provide at blackrock.e are halfway there in the etf revolution. everything will be etf'ed, and we need to make sure active products, passive products, and digital products will be used through the architecture of etf. but we are elevating the concept that we will be curating more of our performance-based products. it is a large architectural change. a lot of people have asked me, ishares is the most successful division within blackrock. why are you doing this now? we believe it is so important to be anticipating the next move. i would also say, on the beginnings of etf bitcoin, we believe etf's are a technology, no different than bitcoin was a technology before asset storage. we believe the next step going forward will be the tokenization of financial assets. that means, every stock, every bond will have its own basically qcip, beyond its own general ledger. it will have its own number and its owned identification. we can rid ourselves of the illicit activities around bonds and stocks by having a tokenizat

blackrock tries to provide that type of long-term is him.ve we spend a great deal of time talking about hope in a world today where we have greater hatred and fear, i think there are many opportunities to think about despite all those issues that long-term investing is the way to go and i believe at the moment right now we have trillions of dollars sitting in money market funds and so that is just an indication of fear. we have money -- more money sitting in bank balance sheets and deposits right now, which is an indication of fear or uncertainty and i believe one of the greatest differences between the u.s. and any other country in the world is the strength of the u.s. capital markets and this is something we at black mark -- blackrock vetted on years ago and so over time we believe the opportunity to invest in our economy and companies and at times when you want a more global view investing in the world, over the long run you will outperform any bank deposit and any money market fund and it is our job to provide the corporate investments f

let's move on, blackrock one of the firms lining up to get the sec approval for the bitcoin etf.of that charlie gasparino reported the money manager laying off employees. let's take a look at the dow 30 heat map as we head to the brick salesforce, intel, amgen, at the top of the dow "the claman countdown" is going to be right back.ze ♪ my car insurance and i saved hundreds. that's great. i know, i've bee telling everyone. baby: liberty. oh! baby: liberty. how many people did you tell? only pay for what you need. jingle: ♪ liberty. liberty. liberty. ♪ baby: ♪ liberty. ♪ rsv is out there. for those 60 years and older protect against rsv with arexvy. arexvy is a vaccine used to prevent lower respiratory disease from rsv in people 60 years and older. arexvy does not protect everyone and is not for those with severe allergic reactions to its ingredients. those with weakened immune systems may have a lower response to the vaccine. the most common side effects are injection site pain, fatigue, muscle pain, headache, and joint pain. i chose arexvy. rsv? make it arexvy. a force to be reck

blackrock shares higher. you just talked about the big wek for bitcoin and certainly for them as an etfpvider a big week as well however in terms of the rvue story not exactly watwall street was looking for exactly they also have a deal on the global infrastructure partners that we will continue to watch that as well. >> a check on the economic data because u.s. producers continue to retreat in december prompting traders to increase bets on just how aggressively the federal reserve will cut interest rates this year. markets are pricing in six great cuts may be more maybe seven. mohamed el-erian is not convinced that euphoria will last as the fed seeks a 2% inflation rate. >> i suspect we will see inflation at the cpi level at 3%. this notion that this immaculate inflation will continue as something i find hard to reconcile with actual data. >> we will discuss the markets now with the founder and managing partner anthony scaramucci at skybridge capital. when you look at how much rates have dropped this year an

blackrock making the biggest changes to the firm in more than a decade. it is acquiring global infrastructure in a cash deal valued at $12.5 billion. in a memo, larry fink saying the infrastructure deal is one of the fastest growing areas of our industry over the next ten years. the largest asset manager announcing a reorganization. ishares business embedded in blackrock. the changes to the structure of the company as well. international business with blackrock out with q4 results. adjusted earnings at $9.60 a share. that is better than the street anticipated at $8.84. revenue of $4.63 billion in line with the total assets now open efficiently under management growing 16% compared to last year with $10 trillion. that is a "t." $4.5 billion holders. joining us right now in a first on cnbc interview is blackrock ceo larry fink as the news is just crossing the tape. good morning. >> good morning, andrew. happy new year. happy new year to becky and joe. >> there has been speculation for months there would be a major transaction in the future of blackrock. a l

you have blackrock out in front.ll told you've had 32 million shares trade over for blackrock and that comes in around 26 million shares. all 11 of these etf's together have traded around almost two point $9 billion so far, so really a lot of volume on day one. for gbd see, this is a lot of speculation, the first time they have had a chance to sell, so bloomberg intelligence has theorized that maybe the selling pressure for blackrock, there is a lot of speculation. whether you see that come through in the trading volumes, i asked jay jacobs, about an hour and a half ago, did not get much of an answer but a lot of theories as to what is behind this volume. >> and there is the -- caroline: there is the mechanics and the infrastructure and wondering if this is really the turning point. whether suddenly people are now on their iras and pension funds not just sprinkling in a little bit of bitcoin. looking at the price action, do we think it is? >> you did see trading volumes in the billions but when you look at the price

and it gets us back to blackrock.blackrock is portfolioing better than all the ores not because it's anything different. they're all the same -- liz: they have different fee structures. >> that's different. back rock is not the cheapest, by the way. liz: knost not the most expensive. >> you have the ask why isn't the cheapest doing well. blackrock is doing well because larry fink has created a pretty amazing firm. remember, blackrock's core products, those etfs. liz: i job shares. >> the they're sold through brokers. ishares. blackrock has tremendous connections with every major brokerage firm. so as bitcoin becomes part of the asset mix, you know, 80-20 or 80-10, i don't know, it becomes part of your breakdown, you know, stocks, bonds, commodities. comes into that commodity sort of pool. you'll see brokers pushing it. and he's got the best connections with brokers. remember, merrill lynch was once, you know, one of the biggest brokerage firms, now part of bank of america, once had a joint venture with blackrock. we s

blackrock may already have $2 billion in assets lined up. you could see that go with her on the first day of trading. therefore, when you look after the first day, blackrock may have significantly more flows because they have prearranged trade. in assets under management we could see 4 billion go through, but what is unknown is how much will come from grayscale. the market is expecting grayscale to see outflows, but they could surprise people and get some inflows. but they are priced at the most expensive. grayscale is currently priced at 1.5%, so of the 11 etf's, they are the most expensive. the reason they have kept fees so high is because they had the scale factor, they had the $29 billion in assets under management. that is why most are expecting grayscale to see outflows. we could see people sell grayscale etf, then buy some other ones where there fees are zero. you can see some buying and selling across the etf's because of the different fees. kriti: as rebecca pointed out, we have been watching that grayscale discount in their net ass

blackrock is number one with nine trillion dollars under management but blackrock, vanguard is number. you don't go to a financial adviser to buy vanguard tough, because a lot of stuff is index funds, etfs. you go directly to them. you will not be able to buy one. merrill lynch, those are brokers, merrill lynch brokers will not give you to access to the bitcoin etf as part of your portfolio. edward jones another big brokerage firm saying no. this is really interesting, liz. i, you know, listen, i'm sure you can find, you can find somewhere to buy a bitcoin etf. it is not that hard. you can probably get it directly from blackrock. that is something we need to talk to larry about tomorrow but there are a number of people saying not so fast, you know, we're not total buyers buying in. that our clients, the retail clients, this isn't appropriate part of their investment mix. this will really get, meaning bitcoin and crypto, mainstreamed, liz, when generally financial advisers say this is your investment mix, this is a standard portfolio, 60% stocks, 30% bonds and 10% crypto. that's when i

blackrock and fidelity involved really legitimizes this.o we think the advisor market, which is $30 trillion, they will nibble on this in the next three to four years. were thinking $50 billion to $100 billion in assets three to four years from now. then in five years i see it increment two gold etf,'s which is about 100 feet billion dollars -- -- i see it as an equivalent to a gold etfs, which is about $100 billion. it is big attempt to bitcoins market cap. vonnie: bloomberg intelligence etf analyst eric balchunas, thank you so much. i want to point out that we are getting word from the sec that the false post on the bitcoin etfs was not sent by its staff. the sec is saying that the false post on the bitcoin etfs released after the market closed was not sent by the sec's staff. of course, just to reiterate, bitcoin is up against the dollar, trading above 46,100 dollars a coin. we don't have approval yet from the sec on any bitcoin etfs that are in the works. let's turn to bloomberg markets, kathryn kaminski is the chief we'll strategist an

i'm looking at blackrock's trading at the nasdaq, 20 million shares. that's good.of product out there. bitwise is here. this is the orbit coin. that's almost 2 million. how's the spread? look here. 41.18. that's a to-cent spread. that's very tight for a product that's just trading today. look at bitwise. it's a little wider here, five-cent spread. 26.10 to 26.15. that's the bid and ask. it's a little wider but give it time. that's not bad. good trading volume and decent spreads considering it's a new product. the other thing people have been asking me, wait a minute, i thought this was supposed to track bitcoin. this is up 1.5% and 4.5%? why the difference? the answer is, don't put too much in this. these prices here, again, 4%, this is on a reference price. this is a brand-new product. think of this like an ipo. underwriters get together and they hope it will trade around there, but they're not sure. long-term, absolutely, all these products should trade very closely with bitcoin. if they don't, there's something wrong. that's what everybody will be watching. don'

what's most interesting as we have seen blackrock participate in this fee waiver. they lowered from 30 basis points to 20 men the first 12 months, or until they get $5 billion. blackrock may start with the most assets on day one. they may already have $2 billion in assets. this is a historic moment because blackrock has never participated in fee waivers. this makes it interesting for all the investors because if you have 11 etf issuers, how will you know which one to pick because ultimately they track the same underlying, which is spot bitcoin. it will come down to marketing, brand awareness, and who are you partnered with. in the u.s., this fund advisory business is a $1 trillion market. if a lot of these etf's get on these platforms, there is a lot of money potentially allocated into this. people are looking at is not just, a retail a, but institutional. that's why blackrock is targeting institutional clients. crypto is a hot area right now. bitcoin last year was the best performing class with 150%. so there is a lot of hype. with this hack of the sec, it may get

so blackrock, we don't talk much about it on the show. it is a mega asset manager during a lot of critical businesses for investors. and the question is do the losses, the fun flow losses of 2023, reverse this year? blackrock, like every other asset manager had to fight 5% rates on cash, very, very difficult fight, and they lost and everyone else lost, too. believe me, this year that could reverse as even the two year didn't really react to the hotter than expected cpi. it's very possible that cash trade is coming to an end and the flows will reverse. i'm watching blackrock to see if we get some hint, probably in the comments not in the results, but i'm watching to see what they say on that front. >> bryn, you're the contrarian. no banks. >> we're explicitly underweight the banks. to build on brenda's, since the great financial crisis, the banks have from a regulatory perspective, been anest anesthetized -- >> the utilities. >> -- and for good reason. where that shifted is in the private market. a black stone, a blackrock, also on the pub

that goes for blackrock.e quality of the divisions that make up that 500, 600. jonathan: whenever we talk about ishares i spare a thought for bob diamond and wonder what could in if he were forced to sell it? tom: i totally agree. we didn't even know what it etf was we had no idea what it was and bob diamond and his people said 4, 5, 6 coins. jonathan: we will have the latest on the s ec and bitcoin. equity futures positive by not even .1%. from barclays, what is the forecasting error right now. the differences of opinion are immense do you see that at the desk at barclays? >> there continues to be far too much confidence of the smart fed cut in the face of financial conditions that have eased in 10 year treasuries back to where we were in early august. it's hard to draw too many conclusions from a single data point. they have introduced sobering effects on the market. the participation rate, wage data, and might show the economy re-accelerating over the next few months. tom: unfair question, what is the issu

the blackrock etf, inflation still running hot. cpi surprises to the upside. we will have you covered. welcome to bloomberg markets. i have two stories. inflation and bitcoin. guy: or bitcoin inflation could be the other way of looking at it. where is the money coming from that is driving this today? that is an interesting question. inflation narrative is fascinating. has the easing of financial conditions started to have an impact? how hard is the last mile going to be? we thought we were on a nice path and it would be easy to get inflation back to target. alix: i was thinking about that. is it more than a mile? is it going to take that much longer? is the distance that much further than where we were given that some of the cyclical factors are picking back up again? guy: there is a great note out. the cyclical part has been hit by higher rates. the cyclical they did get his, but now it is lower rates to your point. you have the taylor swift economy and the cyclical part of the economy both starting to pick up, and that could be inflationary, and then you hav

the blackrock and ark 21 shares seeing the biggest inflows. here all three in the red across the board. wisdom tree is hardest hit right now. we will have to continue to watch. bitcoin trade around the clock. "worldwide exchange" will be right back. >>> it is before 5:30 a.m. in the new york city area. more ahead on "worldwide exchange." breaking news from the middle east. the u.s. and uk carry out strikes on houthi targets in yemen. rbc's helima croft is standing by to break all that down. >>> turning attention back to wall street. investors looking at inflation and shrugging off the hotter than expected cpi report. >>> and top of the agenda with the big banks in focus. the key metrics you need to watch when the results start crossing in an hour. it is friday, january 12th, 2024. you are watching "worldwide exchange" here on cnbc. >>> welcome back to "worldwide exchange." i'm frank holland. let's pick up on the stock futures after the higher session yesterday which saw the dow hit a fresh all-time high intraday high. it would open up 75 point

bitcoin etf, obviously blackrock potentially a key player there.ing with the person familiar with the matter that the cuts aren't focussed on a particular team. they were broad based in nature. so there's been a lot out there about the potential for pulling back esg. i'm told that's not the case here. they're going to be very broad based in nature. but once again, the news today that blackrock is laying off or plans to see 3% reduction in its work force representing about 600 jobs. you can see shares there down about half a percentage point at this time, guys. >> leslie, thank you very much. we appreciate it. leslie picker. >>> coming up, more eyes on ai. microsoft's investment in open ai is staring down major anti-trust scrutiny in, yes, the european union. could the impact be felt across the pond back here at home? we'll discuss the potential fallout when "power lunch" returns. ♪ ameritrade is now part of schwab. bringing you an elevated experience, tailor-made for trader minds. go deeper with thinkorswim: our award-wining trading platforms. unlo

the fed hiked rates above 5%, blackrock's rick rieder oversees the largest pool of fixed income assetsrld, and he'll tell us how he's investing this cash in 2024. then barron's convened its annual panel of investing guru to discuss what the new year holds, our experts will share their favorite stock picks. and later, selling season has begun for the housing market. we'll tell prospective home buyers what to expect. we begin, as always, with three things investors ought to be thinking about right now. stocks hitting a new high despite worries that strong economic data means the fed won't cut rates as quickly as markets have been expecting. then some big changes for one of the big oil companies. bp has a new ceo and could be pivoting away from esg initiatives. and finally, disney's iger has been trying to turn the company around over the past year, but the stock is down, and many of its franchises are hurting. my colleagues, ben leveson, megan leonard and andrew barry. ben, you were concerned the market had been flirting with a new high, wasn't able to close the deal. the s&p has done it

blackrock's rick reider joins me right after this. ♪ ♪ if a force to be reckon with.aquon. hm? you! your business bank account with quickbooks money, now earns 5% apy. 5% apy? that's new! yup, that's how you business differently. i found a cheaper price on my meds with singlecare. did you say singlecare? i use singlecare. are we talking singlecare? i saved 40 bucks with singlecare. -that's cool. - yeah. i have all my customers check the singlecare price first. good job. whenever my customers ask me if there's a cheaper price on their meds. i always tell them about singlecare. you just search your prescription, find the best price and show your coupon, in the app, to the pharmacist. i found a cheaper price with singlecare! i know. download the singlecare app free today. ♪ ♪ with our laser-measured floorliners... ♪ no drill mud flaps, cargoliner, bumpstep, plus the cupfone to secure your phone... and even seat protectors... weathertech has everything you need to keep winter out of your vehicle. order today at weathertech.com. ♪ ♪ jack: markets are already pricing in an

blackrock -- i don't think blackrock has ever had an etf that was denied by the sec.l be among the first ones, and then you roll them out. now, that's if they approve it. there's always a chance with gary gensler because he hates crypto -- lauren: is that why they're down today, the stock? >> it's not the stock -- lauren: the bitcoin and crypto-related stocks are mostly lower. >> i don't know, i think there's some profit taking here. i've always thought once they approve this thing, you know, you might see a little runoff, then it's going to trade off -- lauren: buy the rumor, sell the news. >> plus it went up so much on the rumor, you know, and we've been reporting that it was nearing a decision, and people felt really comfortable. so, again, you know, i don't give investment and trading advice. i would just say it looks like it's going to be next week. the best we can say it's probably going to be around midweek they'll roll this out. the likelihood, again, not definitely they're going to e approve this thing. and if they do, i mean, that's a seminal event in crypto

blackrock will be successful. g grayscale will hold on. competition with the digital or internet innovation tech etfs to fight it out. if you have three big winners, that ends up being tens of billions. >> is that a huge consolidation war? >> everyone will keep it. >> in the long term, it will show in the interview later with brian armstrong of coinbase, do you think this is good for robinhood? if you no longer need a coinbase account because you can buy through the fidelity account and they will make money because they are the custodian. >> i have invested in bitcoin and equities across this thing. this is an interesting day. i'm an investor in 21 shares. i'm an investor in grayscale and it is interesting how it plays out. the etf fee war may leak out. coinbase may have to drop their fees. it may be more inexpensive to hold the bitcoin etf for a year than to make one simple trade on coinbase. there is pressure there. also, i think there is a big contingency of educating others. buying etf is not buying bitcoin. you are not buying the bitc

fidelity, blackrock and ark 21 shares.y asset under management is grayscale, an existing asset base here, they have 26, $27 billion in assets. these were the newbies on the street, and that's what we're sort of watching here. the way to look at this. see $237 million, bitwise went out and bought $237 million in bitcoin and turned around and they bought it from trading partners like james street out there and then deposited that bitcoin at the custodian, the custodian in the case of bitwise is coinbase and that's the custodian for a lot of these. bitwise should have an account at coinbase with $237 million with bitcoin in it. that's the way this works essentially. what we want to see next is what happens next, is we're going to be monitoring the tracking of these bitcoin etfs against bitcoin and bitcoin futures. everybody wants to know how good is the tracking going to be, and it should be good. it should get much better over the next couple days, as things tighten up here. next broader institutional investment or wirehouse

you did have blackrock say u.k. politics will spend more into the election next year and that will end up issuing more supply and that will wind up infecting the market. are these the factors that will matter rather than what inflation does? marcus: no, and i think blackrock should keep out of u.k. politics. there are lots of gilts and no doubt they would like them to go higher in price. fiscal laxative would be too much, particularly if they see a repeat of what happened under charles. i do not think how they have acted in any certain way is showing they are going to blow the barn doors off in any way. to be fair to rachel reeves, they are softening the 20 billion green promises, and more importantly she has latched herself to the abr forecast. i think blackrock is missing the point, perhaps deliberately. guy: there is some book talking. even if that is the case and the politicians are going to behave, that risk is now much more real than it was. how do i discount that into the price of the u.k. 10 year or the euro

job cuts apparently taking place at blackrock.ttle manager is trimming roughly 600 positions. that's about 3% of its work force with ceo larry fink telling employees the company was adapting to a, quote, rapidly changing environment. blackrock plans to increase head count this year as it invests in technology and new offerings. >>> and tesla officially launching a revamped version of its model three sedan in north america. the e.v. maker removing the most expensive version of its car from the website, now listing only the rear wheel drive and the long-range versions. prices for those remain unchanged at just under $39,000 and $46,000. while tesla has updated the range for its model 3 from 333 miles to 341 miles, frank. they look pretty cool. >> that's what people really buy the teslas for. let's be honest. the mileage is great, but people think they look great. >> yeah, absolutely. >>> we turn our attention now to another top story this morning. the investigation continues around boeing and its grounded fleet of 737 max-9 jets. in

this is something we at blackrock bet on years ago and we believe. the opportunity to invest in our economy and our kind of companies and at times when you want to have a more global view investing in the world, over the long run, any bank deposit, you will outperform any money market funds, and it is our job to provide the investments for our clients so they can have that life with dignity. >> the form the investments are taking is changing and you also announced as a new architecture for blackrock, really pushing on to etf's. you have had a lot of shares and it looks like you are doubling down. explain that move. >> when we bought bgi in 2009 we were ridiculed by the financial community for saying you cannot marry the culture of an active investor, what we were, at a passive culture. and i said, we use both, our job is to work with our clients to provide a whole portfolio solution. but over time, more and more clients think about, how do i want to get exposure? do i want it in this area or this product? i can do that through actively investing in e

also, blackrock has a hedge fund and that is up 16%.ging themselves out of double-digit losses from the year prior. posting pretty good numbers after last year. jon: before we go, sonali talk about consolidation. if there were other players looking at these returns and they are interested in doing deals, what should we be watching for? >> if there is more consolidation you will see it among the smaller funds, most likely to get picked up and it could be strategy specific if there is an expertise, it could be funds that are underperforming and if they are looking to grab talent in a cheap weight. it could be for the outperformer that they are known for doing a good job, generally speaking or looking at the smaller sized funds being bought out by potentially the bigger sized guys. >> and he seems to be watching, thank you for joining us -- a theme we seem to be watching. when for joining us. -- thank you for joining us. maybe the markets more probably want to see with the inflation numbers tomorrow look like. they're looking at a positive

more bad news coming out of blackrock. the big, the biggest -- the world's largest money manager, huge into esg. and because of that, it's been a lightning rod for create criticism -- criticism, particularly in blue -- in red states. harry fink's name came up negatively in the latest presidential debate because he forces, allegedly, esg on companies. people are pulling money out of black rock's funds, particularly blue -- red state pension funds. and because of that, we understand, they're going to have a round of layoffs next week. neil: okay. >> going to be kind of big news next week, that blackrock is going to be laying off some of its 19,000 work force amid this anti-esg push that's going on among republicans, particularly republicans who run big pension funds. i hear the numbers are less than a thousand. neil: okay. >> a thousand would be, essentially, 5%. i hear it's less than a thousand. blackrock announces earnings next week with, i believe it's friday. they're expecting a decline in earnings. neil okay. >> stock h

husband e liz would you invest in a piece of the etf or would you invest in blackrock's stock or arkr perhaps if gbtc? well, gbtc is going to concert one for one. >> bitcoin is highly volatile, it goes up and town a lot, but if you look over a long period of time p it continues go up. and if you really think about it from a generational trade, every single generation has one trade or one investment ideas that tends to be the big winner, and i think this generation has woken up to the idea that we have to debate the currency. we are going to continue to do that for decades to come, so you're going to get into hard assets. bitcoin is up 170 last year, i think people believe it's going to go up a lot more in 2024 and beyond. liz: but let me just -- you had just said that marketing and these are bring huge windfalls to the arks and the blackrocks of the year. >> yes. liz: so why take your shot with something as volatile as bitcoin and instead why not go into blackrock stock or -- so you're saying, no, don't do the ark stock and don't do -- >> people are still going to do that stuff, i ju

the blackrock head of fixed income strategy joins us next. this is bloomberg. ♪ how am i going to find a doctor when i'm hallucinating? what about zocdoc? so many options. yeah, and dr. xichun even takes your sketchy insurance. xi-chun, xi-chun, xi-chun! you've got more options than you know. book now. >> i would say bottom up. i think you always have to think about the index, the indices and probably own a little bit of them. you do want to -- i think it is an environment where we will see more breadth in the market. guy: talking about salad, what kind of role would bonds play? bottom-up or top-down? marilyn watson, blackrock head of fundamental fix income strategy, joins us now. what kind of volatility do you think we will see in the bond market in 2024? in 2020 three, it was significantly higher in equities. does that persist? >> i think we will see elevated volatility in the bond market this year for a number of reasons. for a long time, the bond market was incredibly suppressed, particularly by central banks. for a long time, volatility

ed: jay jacobs from blackrock, great to have you on the program.oming up on "bloomberg technology," we will turn our attention back to apple as the company faces a legal setback in its patent dispute with masimo. much more ahead. this is "bloomberg technology." ♪ fresh, warm hot dogs! when i'm not selling hot dogs, i invest in a fund that advances innovations like robotics. fresh, warm hot dogs, straight out of my torso! one for you, one for you. oh, you're a messy one. cool, right? so cool. anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. hot dogs! fresh, warm hot dogs! before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com. hey! sarah! fund investment objectives, riif you had to choosees would you listen to elevator music all day or deal with payroll compliance? payroll compliance, for sure. gusto automatically calculates and files my taxes for me. hold up, compliance? easier? choose payroll compliance

tom: the blackrock transaction at 9:30.our point with mohamed el-erian, there is so much justice together. it feels like it's already june. jonathan: it's just january 12. director of equity research at cfra. what stands out for you this morning? >> stock prices are consolidating after the fourth quarter and looking out to 2024, it will not be a v-shaped strong recovery in any area. but what we are seeing is stability and it will lead to growth. loan growth, net interest doesn't just fall off a cliff when is cut. overall, it's the inflection point in investment bacon -- making. there is significant backlog from private equity firms to monetize those investments which would benefit the bank for underwriting and m&a. banks are going to be conservative in their message with analyst today mostly because we expect to see tighter regulation by the end this year. in the near term from banks and analyst about capital bill. tom: we have jane fraser on with 200,000 employees, i came up with over 900,000 employees between the four. yo

one of the ones on her list is blackrock ctf offering.e spoke to jay jacobs of blackrock in the last hour. >> this is about access to somebody different client types in the market. there are people who have already had bitcoin exposure but would prefer it through the etf itself could be transacting in this product today. this is about providing that access to a wide range of investors. 0 alix: alix: which brings us to the question of the day, are you buying bitcoin ets today? you guys probably can't actually going to buy them today, but if you take a look, we are seeing in the market, are you buying? >> there's a lot of people buying, we are over $2 million in volume trading today so it is very impressive. alix: can you put that in perspective for us? >> that is a massive date. it is hard to know because we like to look at the launch like one etf, but this is unique because there are 11 funds they converted, and if you look at the piquant futures for comparison, that was one launch and that's about $1.5 billion in trading in the first day

romaine: what is the house view at blackrock?e seem to have line inflation coming down and key metrics that look good and get close to that 3% level. -- closer to the 2% level. do you think we will see more momentum in that direction to what the fed wants? >> i think we will see more momentum in inflation improvement but we are on the lookout for some potential volatility in that path down to 2%. looking at core pc over six months, we we are at the 2% level in court cpi's a bit more elevated. if you think about where there is the stickiness, it's on the wages side. the non-housing services side is something we watch closely. the labor market is rebalancing but still pretty strong and pretty tight. with employment costs and wage costs still in that 4.5% range, we want to see that come down a bit in order to get convincing evidence that inflation is on a sustained path to 2%. we will probably hear something from the fed consistent with that. romaine: it's interesting the moves and yields with the tenure back below 4% but that has l

. >> you have a dog in the fight because you were an early investor in blackrock's product. why did you pick that one? >> at that time, bitcoin was in the doldrums. a bear market. the team over there, they were looking for an outside investor. my partner brad and i will butcher robbie's last name. sorry for the butchering of your name. >> some partner. sounds like a close partnership. >> yeah, no, sorry about that. i'm drawing a blank right now. high-altitude. but in any event, put some money in there to help get it started. i think they cut the momentum. they have been almost perfect on their etf application so i do think this goes through. >> when you look at the players, we are showing the list right now on the wall back at our headquarters. it looks to me to be at least a dozen on this list. is that too many, either going to be more? how should we judge the number of players trying to get a piece of this action? >> we had an application in 2021. could got rejected alongside the fidelity's application. and i think that the 12 of them will probably garner the marketshare a

blackrock is the largest asset manager, right?nt? that went down last year to around $9 trillion. why in they made a bet on esg, and yet a.i. is being used by the industry. so you put it together, i don't know, why are they cutting 600 workers now? 3% of their work force? it's a reshuffling. we could get more details on friday. stuart: seems like every day we have stories about big name companies laying off workers. usually technology or financial companies laying off workers. i have to think that a.i. is part of all of this. lauren: it's a slowing of the economy that, you know, all these companies pay these super high wages. now they have to scale back a little bit. and i do say a.i. will take our jobs to the next level. i do believe part of that is true. it's not to be fearful of artificial intelligence, but we are seeing it over and over again completely replace workers in all sorts of industries. stuart: yep. lauren: industries that you thought would be protected from this. stuart: show me etsy, please. i calls -- always i cal

so blackrock is getting those assets in this deal.to talk about everything sg with blackrock. i don't want to go there. delta, i think it's down today. lauren: by almost 4%. how is that possible with the record flying? well, they cut their full-year profit forecast because costs, including labor, are just too high. that overshadows the good quarter, the earnings beat and the record 2023 for delta because markets are forward looking, and they don't like what they saw from this company. stuart: real fast, bottom right-hand corner of your screen, the dow just hit a new intraday high, 37,8. united health, i think they're well down. lauren: earnings better but their medical costs are high. they blamed medicare specifically, government program coverage being more ebbs fencive. -- expensive. they are a dow stock, so you do have do the dow at a high. stuart: how's doing going -- boeing doing? lauren: passengers on that alaska a airlines flight are suing boeing because of what happened when the door blew off. six family members -- six passenge

we're going to dig into these reports, but first, let's talk about blackrock's earnings. the biggest asset management firm in the world posting strong fourth quarter numbers and announcing a $12 billion acquisition of global infrastructure partners. it wraps up an historic week on wall street as the sec finally approved the long-awaited spot bitcoin etfs for 11 firms including brach rock. by the way, they officially began trading yesterday and on day one i saw $4.6 billion in volume pile in. remarkable. so who better to talk about this than blackrock see owe larry fink himself who is here to break it all down can be with our charlie twos prix know? charlie, take it away. >> i'm a little nervous. i'm in liz's chair, but i think we'll get through it. >> you like it? >> yes. [laughter] it's very comfortable. not too comfortable, she's back monday. great day for you guys -- >> thank you. >> big deal. >> yeah. >> you know, $10 trillion in assets, i'm going to ask you about that in a minute, and we're going to get into other issues including bitcoin etfs. but i've got to ask yo

blackrock will pay 3 billion dollars in cash and $12 million in shares.ewhere bloomberg has learned that apple is shedding its ai team in san diego. leaving many employees at risk of dismissal. sources say the group has until the end of february to decide if they want to relocate to austin where they would merge with the texas portion of the same team. coming up we will be joined by the israeli minister of economy and industry. stay tuned for that c'mon, we're right there. c'mon baby. it's the only we need. go, go, go, go! ah! touchdown baby! -touchdown! are your neighbors watching the same game? yeah, my 5g home internet delays the game a bit. but you get used to it. try these. they're noise cancelling earmuffs. i stole them from an airport. it's always something with you, man. great! solid! -greek salad? exactly! don't delay the game with t-mobile 5g home internet. catch it on the xfinity 10g network. host: good morning this is "bloomberg daybreak: europe." top stories. china's central bank surprises investors by keeping key interest rates on hold. asia

one of your primary opponents has taken a huge sum of money from a company called blackrock.ld you explain why that should be concerning to all of us? gov. desantis: the senator asked a question about one of the candidates running -- nikki haley is being supported by this company called lavrov who knowshat blackrock is? does anyone -- so they are really the leaders behind the csg of -- the csg movement. environment, social, government. what they want to do is use massive economic power to be able to advance policy agenda and cial change really totally outside the constitutional system. not through legislature. just having corporations basically collude and try to pu this agenda. for example, i mentioned a lot of the esg movement has agriculture in the crosshairs. they don't want people eating meat. when i am president, i am not going to let anyone take away your meat. i could not subsist if i did not have the good meat. don't worry about that. but they blame people who raise cattle. they blame this. they blame that. ulmately, they want to do a lot of really bad things that ar

just yesterday blackrock was the latest drop fees. they initially launched at 30 basis points and then went down to 20 basis points and yesterday they dropped to 12. so it is interesting because we have a lot of people, and there are six etf's are being offered for zero basis points for the initial three to 12 month period. so this is significant because we have never had fee wars drop so quickly, let alone to zero. there are six etf issuers including bitwise, wisdom tree, valkyrie, that are offering their etf for free for a certain time period, or until they get certain assets. this now makes it interesting, where a lot of people who have traditionally been in the virtual asset space they consider trading etf's because it is free now. a lot of the concern was wide when you to buying etf when i can just buy bitcoin directly. but this gives access to investors where fee is not a concern. ultimately the advantage is now you can get access into a listed exchange traded fund that is regulated. you can trade it on the new york stock exchan

i mean, even esg, you know, larry fink, who is the ceo of blackrock, the largest asset manager of the, who has been a huge, quote unquote catalyst, which is a very kind word in terms of ensuring that companies comply because of his his ability to or not allocate cap at all and to vote for directors and the like. he's been very that we've all figured out what esg is and said add a recent retreat that okay well i'm going to use the esg anymore because it's been politicized now he didn't say he's going to stop doing the things that he was doing that that wasn't his problem, which is my problem. i don't care what you call it, but it was oh, i'm mad that you figured out this. and so we've already some changes to impact investing in sustainable development and you're just going to keep seeing this cycle and through with different words and phrases. so i think it's really important for people to understand the underlying concept because it's going to come with some lipstick and a new bow and it's going to be the same old tired. another thing that's been. since nine, 1071 is this concept of s

chief aipac investment strategist at the blackrock investment institute. thanks for joining us. we went to star in china. we have a 50 basis point cut to the rrr being foreshadowed. a promise to improve the quality of listed as oe's. still a little bit light on detail here. china is cheap of course. how are you approaching the market? >> great to be with you. you are absolutely right. i think the market is going to continue to wait and see for validation of these interesting rumors around the potential market stabilization fund. valuation is inexpensive. chant evaluations relative to its own history and by comparison to mobile peers look very cheap. on the other hand, we have these ongoing structural headwinds around the geopolitics, around property and local animal spirits. a kind of collapse in confidence among the investor entrepreneurial class. we are waiting for the spark to take advantage of the cheaper valuations. i think it is too early to declare categorically this is the spark. the market up 7% the last two days. we are watching with great interest to see if there is m

friedman described the sec move as an important development. we are excited to be partnering with blackrockaq, and what he reflects is the fact that the crypto market, certainly the crypto market, certainly the bitcoin market, have matured to a state where the sec is going to the point where they are proving the ability for investors to have tools, other tools other than just investing in spot. other tools other than 'ust investing in spot.�* other tools other than 'ust investing in spot. they can investing in spot. they can invest in — investing in spot. they can invest in an _ investing in spot. they can invest in an etf _ investing in spot. they can invest in an etf that - investing in spot. they can invest in an etf that is - investing in spot. they can | invest in an etf that is very liquid and allows them to invest in a theme of bitcoin without actually owning bitcoin, i think that's an important development for the market. airline regulators in the us have formally launched an investigation of boeing's processes, after a door plug blew off one of its planes. the federal aviation admi

we think that blackrock could compete with fidelity at that level.ave invesco doing a fee waiver. they're going to offer 0% fees for the first six months, or up to $5 billion. so, there is going to be a lot of competition, marketing, and people are going to do whatever they can to -- we are calling it the coin-tuckey derby. we think there is going to be a lot of jockeying to get market share. katie: given touch. that is james seyfert of bloomberg intelligence. tune into etf iq on monday and again on wednesday for continuing coverage of the spot bitcoin etf approval. coming up, apple loses -- david tepper went all in on two trades last year. one paid off, the other didn't. we will have the details in today's wall street beat. this is bloomberg. ♪ ♪ you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you acces

blackrock obviously has been pushing.saying he thinks bitcoin is a store of value. you have fidelity in there, some major firms in there. it will at least be her but probably, i have a feeling they will approve a bunch of them just because why wait? they're all doing the same thing unless there is quirks in their application process that need to be changed. those quirks as wellly has been reporting, actually i have done kind of a good job on this every now and then but, was that -- liz: behind every great man is an even better woman. >> i was going to say. liz: ellie. >> or a lot of coffee. but the, there has been a whole thing about how this, how you can buy an etf. you have to do it on a cash basis. you can't, you can only present, if you have bitcoin, you can't use the bitcoin to buy the etf. you convert it into cash, then buy the etf that was my reporting. so there is no rivalry here. liz: so nice you're so territorial. >> i give her credit every time. i called her the axe. liz: i thought you were talking about me bec

blackrock bought two towers of waterfront place from -- for a reported $167 million.quality has expanded after federal regulators told airlines to check door plugs on a second 737 model, where operators have also found issues with fasteners. according to boeing data, more than 500 of them have been delivered globally, although they do not all use the door plugs. the faa says the move will offer an added level of safety. alphabet's lab for pioneering technology is said to be laying off dozens of employees. sources say the division known as x has been ramping up discussions on external funding from venture capitalists and other investors. it's intended to more easily spend projects out of x with support from outside backers. annabelle: let's take a look at what is happening in japan because the nikkei index you can see here, up more than 9% so far this year. we are above the 36,000 level. we have seen it going all the way back to 1990. what is concerning strategists now is that the rally is looking increasingly concentrated in just a handful of large caps. that tells us