. >> hot off an exclusive interview with brian moynihan. i'm in for bill griffeth.oday, stocks rebound, and in 45 minutes, president trump is expected to give a news conference with the president of colombia where he will likely field questions about the russia investigation. that's live as soon as it begins. >> now, my exclusive interview with bank of america ceo, find out what brian moynihan of 21st century glass stegal may not be as bad. that's coming up. >> unrolling net neutrality rules, the michael powell tells us why this is the right move in a first on cnbc interview. but, we begin with a very good exchange between steven mnuchin. ylan has the story. >> reporter: it was testy. this was mnuchin mnuch's first testifying. most of the conversation was focused on financial regulation. it is also met he has to face senator warren. now, mnuchin said in the testimony that he does not support a return to glass-steagall saying that that would cause significant problems for financial markets, the economy, and liquidity. but on the campaign trail, president trump said h

brian moynihan said there's irsld be down 10-12% -- the would be down 10-12%. those numbers they were giving were both equities and fixed income. the slowdown is more fixed income. clieboth talked about nts being more conservative in the second quarter. in the first quarter of this year, there was a lot of excitement about donald trump and his progrowth agenda. there was anticipation of tax cuts. that's what fueled the first quarter. some of that euphoria has come down in the second quarter. that has led some clients to move to the sidelines. know goldmann't sachs, morgan stanley, jefferies -- they will be important barometer's. dakin: that is true. if we could read into the commentary this morning come it sounds like it is an industrywide issue. marion lake talked about the volatility and clients not having the conviction. if that's the case, you would expect that to be a read across for citigroup morgan stanley and goldman sachs. vonnie: this will be a short selloff. dakin: it is tough to read too much into a singlevonnie: day's. nobody likes to see trading r

vonnie: that was brian moynihan at the bloomberg breakaway summit.k: time for the business flash. the biggest stories in the news right now. unemployment benefits fell more than expected last week. initial jobless claims were down 19,000. the four-week average of continuing claims is at the lowest level in more than 28 years of the government comes out with the april jobless report tomorrow. profit rose at ferrari. cashed in on demand for its most expensive models. goes for $2.1 million. in march, they unveiled the new superfast, fastest production car in its history. latest bloomberg business flash. vonnie: still ahead, marine le pen and emmanuel macron faced off in a debate. what to expect in the days ahead of sunday's vote, in a. this is bloomberg. ♪ york andive from new london, i am vonnie quinn. mark: i am mark barton. this is "bloomberg markets." emma: house republicans have been promising for seven years to repeal obamacare. today, they will get a chance to vote on their replacement plane. party leaders say they have enough votes to approve th

. >>> bank of america ceo brian moynihan opening up the discussion on lowering down payments on mortgages closing bell yesterday, he said banks could supply a bigger share of funding if the standard down payment of buyers was cut 10% from 20%. >> wouldn't introduce that much risk but would help a lot of mortgages get done. if you look at the statistics, the difference between 80 and 90 ltv is not much different as it is between 95 and 90. that's when you start to see real differences in performance statistics. we don't want to have people borrow money that they have trouble repaying what would that do? move the cycle up. not in new york city, condo, instead of 20,000, it's 10,000, on a 40,000, $50,000 income, think of how fast it coming. >> great interview yesterday with brian moynihan. the other takeaway is that sense of relief you saw from him which i'm sure other ceos like him were seeing after the comments from steve mnuchin making it clear they don't want to break up the investment arms of the banks. nobody was expecting it but there was a 20%, 30% possibility in peoples minds. mnuch

. >>> plus, banc of america ceo brian moynihan sitting down with kelly evans on the economy and the consumeryou are watching fa"fast money"n cnbc. doing? oh hey john, i'm connecting our brains so we can share our amazing trading knowledge. that's a great idea, but why don't you just go to thinkorswim's chat rooms where you can share strategies, ideas, even actual trades with market professionals and thousands of other traders? i know. your brain told my brain before you told my face. mmm, blueberry? tap into the knowledge of other traders on thinkorswim. only at td ameritrade. welcome to holiday inn! ♪ ♪ whether for big meetings or little getaways, there are always smiles ahead at holiday inn. a used car, the shlike a bald penguin. how do i look? truck, s [ laughing ] show me the billboard music awards. show me top artist. show me the top hot 100 artist. they give awards for being hot and 100 years old? we'll take 2! [ laughing ] xfinity x1 gives you exclusive access to the best of the billboard music awards just by using your voice. the billboard music awards. sunday, may 21st eight seven c

comments from bank of america's brian moynihan. low. fargo down cfo speaking at a conference told. talking about demands for lending. the worst performing stock in today is michael coors. 10%.hares are down comparable sales down 14%. the 12% dropan than analyst were estimating. lot ofen forced to do a discounting to clear inventory of handbags. department stores but at its own stores as well. closing 100 to 125 locations. >> thank you very much. coming up, political gridlock shifting global alliances. look for why the stock market the to be ignoring all chaos. this is bloomberg. >> this is "bloomberg markets." news.check in bloomberg mark crumpton has march >> thank you the afghan government media center has from that death toll massive suicide truck bombing in kabul today to 90. 400 people are reported wounded. no group has claimed bombing.ityor the that hit in a highly secure, afghanarea of the capital. the afghan council, the top religious body, strongly condemned the attack. saying that, carrying out such holy month of ramadan is against humanity. minister sergey said forces ha

running -- brian moynihan said it will be down 11% or 12% or so.stic first quarter we not affecting. >> last year's's first quarter was terrible for all the big banks and the second quarter was a huge quarter and actually the wet quarter the entire year are seeing it down a little bit. one thing bank of america pointed out today is look at the first half, up 3-4%. a little bit is -- is the mismatch, a little strong this year and last year. it does not look like trading firms are doing better than they did last year. >> we are awaiting to hear what it will say. >> we have not heard from goldman sachs and they typically do not give us insight into trading numbers before they lowrt jpmorgan today cited .olatility you remember that in the first quarter, goldman sachs also cited low volatility for why their numbers for so that in the first quarter. if the markets have not changed much, that may not be a great indication for goldman. >> why does this not impact the first quarter but it does impact the second quarter? >> good question. i'm not sure we kno

it took brian moynihan six years to get be a fan of the subprime ditch.ow long do you think it will take to undo all of the damage that was done that you inherited? >> sure. we'll so first, all of our stakeholders will decide. by the way i think ryan is done a great job of being ceo of bank of america. well as herform as did, that's going to be great. we are going to move through this fasters my guess. it will be a plus to rebuild trust with our stakeholders. it's in our hands. again, were making great progress. >> what he still need to do? you establish you still need to rebuild trust. the customers, with employees, your shareholders. you've also got municipalities, some of which blacklist you. what are some of the other kick offat you need to to again, put wells fargo in the clear? what sicko the wrist stakeholders he said. as a relates to miss of how -- municipalities on all them have blklisted us. we love doing business th wells fargo, where such every municipality and state -- whose business we've lost or have put on hold, we want to win that back ov

check plez" is next, and the interview on "closing bell, brian moynihan.ant more than just unlimited data. we want unlimited entertainment. so we can stream unlimited action. punch unlimited robots. watch unlimited romance. if you're into that. but we also want more. like unlimited hbo. can i stop dying now? no can do mi amigo. it's unlimited. besides, you're really good at it james! don't settle for any unlimited plan. get at&t unlimited plus. and, now get the amazing iphone 7 on us. >>> off the best levels of the session, but higher. thank you for watching "power lunch," and thank you, courtney, for joining us. >> thanks for having me. >> closing bell, and a big "closing bell" starts right now. ♪ >> hi, everybody, welcome to the "closing bell," i'm kelly evans at the new york stock exchange. who are you? >> wilfred. lucky to have you here, just in time. >> just in the nick of time. beads of sweat running down. >> hot off an exclusive interview with brian moynihan. i'm in for bill griffeth. today, stocks rebound, and in 45 minutes, president trump is expe

>>> and this afternoon, don't miss brian moynihan on "closing bell." 3:00 p.m. sitting down with kelly evans. one not to miss. >>> welcome back to "worldwide exchange." time for our must reads. my pick is in the "wall street journal" titled the special counsel mistake. most people celebrating the decision to move on to a special counsel appointment to investigate the election -- possible election ties to russia. here's a potential opposing view. while the decision will provide some short-term political relief, not least for mr. rosenstein, it also opens up years of political risk to the trump administration with no guarantee that the public will end up with a better understanding of what really happened. the problem with special counsels is that they are by definition all but politically unaccountable. to say this is not the view of most people, but an opposing opinion. the nicest thing about this is that hopefully it leads to a definitive decision either way, backed up by evidence. the question, which i think this article points to, is how long that takes and h

it took brian moynihan six years to get be a fan of the subprime ditch.ou think it will take to undo all of the damage that was done that you inherited? >> sure. we'll so first, all of our stakeholders will decide. by the way i think ryan is done a great job of being ceo of bank of america. if i can perform as well as he did, that's going to be great. we are going to move through this fasters my guess. it will be a plus to rebuild trust with our stakeholders. it's in our hands. again, were making great progress. >> what he still need to do? you establish you still need to rebuild trust. the customers, with employees, your shareholders. you've also got municipalities, some of which blacklist you. what are some of the other points that you need to kick off to again, put wells fargo in the clear? as it relates to municipalities on all them have blacklisted us. we love doing business with wells fargo, where such every municipality and state -- whose business we've lost or have put on hold, we want to win that back over time. my measures are the six expiration

i pointed out that it took six years for brian moynihan and he said that his would be faster but couldell us how long. much, erikank you so schatzker. joining us from san francisco with that exclusive. julia: still ahead, another diesel emissions cheating scandal. this time against chrysler, alleging just thousands of their suvs may have been involved in the test. from new york, this is bloomberg. ♪ this is "bloomberg markets," i am scarlet fu. julia: and i'm julia chesley. chrysler falling on news that the u.s. justice department is suing the automaker for diesel emissions violations. .e have more from detroit jamie, my understanding of this isthat fiat chrysler different from volkswagen as they continue to deny that they knowingly engaged in any cheating. is that right? jamie: that is exactly right. we didn't learn anything about this case until it was solved. until the california regulators had extracted the confession. then they announced in mid-september of 2015 that vw was cheating and this is how we are going to proceed. this is been so different. out on theas running obama admi

i will be speaking with bank of america chief executive brian moynihan in a cnbc exclusive tomorrow.on't miss it. he's on holiday. what do you need? i need the temperature for pipe five. ask the new guy. the new guy? jack trained him. jack's guidance would be to maintain the temperature at negative 160 degrees celsius. that doesn't sound like jack. actually, jack would say, hey mate, just cool it to minus 160 and we're set. good on ya. oh yeah. that's jack. >>> welcome back. stocks of all stripes got crushed today on new concerns about policy in washington. our bob pisani is in the middle of the action. after hours still, bob, what drove the selling? >> just the sense it was a little bit different, that some of these things that potentially were happening were actionable. for example, president trump talking about issues that may involve obstruction of justice going around. those are serious charges, and, again, actionable. san mateo essentially closed at lows of the day. four to one decline in advancing stocks. borderline heavy but etfs around the united states, very heavy volume to

you mentioned about talking to brian moynihan yesterday. they are very interest rate sensitive and because our system is flooded with deposits, there's no rush to raise deposit rates. so the first quarter spreads were very good. we had revenue growth of almost 10% year over year. we haven't seen that in years. >> and just quickly some top picks. smaller banks versus bigger banks and your top pick? >> i would say we want to go asset sensitive banks so the big banks, bank america would be the choice. and then on the smaller bank said we would go with comerica. >> gerard, thank you very much for joining us. >> you're welcome. >> gerard cassidy. i've got it right. now you're confusing me. >> gerard. >> coming up, italy wants you to live like a king for free. they're giving away casts, and there's just one catch. we'll tell you what that is, next. this is a story about mail and packages. and it's also a story about people. people whoely on us every day to deliver their dreams they're handing us more than mail they're handing us their business an

this is what brian moynihan suggests. >> our goals back to regulatory reform is move down payment requirement not introducing much risk, but helps a lot of mortgages get done. look at the statistics, difference from 80 and 90 loan to value is not much different as it is between 95 and 90. that's when you start to see real differences in performances, and we don't want to wish people to borrow money they have trouble repaying, but i think we can move some. >> would a 10% down payment help resolve this, and do millennialsment to buy homes? they are interested in buying rvs, no joke. joining us now, rv expert, diane and justin, luxury broker at cline real estate. dia diana, there's a lot of competing stories, sounds like the age-old question rephrased, what do millennials want? >> all we talk about is what do millennials want, doing stories gauging if they are saving, to the saving, and, look, i talk to a lot of millennials, they want to buy homes, and older ones are. there's a jump in the share of first time buyers and millennial buyers. that was from an apartment rental company survey. put tha

guy being treated differently of this is brian moynihan and bank of america? eric: no.i say that is because john stumpf was ejected from wells fargo for failing to failingpeople -- well, to oversee managers who oversaw people who created fake accounts at wells fargo. right? in order to generate the appearance of growth and get bigger bonuses. that is the antithesis of what is going on at barclays. jes staley's under investigation because he tried to root out a whistleblower who had raised , acerns about an individual single individual, who jeff staley was trying to hire to be head of a group at barclays. i don't know how the situations could be more different. staley is being treated differently, but for good reason. tom: thank you so much. erik schatzker in london. right now, an important conversation. .ell me about european banking it has got to consolidate. there are too many banks. everybody has the ghost in their ago from x numbers of year -- number of years ago. how do you avoid the disaster of belgian banking? >> m&a has been very slow in banking the last couple

. >> welcome back, in cased you missed it, i sat down with brian moynihan yesterday, and we talk about the consumer. >> consumers spend 5% more more than than last year for the first, you know, four and a half months of the year. the consumer's healthy. overall, 3%, that means cash out of the system, so writing checks and everything. this is not signal. this is almost a trillion dollars of spending, and it's, you know, billions of transactions. >> so mr. moynihan said the consumer is spending money, but still new data suggests otherwise. met services out with a report that shows the amount of cash americans hold in checking accounts reach ed a record high of nearly $2 trillion. the average is around $600 to $800 billion. >> this is a bad sign for the economy, then? joining us now is mike, good to see you. i guess i start by sighing, are there explanations for why checking accounts might now represent a bigger piece of the pie? structural going on? how consumers behave? interest rates so low in vasavis accounts, what's the zero interest checking, anything like that, investigated those t