and in that conversation with brian moynihan today, we talked about new stress test scenarios and he was pretty adamant that banks are very well capitalized, the industry is well capitalized, we don't need new capital and he is still doing buybacks and i wonder if you would agree. >> yeah, i don't think there is any argument there the banks are extremely well capitalized and there is -- i think that the amount of capital is just about right. i wouldn't argue if there were significant reductions in capital. but there is a cost to too much capital in pushing activity outside of the pretty stable banking system and into the less stable nonbank system where there are bigger risks to financial stability. so i think that you have to think about the whole system when you think about what the right level of bank capital is and continuing to increase it has costs. >> i think that they would agree with you on that point it was good to talk to you thank you for bearing with us on the news as well >> thanks so much. >>> former fed governor and vice chair of supervision after the break, the under

sara eisen and thanks to brian moynihan as well. >>> crude oil under pressure after u.s.ounced plans to sell 26 million from the strategic reserves we've got more on today's biggest movers as well after the break. cti 79.33 local life and cultural treasures. because when you experience europe on a viking longship, you'll spend less time getting there and more time being there. viking. exploring the world in comfort. >>> welcome back to "squawk on the street." i'm seema moody. stocks are mixed right now with the consumer discretionary sector among the leaders travel and leisure names are some of the top gainers including carnival, royal caribbean, booking holdings and trip adviser set to report earnings this afternoon. marriott showing gains after beating expectations on earnings, and its outlook. ceo tony capuano telling cnbc last hour demand remains strong and 20% of business trips were longer in duration last year compared to 2019 levels. that stock trading at a nine-month high. carl, back to you. >> thank you very much. >>> when we come back, blade conducting the first

you've got brian moynihan and david solomon weighing in. >>> the banks may be bullish, but buffet and others are taking a new bearish look at some of the key financial holdings we're whale watching. >>> and what did elon musk do on super bowl sunday to even the playing field? >>> and later the get out and travel trade going strong as an industry bellwether posted a better annual profit look, this is wednesday, february 15th, 2023. you're watching "worldwide exchange" on cnbc. ♪ >>> good morning, everybody. i'm contessa brewer in for brian sullivan this morning. let's kick things off after a mixed day for stongs that saw the dow lower and the s&p and nasdaq flatten out as you can see, futures are in the red. we've got the dow futures down 62 points. investorers are can'ting to digest the cpi report showing inflation growing at a higher than expected rate let's check the bond market near the 10-year holding steady you've got the 2-year note lower and the 10-year as well. in energy, oil is making another sharp move lower brent off by 1.2%. gnat gas is down 0.75. in crypto we're seeing bi

. >>> brian moynihan said the following. >> they have the capacity to borrow 3.5% inflation is tough on people who are -- the rate of goods has exceeded the wage growth, and that should come back in line as they choke it down overall consumers are in very good shape. >> meanwhile the uk is farg better as well it's down from december's reading on 10.5% core cpi which excludes prices of nerm, food, alcohol, and toe paco products, declined to 5.8 percentage points the reaction in the market has been one of quite dovish repercussions. let's take a look at how forex is trading the pound has dipped down 0.6% gilt, we are seeing quite a strong reaction in gilts today as well. that is the picture across awe of the yield curve the gilt is down 11 basis points across the entire yield, the investors are pricing out the possibility of even more rate hikes coming out of the bank of england and reassessing the rate's outlook perspective from here let's get to the investment director good morning let's start with the uk inflation prints the market is behaving as if this was a single-didn't rate. gi

on "squawk on the street" with me, brian moynihan, 10:00 a.m. tomorrow.utes to go here in the trading session. looks like a strong day. what do you see in the internals? >> certainly has been strong, sara, about three to one advancing volume over declining volume so even though microsoft is up big and is having a big impact on the s&p, it's really a pretty broad rally right here, 2.1 billion shares on the buy side, although it is overall somewhat lighter volume. look at stocks versus bonds year to date. this would be the long-term treasury relative to the s&p they were going up together for the first month of the year, stocks outperforming since then, yields going up, longer term treasuries selling off that inflection point there was the jobs number in the first part of this month, so clearly, stocks still taking comfort that the economy is kind of sturdy, not yet panicking over what it might mean for yields and the fed at this level. the volatility index is backing off only slightly, even though it's a monday and you have a little bit of a giveback the c

david: you led an effort to pick brian moynihan, who is still the ceo of bank of america. that right? walter: that's right. david: so that worked out ok. walter: that worked out fantastic. brian has done a wonderful -- it's not just my opinion, he has been chosen ceo of the year a couple of times, not just in the financial industry. but throughout corporate america and banking. ♪ introducing the new sleep number climate360 smart bed. only smart bed in the world that actively cools, warms, and effortlessly responds to both of you. our smart sleepers get 28 minutes more restful sleep per night. proven quality sleep. only from sleep number. david: let me ask you right now about something you are involved in right now, which is the giant magellan telescope. you are leading the effort to get people to fund the giant magellan telescope. why do we need the giant magellan telescope, since we have the webb telescope, that seems to be sending back nice pictures. how much better is the giant magellan going to be? walter: four times better. david: four times better. walter: four times

david: you led an effort to pick brian moynihan, who is still the ceo of bank of america. hat right? walter: that's right. david: so that worked out ok. walter: that worked out fantastic. brian has done a wonderful -- it's not just my opinion, he has been chosen ceo of the year a couple of times, not just in the financial industry. but throughout corporate america and banking. ♪ david: let me ask you right now about something you are involved in right now, which is the giant magellan telescope. you are leading the effort to get people to fund the giant magellan telescope. why do we need the giant magellan telescope, since we have the webb telescope, that seems to be sending back nice pictures. how much better is the giant magellan going to be? walter: four times better. david: four times better. walter: four times better resolution, which means the pictures will be sharper. but the science, the way it will work, you are seeing these pictures is very sharp. but they are identifying parts of galaxies in space almost back to the beginning of the universe that people have not s

david: you led an effort to pick brian moynihan, who is still the ceo of bank of america. that right? walter: that's right. david: so that worked out ok. walter: that worked out fantastic. brian has done a wonderful -- it's not just my opinion, he has been chosen ceo of the year a couple of times, not just in the financial industry. but throughout corporate america and banking. a♪ and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a check out angi.com today. angi... and done. i'm bill lockwood, current caretaker and owner. when covid hit, we had some challenges like a lot of businesses did. i heard about the payroll tax refund, it allowed us to keep the amount of people that we needed and the people that have been here taking care of us. see if your business may

brian moynihan. moynihan suggested that he go into patient care at walter reed.ntary basis, he didn't say the time he agreed to but he checked himself into walter reed medical center. the doctors at walter reed told us john is getting the care he needs and will soon be back to himself. it has been a struggle for fetterman as he has come to the senate still recovering from that stroke. he's had a difficult time communicating with senators because of the processing issues that he still suffers from this stroke. we observed many times that senators have talked to him, he's had a hard time communicating with them. clearly a major adjustment here, but making this revelation just moments ago, saying that he will -- in fact, he's checked himself in to receive treatment for clinical depression according to his office. we'll see what happens when the senator returns and how long this treatment will take place. >> his health had been a concern throughout the campaign and even after. we wish him well. keep us posted. thank you. >>> the special grand jury investigating donal

. >> brian moynihan, thank you. we appreciate it very much. >> great interview there.tate is now apologizing for its students after some of them started a russia chant at a basketball game aimed at ukrainian player what was on the opposing team. >> that was awful. >>> and missing animals in holes and enclosures, a series of suspicious incidents has dallas zoo on high alert. >> a lot of us in animal care at the zoo have gone through some really dark places in our minds in the last month. i can only imagine how scary that is for a person in their space who is trying to aggressively grab them. power e*trade's easy-to-use tools like dynamic charting and risk-reward analalysis help make trading feel effortless and its customizable scans with social sentiment help you fd and unlock opportunities in the market with powerful, easy-to-use tools power e*trade makes mplex trading easier react to fast-moving markets with dynamic charting and a futures ladder that lets you place, flatten, or reverse orders so you won't miss an opportunity [♪] if you have diabetes, it's important to

. >> brian moynihan, the ceo of bank of america, told me yesterday, bank of america is, and i think everyr a potential default. do you think it's more likely this time around than 2011, 2013? >> i don't know. >> you are not more worried given this situation in congress? >> 2011 was also quite fraught, i think, politically, and i just -- i am not a -- i can't read the political signs well enough to know is this more dicey than in 2011. but the stakes are -- the stakes are what secretary yellen said. >> that high. let's end on this. there is a lot of debate over whether it actually makes seen, even though congress has the purse strings, for congress to control this. do you think the debt ceiling with congress controlling it should still exist? >> again, that's for the elected leaders and voters to decide. congress decides how much they want the executive branch to spend. it's unusual they would say spend this money and not give them the tools. that's for them to reach an agreement on. >> minneapolis fed president neel kashkari, thank you. i will let you take the lasagna. >> thank you. appre

you and i knew brian moynihan when he was unheard of at the bank of boston a long time ago.the st. patrick's day party for the irish banks. i remember sitting at one of their drunk festivals on st. patrick's day, 400, 5 hundred people going this is going to end ugly. you saw the collapse of the regional bank experience. moynahan and lewis helped pick up the pieces. what's out there right now that's the same emotion that you and i felt on that st. patrick's day morning long ago? gerard: we ask that question to ourselves all the time. because every cycle we have had something blow up. one of the things i find so amazing is fed funds rates have gone from zero to 25 basis points to four and three quarters and there hasn't been any debacle yet. tom: exactly, where is it. 30 seconds. gerard: we are digging, turning over every rock we can. we believe that doan's -- loans to nondepository financial institutions could be the place where it grows -- blows up. that's where the valuations have come down dramatically. tom: is harvey schwartz watching? [laughter] jonathan: it's going to b