if you have a cohort of customers who don't want to shop with you anymore, i don't care what brian moynihan and team does, there's little you can do to reverse that and i'm not sure the story has fully played out. >> well, i think -- >> i said brian moynihan. i meant cornell. >> traffic has been okay. it can improve. i think transactions can improve. i think expectations for same store sales are expected to be down 5% so a lot is reflective in the numbers that are out there right now. what could go right is the gross margin piece. sure you're going to have people that don't shop there but you are going to have people who do shop there given the new product lineup. does it get back to the multiple it used to trade at? maybe not. i think at 12 times a lot of negativity in the name. >> my apology to both brians. do you have a take on this? >> i think the target challenge is the middle income consumer. we're not seeing higher income trade down and they need to trade down. i could not agree with steph more. the most important piece for target next year. >> let's get the headlines from contessa b

rishaad: bank of america ceo brian moynihan hi, i'm jason. i've lost 228 pounds on golo.ctor told me i needed weight loss surgery, i knew i had to make a change. golo's helped me transition to a healthier, sustainable lifestyle. i'm so surprised just how crazy my metabolism has fired up. i have a trust in golo 'cause i know it works. golo isn't like every other program out there, and i'm living proof of it. (announcer) change your life at golo.com. that's golo.com. rishaad: traders on the mainland going up to launch. country garden on the verge of the first default. we have one bond holders saying they have not received the interest payment. that it latest as we look at country garden. equity markets down. yvonne: more clarity from bond holders on where we stand right now. basically, it is $15.4 million, the coupon payment that has to be made or a default will be called. they are teetering on a default. it has become a symbol of this property debt crisis right now. the silence is certainly telling. rishaad: it is deafening you could argue. yvonne: it is interesting the st

brian moynihan. david? >> thanks sara. break live from the active passive summit and ed garden join us, founding partner or was of the activist hedge fund trian, still an adviser there. his thoughts on ge where he's been a board member for almost six years and what the plan is from mr. garden now that he's no longer with trian. we're back in two. >>> we are continuing to bring you the latest from this year's conference. by the way we'll mention vf corp in a little bit. what ed garden is up to, our viewers may recall he was trian fund's founding partner leading a family office called garden investment. good to have you. >> typically do this every year. you're no longer at trian. why did you leave? >> look, i think it was just time for me to pursue the next chapter, and i'm excited about that. i have to tell you, walking around this conference, which is the activist conference, it's amazing for me to think about 20 years ago, when we were starting trian, the term activism didn't exist, right. i never heard it when we were st

do not miss our interview with brian moynihan, coming up in less than an hour. he will be sitting down with david westin and it will be must-see tv for sure. speaking of must-see tv, republican jim jordan, we saw that he lacks the vote to be elected speaker of the house in the first round of voting, assuming there's not a slew of democrats who vote for jim jordan which seems terribly unlikely. we will talk about that when we come back. this is bloomberg. ♪ when you automate sales tax with avalara, you don't have to worry about things like changing tax rates or filing returns. avalarahhh ahhh explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. >> republican jim jordan currently lacks those to be elected speaker of the house. kailey leinz is in washington, d.c. with the latest. they are wrapping up a few people who did not go initially in alphabetical order but they also are not voting for jim jordan. kailey: four of the five who had not voted or said anything the

we will talk to ceo brian moynihan at 16:00 cet today. >>> u.s.resident joe biden will visit israel tomorrow. the one-day trip will see biden p meet with israeli prime minister benjamin netanyahu in tel aviv following a stop in jordan where he will meet with the king abdullah. this comes as a critical juncture in the war. antony blinken announced the latest in the war. >> the united states has developed a plan to enable humanitarian aid from organizations to reach siccivils in gaza and creating yareas to keep civilians out of harm's way. it is critical that aid flow to gaza as soon as possible. we share the concern that hamas may seize or destroy entering gaza or prevent the aid from reaching the people. if hamas blocks the assistance, including by seizing the aid itself, we'll be the first to condemn it and work to prevent it from happening again. >> ellison barber filed this report from israel. >> reporter: u.s. secretary of state antony blinken says president biden will visit israel on wednesday shortly after the announcement at 3:30 a.m. the s

i spoke with bank of america brian moynihan, and his assessment is the fed is working. >> we'll have $4 trillion plus of our consumers moving accounts, writing a check, taking cash out, spending money with zelle, so $4 trillion plus a year. in 2021 that grew over -- to 2022 growth rate was 9% to 10%. in the early part of this year, '23 first quarter of last year's first quarter sort of say 9%. it's now down to 4%. a little over 4% to 4.5%. that's held true in the month of september and also october. that growth rate, to put it in context, is consistent with where we were in '16, '17, '18, '19 which was low growth, low inflation economy. the consumer activity has slowed down. it moves around from which categories but across $4 trillion, 37 million checking customers it slowed by half which means the consumer is being slowed down by the interest rate environment and what's going on. >> good snapshot of real-time consumer information and the slowdown on consumer spending. he did say they're still not expecting a recession at this point. for more on what this means for the markets, we're

brian when him -- brian moynihan of bank of america joins us at 2:15.a little higher. we will talk about all of this next. this is bloomberg. ♪ get help reaching your goals with j.p. morgan wealth plan, a digital money coach in the chase mobile® app. use it to set and track your goals, big and small... and see how changes you make today... could help put them within reach. from your first big move to retiring poolside - and the other goals along the way. wealth plan can help get you there. ♪ j.p. morgan wealth management. the power goes out and we still have wifi ♪ to do our homework. and that's a good thing? great in my book! who are you? no power? no problem. introducing storm-ready wifi. now you can stay reliably connected through power outages with unlimited cellular data and up to 4 hours of battery back-up to keep you online. only from xfinity. home of the xfinity 10g network. so, you've got the power of xfinity at home. now take it outside with xfinity mobile. learn more today. like speed? it's the fastest mobile service around. with the best pri

reporting better-than-expected earnings joining me right now chairman ceo bank one of america brian moynihan great to see you. thanks for joining us this morning. what drove the quarter with you assess the macrostory for us? >> maria first congratulate you on 30 years on the air great accomplishment especially this day and age. >> thank you so much. >> when when you this i about quarter, you are welcome when you think about quarter, does the job did a great job,producing profits of, 10% approved, 15% return on common equity revenue growth great expense management bringing down each quarter, as we said, are importantly we can see a path forward seeing one of our major drivers revenue flatten out grow from there based on what we see forward curve of interest rates, so we feel good about it it was good trading it was good lending o deposits everything continues to work 7.8 billion dollars in net income. >> i think the bears out there on banks in general are worried about a large bond -- i want your take on that, obviously, you've got incredible deposits, that is -- that is a major positive ther

bank of america chairman and ceo brian moynihan will join david westin today at 2:15 new york time.that. coming up, congressman jim jordan appears to be edging closer to have the numbers to secure the house speaker ship. we will take you live to washington for the latest next. this is bloomberg. ♪ what if tax rates change? ahhhhhh filing sales tax returns? ahhhhhh business license guidance? ahhhhhh -cross-border sales? -ahhhhhh -item classification? -ahhhhhh does it connect with acc...? ahhhhhh ahhhhhh ahhhhhh explore endless design possibilities. to find your personal style. endless hardie® siding colors. textures and styles. it's possible. with james hardie™. alix: stocks rebounding at this point despite the fact that the front end yields are the highest we have seen since 2006. simone foxman is tracking the moves. simone: stocks throwing off some of their worries. some of the chips pointing higher. going back to considering whether or not the stronger consumer is good or bad for stocks. let me take you through the big story that came out around 8:45. nvidia ships restricted to ch

ceo brian moynihan said on cnbc this morning those losses would never be realized.nley, several other regional banks in the latter half of the week. each have their own tail winds for those regionals that we will see. >> if bank of america is a proxy, if you are able to look past losses, that will never be realized by treasuries, you can pay up for it. really write-offs of dead ends to the business from the past was a misallocation and what do they do now absent a really busy deal calendar looking like they're risk on again. >> they're in that camp was being super leveraged to the capital markets and them led three of the biggest ipos. klaviyo, a leading role in arm, and they led instacart as well. advisory is still muted as fewer transactions closed during the quarter. their strategy is to build up asset and wealth management for the more volatile returns and now in the quarter that took a 20% decline in revenue as a result of some of the legacy investments we talked about, but they did see inflows of $7 billion. that is something they've been touting as a more sta

some commentary from brian moynihan.cribes the third quarter as healthy but slowing. that stock is up by 0.2%. lisa: traders like some drama. u.s. consumer spending is still ahead of last year. it's not as though we are slowing from a low place. we are not heading toward recession but how do people deal with slowing but solid growth when their deposits are increasing and when they can still lend? jonathan: the stock is a little bit firmer in early trading. ib revenue is 1.9 billion dollars, series of small beats. tom: i look at the headlines and they are small beats. it's not the gloom but the angst that's been out there. jonathan: consumer spending still ahead of last year, things are healthy but slowing. what is the take away from the banks we've heard from so far? tom: my take is the banks are not homogenous so far. the industry has blown up. lisa: my take is they don't know when they are trying to massage investments. small beats but beats nonetheless of slowing and things will not be perfect maybe confirming the sof

i talked to bank of america ceo brian moynihan yesterday about this. said it's noisy. here's what he says about the consumer right now. >> you're seeing that deterioration of deposit in those median income households down a little bit that means they're spending money in excess of what they're bringing in. so the economy has slowed down. this is real-time data as opposed to lagging data so we can see it every week. >> it means it's what's happening right now, basically. that is a slow down in the consumer because of the fed action and inflation. still doesn't see recession, thinks we can get away with a soft landing but back to prepandemic levels which he pointed out were also not bad for the economy. which is what's been happening overall. i think the question is, then, is the fed going to have to do more? is the fed going to go higher for longer? is the world going to look different as a result of the tensions? we are waiting for the president to speak in israel. we're watching oil prices rise, watching the relationship between china, russia, china,

the other thing i have to say, did you hear brian moynihan? i know you're talking about regional banks. he said, yes, delinquencies have risen, but they've risen -- if i have this right -- to the level of 2019. we are used to, jim, a level of easy money flow from '20, '21, '22 that has gone away and we're normalizing. we don't know if we normalized and come up through the prior level, but in a lot of cases things are getting back to the way things used to be, and that is just fine when it comes to delinquencies. i'm kind of struck, jim, by the incredible negativity that has accompanied the outlook for the consumer. they were going to give it up, going to give it up. they haven't given it up according to this data, and overall when you have the strong gdp, you would think it would bleed into some of the views on the stock market. do you know why it's not? people think the consumer will give it up. >> steve, i think it's as simple as they're employed. i don't think we need to go further than that. >> i agree. >> job prospects are good. courtney,

brian moynihan was saying the federal reserve, balances for the households, there's plenty of cash outis surprising how resilient they are. the liquidity we have to be concerned with is the credit markets to begin with. you sell the 10 year and the treasury yields. watch spreads what a name that is a good indicator of what might happen. where this freezes in the market or start a negative feed back loop. there is liquidity out there but it is not available and ready to be used as much as it was over a year ago. haidi: a bit more value against growth. i find it interesting you also prefer international and looking at japan as a long-term play, one of the market darlings in asia this year. >> it is interesting. you can dress for the weather. you can dress for the season or you can dress for the climate. if you look at japan it is a classic study over the last 30 or 40 years in all three of those scenarios. a little bit of inflation started to spur a whole different dynamic. we know inflation is very psychologically debilitating to markets. just as hyperinflation is. a steady amount of in

. >> don't miss a first on cnbc interview with bank of america ceo brian moynihan at 10:00 a.m. eastern. you don't want to miss this one. >>> ahead on "worldwide exchange," how russia and china are looking to get ahead of the global tension with a face-to-face meeting. we have more on that story coming up. i struggled with my weight for a long time due to my thyroid issues but since being on the golo plan and taking release, the weight has not come back. (upbeat music) meet gold bond daily healing. a powerhouse lotion that moisturizes, heals, and smooths dry skin. with 7 moisturizers & 3 vitamins. and... new gold bond healing sensitive. clinically shown to heal & moisturize dry, sensitive skin. gold bond. >>> welcome back to "worldwide exchange." we start with the three big money movers. starboard is building a stake in 5% of fortrea holdings. it was spun off of lab corp to provide research services to pharma and medical device companies. starboard is saddled with extra costs from the spinoff. don't miss the interview with jeff smith on "squawk on the street" at 9:45 a.m. >>> ne

the thing about it is bank of america's brian moynihan came out and said credit card delinquencies year-over-year%. so we are starting to see infections in delinquencies, bankruptcies, foreclosures, is that. . 50% of the population has an enormous amount of debt that means increasingly onerous debt service payments. that will hit a threshold. then the question becomes to what percentage do people feel to pay their credit cards'that is what jay powell has to be watching carefully. he will not say this publicly, but i have to imagine he thinks about the things i am thinking about, which is if we see another shoe drop -- maybe it is commercial real estate, maybe corporate debt hitting a wall, maybe it is credit cards and the consumer, whatever it is, to whatever degree it becomes systemic where there is a risk of it becoming systemic, already has a pivot in mind, for sure. shery: it is still early in the earnings season, but what are you watching? frances: earnings have had a massive deceleration. really what is happening is the markets, i think the markets are still expensive given the fact that th

discretionary category decline, it's being noted by many executives including bang of america's ceo brian moynihan>> consumer activity has slowed down. in the aggregate it costs $4 trillion, 37 million check-in customers. >> let's discuss this further with anneka. what's your take on the strength of the consumer and how does that form your opinion about the eck quesquities market? >> wee be believe the consumer strong and we expect it to be strong along the edge. that makes the inflation problem so complicated. we think it all boils down to the fact that the interest rate sensitivity, the economy especially, the u.s. economy, has really come down. so just interest rates are just not working to dampen the economy. >> definitely not working to dampen the economy, at least not as much as the fed had hoped, getting down to the 2% inflation market. i want to talk about the higher for longer environmental we're in right now. you recently put out research remarkable. is it rew e markable for your investors? are you advising them to get into bonds and if so, short term or long term? >> one question. is th

my interview with the ceo bank of america brian moynihan coming up at the top of the 8:00 a.m. hour here are his thoughts on the earnings and fed on the road ahead as the economic backdrop weakens and tensions in the middle east rise. in the house ways and means committee jason smith is here with the biden administration prepares a $100 billion foreign aid package for israel and ukraine. you are watching "mornings with maria" live on fox business. we'll be right back. ♪ ♪ i have type 2 diabetes, but i manage it well. ♪ ♪ jardiance ♪ ♪ it's a little pill with a big story to tell. ♪ ♪ i take once-daily jardiance, ♪ ♪ at each day's staaart. ♪ ♪ as time went on it was easy to seee. ♪ ♪ i'm lowering my a1c. ♪ jardiance works 24/7 in your body to flush out some sugar! and for adults with type 2 diabetes and known heart disease, jardiance can lower the risk of cardiovascular death, too. jardiance may cause serious side effects including ketoacidosis that may be fatal, dehydration, that can lead to sudden worsening of kidney function, and genital yeast or urinary tract infections. a ra

and i think the fed is missing that part of the banking story, to talk to brian moynihan or jamie dimon who can manage that risk but didn't take in all the deposits during 2021 because of regulatory policy to cap the deposits they can take and you just think about how smaller businesses operate they just take in cheap deposits and lend it long and they have massive losses on the 30% of their portfolio invested in securities they may not have to realize those, but they're real. and credit is tightening and so credit tends to tighten slowly until it becomes nonlinear. so that's my underarching -- or overarching fear, and the markets are giving lots of indications that we could have something more severe before this is said and done. >> two steves and a barry, we thank you. gentlemen, thank you >>> shares of amazon up 7%, and turning positive for the month after the company reported better than expected revenue and income and said it is seeing momentum in its cloud unit aws peter bosa has more in today's "tech check. >> so i like the way that the fed laid it out this morning they wrote tha

reporting better-than-expected earnings joining me right now chairman ceo bank one of america brian moynihanor joining us this morning. what drove the quarter with you assess the macrostory for us? >> maria first congratulate you on 30 years on the air

. >> brian moynihan, bank of america, usually gives a pretty good view into the krendi consu spending withed a arm parker. some say maybe staples. coca-cola, pem pepsi for cheaper than i could a while ago. >> if you're of the mind to say, okay, they've actually put some relatively defensive things on sale and you can lock it in and have higher dividend yields on things like pepsico in years, fine. i would also look at the cyclical parts of the market that have been cheapened and decide do we believe the economic outlook -- capital one got an upgrade today. that's a good example. this is a dirt-cheap stock. is there a reason? you lookover the value and say it's worth something else. retail as a stock, if you're brave and opportunistic. >> the events in the middle east. the bell rings. dow shy of 200 points. the nasdaq had a late turn as well. see you tomorrow. >>> welcome to "closing bell overtime." i'm jon fortt back with morgan brennan. this hour, full coverage of the conflict unfolding in the middle east and the impact on global markets. we'll talk to ruchi sharma about how to facto

valuation, because they had $100 billion in cash, earning nothing, right, in treasuries, right, brian moynihan was buying lots of, okay, these folks were refinancing and still earning billions of dollars a quarter, you know what i mean -- >> i agree with you on one thing. the math of the buy-back no longer works, when the cash makes five and the earnings are north of 20, it doesn't work the same way. >> yeah. >> math. no, it's interesting. steve is very pragmatic, but you listen to paul jones on the network dshgs then you listen to marco on our show a couple weeks ago, there are people that are extraordinarily bullish and there are people on the flip side of that coin. we've dn doing this show a long time. people are dug in on both sides and you can make a cogent argument for both sides. >> i heard from steve that he likes nvidia. he didn't say it, but that's what i heard. >> up 213% year to date and everyone talks about pixie dust -- these are the companies that are actually monetizing a.i. everything else is sort of a wish scheme. but they're actually making, i think, this year, $20 billion

i think your analysis, by the way is spot-on about brian moynihan and what he has done at bank of america. i think he is sensational. i don't think it matters right now. it's a bank stock. we bought wells fargo for the trust because charlie engineered an amazing turnaround and had a really great quarter no it just doesn't matter a bank stock, they're all trading the same i think to lose hope at this level would be a mistake how about william in indiana, please, william? >> caller: this is william jim? >> how can i help you? what's up? >> caller: yes, you think broad com will close the deal and do you think broad com is a millionaire maker? >> i think broad com is a buy either way if they close the deal either way it will go up. if it can't, the ceo will buy as much stock as possible because the stock is very cheap. i will say this. i know that this deal was supposed to close, and there is claiming it's going to close very soon, but there is a pay issue. i need to see the deal closed before i can tell people look, this stock is going much higher. close or walk away, not limbo. unfortunatel

. >> brian moynihan, he said, low inflation economy, consumer activity has slowed down.ata. that's what he said on their call, you know, on the 14th. i think there's a lot of contrasting data, but most of the data actually points to a decelerating consumer right now, at a time when we're feeling the lags of these interest rate, we've never seen rates go this high this fast. we started hearing this from the department stores over the summer, we're starting to hear about auto delinquencies and stuff like that. i don't know how you can paint too rosy of a picture based on what visa has to say. >> i don't think they have to be mutually exclusive. definitely the decelerating consumer. i think those more expensive durable goods, but when you talk about international travel, that really has been the understanding of a storm coming, but that seems to be the area of stability within the consumer complex. so, i think, yeah, you probably don't want to be overleveraged to the consumer, but if you are still constructing a balanced portfolio, you want that consumer exposure, you want

they see it right here and right now and i don't know but what did i say last night about what brian moynihan said about the consumer, for the first time in two years, he's kind of saying that maybe the consumer is not so strong so i don't know. a man like -- >> man almost i'm not buying. >>> we've got more after-hours action of ibm and whirlpool on the move numbers out of the quarter next and the auto trade hitting the skids. gm hitting a multiyear low and texas instruments has had hazard lights on when "fast money" returns. (birds chirping) go. and go and go and go. ( ♪ ♪ ) but what if you... stop? you work hard, it's time for a bank that'll work hard for you. everbank brings security and a guarantee that you'll earn a yield in the top 5% of competitive accounts. going, that's what got you where you want to be. we're the partners for your next move. everbank. advantage, you. (swords clashing) -had enough? -no... arthritis. here. aspercreme arthritis. full prescription-strength? reduces inflammation? thank the gods. don't thank them too soon. kick pain in the aspercreme. nice footwork. man,

maturity portfolio, as you mentioned, but that really sort of underscores the differences between brian moynihan'sdership versus others in the space that don't have that problem, that -- >> specifically thinking of jamie dimon, let's say? >> well, i was going to let you -- >> i think jpmorgan did an outstanding job. it's egg on the face of bank of america that they really didn't do such a good job. it's less surprising in an svb -- first republic, even, that was -- they did a terrible job and took them out of business and jpmorgan was in a business to be the beneficiary of that. and so, it's not an easy of rising rates being a problem for them, i think the net interest margin is going to rise. i think they've just done an outstanding job. i think it's cheap. i've owned it. >> september master trust data in a couple weeks from now for september. in august, they were up, i think delinquencies were up 1.25%, up from 88 basis points a year ago. this is -- it doesn't sound like a big deal, it's a big deal. that's headed in the wrong direction right now. >>> coming up, warning signs out of the staples s

ceo brian moynihan had this to say about that issue this morning. >> basically two years ago plus, wecision to put some of that money to work and we split it into two pieces. so, 47% of our securities in cash we hold is in -- really short-term overnight type of investments, and 53% is long-term. and that's in the held to maturity portfolio, because those marks we knew would come and we don't have to take them through capital. and they pulled apart. these are government securities, so, the team has done a good job managing. >> what do you think, karen? you're a bit incensed about this? you think they've done a good job managing this? >> two years ago, we made the decision to bet against everything the fed was saying, we're going to raise, raise, again and again. just because we knew we wouldn't have to mark them -- that doesn't make any sense. this hit to -- this hit to their value. if they had to mark it, it's enormous. to be fair, on the other side, they issued debt at that time, not nearly as much of what they bought, but -- and that's down, so, that would be sort of a counter balan

brian moynihan is talking about a slowdown of his customers.mericans? lisa: based on the pico scores they have, no. there is a larger question of him saying yes, the consumers are slowing but the question is to what? we are dealing with elevated spending levels. are you going back to a higher or a lower high rather than the normal numbers of the past? jon: healthy but slowing. can we give a shout out to barclays, came on this program instead perhaps the markets have it wrong. based on the price action we saw yesterday following retail sales, i would say barclays and maybe pick up -- picked up on the sense of what is around the corner -- the scent of what is around the corner. tom: the fact is the markets are in charge and the market spoke with a vengeance yesterday. one thing i would point out as we go into morgan stanley analysis, i have seen a number of market cap studies in the grave unspoken is how jp morgan quietly quarterly to quarterly extends its lead. it is not fair to say it is them and everyone else but the tendencies are there. jon:

spectacular now, richard fairbanks is a genius, but newspaper of looking -- capital one, look at brian moynihanpital one these are real hard-fact numbers, consumer's okay maybe that's the problem, the consumer is okay, right? >> higher for longer s. baby >> think -- we all, like, we rely on these inflation, and i don't trust any of them. >> actually, i take that back. you keep using genius all the time, as much as you said to. >> genius failed >>> let's talk big oil over the last couple of weeks, through the largest deals we have seen? >> maybe someone needed to replenish oil. different performance this morning, though, after profits are reported for both companies. chevron shares are down 4% >> mike is a genius. >> sitting here two days ago on monday when we got words of the deal with hess. >> he had to rebuild reserves. i remember the period when i was questioning mike hasn't done it in a level that i -- now, he did go to where -- not the permian. >> went to guyana, and when the heismt ss deal is completed, they will be exxon's partner exxon operates everything there. they will take that over

have made it down to the >> got a little programming update for you tonight on 100,000 pyramid, brian moynihanmm. >> think. >> yep. >> eh. [ applause ] >> i hate to spoil it. >> no woman has ever whistled on the toilet. [ laughter ] >> good to know. thank you very much for that. tune in tonight at 10, 9 p.m. central on abc and tomorrow on hulu. coming up cash cash an taylor dayne. that's right, they're gonna we handcraft every batch of our delicious popcorn. like our cretors cheese and caramel mix. great on their own, even better together. try cretors, handcrafted small-batch popcorn. i know what you're thinking. “retta in a grocery store?" "celebrities really are just like us!” we're not. i'm just here to make a point. as a papertarian, i crush it in a place like this. now you gotta pay attention to the packaging. if it comes in paper, it comes from a renewable resource. i'll recycle you later. first person to check out with only paper products wins a yacht! [ boat horn ] paper! so how come you became a papertarian? smart choice. stupid question. huh. water. -yeah. >> we are back now with one

bank of america, brian moynihan said that to me as well, not stress, you know, but we're watching this, but it's more normalization trends than anything else after consumers had so much excess savings coming out of covid that it was more the anomaly of the last two years that things were so strong when it comes to deposit balances and savings rates and spending. >> interesting action, s.a.p. with a pretty decent quarter here, reiterates the guide. those adrs back to levels that we last saw probably mid-september, above the 50-day for the first time since then. that's interesting to watch. and then taiwan semi had a pretty nice gain premarket, up 4%. profit was the biggest drop in almost five years, but they did sort of hint, david, at the recovery, which we've long been waiting for in semis, may be getting closer, and with that, definitely the highs for the month on tsm. >> yeah. you know, it figures so prominently, obviously, in the geopolitical concerns that so many have in terms of china, taiwan. this is the company that makes the chips for so many of the important companies that de

it is risk-reward that jamie dimon and brian moynihan and all ceos do.asured the level of risk and profitability and they are far less risky than they were in 2006. lisa a: given the fact there is less risk and also less potential for profit, they keep complaining that debt is eating their lunch, if there are material and lower charge-offs and they say -- so much safer business models, will this be good or bad for their stock? gerard: that is a good point. we have to go through the cycle because if this industry, led by jp morgan and other bigger banks, can show that will get through a recession without depreciation of book value, they will lend a value higher. almost to utilities. not as high as utilities, but they may turn into financial utilities because of the idea they can get through a recession without dividend cuts. though it could be less, and could help with valuation because it is safer to be in this. annmarie: after the collapse of several lenders earlier this year, you hear that lenders want banks to add more cushion to their wire minutes. h

talk about because the challenge -- and i will take you one step next to jamie dimon and that's brian moynihanhat is the problem with bank of america? sridhar: jp morgan, the number one bank in the country, is now double the size of bank of america. they put a lotwhen treasuries sg into losses but rapidity at whis have risen, where the yield space is actually a negative for the foreseeable future for some of these banks? sridhar: it certainly feels that way. let's look at what can griffin said a few weeks ago when he talked about this idea that it takes about two or three years for rates to work their way through the real economy. the rate hike cycle started in marc in their segment, they are not necessarily seeing the signs of stress is the use 250 years ago, but there's undoubtedly stress developing in the consumer economy, loans, lending, and that lunch? >> they want to go out and find the right opportunitishops and y to grab a share of the market and they will be successful because they have a lot of capital to put to work and time on their side. >> 1987. i was instructed on what portfolio

about how the bank intends to adapt and manage the new rules very quickly but jamie dimon and brian moynihanmerica have been outspoken about the rules. jamie dimon makes additional commentary on this saying there are material regulatory changes that will likely have real world consequences for the markets and end users. both of these ceos have talked about how it will mean they can't loan as much money, that means fewer loans to consumers, fewer loans to businesses and the biggest point of concern is what it means in terms of international competition, what it means for our banks relative to the banks in europe and what that is going to mean for growth for the country. at least that is the case they have laid out for all of these things. dimon going on to say, u.s. consumers and businesses generally remain healthy at this point, they say consumer spending is down with the excess cash buffers, kind of going away, to some extent too. all of that additional money they had, i think it looks like the consumer spending is down. jamie dimon also saying that there is apersistent tight labor market a