dimon. dimon's jpmorgan chase settled a case with the justice department.age of hubris. dimon doesn't credit president trump with the $4 trillion runup in our equities market. and he brims with ideological passion if not grace, citing nonsensical phrases such as anti-immigration and anti-globalization is to risk to his bank. he seems to be the greatest risk unless he can imagine another risk that's greater than the $40 billion his bank has already paid out for bad behavior and bad stewardship. dimon didn't have the grace to thank him for the greatest record-breaking square. and the shares of jpmorgan chase have listen 40% since president trump has been elected. jpmorgan stock is up double that in the first few months of in trump's presidency. a simple thank you is in order and i'm sure the president will be preesh yeah tough. our joe takes from jamie dimon who said it's important policy be properly designed it's not enough to just get angry over a subject. thank you for that, mr. dimon. we are coming right back. yes. so let me ask you this... how does diabe

dimon, like you've never heard him straight before. and plus while everyone's screaming that social security is going to collapse in 17 years we el l hear from one expert who says this is a "phony crisis" and target amendmenazon a new report says they're to blame for keeping wages low for the american worker. we'll debate that when "power lunch" begins right now. >>> welcome to "power lunch" i'm michelle caruso cabrera. the dow and s&p 500 setting record intraday highs. dow would be higher if not for j.p. morgan and goldman sachs which are lower. j.p. morgan reporting numbers this morning, the nasdaq is on pace for its best week in two and a half months the. dow and the s&p 500 on track to post their biggest weekly gains in seven weeks check out the movers walmart and boeing are higher on upgrades gap is higher, retail stock being added to j.p. morgan's focus list and a number of well-known names hitting new all-time highs facebook, mastercard and ebay among them and we begin with j.p. morgan. that story that tyler told you about. ceo

jpmorgan's ceo, jamie dimon, going off on the d.c. dysfunctioners, a warning sign that we're losing even more faith in washington. amazon everywhere is the retail giant to blame for low wages in the country? we'll debate >>> and get this the future of workforce automation one company now using robots to the make and deliver pizza there's your kenny g. but first, there is much more ahead on "halftime." john tracking unusual activity in two tech stocks stick around for the bullish bets dulcet tones of sweet, sweet kenny g we are building new airports all across the state. new roads and bridges. new mass transit. new business friendly environment. new lower taxes. and new university partnerships to grow the businesses of tomorrow today. learn more at esd.ny.gov at the lexus golden opportunity tesales event before it ends. choose from the is turbo, es 350 or nx turbo for $299 a month for 36 months if you lease now. experience amazing at your lexus dealer. the power of 100 of the world's top companies. the power of a proven 15-year track r

will the federal reserve say of jamie dimon? balance sheet rolloff will be gradual here they have been talking about this a lot, well telegraphed, not a big impact on the bond market because of this, and they can moderate and modulate this. again, jamie dimon is whirring, but the fed is on course for that balance sheet reduction. rishaad: thank you a lot for that. just quickly looking at the boj, increasing the amount of five-year notes it will be fine. billion now buying $330 as yields go up more out of their comfort zone. the 10 year at 0% is their comfort zone. buying ¥500 is billion worth of 10 year out right future delivery jgb's, so boj treasuries there, or should i say japanese government bonds. let's discuss more. lots more to discuss on janet yellen's upcoming testimony. our next guest is watching for any additional details on balance sheet reduction. we have more with state street global markets in a moment. plus, cautious on stocks, but planning to him by more unlisted assets. this is bloomberg. ♪ ♪ haidi: this is "bl

jamie dimon is right.al banks have created a monster and the terms of size of balance sheets and they have little idea of what the consequences are, unintended consequences of expanding balance sheets, and i do not think they have any sort of perfect foresight in terms of how diminishing them will look either. i will say diminishing the balance sheets will be going out a glacial pace, so it does not risk markets or assets. goal,l: that is the fed's as jamie dimon said, it would like to provide certainty and they hope to provide the markets with certainty about how they will roll off their securities. so the markets in price in advance what will happen. they admit, as he said, they do happen,hat will but they save the markets have seem to be able to put this in excepted and it does not seem to be a real danger. david: it may be a glacial pace, but the glaciers had a profound effect over time. it is not a matter of pulling off the existing balance sheet read worldwide, central banks are so acquiring at a dra

now another respected economist is joining jamie dimon. after this. >> we need help out here, we have been struggling for years under obama. we need tax cuts. a couple extra dollars in my paycheck every week, we need jobs. these days families want to be connected 24/7. that's why at comcast we're continuing to make our services more reliable than ever. like technology that can update itself. an advanced fiber-network infrustructure. new, more reliable equipment for your home. and a new culture built around customer service. it all adds up to our most reliable network ever. one that keeps you connected to what matters most. >> we have become one of the most bureaucratic, confusing countries in the planet. it is almost an embarrassment travels in the world, and listening abouts stupid [bleep] we do in this country. >> i am worried about job creation, i am worried about tax cuts, i am living paycheck to paycheck. i am rubbing two nickeling it, my girl conditio can't find a job to help me. liz: you heard that caller, right in line with what ja

the big warning today from jamie dimon that every investor needs to hear. the are the markets ready for the end of easing? with us today, joe terranova, stephanie link also with us, steve liesman, and from chicago, our own rick santelli let's begin with those comments today from jpmorgan boss, jamie dooild, te diamond, telling a gathering in europe, the unwind could catch the markets by surprise. mr. diamond saying, quote, we've never had qe like this before we've never had unwind like this before when that happens of size and substance, stit could be a litte more disruptive than people think. we act like we know exactly what's going to happen and we don't. steve liesman, i go to you first. what do you make of dimon's comments >> jamie's on the front lines there. he's going to be part of the process of unwinding the balance sheet. and i think his words of caution should be taken seriously. i think two things, though i think the fed has kind of preempted these concerns, if you look at how they're doing, balance sheet, they've sort of put it on auto pilot, bu

jamie dimon making some headlines.bout politics and policy. he talked about how he has been traveling the world and he finds it frustrating to listen to what expletive the stupid that americans have to deal with. he talks about the bureaucracy in the u.s. he said we have been growing since the great recession at 1.5% to 2% in spite of stupidity and political gridlock. clearly he's frustrated. as i said, this is something he is talked about time and again, but it seems like his frustration is growing with washington's inability to get things done on tax reform, for example. he also talked about other types of financial regulation, crimson on lending that have constrained the banks lending, although he is as usual careful to say it has been negative not just for the bank but for everyday americans as well. a rant. was on a bit of jonathan: stay with us. i want to bring allison williams into the conversation. to $2 trillion, really? alison: you could make a mathematical argument. in this capital was not trapped, we could

jamie dimon said there was no question that europe has more cards at the negotiating table.ds come as the new french government makes a pitch for bankers to relocate to paris after the uk leaves the eu, as our business editor simonjack reports. wish you were here — the pm of france rolled out his own red, white and blue carpet to the uk's finance industry. you have a message for london? a message for london? come to paris. here in the financial district there is a smell of blood in the water. there is a sense of the uk financial services industry was wounded by brexit and paris is being the most aggressive european capital of those trying to nibble away at london's dominant position in globalfinance. away at london's dominant position in global finance. france away at london's dominant position in globalfinance. france is bending over backwards to attract an industry its former president once described as the enemy. personal and corporate tax cuts, lose employment laws and international schools were all in the paris brochure. it is a list aimed squarely at international bank

we just heard jamie dimon feeling about that. with regard to this russia story that just continues to have legs -- no doubt about it. it's obvious. how much does that hurt him and went to see this whole thing, six months from now? >> at a certain point, america's politicians have defeated the optimism and spirit of the american people. to a certain extent, people expects a little of politicians that even if trump colluded with the kremlin, if all that came true, there would be a lot of americans who would think back to the bill clinton impeachment and who would say as long as the economy is getting better, as long as the country is basically safe and things are okay for me, i don't care what that is. we have -- he wouldn't get away with it if things aren't running well with the country. that's the point. his administration is a mess and republicans can't advance legislation in congress. this russia business and their inability to handle it in a forthright, efficient manner, is destroying their hopes of other large progress. >> ma

>> i am praying at the church of jamie dimon. melissa: amen. >> give that one a amen, million listsa absolutely. the average american, small businesses in this country they do not care about the sideshow. they want to have the environment that fosters growth. and what we need to understand is that incentives create growth. penalties detract from growth. this is very simple and easy to understand for every american. somehow congress and political people that wan to play the sport can't seem to get their heads around it. we need to focus on more policy, deregulation, tax reform, all those things that create incentive. melissa: amen, yes. connell: one of those items health care. senate republicans released new revisions to their bill. with some senators in their own party fighting the legislation and multiple versions of the health care bill now circulating around in washington, there are obviously is still work to be done. so on a friday afternoon check in with mike emanuel from fox news who joins us from his perch on capitol hill.

jamie dimon is frustrated about the dysfunction about the gridlock in bc.e analyst conference call, he shared some of his thoughts and some colorful commentary. mr. dimon: since the great recession which is now eight years old, we been growing at 1.5% to 2% in spite of stupidity and political gridlock. have become one of the most bureaucratic, confusing, litigious ascites on the planet. it's almost an embarrassment being an american citizen traveling around the world and listening to the stupid [bleep] we have to deal with in this country. he did not criticize the white house directly. he is chairman of the business roundtable, and he has work to do. julia: the point he made about the litigious nature of the perhaps some, but of the frustration he was sharing, it's a concern about .hat is going on i'm showing a comparison between it citigroup, and jpmorgan in yellow. this is the fixed income trading revenue. you have jpmorgan out there ahead. it plus what we are seeing in 2017 so far. it's just a little under $1 million between them. we saw fixed income tra

do you share a jamie dimon's concerns? >> absolutely.unwind it. janet wallin is aware of precisely why she's going to do it almost on autopilot basis very gradually because this is a huge step. >> when do you expect a gradual unwind? >> they'll start to talk about as early as this meeting when the process is going to occur. sometime in september perhaps. i think it's going to start a 6 billion as they've indicated for treasuries. 4 billion for mortgage-backed securities and increasing by 10 billion every three months. >> this kid really affects the stock market, which quite frankly has not been affect did to the downside much recently. will this be a pullback of 5%? what can derail these market but also down looking at features, we're so close to record highs. >> there is a correction coming anytime. 5% is not an official correction. certainly that corruption can occur any time. you saw on friday hitting the lowest level since the t. 93. we are going to see that volatility creep up eventually and get closer towards 1926. lauren: there is

it really is the indirect impact and that's what jamie dimon is alluding to. we expected to hear this from him on the call. we have been hearing this consistently from him but perhaps he is exceeding expectations with his enthusiasm on the subject. he wants action. this is something that's important to the bank. he is talking about the amount of lending that could have been done if they could lend out there excess capital. they got good news in terms of the stress test with banks freeing up some of the excess capital for buybacks. preferably, they would want to do organic growth. what has been missing is the demand side of things. some stimulation on that side, that would be positive for banks. jpmorgan loand growth this quarter, wells fargo went down and jpmorgan was short . that could be affected by cash changes. vonnie: thank you so much. france,t's get to president donald trump shared a lengthy handshake with french president emanuel macron. he attended the annual bastille day parade which included u.s. units to celebrate the 100th anniversary of the natio

and future entrepreneurs, sorry, they're told to stay away. >>> and jamie dimon going off on d.c.l want to hear it in his voice, next. i was wondering if an electric toothbrush really cleans... ...better than a manual, and my hygienist says it does. but... ...they're not all the same. turns out, they're really... ...different. who knew? i had no idea. so, she said look for... ...one that's shaped like a dental tool with a round... ...brush head. go pro with oral-b. oral-b's rounded brush head surrounds each tooth to... ...gently remove more plaque and... ...oral-b crossaction is clinically proven to... ...remove more plaque than sonicare diamondclean. my mouth feels so clean. i'll only use an oral-b! the #1 brand used by dentists worldwide. oral-b. brush like a pro. >>> okay. jamie dimon, the ceo of jpmorgan chase, the biggest bank bias sets, went off on friday during an earnings call with investors. listen and we'll talk on the other side. >> we have become the -- one of the most bureaucratic, confusing, litigous societies on the planet. it's almost an embarrassment being an amer

do you think jamie dimon wants to make more profits for his bank or, ultimately, does jamie dimon wantstates? >> if jamie dimon runs for president of the united states, good, more power to him. he has a billion dollars. he has run jpmorgan chase now for ten plus years. he knows what he's doing. one good thing that donald trump has done is given confidence to ceo s to political careers. that's fabulous. maybe mike bloomberg should have run for president. i mean, more people with more talent who are running our country, the better. and i'm sure he's thinking what do i need this donald trump guy for? he can't get anything done. i'm used to getting things done. i have run this bank beautifully for 11 years. >> richard branson said during the campaign it was time for america to have a businessman president. he said he just didn't want it to be donald trump. the question is going to be, will donald trump sour the american people on a business man president? bill cohen, thanks for joining me thise morning. >>> much more on this previously unknown meeting between trump and putin that took plac

jamie dimon says, the u.s.mer remains healthy, evidenced in our strong underlying performance in consumer and community banking wells fargo with an earnings beat and a revenue miss and citi exceeds on the top and the bottom line. all these names have had quite a run since the election not hard to know how much they deserve today in light of what the macrodata said >> the results would give me the message that things are on track. going roughly in the direction expected and there's improvement there. jpmorgan, 12% return on equity that's one thing that stands out. that's a little bit of a notch better than the bank has been capable of more like 10%. but, you know, the stocks have built in a lot capital return all the other stuff that's on the come so i do think right now, they're going to probably trade on the bond market, right day pointing data. yields are coming down and that's the immediate link in terms of reaction. >> that roe num sber something to marvel at i can remember not that many years ago there wer

doesn't that feed into what dimon is saying, that reporters are getting it wrong?tlets are serious and some don't necessarily put up the big numbers. in other words, there is an audience for the other stuff, and sometime this president who is obviously fighting on the issues creates the distractions. he goes after joe scarborough and mika brzezinski for three days, when you put all the things in the pot, it is frustrating for me that we don't have more laser focus on the stuff that touches people's lives as opposed to the gridlock and the bread and butter aspects. cheryl: making it basically a 24/7 affair out of attacking president trump and his daughter and both sons and grand kids. these are people that have to take responsibility for the fact that they're derailing what matters which is the american life, which is american, the people that are here. >> i think they do have to take some responsibility. the dirty little secret in cable news is you don't need a mass audience if you can get a million dedicated people to watch, that's good for business, not necessari

rate environment, term structure and and we see all markets start to reprice >> you read the jamie dimon quotes today, i'm sure, at least heard about they will them what em them he talked about this is unprecedented. in size and scale. not only here in the u.s., but globally now he said you better be. >> we have to work at it can't just discount it and throw it out the window and say everything's going to be okay. we don't have another -- 100% guarantee, that's just disingenuous to put that out there. just doesn't seem -- >> i know you favor outside the rust is there more risk being in or out of the u.s. market how would you answer that? >> i would think about this. if you look at the u.s. economy, it's performing healthy. a lot of people talk about high evaluations and it's a concern for us, but we try to do a lot of relative value analysis you can look all equity market, but when we think about the u.s. equity markets, equities still look very attractive just because they're high, doesn't mean they can be high longer there's a lot of reason why interest rates will remain anchored, to s

dimon referring to the excessive gridlock in washington. >> you have one. most bureaucratic, confusing, will i tijous societies on the planet it's almost an embarrassment being an american citizen traveling around the world and listening to the stupid [ no audio" we have to deal with in the country. >> dimon is always colorful but the level of phraseology is far, far elevated than what we would expect on an earnings call why is he so annoyed because on recent trips to china and france he's seen what can be achieved. >> every single one of those countries understands that practical policies that promote business and growth is good for the average citizens of those countries, for jobs and wages, and somehow this great american free enterprise system we no longer get it. >> it's important to note his criticism of washington was referring to the last decade broadly, not specifically the new administration, and his main point was actual lay it growth is resilient r >> since the great recession, okay, which is now eight years old, we've been growing at 1.5% to 2%

what's the takeway jaime dimon's peak only time i heard a ceo curse on a conference call. in case you missed the call, dimon let loose with a howard beall style rant we have become one of the most bureaucratic, confusing, litigous societies on the planet it's almost an embarrassment being an american citizen traveling around the word listening to the stupid [ bleep ] we have to deal with in this country. dimon hit the nail on the head i wish he used a different forum to talk about politics jpmorgan's amazing quarter jpmorgan's results like those of citi and bank of america are splendid examples of how well banks can run without one ounce, one iota of flep ohelp from our federal government goldman sachs, feel free to take everything i say with a grain of salt but i honestly can't believe how much goldman can make. they reported nice upside surprise with nothing good to happen in their key markets especially equities where they killed it. who knows how much they could make if there was any volatility anywhere in any market this company with the stock down more than five buck

year as far as loans were concerned wasn't great what's most important was the attitude out of jamie dimon. ewing four letter words on a family conference call like that >> i just thought it was interesting, the level of frustration that matched that guidance and here's a stock that's up 7% on the year it's up 13% just in the last month and a half or so i just didn't know if it was commensurate with the quarter they reported and the outlook for the back half of year. he seems frustrated. i say i thought the actual today in the banks, jpmorgan acted well i love his comments. i think it's amazing for him to get up and be that bold. make those comments about growth really pushing back about regulation and how it's impeded growth in a lot of these corporations i'm optimistic because that's the lynch pin from banks you look at cost cutting, return to capital all that look at the real positive that they're going to get of returning cash to shareholders we're seeing it happen it's really sparked a lot. >> return on equity has a highehig highest in the past five quarters >> 12% >> listen, the ques

as jamie dimon said, the uncertainty of removing this historical, unprecedented, unorthodox monetary policy has consequences that the market is not really understand and sitting here, i would never even prism that i could see what that tail risk is going to look like. anna: is somebody like cohn likely to make that kind of call? or are you suggesting he could do? >> i am saying a republican-backed fed chair brings into this idea. i don't really know cohn's the allergy as well as they should at this moment. i cohn's theology as well as should at this moment. but there will be other members that will be replaced with republicanesque candidates. that increases the likelihood of this. anna: he does not come from the same training state as many of the other fed presidents. manus: there you go. >> helping me out after the fact. anna: he has the goldman sachs background. manus: a lot of goldman. >> at the lunch cafe he will have plenty of people to sit with. anna: thank you very much, peter rosenstreich. manus: coming up, a wager on wages. find out what the sterling traders are betting on.

just jamie dimon. does it affect investment decisions, to buy and sell >> it is having an effect in the real world yes. world, we -- wind west certain projections, saying it would be a record year. deals over $10 billion. a lot of that is based on certain to decision-making, confidence where we go next year. end, 12have a good tail months-18 months following investment. i don't think there's enough confidence today that we have 2% growth, some reforms are important. there's also frustration that if we don't start now -- by this fall, we start to run into the election calendar of 2018. now it is time for bloomberg business flash, this business stories in the news right now. one company fined $246 million. the fed says their oversight of traders was insufficient, and has ordered company to prove oversight and controls. they say they were cooperating with an authority -- the trevor claim -- his car suddenly accelerated after engaging autopilot. crashed into a march. the man -- sustained minor injuries. th

. >> so this is broader than jamie dimon.ffecting investment decisions? is it having real effect in the real world? >> absolutely. withnt into the year certain projections saying it would be a record year over $4 trillion, it is not. volumes behalf of what they were one year ago. on sergiohat is based decision-making and confidence of where we will go next year, three years. when you make investments you want to have a good tail end. following that investment and i don't think there is enough confidence today that we have broken out of the 2% growth world. therefore getting these reforms is important. i would say finally, there is also frustration that if we don't start getting the dialogue going by this fall, you start to run into the election calendar of 2018 and that would become more difficult. said it is not clear that we would break out of 2% growth. how do you account for the two things you said? the markets are at an all-time high. where's the disconnect? >> we are trying to figure that out. it has been going on for a

in many ways well let's talk about jamie dimon for a second over there j.p. morgan you know he said recently he's ashamed to be american. because the current administration and what's going on in america you're a world traveler he says when he travels this is a sentiment people have is this a common theme out there what do you think of his comments we love the bass jamie on the show because we think he's a charlatan and a crowd that's i don't know what i would tell you that everywhere i go people are very perplexed i've told you that america is pushing the chinese and the russians together and pushing the iranians and the chinese together everybody sits and says what are they doing why are they hurting themselves washington may not know they're already and so but everybody sees what's happening what's going on and everybody's perplexed i'm perplexed and i'm an american i don't particularly like you they're pushing the russians and the chinese and the persians together that's not going to help us that's going to hurt us and recently mr trump threw missiles at

morgan chief executive jamie dimon warning of more banking moves after the u.k.the eu and we will hear from him next. this is bloomberg. ♪ mark: i am mark barton along with vonnie quinn. jpmorgan chase chief executive morgan. -- telling the community at a conference in paris that his bank among will have to move several hundred jobs on day one. quite what happens next is totally up to you and not up to britain. step, ifhave the first the eu determined he wants to move a lot more jobs out of london into the eu, they can simply dictate that. the politicians can dictate it. telling bloomberg that j.p. morgan passes eu investment bank, other services will be handled at dublin and luxembourg. for more, let's bring in bloomberg news brexit managing editor. a reset, relaunch, rebound, whatever you call it. prime minister treason may. was it seven tosh by the foreign secretary health scandal dating back decades? >> not the first time. loose lips sink prime minister of ships. declaring there is no plan for a there wasexit because going to be a great deal. suggesting there

dimon: we have become the most confusing litigious society on the planet.t is almost an embarrassment being an american citizen and listening to the stupid [bleep] we have to deal with in this country. in the actual call, they didn't bleep out that word. you can imagine what it might be. we have sahil kapur and alex wayne. and i'm joined by megan murphy. sahil kapur i will start with you. why is it taking so long to get any of these initiatives through? initiativenumber one legislatively was health care. they started off with that. this is one of the more difficult tasks to do in congress. it took failing and trying again and again to get something that resembles universal health care. trump thought it would be so easy, kellyanne conway talking about doing a signing ceremony on the day he took office. it is clearly more difficult than that. toughly because it is a policy and very difficult to get these coalitions aligned but republicans have very slim margins where the senate majority leader has had to struggle uniting them. david: as we'll all know, the pr

finally, who can argue what jamie dimon says of course i'm oversimplifying.ut, yeah, things are not getting done in d.c. i think it's messaging i think if you're watching, jamie, maybe you should talk about the average person doesn't get the message that they need changes in tax policy. that they need changes in infrastructure nobody is putting that message out. jamie, maybe you can put a little pressure on the major channels, the major papers to open that whole world of what's going on in the public your final comment >> look, we need a government that's going to work for all people one of the key components is fiscal stimulus. we need tax reform we need health care reform we need all the various things we need a bipartisan solution is what we need anything that comes single party tends to fail a couple years later. we need people working together better to get the fiscal stimulus that we need to get more organic growth in the economy. and that's the way i see it. until we get that, it's very, very bumpy >> yep yep. couldn't agree more. politics may be fasci

dimon, if you could address the timing of when those assets will come off the books, the amounts, and procedurally, how that will be done. >> yes, we have tried to sit out relatively complete plan our assets currently total close to $4.5 trillion, consisting of roughly $2.5 trillion of treasuries and $1.7 of mortgage-packed securities we have said that we intend to shrink our balance sheet and particularly the outstanding quantity of reserves in the banking system, which are now around 2.2 trillion, in a gradual and predictable way. and we have said that what we intend to do is as once we begin this, as we receive principle payments on treasuries and the agency securities and our portfolio, currently we're reinvesting all of those principle payments we will begin to diminish our reinvestments and only reinvest to the extent that our monthly receipt of principle exceeds a cap. the cap will initially start at love levels, $6 billion a month for treasuries and $4 billion a month for mortgage-backed securities and over the space of a year will ramp up to $20 billion for mortgage-backed se

moving on, switching gear, jpmorgan chase ceo jamie dimon railing against washington.most embarrassing bees a embarrassing being an american overseas. the rant may have prevented the stock from hitting a new high. joining me now again, shelby. fascinating to see a ceo go off like this. do you really think it driving the stock down? >> i don't know if you can connection it to the stock price. one thing to hear thi this from a politician, but another from the ceo. some people in business community were glad he said this, this is a welcome warning sign, others call him unpatriotic, you can sense and hear his frustration with promises have been made, none action backing it up so far. i think that pessimism is not helpful for the stock price but it is realistic. gerri: i don't like being an american overseas, i am never embarrassed to say, i'm american in the room, i am married to a canadian. i say it a lot. what do you make of these comments, i think he is on the money talking about regulation, difficulty of doing business, laundry list of things he went through, i thought

what extraordinary comment from jamie dimon last week. i think you might be interested in import data tomorrow. wednesday, housing starts, job list claims on thursday, it is not the biggest week of data, especially after we saw a huge amount last week in retail sales and cpi. there's a wrap up of market action state side as inflation and retail sales are in the spotlight. >>> record closes for the dow and s&p 500 friday with each gaining the most for the week since may 26th the nasdaq saw its best week of the year prospect is dim for a rate hike. u.s. consumer prices barely ticked higher in june, retail sales fella second month both came in below expectations. labor department says the consumer price index which does not include food and energy costs increased 0.1% separate report by commerce department showed retail sales declining .2% last month s&p 500 gained 4.7% friday, the dow was up 3.9%. nasdaq gained 2.59% for the week real estate was the best performing sector, and financials lagged after several disappointing sets of bank earni

dimon has somee things on his mind, doesn't he?> we have become one of the most bureaucratic, litigious society's on the planet. it is almost an impressed -- an embarrassment listening to the stupid -- we have to deal with in this country. we all have to get our act together. >> jamie dimon is consistent calling for a tax reform, and how he thinks that can benefit the economy. thisve been hearing from consistently. his impassioned plea for actions to be done. still to come, as we review the week, the leader of france essential bank offers insight into the ecb. his viewslan shares on what is ahead for the fed. and u.s. health care reform and other hot topics. and more of the weeks top business headlines. his views on what is ahead for the fed. many gulf economies and energy companies are trying to reconsider their strategies. >> this is bloomberg. ♪ >> this is bloomberg best. let's continue with news from washington dc. tosident trump made plans fill a key regulatory post at the federal reserve. >> donald trump is going to be whonat

abby: be a jamie dimon slamming the swamp for its lack of action.s country. at one point we have to get our act together. abby: will washington ever listen? clayton: did bill clinton just take a shot at his wife hillary clinton? we will tell you what he said and get reaction from the hillary former director of communications. that's next. ♪ i got somebody at home ♪ i might not be alone ♪ nah, honey i'm good ♪ i could have another i probably should have another ♪ not ♪ (grunts of effort) can we do this tomorrow? if you have heart failure symptoms, your risk of hospitalization could increase, making tomorrow uncertain. but entresto is a medicine that was proven, in the largest heart failure study ever, to help more people stay alive and out of the hospital than a leading heart failure medicine. women who are pregnant must not take entresto. it can cause harm or death to an unborn baby. don't take entresto with an ace inhibitor or aliskiren. if you've had angioedema while taking an ace or arb medicine, don't take entresto. the most serious side effects

>> we just heard from jamie dimon.ounge inthe rooftop the middle of the financial center in china. we have been looking at the financial sector and shanghai and seeing the ramifications of the weekend meeting as we await gdp numbers at 10:00 local time, expecting stability, but what everyone is talking about is policy going forward. gdp is backwards looking. conference was forward-looking, preventing systemic risks in the financial sector as an eternal theme, eternal theme, top priority number one, also financial deleveraging must serve the real economy. that is the number one priority. second, preventing risks. three, deepening reforms and opening up. accountability is also a big theme as they announced the to take over ag supervisory role along with the pboc, giving great power to the central bank in oversight. acknowledged and and preventing systemic risks, basically they will have a new, coordinated committee within the state , andil with pboc oversight accountability is a key issue that has been promulgated by pre

he is referring to jamie dimon.in doing so, diamond ring and alarm bell about both forgone opportunities at home and eroding influence internationally." how has the white house responded to remarks for many people who look up to him for how the economy is doing? kevin: janet yellen testifying before the house and raising some concerns or at least downplay expectations so to speak on what the white house's percentage of growth that they are pushing for. essentially fed chair yellen saying 2-3% growth is even on the higher and oven and vicious rate. -- higher end of an ambitious rate. i was speaking with greg valliere. he was saying a lot of economists, as you alluded to come are scratching their heads right now about that low inflation rate. they are not necessarily seeing theomic indicators of what american people polled in this poll are seeing about confidence in the economy. david: last question to you is about regulation. this is what we have heard the president talking about in warsaw and paris as well. it strik

. >> jamie dimon has some things on his mind, doesn't he? >> we have become one of the most bureaucratic, litigious society's on the planet. t is almost an embarrassment being an american citizen traveling around the world and listening to the stupid [beep] we have to deal with in this country. we have to get our act together. >> jamie dimon is consistent calling for a tax reform, and how he thinks that can benefit the economy. we have been hearing from this consistently. but he is perhaps exceeding expectations with his enthusiasm on the subject and his sort of his impassioned plea for actions to be done. >> still to come, as we review the week, the leader of france essential bank offers insight into the e.c.b.'s policy path. into the ecb. robert kaplan shares his views on what is ahead for the fed. and u.s. health care reform and other hot topics. and more of the weeks top business headlines. another opec nation may be ready to follow saudi arabian sell shares in its state business. many gulf economies and energy companies are trying to re

outspokene dimon was on his earnings conference call the other day. some described it as a rant.almost an embarrassment to be an american citizen traveling around the sorld listening to the stupid b we have to deal with in this country and at one point, we all have to get our act together." barry: he left off the b. erik: oh, yes come he did. that's what i paraphrase. we are working under cable television roles here. barry: i can soil those really quickly. [laughter] erik: you are free to say whatever you like. i'm somewhat constrained. [applause] [laughter] erik: is he right? is it an embarrassment to be an american citizen traveling the world today? barry: no. you can't be embarrassed to be an american citizen. that is not possible. however, there is no question that america's reputation abroad , particularly in western europe , but basically everywhere -- america's reputation has been degraded by your president. [applause] it certainly has been around the world. you've found this firsthand. barry: there's no question. this is hardly a revelation. you go anywhere -- particularl

. >> jamie dimon has come back from a busy trip overseas.e's got something on his mind. >> we have money the most bureaucratic, confusing, litigious societies on the planet. it is almost an embarrassment being an american citizen around the world and listening to the stupid [beep] we have to deal with in this country. we have to get our act together. >> jamie dimon is consistent in calling for tax reform and how he thinks that can benefit the economy. we have been hearing this from him generally consistently. he is perhaps exceeding expectations with his enthusiasm on the subject and his sort of passionate plea for action to be done. ♪ anchor: still to come as we review the reek -- review the week, the leader of france's central bank offers a view into the policies. plus, conversations from sun valley on u.s. health care reform and other hot topics. up next, more of the week's top business headlines. another opec nation may be ready to follow saudi arabia and sell shares in its state-owned oil business. >> this comes as many golf own economi

jamie dimon unloaded on everything holding back u.s.esses, saying it is an embarrassment to be a u.s. citizen traveling the world and that the u.s. needs to get its act together. earlier, "bloomberg daybreak" spoke with blair effron, got his take on what jamie dimon said. have: today, you would gotten into my world of m&a. we got into the year with certain projections saying it would be the biggest year for m&a. it is not. a lot of that is based on certainty of decision-making, confidence, and where we will go next year, three years, or when you make investments, you want to have a good tailwind following that investment. i do not think there is enough confidence today that we have broken out of the 2% growth world, therefore, getting these reforms is important. i would finally say there is also a frustration that if we do dialogue getting the going by fall, you start running into the election counter of 2018. notd: you mention it is clear we will break out of 2% growth. how do you account for the two things you said? hand, markets are

dagen: i want to know if any of the other bank ceo's will top jamie dimon's rant. >> what about mark zuckerberg. dagen: stuart, take it away. stuart: a pleasure indeed. three stories about america, business and money, that you won't hear much about except here. good metropolitonday morning. the made in america comes to the white house lawn. the president says it's time to honor the skills trades in america, he will make a public statement. next month, he makes a big push, a public push for tax cuts. barn storm across the midwest, get it done. on tax cuts, he is taking the lead. and the plan, dismal approval ratings, the delay in the health care bill and russia, russia, russia, hurting his agenda. mr. trump wants to come back strong. investors seem to approve. 21,637, friday's close, 26th record of this calendar year. we'll open higher again, only just. this monday morning, how far we go and we're off to a start. and the world of money, don't you love it? "varney & company" is about to aga again. stuart: i'm going to call it a muted open for the stock market this morning. look, no sel

jamie dimon, he's maybe the top banker in america.et business done overseas. now, there's a lot to this story, and, ashley, you've got it. >> yeah. the jp mo began ceo -- jpmorgan ceo talking on a conference call. he says it is almost an embarrassment being an american traveling abroad. why? because he says we've just got to get decisions made in d.c. he said there needs to be more intelligent decisions, less gridlock. and then turns his focus on the media, saying why aren't they focusing on the major issues? things such as infrastructure, regulation, taxation, education -- stuart: yes. >> he says to the guys, to the reporters on this call, why you guys don't write about that every day is completely beyond me. stuart: oh, music to our ears. yes. well done. >> you know, the media acts like they -- i'm talking msnbc and the guys in the d.c. beltway -- they act like they are the first amendment. no, they're not. they serve the first amendment. they're supposed to be reporting on policy and have a broad range of subjects to discuss and re