brian moynihan at 8:00 a.m. with david westin.rning, on radio and television. ♪ wanna help kids get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. over the next 10 years, comcast is committing $1 billion to reach 50 million low-income americans with the tools and resources they need to be ready for anything. i hope you're ready. 'cause we are. (woman) i don't want to look like this anymore. (man) what is happening to my body? (woman) why can't i lose weight? (announcer) you may be suffering from insulin resistance. measure your waist. females measuring more than 35 inches and males measuring more than 40 inches may have insulin resistance. to learn how to reverse insulin resistance and lose weight effectively, go online to golo.com. once again, that's golo.com. ♪ tom: "bloomberg surveillance" on ra

, especially at people -- saw confidence from brian moynihan, especially of people start returning tot. brian: as more people get vaccinated, we bring a lot more back. but the view is after labor day, our view is all our vaccinated teammates will be back and we will then start to make provisions for the other teammate as we move through the fall. guy: so basically, we are back in business. do you think that is actually going to happen? do you think most banks post labor day will have most of the stuff back? sonali: it is a great question we have been getting all week. how much pressure do the other banks feel to do the same? we had a lot of other commentary. james gorman said this week during a conference that if people are not backed by labor day, he's going to start being very disappointed. alix: that sounds like your dad talking to you. i'm disappointed. [laughter] sonali: on top of that, he said if you can go to a restaurant, you can come to work. we know a lot of people are simply enjoying the flex ability . but he also said that he understands the need for flexibility, especiall

brian moynihan. thank you for your time today. the fed has made it official we need to pay attention to inflation. they didn't move anything except some dots on the plot. are they reacting in the right way at the right time, or is it too much? brian: first, good to see you again. i think the first point is about the virus, the vaccines and the variance. the second point is about the.. -- about the dot plot. if you have the threev's, virus, variants, and vaccines, they need to see the whole they were trying to fill between fiscal stimulus and accommodation to put the economy back where it was, and with the same growth characteristics or better growth characteristics. central banks are going to struggle when this virus is behind them because at the end of the day, you think about india, think about what they went through over the last several weeks. think about the u.k. delaying the full reopening because the variants. think about the u.s. vaccines through half of the population. the second question was the dots, this great debate w

thank you so much, brian moynihan, for being withh moynihan, for being withh us. fad and d we'll be rugh all kinds of changes, but this pandemic has been the most difficult of all the challenges i've experienced. [voice of male] the chili bowl really has never closed in our history. people come here to see the photos on the wall, to meet the family. you couldn't have that experience anymore.. so, we h had to pivovot. ththere's nono magic forormu, but itit's beenen really hehel to keeeep people u updated on n. wewe wouldn't be here e withoutr wondnderful custstomers. wewe do get soso much suppppt and soso much loveve from the. [voice of f female] i don't have to o come everyryy atat my age, but i comeme because i i love people. [f[female voicices soulfulully g “comeme on in”] that's s why i comeme to ben'. >> dickerson: vice-president harris is heading to central america today. she is tasked to lead diplomatic efforts in the region to slow the flow of migrants into the united states. senior white house and political correspondent ed o'keefe is covering her tripip and rereports frfrom g

bank of america's ceo, brian moynihan, talks to bloomberg.loomberg. ♪ wanna help kids get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. over the next 10 years, comcast is committing $1 billion to reach 50 million low-income americans with the tools and resources they need to be ready for anything. i hope you're ready. 'cause we are. ♪ annmarie: welcome back to "bloomberg markets: european open." we are pretty mixed, pretty flat for european equity markets right now. i usually ask at this point of the day what is on your mind, but i know what is on your mind because you have been very animated on the subject of treasury markets and the flattening we have seen. let's linger there, because we have seen substantial moves. seemed like the market was not rethinking its view of what was going on. we spent the last 2

tom: we have a terrific set of conversations, brian moynihan and david westin stops by. david rosenberg in moments, the interview of the day on inflation. alan ruskin will be with us from deutsche bank. matt miller, speaking of deutsche bank, the euro speaks volumes. what did we learn this morning on bloomberg? matt: what i think is interesting is the euro move against the dollar, because the deutsche bank cuts because of goldman sachs's cut in terms of the dollar continuing to gain, the euro being held back a little bit. i do not think the philip lane story is as interesting as bill roy a couple days ago when he said look, we will focus on the currency. that is our only focal point right now. it is keeping the currency together, and if you don't, you end up like argentina. i don't hear central bankers too often talking that explicitly about the currency. tom: i'm on the same page. a representative from deutsche bank saying they skew to a stronger dollar as well. let's move to the dollar, a radically different bloomberg terminal. we will not spend all of the time on this

the ceo, brian moynihan, discussed whether the banks use inflation as transitory. >> central banks areruggle because at the end of the day, it is the determiner here. think about what they went through. think about the u.k. delaying the full reopening because of the variants. you think about the u.s. vaccines through half the population, and it is pretty open. pay attention to the vaccine path. the second question was the dots, dot plot. there's great debate about whether these add value. leaving that debate aside, the fence economic projections this year, 7%. 7% matches the fed. it's a great team. they are at five. if you believe the street and bank of america are more right, the reality is the economy is growing much faster than it was with much more fiscal stimulus to be spent in the customer's account and much more opportunity for the economy to grow and that is something people should pay attention to. this year's rate of growth was half of what it turned out to be, what it is predicted to be. those dot plots will become uninteresting because things will be moving faster. think ab

haidi: bank of america ceo brian moynihan speaking with bloomberg's david westin.usives with link accept management -- asset management, and an indian group. this is bloomberg. ♪ wanna help kids get their homework done? well, an internet connection's a good start. but kids also need computers. and sometimes the hardest thing about homework is finding a place to do it. so why not hook community centers up with wifi? for kids like us, and all the amazing things we're gonna learn. over the next 10 years, comcast is committing $1 billion to reach 50 million low-income americans with the tools and resources they need to be ready for anything. i hope you're ready. 'cause we are. (announcer) the core is key to losing weight, getting back in shape, and feeling good. introducing the aero trainer, designed to strengthen your core, flatten your stomach, and relieve stress and back pain. it conforms to your body and increases muscle activity. abs, back, obliques, hips, and glutes. get incredible results in just five to ten minutes a day. the aero trainer supports over 500 poun

brian moynihan. and a conversation with former secretary of state condoleezza rice. it's all ahead on "face the nation." ♪ >> dickerson: good morning. and welcome to "face the nation." we've got a lot to get to today, but we begin by welcoming our first guest back into the studio, the first time in nearly 15 months. it is the secretary of transportation, pete buttigieg. good morning, mr. secretary. it is good tob to be in your company. let's start with this infrastructure bill. where does things stand? the president has been negotiating wit with the republicans. where do things stander? >> on friday, there was another counteroffer by the republicans, about $50 million in movement, but did not meet the president's objectives for what we need to do. it is not just about getting through this season or some kind of short-term stimulus. it is about making sure that america wins the future at a time when our competitors, like china and our allies, are investing much more, frankly in infrastructure than we are. that's why it calls for such a big step. the president will spe

tomorrow, dafydd boston will speak with brian moynihan. you don't want to miss that.o 1.0 tonight. this is bloomberg. ♪ >> good morning, welcome to "daybreak: australia." >> we are counting down to asia's major market opens. >> good evening. top stories this hour, the fed tightens its timetable. policymakers predict two rate hikes by 2023 as they inched towards tapering.

make sure to tune in tomorrow, my colleague will be speaking with bank of america ceo brian moynihan.t to miss that. and, of course, catch "studio 1.0" tonight. this is bloomberg. ♪ >> the following is a paid program. the opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. ♪ >> the following is a paid presentation furnished by rare collectibles tv llc. the morgan silver dollar is without a doubt the most iconic coin in united states numismatic history. designed by george p morgan, the silver dollar series was minted 1878 to 1904, and again in 1921.

. ♪ >> bank of america president brian moynihan says misspending has surged among the reopening is asof that is due to leftover stimulus money. he told cbs news spending by customers is up 20% from 2019. i new mexico, president lopez obrador party took the lead and midterm elections for the lower house of congress. a survey indicates will retake a super majority needed to pass constitutional reforms. improve, the presidential runoff is still too close to call. the favorite trails. the daughter of alberto fujimori. reaching agreement to buy atlantic aviation. the deal could value the airport services company at about $4.5 billion including debt. atlantic aviation offers hangar space, aircraft maintenance, and other services. shares of tesla are lower. that called off plans to build a model s plus, the longer-range version of its high-end list of elon musk tweeted it will be canceled because it is "just so good." one of the biggest leveraged buyout of all time, if they reach an agreement to buy medical supply company list of bloomberg has learned the transaction is valued at more than $

romaine: brian moynihan, bank of america ceo talking about the return to office.ve to talk about what is the return to the general belief that the fed may move faster than expected. we are below 4200 on s&p futures, above 1.50 on the 10 year yield. gold basically unchanged on the day. a lot of softness in the commodity space. the vix elevated. romaine bostick here alongside taylor riggs. tom keene is out. lisa: you did better than -- taylor: you did better than lisa. she called me riley in the last hour. romaine: taylor riggs is here. tom keene had one too many martinis. lisa promises -- lease or bomblets is off to another ship -- lisa abramowicz is off to another show which means the full "the close" takeover is underway. taylor: markets unchanged on yields after we had been higher after some of those initial jim bullard comments. the -- we talked about where we were in economics with the full vaccination rates and what does that mean for economic growth and travel opportunities. no better person to discuss travel than brian kelly. we know him as the points guy.

sridhar: we have to look across wall street, and look at diamond -- look at jamie dimon, brian moynihanally guided their firms through the worst of the financial crisis and the recovery that followed. now we are a decade into their runs. you are looking at the next card. morgan stanley has had a massive transformation because it has really built out its wealth operation and business as well, and that is the big staple -- the big, stable source of revenue for them now. lisa: this is really important, when jamie dimon said yesterday he's expecting trading revenues to come down significantly this quarter, including versus expectations. how do we look at trading going forward, given the fact that it is notoriously fickle, but also has been an absolute stalwart of the earnings picture for wall street? sridhar: the best part of jamie dimon being ceo for 15 years and counting is that he is in shackled -- is that he isn't shackled by the need to be circumspect. the context is important. look at it compared to 2019 levels. we knew that the pandemic trading boom was not going to last for apple, b

you heard brian moynihan saying they are spending billions on cybersecurity. you can think about the drain on capital resources that can be used instead of going to growing the business vladimir putin has simply denied responsibility for it. brian. >> certainly, $1 billion a year. you wonder go back to checkbooks and turning pipelines on by you hand eamon javers, in switzerland even turned the fountain on for you, eamon eamon javers, thank you. >> it's beautiful here >> big meeting there >>> we are just getting started on the very busy tuesday when we come back, online meet offline. amazon going deep near the grocery biz to launch the first full-size store with one twist. >>> and the latest on lords town as the fate of the start-up carmaker taking another turn. >>> and raymond james calling the cyber attacks on united states a reopening tdera the dow futures opening higher we're back after this. mmm, licorice records. wonka, digital workflows for it tell us this machine needs updating... kids don't really have records anymore... but it tastes better on vinyl..

bank of america ceo brian moynihan saying consumer spending is up versus 2019 more on those comments in just a moment >>> and bitcoin is on the rebound after another tweet from elon musk. this time the tesla boss said his company could resume accepting bitcoin in the future if certain environmental goals are met. 59 minutes left in the session it's on again, off again with elon musk and bitcoin. >> likewise with the markets the nasdaq up, other two indices down we've got a big show coming your way today. we'll speak with the delta ceo's bastian after the tsa said they screened 2 million passengers in a single day. >>> then later morgan stanley ceo james gorman joins us. we'll get his outlook on the bank and the economy ahead of this week's big fed meeting. >>> mike santoli is tracking the market action, wilfred with a look at a number of headlines from big bank executives today mike, kick it off with the broader market which is down 200 and not far from session lows. >> a bit lethargic on the broad index level here we had a breakout in the s&p 500 to a new high late last week but it

bank of america ceo brian moynihan saying consumer spending is up versus 2019 more on those comments

. >> yeah, that's brian moynihan and steve weiss a big fan of not only mr. moynihans but you have been a shareholder of b of a, you own that you old goldman, you own the xlf, sofi and things like that but you have something for mayo? >> i do. this is a little off the beaten path you talked to the bank ceos, you talk to the cfos, talk to the treasurers they have all come out and declared on bitcoin saying they want to be there in your opinion, is that just saying, oh, we want an option on it, but there's really -- they don't really see legitimacy of it as an asset class and a currency >> well, i think - >> give us the inside take on it >> well, i think all banks want to have a call option on possible strategic paths, and we talked about this five years ago in blockchain. so you need to have -- you need to be in the game, but you don't have to be there all the way they're also listing to their customers, but at the same time it is the job of bankers to be conservative so you don't want to be leading the way here, so if you are, you know, a late follower, maybe

because i think it is like putting toothpaste back in a tube you've got -- i was listening to brian moynihan this morning from bank of america talking about how much more money are in people's checking accounts now, immediately accessible as the professor says i think that inflation is not nearly as transitory as other people think that doesn't mean that i'm running around with what little harry have, scott, on fire, but it does mean i am being a little more cautious because i do think they will be forced to move even sooner than that statement yesterday. but, like i say, i think that this is a difficult thing to do to get inflation back when you have this much money that they've been throwing at the market, this much money that congress has been throwing at individuals, and those savings at near record high levels, scott. >> yeah. we have this little confluence, too, of all of this happening at the same time where you have seasonal weakness in the market as well. it is somewhat of a perfect storm for some kind of sell-off given the somewhat of a surprise really from the fed. professor, i go

any brian moynihan said looking at the spending patterns of this customers of bank of america. he says you know, we're about 20% higher than we were in 2019. and that's every single category except for travel, which is we started the segment. it's improving. one thing should be noted is that there is a port in china which is seen spikes in covid-19 cases. not want to hear more of that because that could affect each christmas shopping. wow. okay. yeah. for sure. this last story here. >> kind of take me a little bit because i like tracking space space tourism. i think it's going to be hugely popular down the road. and i guess somebody is willing to pay some pretty big bucks to sit alongside jeff bezos as he rides his tourism spacecraft for the first time home. >> this is a pretty nice story. 28 million dollars is the waiting bed looking for total. people are going up. people can fit 6 years. no pilots which kind talk about driverless cars driverless payson rockets. that's pretty interesting. it's called the new shepard named doctor, alan shepard. it's a 10 minute ride for 28 mill

. >> that's bank of america ceo brian moynihan who joined us yesterday answering the question on whetherofessor at harvard law school dan, you hear that word transitory, let's call it what it is. is this going to be temporary or is this for keeps? what do you think about the inflation picture right now? >> becky, i'll be straightforward, i don't know. i think that's actually the problem that the fed has had and has had for some time. there really is not a workable theory of inflation that helps them to make decisions on meeting-by-meeting basis output gap, phillips curve kind of analysis hasn't worked for a couple of decades now. the fed relies heavily on inflation expectations being well anchored but nobody really has a good understanding of how those expectations and why those expectations change when they do so i think they're saling in the sort of cliched unchartered waters and i think that presents both a substantive policy making problem and also a big communication problem. >> when you're sailing in unchartered waters isn't the thing you would do is slow down and kind of find your

what i think -- >> you could understand why jamie diamond or -- or listen to steve squeri or brian moynihan who say spending supervisor 19% over 2019 levels and say what is the fed doing? why are they doing as much if these guys are talking to the customer asks saying things are so great. >> so what you want is for people to do worse, spend less, not have. >> i'm just playing devils ad veekt. >> -- not have the great luxury of the billionaire execs or guys making hundred million you want the people on the five page amazon article to make less in order to cure the rich people's wants i am not a marxist, i am not a trotsky. i did not read lenin i'm a lincoln man. and lincoln wanted people to make it. and he wanted the rich to pay more in order to make that he was the first guy to suggest a graduated income tax i am with lincoln, not lenin >> the music's playing we're going take a break on that -- >> -- billionaire. >> we didn't have a billionaire. >> work the phones. >> the story meme stocks and one ceo believes they could be a recipe for disaster. more "squawk on the street" for the new york

. >> it's a long road back consumers are spending brian moynihan said on "squawk b box" the card spendingah, and i will say after a year plus of not hearing from folks in, like, the airline industry, for example, about their forecasts for business travel to pick back up, we're starting to see glimmers that that could be shifting and changing as well it's going to be one to watch as you can see, shares of sap are flat cnbc's evolve global summit has an all star lineup all day today. it's going to continue throughout the day we have the ceos of pfizer, mcdonald's, intel. also the ceo and chairman of harley davidson. i'll be leading that discussion later today. it's not too late to register. head over to c cnbcevents.com/evolve to attend. i became a sofi member because i needed to consolidate my credit card debt. i needed just one simple way to pay it all off. it was an easy decision to apply with sofi loans, just based on the interest rate and how much i would be saving. there was only one that stood out and one that actually made sense and that was sofi personal loans. it felt so freeing.

and look what brian moynihan said, spending is up 19% on credit cards now, versus '19, not '20. >> thaterview reassured me, we've had times here, in the country, not that long ago, where we had tremendous borrowing and things got bid up, but how about when we have tremendous savings and things got bid up look, if you're jim farley, and mary bar ra, they can make more cars if they can have the semiconductor but the semiconductor companies want to make chip force cell phones and for high performance computing but when we get to have feature rich semis and they will be there, and then car prices are going to come down i mean do you really think that the economy, just nothing happens other than they keep raising prices things occur i mean, look, we do the disruptive technology, right and they will disrupt this stuff. they are and i mean tesla is charging a lot of money, and jim farley, who is kind of a remarkable, i mean i don't know, what was he riding a motorcycle this weekend, i don't know, he is like a bit of a crazy man but that's okay. ford has never had a crazy man run that way, and

paul tudor jones, brian moynihan, james gorman, all talking about tightening high drama that data does come less than 24 hours until the fed's interest rate decision. ylan mui is here with a closer look at what fed watchers think the central bank will do and what they think they should do, which may not be the same thing. >> that's right, sara. our cnbc fed survey picked up on a little emptiness over the amount of accommodation in the system right now overall respondents believe the fed should hold steady nearly three-quarters, 74%, told us it doesn't need to raise rates now. however, 63% said the central bank should start reducing asset purchases immediately. according to our survey, 89% believe they're not necessary to help the economy and that's a big jump from the 65% who answered that way last time. right now the fed is adding $120 billion to its balance sheet each month respondents felt the fed should start tapering by $21.8 billion per month. they don't project the fed will actually start tapering until january. they don't expect the first rate hike to happen until november 2022

ceo brian moynihan says he expects all vaccinated employees to come back by the fall. stanley ceo made similar comments earlier this week. james, you think the country is opening up again and people will go back to work as normal? james: it certainly should. the emergency is over. i think i would be probably more aggressive than mr. moynihan in terms of bringing everyone back to the office. i think it's -- i mean, it's good their business is picking up like a lot of the banks, the customers are there to serve. bank of america thinks most of the stimulus money hasn't been spent yet. whether or not you thought that was a good idea, that suggests a lot of work for banking, consumer banking, credit card businesses. but i just think for everybody involved, there is such a value especially for the younger employees in being in the office, learning from their older colleagues, hearing how people talk on the phone with customers, seeing how they run a meeting, things of that nature. there's just so much value in people being together and being able to pass on a business cultur

i mean the guy has so much sense and can i also say, brian moynihan was also great and becky's interviewought it was fascinating to hear what brian had to say also about interest rates, but even more about the consumer, i mean what was your big take-away. it's a great time. it's the roaring '20s. there is nothing wrong with everybody in america winning i hate the idea that just we ought to keep rates down, we shouldn't have more loans and that means that many small businesses were saved. small businesses, it's true, the engine of the economy. i like what's going on i find that there are people who are making more money than they used to, who were not making a lot of money, and i don't see why that's wrong i think that's right i'm in favor of it i've been with jay powell the whole way and i am sticking with it he is a, doing a great job there. i said it. >> you alluded to it briefly, but you alluded to it briefly, you talked about it on friday, there is a piece in the "new york times" today about what they're calling the good billionaire turned the bad billionaire and talked about warren

i had a conversation with brian moynihan off camera the other day.ing to commute. if you are commuting into one of these big cities, you may have been commuting an hour it was before if you are talking about a longer part of the day, you realize what it's like to get the two hours back to do more work, seeing your family or something else, that's what people complain about. that's going to be the bigger issue. employers may say, that's it, you have to come back. the question is will the workers say, okay, go along with it? will they be saying forget it and find a job somewhere else. >> maybe it will become a regional issue meaning certain areas, if you're out in l.a., that's a long commute. in certain places a bigger commute than others. other people live closer to work maybe there will be shifts like that over time >> mack's here mack's got a two hour each way commute. >> what did you say? >> mack is here. he has a two hour commute each way. >> right right. >> crazy. >> then there's a question of where people decide to live, which is another big que

we had brian moynihan on the program a couple weeks ago, i asked are you going to raise your dividendsts for the market in the month of june. your thoughts? you want to be buying stocks ahead of this? >> i think you do. i don't think you want to go in with both fists but i think you want to be just picking away at stocks here. buybacks have increased announcements, dividend growth already this year x the banks have been really remarkable. that bodes for ceo optimism. i think, yes, you want to be long stocks for some time to come. maria: all right. we will take a break. when we come back, we're looking athey'd the 2022 midterm election, how president trump is helping lay out policy for the gop. newt gingrich is here to discuss that. airlines are expanding alcohol bans amid passengers' disruptive he behavior. we'll tell you all about it when we come back. stay with us. and plans for a long weekend. at thrivent, we believe money is a tool, not a goal. to learn more, text thrive to 444555, or visit thrivent.com. [ footsteps] [ suspenseful music ] ♪♪ hey, you wanna get out of here? ah ha.

next, we will have brian t. moynihan, chairman and chief executive officer aft -- and chief executive officer and president, wells fargo. finally, david m. solomon, chairman and chief executive officer, goldman sachs. your written statements will be made part of the record. each will have five minutes to summarize your testimony. you should be able to see a timer on your screen that will indicate how much time you have left and a timer will go off at the end of your time. i would ask you to be mindful of the timer and wrap up your testimony if you hear the chime. before we begin with your oral testimonies i would like to swear the witnesses in. i will call each of your names individually to respond. will all of you please raise your right hands? thank you. do you solemnly swear to affirm that the testimony you will give before this committee in the matters now under consideration will be the truth, the whole truth, and nothing but the truth so help you god, mr. diamond? >> yes. >> ms. frazer in. >> yes. >> many goldman?

we heard from bank of america ceo brian moynihan.lear from the fed after the stress tests we'll be raising our dividend. i think this will be one of the big stories for the markets in