tom: i would kill to talk to brian moynihan about this over a beverage of his choice. oynihan it would be a narragansett logger beer. this is serious stuff. can they do what clay christiansen talked about? i am hugely skeptical. jonathan: this is one of the big questions to the industry. lisa: for they have the capacity to do it -- they certainly have the cash. have investors been rewarding banks were making investors that are risky, but looking forward? shonali: at the end of the days -- day, these are constrained. we have had a run-up in their stock price, but not as much as the fintech, by and large, and not as much as their private capital appears. you are seeing huge diversions when it comes to the way capital market function today. jonathan: sit taipei the numbers are moments away. we will get the thoughts of kenley on later. -- ken leon later. there is a lift out there at the moment, lisa. there was a lips yesterday, too, but we keep coming back to the story with cpi. it is cpi data that will be day three. the federal reserve could not get away from this now. it

we will also hear why brian moynihan thinks inflation will not be temporary. we talk investment strategies with the wealth enhancement group as they are the start of tapering in the november fed meeting. this is bloomberg. ♪ >> the inflation story. the supply chain interruptions and other things have clearly been real. some of that is temporary but not all of it. i think we are in a period where inflation is going to take up. it is going to face -- to force the fed to move more than they have. >> inflation is not temporary. the way to conflate that is start to get to work on it. >> inflation is running at a much higher pace than we thought it would be a few months ago. it is going to be there for a bit longer. we're seeing a bit of pressure in wages but not across the board. only in certain pockets of the country. shery: executives talking about inflation expectations. our next guest says elevated prices will correlate with higher growth. let's discuss with the senior vice president and financial advisor at the wealth enhancement group. this gtv chart on the b

we're going to talk with bank of america ceo brian moynihan.tal story and he'll give us a good sense of where he sees things going as well. great analysis there, mike. nancy, let's talk supply chain. this crisis is weighing on the markets ahead of the holiday season. we know that bottleneck issues, labor shortages making it hard to keep up supply and have that keep up with demand as inflation rates are impacting consumer spending, we're expecting this issue to run into next year. nancy, i was surprised that you didn't have more of an impact on consumer spending, the demand is there but it's a lot more expensive for everything right now. >> exactly, maria. i think that's what's in the numbers is the inflationary aspect of prices paid. if you look at cpi minus ppi, that gives you a sense of where margins are going and it will have a negative impact he potentially of 5 percentage points. so we're at peak economic growth, peak earnings growth, peak margins last quarter, peak monetary accommodation this quarter and so i think you will expect to see

. >>> coming up, bank of america's brian moynihan spoke to cnbc about his goals and strategy. >>> pluss cat pitter getting hit by china's ever grand mess. >>> later, did rent the runway make a fashion poe paw with a key accounting metric? we will look, as "power lunch" continues. is the planning effect. this is how it feels to know you have a wealth plan that covers everything that's important to you. this is what it's like to have a dedicated fidelity advisor looking at your full financial picture. making sure you have the right balance of risk and reward. and helping you plan for future generations. this is "the planning effect" from fidelity. as an independent financial advisor, and helping you plan for future generations. i stand by these promises: i promise to be a careful steward of the things that matter to you most. i promise to bring you advice that fits your values. i promise our relationship will be one of trust and transparency. as a fiduciary, i promise to put your interests first, always. charles schwab is proud to support the independent financial advisors who are passio

we hear exclusively from brian moynihan.ulators to scrutinize a complex derivative that has become a top seller for brokers despite burning big european firms. shery: japan and south korea coming online. take a look at how they are trading. the nikkei gaining 8/10 of 1%. materials, real estate leading the gains, every sector in the green right now. this as the japanese yen holds at around the 113 level. we are talking about lows we have not seen in three years against the u.s. dollar. the worst performer among the g10 currencies in the past month. we continue to see these negative trends given we continue to see the divergence between the fed and the boj. commodities rally not so great for the yen. take a look at what korea is doing. the kospi up 8/10 of 1%. we've seen two sessions of gains already so we are at the highest level in more than a week. we are seeing the korean won weak against the u.s. dollar but is no rebounding after falling below the 1200 level. this as we continue to see weakness in the dollar in the past f

brian moynihan is next.s is bloomberg. ♪ bank of america ceo brian moynihan joining others in suggesting inflation is clearly not temporary. he talked bloomberg exclusively. >> we are back. in other words, the activity levels and what goes on day today is bigger than it was before the pandemic. we can talk about the economy and how that affects it, but the actual company, we got about half the people back to work day today. we are still partly to getting people back to work and normalizing that. it is feeling more normal, but we still have to keep pushing ahead. >> is your business fully back from pre-pandemic? >> yeah, we did as many credit cards as we did in 2019. what you see now is you imagine just like the economy, that was on an upward trajectory. it dipped, and now it is right back up on trajectory. you're on your, the debates by looking flat. they have grown two quarters in a row and are building. on investment banking fees, those things are at record levels. >> you mentioned credit cards which bring

when i got back from the g7 and meetings with colleagues and heads of state, brian moynihan knows about this as well, we are not only being measured in terms of our strength and reliability based upon the size of our military or the physical strength we possess. but it is on whether or not we can function. there is a great debate going on and i'm not exaggerating. there is a great debate going on whether or not in the 21st century, the second quarter of the 21st century, can democracy function with things moving so rapidly? and i can tell you a couple of folks i have spent a lot of time with of late, mr. putin and mr. xi jinping, they believe autocracies are the only way forward because they can act quickly and decisively. it is not a joke. we are seeing the effects of this around the world. and i don't know, it is understandable why the average american would not understand what the consequences of this american security and the willingness of other countries to follow our lead. we have always led the world not just by the example of our power, but the power of our example. and that is

here's brian moynihan yesterday. >> being a regulated institution, being subject to the laws of the united states, if congress passed a you law, this is a matter of policy and congress is going to decide what to do, we'll have to follow it, all the banking industry. as you look at the banking industry, our clients and chamber of commerce and others have made their positions clear but at the the end of the day we have to follow the law if it becomes the law so it's a policy decision for congress. maria: what will congress do? how critical is that a portion of this bill, congressman? >> well, i wish he would have pushed back more effectively. of course, i expect him to be a regulated institution and follow the law. this is a bad idea. it's an invasion of privacy on people all over the country and it will hurt farmers and self -- self-employed and pass-through entities the worst. small business will face a 46% pass through income tax. the plan is targeted at the heart of small business because they want to look at the f

we will bring you are interview with bank of america's brian moynihan. ♪ this halloween, xfinity rewardsring up some spooky-good perks. like the chance to win a universal parks & resorts trip to hollywood or orlando to attend halloween horror nights. or xfinity rewards members, get the inside scoop on halloween kills. just say "watch with" into your voice remote for an exclusive live stream with jamie lee curtis. a q&a with me! join for free on the xfinity app. our thanks your rewards. baaam. internet that doesn't miss a beat. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that? anna: welcome back to the european market open. it is friday. futures pointing to the upside. the global boom is an equities rolls into europe. through the ages session. let's put equities to one side and talk about another miniboom

don't miss our interview with bank of america ceo brian moynihan at 3:00 new york time.t one hour and 22 minutes from now. shares of telecom operator ihs begin trading in new york and what is the largest u.s. listing by an african company. we will speak to the ceo sam darwish. this is bloomberg. ♪ matt: this is bloomberg markets. i'm matt miller. shares of the global telecom tower operator ihs towers began trading today. the ipo values the company at almost $7 billion. the offering is the largest in the u.s. by an african business. let's bring in the ceo, sam darwish, to talk about the ipo, what you plan to do with the proceeds, why in new york? let me ask, on a day where we have stocks climbing to the highest level since july, why do you think your shares are down in early trading? sam: it could be technical, hedge funds deciding to leave. for us, it doesn't matter. what we wanted was to get one of the largest telecom infrastructure providers in the world focused on the emerging market, in particular, listed on the new york stock exchange. we think long-term and we deli

brian moynihan of bank of america it be joining us later on.on at 3:00 new york time, 8:00 in london. we have the wells fargo cfo at 4:00 in new york, 9:00 in london. coming up, the fed presidents all speaking today. we have treasury secretary janet yellen. prince charles. all on the world bank climate panel. alix: qamar you have president biden holding a bilateral with kenya's president. coming up, former imf chief economist joins "balance of power." this is bloomberg. ♪ >> from the world of politics -- >> if they do not vote, this will be a tough race for terry mcauliffe. >> to the world of business -- >> regulation of crypto assets is very difficult. >> this is "balance of power" with david westin. ♪ david: -- david: from bloomberg's world headquarters in new york to our tv and radio audiences worldwide, welcome to "balance of power." we will start today at the white house, where president biden has turned his attention from problems with the supply chain to fighting the coronavirus. our washington correspondent joe mathieu is on the scene.

among the speakers will be jamie dimon and brian moynihan. interesting to get their commentary on the financial landscape. what the environment is like for banks, especially head of earnings. jp morgan kicking things off wednesday morning. at 6:00, charles evans will be speaking. what will he say about the jobs report and whether or not it constitutes substantial further progress and what will that mean for the november taper? anything we hear out of the fed will be key for investors. jonathan: thank you very much. the nobel prize in economics in 2021. breaking news. tom: this is stunning. i never do the game of guessing who it will be. all of us would get very emotional. this is stunning to see david card when the nobel prize with the memory of alan krueger. jonathan: we will build on that through next couple of hours. the latest winners of the nobel prize in economics in 2021. your equity market a little bit softer this morning. we have to turn to jeff henriksen, university of oxford associate fellow. i want to start with this. it looks lik

morgan chase's jamie dimon, brian moynihan of bank of america, and citigroups'jane fraser -- and citigroup'se fraser. u.s. companies added more jobs than forecast in september, according to adp. business payrolls increased by 568,000, the most in three months, and it is suggested that hiring challenges are beginning to ease as more americans returned to the workforce. the government comes out with its jobs report on friday. energy prices in europe have extended their rally. the recent supply crunch showed no signs of easing, and that printed the european using -- the european union to move to protect the economy. spain and france are amongst those calling on the eu to investigate. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. alix: markets definitely volatile in recent weeks. the supply crunch added to investor worries about inflation, and then you top it off with slowing growth. just look at german factory orders, down by over 7%. so what do you do with that a

we're not done, because there were some earnings that aren't that good, but i listen to brian moynihan. in the old days they were all levered and were fine. now we're flush and we're negative there's something wrong. i sold 14% treasuries when i got to goldman people were like, wow, i guess i have to do it, now people are saying it's the end of the world at 2%. i still -- you know, that paper is just rolling over you sell those long bonds -- >> the voelker paper >> jpmorgan shares not doing much of anything, but bank of america shares are up strong >> zelle is a hit. do you zelle >> yes, i used it this weekend to pay somebody. this is one of jim's favorite subjects, about at&t, it caught an up grade i think, a market perform somewhere. >> i like the upgrade. i don't know if people have notice the declines of shares in at&t, t-mobile and verizon it's a lot of price competition. not just coming from the three of them -- >> are you going to go cable >> i'm going cable they have been very aggressive lately in terms of offering pricing, new plans for potentially luring in wireless customers

in the bond market, yields unchanged tom: we had brian moynihan at the top of the block, now we are talkinges dimon, so i did those two names. jonathan: i know what you mean. then on to goldman on friday. tom, if you keep going out, i imagine you will be down in washington. tom: this applies to all of the bloomberg offices worldwide. right now, jack fitzpatrick with us. it is really special to have him here today because of the dissidents -- the distance from lexington, kentucky to louisville, kentucky. jack fitzpatrick joins us on his kentucky. john yarmuth, out. democratic congressman. five have retired. five are doing other things as well. is this speaker pelosi and senator schumer's worst nightmare? jack: i don't know if it is their worst nightmare, but it is part of the expectation that democrats are getting everything done that they can get this is a last hurrah for a member who was first elected in 2006. if they can get the infrastructure bill done and the major reconciliation bill done, there's not that much left to do for someone like john yarmuth. part of that is the expectation t

jamie dimon, brian moynihan among them. it is a pretty wide swath here.he president tries to apply pressure here to republicans, knowing all the while that minority leader mitch mcconnell is unlikely to move on this, so the question is what next, what now? democrats can either go the way republicans are encouraging to, which is via reconciliation just like that massive 3.5 trillion dollars spending plan. this would likely take the better part of two weeks. that's how long we have into a possible default, so this morning there has been a lot of talk in washington about the nuclear option, getting around the filibuster with a simple majority vote, which can be done among democrats. the question is, can they do it? senator joe manchin and kyrsten sinema, who have been obstructionists to the biden economic agenda, are not in favor of the nuclear option, so it is unclear if the democrats have the vote on this, there president biden said just last evening that that is a real possibility. it is not something he prefers, but it could be the way this ends. guy: th

jamie dimon and brian moynihan are amongst those who will attend. white house is pressuring senate republican leader mitch mcconnell to back off his refusal to help democrats raise the debt ceiling. it is a strategy shift by the white house. president biden's team is trying to broker a deal to scale back his ambitious economic agenda. and buyers -- advisors are weighing against inflation and tax hikes. the administration is trying to drum up support in trips to political backgrounds. fed reserve chairman jerome powell has gained support that could help him win a second term to lead the central bank. more than half of republicans on the senate banking committee are backing him. his most visible opponent is democratic senator elizabeth warren. business is the u.k. are facing a historic surge in inflationary pressures. one of the country's leading business lobbies warns that more manufacturers than ever are ready to raise prices as a result. the findings come from the british chamber of commerce. they may be unwelcome at the bank of england. deutsche b

ceo brian moynihan saying, "the economy continued to improve, and our businesses regained the organictomer growth moment of we saw before the pen -- growth momentum we saw before the pandemic." here's the bottom line, stock is up 2.5%, rallying hard into today. investors like what they hear. tom: full disclosure, bank of america with the clearest charts. they do a great job in their presentation. the slide on consumer banking, i must admit, it is most impressive. jonathan: things are getting better. is that the take away from yesterday? tom: everybody is gloomy out there, and i have been talking up some of the optimism. we will see if we break out, but all i know is bank of america moves, and that is in urschel force. what you heard yesterday in the president's speech, as the president left the podium, you heard the rude questions from the press, including two with a long island accent, the rude annmarie hordern, who joins us now. this is a habit from trump. why do you people berate him when he turns around and walk away? annmarie: i disagree. you have to shout. we are a few feet away

because when i got back from the g7 and a number of meetings with colleagues and heads of state -- brian moynihan knows about this as well. we are not only being measured in terms of our reliability based on the size of our military and/or the physical strength we possess, but it is on whether or not we can function. there is a great debate coming on whether or not in the 21st century, the second quarter of the 21st century, can democracies function with things moving so rapidly? a couple of the folks i have spent a lot of time with of late, mr. putin and mr. xi jinping, they believe autocracies are the only way forward because they can act quickly and decisively. we are seeing the effects of this around the world. it is understandable why the american -- the average american would not understand the consequences for american security and the willingness of other countries to follow our lead. we have always let the world not just by the example of our power but by the power of our example and that is going to be called into severe question and has consequences that are real. what does further del

i don't even know, did brian moynihan let you put the doge in your crypto report?thank you, tom, for having me on the show today. actually, what we are doing today is not so much about bitcoin. bitcoin is just a part of it. what we did today is we are the first ager bank on the sell side to launch a strategist, and his job is to be the crypto and digital asset strategist. tom: look at you. [laughter] candace:candace: and lucky him. the reason we did it is because it is such a huge growing market. if you look at it today, digital assets are about $2 trillion. bitcoin is about $900 billion of the $2 trillion, so it is big. there's a ton of investor interest in the space. it is growing, so if you look at the number of participants, last year there were about 66 million people participating in this market. today it is over 220 million people participating. if you look at the number of corporates mentioning crypto on their earnings calls, that has gone from about 17 last year to about 147 in the most recent quarter, so it is really going mainstream, and people are getti

kayla, thank you great to hear from brian moynihan >>> time now for a cnbc news update with kristinaere's what's happening at this hour the nor'easter that hammered new england took part of a roof on this apartment building just near boston. you can see chunks of it on the ground behind the housing facility no injuries have been reported, but crews are now trying to patch the hole left behind and stop further water damage. >>> amazing video of a tornado that touched downin eastern texas. you got the twister that became stronger and more defined, then started ripping trees out of the ground and sucking debris hundreds of feet into the air. >>> far more meat packing workers got sick from covid than previously thought a new report from the house of representatives say at least 59,000 meat packers became ill that's nearly triple the estimate from a food worker's union. the report says companies could have done more to protect their workers. >>> and the state department has unveiled a modernization plan. secretary of state blinken says he's looking to build expertise in areas including cl

you don't want to say what lloyd logan said but maybe brian moynihan is telling everybody that givenble i think this is a great number i think this is a really positive -- it's going to be a really positive reaction from the street on this i think the net interest incool number was better. 2004 thinking, higher, long-term yields rising. it should be better for bank of america going forward. they're really the topper. second loan mortgage bank providers. that's huge. they were western hit, issues aren't affecting them. the credit losses that they suffered last time around look a little bit better this time around with that $600 million increase there beat on equity beat on fixed income i think this is a great number for the industry. >> now the big question is, if you could own one of the banks if i only allow you to own one, which bank do you ant? >> yes great question i think i will go for citi, since they're so cheap thereis a 7.2 pe less than the 12 number, which is average for industry i think that's a recovery story there. i think i'd go for citigroup because it's a deep value p

dagen: brian moynihan on monday. thank you so much.supply crisis creating fears of shortage as we head into the busy holiday season. a new survey shows 58% of holiday shoppers plan to shop in store this year. will there be merchandise there. strategic resource group burt flickinger. what will we see with the shortages? >> we're going to see 20 to 25 a% out-of-stocks in november and december because of the supply chain snafus and commercial issues you mentioned a home ago. dagen: where will it be most pronounced? we have the stories about the big mega retail chains, wall a mart, target, leasing their own ships to make sure they have product here. will you see supply problems there? what about the small retailers? will they even be in business by the end of the year given the fact that they don't have the monetary resources the big guys do. >> dagen, prescient point you're raising. is complete crisis for the small businesses, a fifth of which have already closed. for the big chains you reference, booking their own ships helps but it will

. >> brian moynihan is leading a delegation to the climate summits this week as cochair of the sustainableive writing the playbook to disclose cli climate risks and meet pledges i asked whether he'll still lend the greenhouse gas emitting businesses >> all those companies are going to have to make it back to an auto company, who make as net zero commitment. and a thousand suppliers have to meet that commitment or they're going to pick a different supplier the risk is they understand what it means to make a net zero commitment and how to do it. >> some critics have said banks who do business with the fossil fuel industry are just washing >> we have a trillion dollar commitment to finance for the green transition that is a lot of money going to help our clients make that transition >> he says the market will play an important role. so, does that justify tesla's valuation? >> that's why there's a market each of those stocks will be bought and sold by people with different opinions what it means over long term is electrification of the fleet is going to take long time. there's 16/17 million ne

limit will make their way to the white house, as the president hosts a meeting with jamie dimon, brian moynihan others >> yes, we met -- the investment group for my charitable trust, we met on this this morning. we feel that the discussion can be are not -- the janet yellen discussion was a major reason to buy bitcoin. if you parse what she's saying, and if it comes true, what -- the dollar doesn't seem to be as valuable as crypto now, that is -- weds jamie dimon say there's no value i go to jamie dimon and say, what value is the dollar >> there's a whole white house blog post called "life after default" which is about what markets and the dollar and stocks would look like if this does not go well >> yeah. i think we can spend an awful lot of time about what things look like, and they would not look particularly good most market participants are very skeptical we'll ever get anywhere close to that point i think it would be something of a surprise if we're sitting here one morning and looking at our watches counting down the hours, guys it's still urn clear if the democrats will have to act by r

bank of america's ceo brian moynihan and jp morgan chase ceo jamie dimon are expected to change.s we should suspend he debt ceiling, debt limits forever. time for the word on wall street. top investors watching your money. joining me now, the fitzgerald group principal, keith fitzgerald, chief investment officer, nancy tengler and ron carson. ron, i want to start with you on the celloff that we're looking at. i can't get over the volatility we're dealing with right now. we've had three 400 point swings every day and the dow is down 357 in the premarket right now. the 10 year, the yield is up already again, 1 and-a-half percent. we've got the september jobs report coming out. there might be a correlation here. let's give out the numbers, 473,000 jobs expected to be added while the unemployment rate expected to tick down to 5.1%. what do you expect out of the jobs report and what is the correlation do you think the 10 year and the pressure we're seeing today? i know that's a lot but go for it. >> good morning, cheryl. well, first of all, you know, the jobs number is going to be pro

that are significantly more concerning than the views we've gotten from either jamie dimon or brian moynihanat you see that concerns you >> i think we're in a long transition, a transition out from covid and during the period of covid we've seen as you said great successes in some police its of the economy we see other parts of society being left behind. we are seeing a much more fragmented divergent world in terms of the developing world growing much faster than the developing world so we are also in this transition a part of the irony today, we have more job option than ever before and we have another 8 million people worn in the work force are not in the work force. and to there is this huge divergence between the people who are out of work or looking for a job and those companies who are looking for help i believe those who are looking for help is much more overwhelming, but i think what is transforming our world is that transition that i am talking about. i think we underestimate the power of the gig economy i think we underestimate what covid has done to so many people from around the