflation rollercoasters likely going to be the case across other economies so of course continue misalignment between pandemic�*s goods but we are also seeing some of the structural constraints and the labour supply side, that could come into bind and push inflation higher so inflation forecasting is

n weixed that from her pension fund and i took $2 billion managed by blackrock i took away from them and put it in places where they are not doing. we banned the use ofesg scores for rating state and municipal bonds and we do not recognize and are one of only a couple of states the use of central-bank digital currency in the state of florida. [applause] >> they want to get rid of cash and get rid of cryptocurrency and i want to force everyone to use cbdc controlled by the central bank. they just want to be nice to you? they want to control what you are allowed to do. people say at places like the world economic forum, you will be able to limit transactions for ammo and gas and all the things the elites don't like. as president on day one, we are throwing cbdc in the trashcan where belongs and those policies from davos in the world economic forum will be dead on arrival in the united states of america. we have also reformed our higher education system. show me another state that got involved in higher education. all tenured professors in florida must undergo review every five years an

political, from the political he received this label then he got rich, and now four people from blackrockthe fact that you will now be checked, that you need to fulfill certain requirements. in order for the money to continue to flow, do they work on the basis? or biden is working no no, that’s not the point, the point is not that he’s working, the point is that they are all revealed to us, just imagine, you know, in this situation, that there may be reptilians there, there are after all, we have such a purely russian trait, it seems to me that maybe there are smart people in politics, they just don’t show themselves to us, i just imagine for a second, what if suddenly there is no behind the scenes? a minute after this terrible thing, i want to talk about the terrible thing, if there is a backstage, it must be from behind the scenes, so you go behind this very backstage, yes, and there’s no one there, and there’s no one there, that’s it at all, but there’s no one there and no, that is, just imagine that these very people are trying to rule the world, these very people, of course, i kind o

blackrock japan.er on investments, products and human research development. the prime minister has laid out plans to attract more, seeking it to become a center of expertise. shery: we are expecting upside onyields. in the new york session we've already seen the 10ear yield touching that 470 level, the highest sings 2007. the 30-year yield also around the higst level since 2010. had fed officials being a bit more hsh in their rhetoric. even just a few hours ago we were hearig rom the cleveland predent talk about higher for longer. at the same time we had some economic data.s. factory activ surprisingly to the u side. angiven that we did void a government shutdown, we are continuing to talk th narrative of higher forer and, of course, what this says is that the global bond drought is continui that's affected yields on j.g.b.'s as well, right? mall, we are seeing the 10-year yield under a little bit of pressure in jabut we're still around levels we haven't seen since 2013. no wonder we are now going to

in the 7:00 hour, we are joined with blackrock. ♪ j.p.organ 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. >> we expect that there is a likelihood of escalation by iranian proxies against our forces and our personnel. we are taking steps to make sure we can effectively defend our people and respond decisively if we need to. this is not what we want in our looking for. don't want escalation. tom: secretary of state blinken. thank you for joining us. julie norman will join us she is absolutely definitive and all of her academic work considering terrorism and the iago fee of the eastern -- and middle east. what happened over the weeken

blackrock reported the application is still under review. crypto markets have been waiting news for spot coin etfs which are expected to drive investment in the sector if approved. if because we still don't know. just because blackrock and fidelity are asking for it, doesn't mean the s.e.c. has to give it. do i think there is momentum? sure. >> it doesn't lead to the situation. the company that put out the story is now conducting an internal investigation which makes you wonder if they suspect somebody was doing this and making trades based on the story. it wasn't how it happened. >> was somebody feeding them the information and trying to do something illicit on the other end? >> obviously, this is a market that is waiting for. this. >> you saw the move. >> you saw it come back down. >>> and congress member jim jordan's bid for house speaker is gaining momentum. he won the support of skeptics who opposed him last week. that includes mike rogers of alabama and ann wagner of missouri. he is only afford to lose four republicans and still win th

geopolitical situation, -- >> larry fink still runs the largest asset management company in the world, blackrockle are still invested in equities as much as they did? >> thank you. it is always great to be in the kingdom. the transformation is totally heartwarming. as capitalists, as business leaders, we have a responsibility to speak a little bit louder today in a polarizing world where we're seeing terrorism, we are watching two wars and here we are trying to talk about how to make it a better world. we also have to then focus on the unpleasant parts. we all have to be better humanitarians and more focused on [indiscernible] peace and prosperity does work and people to middle and higher standards of living. we're going to see higher interest rates for longer. this reminds me of the 1970's. the 70's was about that policy. today's about bad policy again. david: there you go. some of the top voices on wall street speaking with david rubenstein at the future investment initiative. just ahead, we are talking india , we are talking markets and all things in between. why we are seeing limited downsid

after blackrock you apply and omissions cap and talk about systemic racism. they build a great chinese wall that stops you from entering the chinese market if you criticize the ccp or apply and omissions cap over there, but do those things in the united states, they will roll out the red carpet. that's how this game is played. this is not a democrat or republican story, really, both parties, for years, we thought we could export max and happy meals and that would spread democracy to places like china, we thought we could use our money to get them to be more like us, they did us one step worse. they realized they could use access to their market, their money to get us to be more like them. they realize they could use our money to get us to be more like them and it worked. and here's the dirty little trick in that. that erodes our most valuable asset of all. that is not our nuclear arsenal. it is our moral standing on the global stage by creating a false equivalence between chinese nihilism and american idealism. it's a comp located story, but it's the truth of

edition of the future investment initiative with the likes ofjp morgan chase's jamie dimon and blackrocks fink among many other well known chief executives who are expected to attend. they grapple with the current challenges facing the global economy and bring their wisdom in to play. some observers say they are attracted by the size of the public investment fund, one of the region's most active sovereign wealth funds. it's chaired by crown prince mohammed bin salman. so let's go live to riyadh and talk to a board member of the future investment initiative, matteo renzi, who was prime minister of italy. i won welcome to the programme. —— a warm welcome. what does this initiative look to achieve?— this initiative look to achieve? , achieve? future investment initiative tries _ achieve? future investment initiative tries to _ achieve? future investment initiative tries to offer - achieve? future investment initiative tries to offer to . initiative tries to offer to give a platform of dialogue, particularly in business. and rightly you explained the number, the quality here, thinking only ab

bank executives all in saudi arabia this week you've got ceos of goldman sachs jpmorgan citigroup blackrockn saudi arabia this morning despite concerns over traveling until the middle east, bridgewater founder ray dalio, jane fraser said they are pessimistic, called out global central banks for dead wrong on financial forecasts what do you make of remarks from ceos of the leading banks? >> yeah. i have so many thoughts, are respect to all this therl cheering on fed early in the cycle encouraging them to use their interest rate policies be very passive unwinding balance sheet caused deep inversion a handful of banks went under they are issue beneficiaries of it here well into krieshlg curve disinverting massive losses treasury pofltsdz mortgage-backed securities portfolios no longser so enthusiastic about way fed conducted this they are cheering fed on early, early in the process, so i don't have too much sympathy for them. >> you short banks, i guess they already have been under pressure into earnings, you think there is more volatility in declines in if bank then? i don't see easy way out

there was, i guess, some etf news, although you would argue it was -- blackrock yesterday or the dayn is right now, you have to go back to 2018, 2019. bitcoin had been up. what happened, and druckenmiller said it was the thing that convinced him to buy it, he said none of the bitcoin really sold. >> still 56% long term right now. there's no supply for it either. >> it's highly liquid. 76% hasn't been sold in the last year, 56% in two years. what we saw, what drove bitcoin's price from that $3,000 in about three years is there's a supply and demand shock. printing of money, low interest rates. we look like we're headed back to that. right now we do have high interest rates and they're trying not to print money. they're trying to fund two proxy wars. we have a southern borpder issue, all sorts of inflation they're trying to combat. what's likely to happen is they're going to have to return to loose monetary policy. when they do that, it is likely to coincide with bitcoin. >> near term, talk about the etf. nothing has hammed in the last three weeks to indicate it's any closer. >> i defi

three years of losses, even yesterday blackrock upgrading their outlook on government bonds. there are still many people who find them attractive. investors are also interested in investment grade. it is not necessarily all going to go there. some of that cash makes sense and came in so quickly that it makes sense. alix: a much of the cash on the sidelines that we don't use how it performs and if there is a downturn. guy: i am wondering how much cash belongs to sex ed avenue and the other big department stores. is there a comparison to be made with the retail sales doing well and everybody is cash out for the moment? alix: i am sure they would love to take your money and be more than happy. guy: if we do see big movements in the market whether or not actually that does have an impact on spending. at the moment, equity markets you could argue are holding up. i wonder what is going to tip the operational move that is spending quite a lot into spending less. could it be something in the markets? they are parking their money and waiting and watching. you just want to know what th

what we hear from the helm of city, jp morgan, blackrock and all of that kicking off. determine subscribers just have to type in d.a. why bigo on your terminal. you're going to be hearing about that from the press about who is exley behind these attacks in israel right now. plus, crucial guidance coming at the imf and the world bank. all of that on d.a. one bigo on your bloomberg terminal. the latest on the israel hamas war on the program. what it means for the future of the region. we get the palestinian perspective. all of this on the wider impact of the current escalation in the conflict. stick with us for the very latest reporting. this is bloomberg. ♪ >> welcome back to daybreak your. i am kriti gupta in london. we continue our coverage of the main story this morning. the combined death from the hamas attack is climbing as fighting enters the third day. several warships from the u.s. are much of the region. this does name include how much goes from defense. we are joined by the director of the middle east institution. we thank you for joining us this morning. talk

. >> are you bracing for delta, blackrock, jpm, wells?eve doing a piece tonight about one of the reasons people don't like the number is because all you do is get number cuts for the banks. we're used to seeing blackrock and jpmorgan being leaders and they're just not. what i worry about is they keep setting the darn tone. they come first. they don't really give you anything that is positive and you end up thinking, okay, i guess it's not going to be a good earnings season. it happens friday. it's weird. it's kind of like a baseball game, a series. you go in. if you lose the first one, that's bad. it's a three-game series. now this is a five-game series. citi has been here for so long, your head is spinning. bank of america is so low. >> i was going to ask you about these reports yesterday, that their treasury holdings are starting to cause finger-pointing within the bank, according to some reporting. >> look, i just know that -- i don't understand citi's tangible book value versus where it's selling. >> what's amazing is someone from the

blackrock ceo larry fink says he is expecting u.s. 10 year yields to top 5%.l and supply chain shifts are creating embedded inflation. larry: i don't know what is a new normal, i think every day is normal. the markets go up and down, markets move, markets respond, markets respond to political issues, political uncertainties. but i would clearly say we are in a period of time with these mega cycles, we are in a period of time with so many transitions. whether it is a transition from deflation to inflation, geopolitical transition, and how does that go. the fragmentation of supply chains is just beginning. we have policies and so many democracies and policies that have moved and were embedded for more deflation in their are policies that are more invalid it -- embedded in inflation. >> as we adjust so that we have jamie dimon saying rates in the u.s. could go to 7% and we are not ready for it. is he right? larry: we all have opinions. my opinion is we are going to have tenure rates at least at 5% or higher. because of this embedded inflation, the structural infl

alix: that was john gray, blackrock coo. >> when it comes to the college campuses, this is a issue that on wall street. you think about leaders on wall street already struggling with israel hamas war and how to speak to their own employees. john gray is a massive donor to the university of pennsylvania. a couple of days, mark rowen has sent a open letter that is calling for the resignation of the university resident as well as the board of trustees chair, scott bock because of the festival. this is a really been an heated issue. in response, you have mark rowen telling cnbc there was even a poll for him to step off the board because he publicly disagreed and went around the process. this has been enormously contentious and there are separate disputes and other college campuses, particularly at harvard as well. john gray is agreeing to the idea there are concerns around the universities in the context of semitism. many donors are only sending a dollar to the university in protest. the reason he is not pulling his donation is because of low income new yorkers going to you penn and the don

in practice do you get this application from black rock and go, geez, because it is coming from blackrock say it doesn't matter that you are blackrock or the lovely guy behind here that served coffee outside >> let's give the sec some credit that's not how they look at it what is the blackrock and fidelity indicating? a deeper exploration of the issue we talked about. there's been back-and-forth dialogue with people that have applications, demonstrating the trade is efficacious, demonstrating people can have the data, demonstrating there's a way to hold this so theft and the like are reduced >> right >> so many people coming in and saying, yes, we looked at this - >> one quick question. your shift is apollo and a number of other companies you're involved in, involved in bitcoin at all >> not to a great extent >> they have to hurry because you know it is coming, right before the reckoning >> what's the reckoning? >> that's a bigger deal than the having >> what are you talking about? >> the hasslving is coming in a year then after that is coming the reckoning. that's when we all go to heave