brian moynihan there, bank of america. guys, back to you in new york. scarlet: that was bank of america's brian moynihan speaking with jonathan farrow. he did ask treasury secretary. let's talk about janet yellen. taming inflation is a biden administration top priority. here's what she told bloomberg's ann marie earlier this morning. >> the cost of living in many areas is very high. it is a concern to americans, and it is president biden's top priority to do all he can to bring down the cost of living. why i'm here in stafford county, though, is it really illustrates one way in which that's going to occur. i'm looking at an area that has been deprived, has had really no access to the internet at all sufficiently remote part of virginia, and president biden has made a commitment that every american household in this business should have access to the internet. and funds that were included in the american rescue plan that was passed in 2021, and then later the biden administration infrastructure bill provided substantial funding to make sure that the inte

paul: bank of america ceo brian moynihan having the strength of the u.s. consumer.hat's despite high interest rates. however there are going signs of pressure on household finances. the new york fed survey says u.s. consumer expectations for inflation rose last month. and prices are excited to jump at an annual rate of 3.3% over the next year. that is the highest reading since november. that mirrors recent findings from the university of michigan showing year ahead inflation expectations in early may a six-month high. rajeev de mello, global macro portfolio manager at gama asset management, still here with us. he think that the fed is likely to cut rates in july. rajeev, that is an increasingly lonely position, doesn't give the fed time to gather more data, what is your base case here? rajeev: inflation, there are many signs it is moderating. the fed doesn't have too much time or too many meetings until the end of the year to get rates down. and real rights, that means the actual nominal rate that we all know mine is inflation, has been going up because inflation, e

as economic growth shows some slowing, brian moynihan making headlines when he noted that because inflation is taking its time, inflation will take until next year to get under control but you don't have to wait until next year. tomorrow be getting a new window on whether that is true when we get the release at 8:30 eastern of core pce for april, the federal reserve's favor inflation gauge. food and energy which is considered volatile is not expected to to have budgeted from 3.7% month over month. will either of those numbers get the federal reserve interest rate committee off of the team pause and so blind to the rate cutting feel. joining us in a fox business exclusive, the president of the federal reserve bank of atlanta. thank you for joining us. appreciate you coming on the day before such important data. we are 18 hours from the release of personal consumption expenditure which is the inflation gauge. what numbers are you looking for month over month and year-over-year? >> i try to take the data as it comes in at the most important thing, inflation is moving closer to 2%. the first qu

jamie diamond, brian moynihan spoke to us from france and they weighed in on fed policy. >> u.s.ugging along. good health. >> everything is good. >> the chance of something going wrong is high. >> how much of the slowdown we see we have to watch the data. >> it is probably half the soft landing. >> have a 2% growth rate. guest: higher than people expect. guest: on one hand the economy is there and we can't overshoot the other way. guest: the patient right now. tom: jamie diamond, dvd solomon -- david solomon speaking to bloomberg. yesterday you have the dow crossing the 40,000 level, a breather yesterday. officials reiterated higher for longer as we saw inflation looking benign. rhetoric continues and you had the s&p above the 2000 300 level. closer now to the 2300 level. where we go next, where the next catalyst for this market is, it's not coming from china. let's have a look at what has been happening with the squeeze of property prices. property stocks have performed well with additional measures. this links to the consumer when the consumer is under pressure. oh and making i

jonathan ferro that and with bank of america ceo brian moynihan was optimistic despite higher rates ford borrowers. take a listen. >> i think our teams they will get more to the three point 5% range. we haven't really had that before the financial crisis. there was a moment with a raised rates, so frankly in our team i say if you are under 40, you've never seen this kind of environment, and this is formal. people get used to it because america did a lot of economic activity prior to 2007. it is just that we are in a very unusual time, so the adjustments are taking place and it is running through the economy. jonathan: we heard from starbucks, mcdonald's. you've got some 69 million customers. use a starting to emerge? >> wherewith the cracks emerge? especially for household $175,000 or below, account balances are higher by a lot. if you think about spending, the fed was raising rates, city, so that is normal on the credit side, 2019 was a 50 year low. basically last quarter we were a little bit higher than that. it's increasing base. they are getting back to where they were and frankly,

tom: bank of america's brian moynihan speaking to jonathan ferro. plenty more coming up. bloomberg. ♪ >> ok, chatgpt. i'm sharing the plot, can you give me a brief one sentence over you of what you see? >> smooth average minimum and maximum temperatures throughout 2018 with a notable agitation marking a big rainfall event in late september. >> fantastic, i have another question. which months to see the hottest temperatures in which temperatures do these correspond to? >> the hottest temperatures occur around july and august. the maximum temperature during these months is roughly between 25 degrees and 30 degrees. 77 degrees fahrenheit to 86 degrees fahrenheit. tom: that was a demo of openai launching a faster and cheaper version of the ai model of that underpins its chatbot chatgpt. this is a model that includes and responds more quickly to text audio and visual inputs as well. pretty significant move coming through from openai. they are facing more competition from covid based in the u.s. and canada but also llama of meta and google deep mine. another interesting update

this comes from some comments made by brian moynihan, the ceo of bank of america. speaking at a conference today, you could see a visible tick down in the stock price as he was giving the comments around 11:30. kdw sums up the culprit of that tickdown of the guy lidance tha moynihan gave. it will be 1% less to consensus in the second quarter. markets revenue, moynihan said is expected to be at low single digits, which kdw attributes to a 1% miss. and banking revenue up 10% to 15%, which is another miss to consensus. if you pull this together, that indicates that guidance is about a four-cent miss to consensus in 2 q 2024. that's why the stock took a dip. it's recovered a little bit, but down about 1% in today's trading. kell? >> interesting. leslie, thank you for bringing that to us. >>> coming up, the disaster dejour salesforce, now down 20% after their first revenue miss in 18 years. we'll tell you what went wrong, what the ceo is saying about it, and we'll talk to one analyst who says the stock could rally more than 50%, despite having its worst day in two decad

brian moynihan will join us for an exclusive interview at 12:30 p.m. eastern time. can take a look at what we heard from david solomon, to go through some of the headlines. concerned that fewer companies are going public. there are consequences to staying private for longer. also when it comes to goldman's own business, it would consider an asset management purchase but it is a high bar. let's look at some social climbers, stocks making waves on social media. delta taking flight after hsbc named it a top pick within airlines, highlighting it strong competitive positioning, increasing demand for international travel. intel saying it's in advanced talks with apollo for $11 billion to build a plant in ireland. they have been working to diversify the company's manufacturing outside of asia, which dominates chip production today. you can follow all the latest company buzz on your bloomberg terminal. quick check on the markets right now. it is a pretty quiet monday, if you look at what is going on outside of gamestop. i will call the s&p unchanged. take a look at the nasd

you are hearing about paris, talking to david solomon and brian moynihan.nuel macron doing the selling. lisa: they were doing the buying. david: particulate europe, europe is the place that has to do the most structural change post-brexit. they been trying to build capital markets and banking unions for many years. what you're seeing in france and the netherlands is the states realize they need to deepen their independent capital markets before there can be -- there are too many impediments. what president macron is talking about is sensible. paris will grow, the markets will deepen. i do not think it will be a competitor to the united states. jonathan: what does that mean for your regional footprint? where you want to boost staff and pull back on staff? david: we follow clients. talking about an ipo market, it is a very narrow bit of what we do. our network remains in 160 countries around the world and we see brought opportunity and all of those regions we operate in. there will be different times, different areas of more positive growth. i'm back to the u

peril when it comes to lending and so, that's the kind of world that we're in where if we had brian moynihanthink he wouldn't say that, but it doesn't matter. this is what you have to look at >> affirm, i mean, sofi last week, i don't know >> i'm just saying that the choice of words here about -- that consumer risks are at or near an all-time high -- >> it's concerning >> it took my breath away. i didn't think that's the case >> let's get the opening bell here in the cnbc realtime exchange at the big board, it's floor & decor, celebrating the opening of its first warehouse in brooklyn first warehouse store. and at the nasdaq, it's a.i. software company zapata, celebrating its recent listing via spac jim, you talk about consumer risks. jpmorgan desk today says maybe we're in a "virtuous circle" where consumer demand meetings corporate numbers are solid, layoffs are less likely, which means employment's good and the consumer's solid >> i think that was the view from five, six weeks ago, and things changed a bit i think that the backup in rates had more of an impact than i thought. the home bui

the election this has been something that a lot of companies have been talking about including brian moynihanng to pull the trigger on certain deals because of this concern about what could happen with the department of justice. are you hearing or seeing that softened that there's a sense on a case-by-case basis things will start getting done in a way they haven't over the past few years. >> i think corporate will have measured risk and what's factoring now is rates are now going to zero. so the views in terms of buyers or sellers and industries is that well rates will be where they are now so when you look across the capital return on investment, citing a deal with equity and debt, those calibrations are already happening. we are optimistic for a very approved mergers and acquisitions and equity underwriting market for the rest of the sheer. -- this year. lisa: even in banks when they say unless your name has first republic ken: i would go last week to jay powell. >> particularly the largest banks is basel three endgame. put that in english. the worry is whether the regulators would require