in addition, jamie dimon frightened most people. he said three things.uldn't commit to the fact that inflation be transitory. number two, he said the base case for the economy, even though he said it's going to be higher, is not going to be as high as it was a few months ago, and number three, perhaps the worst thing he said was that he's on the 10 year program to allow the bank to meet the competition in the marketplace, and what banks have been dealing with all year is not the fact that there's excess liquidity in the economy, but the fact is that they're losing market share. they're losing market share to the capital markets companies, and they're losing market share to non-bank financials, and therefore, what jamie dimon projected today was a little bit of share as to what jpmorgan is going to be over the next 12 months and that's resulted in the selling. liz: why isn't he fearing inflation? he said yes, it'll go higher, but as inflation goes higher, maybe the fed starts to raise rates, that helps bank earnings obviously, because they can charge more

what do you make of the call from jamie dimon? he is not worried about any of these issues. >> he is focusing on the core fundamentals of his business, right? we focus a lot on loan growth and what that tells us about the consumer, but what i think jp morgan's numbers show us is a healthy u.s. economy. we have a very healthy consumer and healthy corporations, they just don't need to borrow to finance their activities, because they have all of this liquidity built up. he spoke about green shoots, with to refer to commercial real estate lending, but said that consumers are starting to work down those excess deposits, so we might get some borrowing and cards. he talked about commercial line utilization is picking up a little bit, which means the lines of credit have extended to their middle-market, commercial customers, they are putting a little bit to use. some is not happening at the pace that some people would like. taylor: is it the credit quality and the lending that's going on that's moving up in quality? what would that give y

what jpmorgan's jamie dimon said today that's getting a lot of attention. don't go anywhere. "fast money" is back in two. >>> woelcome back to "fast money. phil lebeau has the details from the weekend. >> reporter: las vegas, where we are right now, is one of the airports that lost in flights, but we checked in with the leaders here, saying things are improving. more than 2,000 flights canceled since saturday the airlines believes they'll get on a firm footing later this week it all started with a weather event in florida, an air rask troll staffing issue, but on saturday and sunday, it was all southwest. they had crews that were out of place, which raises the question, will they be able to handle -- handle a surge in holiday traffic, which is expected, as we see covid case dim minuters the c.o.o. of the company saying they will make adjustments he said, quote -- we've already made significant reductions from our previous schedules, and we think -- if we think we need toad more, we will by the way, we checked in with with the receive airlines pilots union. we had, look, a lot

dimon releases that. fortress jp morgan is intact, isn't it? sonali: it is intact, but the question now is whether they can make money. they are showing those gains in investment banking, though trading is starting to moderate in their biggest business. you have lending as well. where do they start to get ned interest income from? what does it look like at bank of america tomorrow? those are the questions we look to. they are creeping up just a little bit, eight had higher than wall street -- a little bit, a tad higher than wall street expected. their return on equity, you and i love to watch it, they blew through the roof at the end of the day, even with higher expenses and some of those revenue lines moderating. jonathan: sonali, thank you. at stock is positive about 0.3%. tom: they lead the single line of the earnings presentation. they minted $11.7 billion in 90 days. jonathan: that's not bad, is it? i think they are doing ok. tom: the media loses scale of the massive size of this. i would use the cfa term, they are ginormously profitable.

jamie dimon says the global supply chain will resolve itself next year.sses are dealing with the worst effects of the supply chain crunch right now and rather than derailing the recovery, he says disruptions may just end up elongateing it a bit. >>> the house is set to vote to raise the nation's debt ceiling today, which would cover government bill paying through early december, as you probably know the senate already passed the measure. treasury secretary janet yellen had warned of an imminent government default and merck is hoping to double manufacturing capacity for that pill that we've talked about that was shown to significantly cut hospitalization and death in at-rick people infected with covid-19, according to financial times, which also reports merck has inked deals to make the pill good do it. >> we are just a little under 90 minutes away from the opening bill on wall street. dom chu is here. he has a look at the top pre-mark movers. what do you have >> becky, let's start off, first of all, we are seeing a move hire, at least in certain parts. th

dimon as these important numbers are released. 2 million plus release of credit reserve. this is jamie dimon saying everything is fine, we are doing great, we are improving forward, and we are going to release rainy day money for another time, when we had to take a loss. we don't have to take a loss, we can show that money. he leads with the release of credit reserves. jonathan: the economic outlook continues to reserve. gerard cassidy with us from rbc capital markets. jamie dimon saying the economic outlook continues to improve. i think this is the third quarter of a big reserve relief. what sticks out for you? gerard: that is the number one issue for not just jp morgan but the industry, as we were talking a few moments ago, last year, the group built up these reserves in anticipation of large credit losses that never materialized. , and, to jamie dimon's point, as the economy strengthens, it is only getting better. as a result, the reserves that were set aside need to come back into income. moving over to the capital market busi

before i get started i agree with dimon, cryptocurrencies have no intrinsic val suevalue.sn't have a whole lot of credibility for some of these things he dropped the ball on point of sale products that i think he could have dominated on. so many didn't want the hassle of working with big bank he doesn't seem to understand the antipathy young americans have on big banks. in the scheme of things that hasn't mattered to jpmorgan stock which hit a new interday all time high. like i said, he is a great ceo even if he dropped the ball on tech he's ton so many other things right. the thing is i think he's dropping the ball again when it comes to crypto. he could be a standard setter grabbing the bull by the horns why not? sure they have no intrinsic value. most younger investors are financial mules. that doesn't stop them from making money on them no intrinsic value compared to what the dollar we've had a free floating exchange rate since the '70s it's like bitcoin or ethereum. point two, regulation. i agree it needs to happen i speak to every single cybersecurity company and the

>> kieng jamie dimon is having one with us.s is like him saying the rolling stones are just a blue cover band, right? >> as mccartney told me. >> yeah. i know you're a stones fan the crypto folks get very worked up about that kind of take, julia. i think it's important to really look to at what your own thesis is on something. every time i express even, you know, neutrality on bitcoin, i get like a dozen twitter people offering to educate me that's not the issue like have your own thesis on what this thing is worth why it's going to the moon, if you think it's going to the moon how far you think it's going to what it pulls back stick to that. jamie dimon thinks it's worthless, so he's saying away >> he's got a thesis i don't think it's just his prerogative, i believe he believes that. since he made the original comments on bitcoin, now he has to service his customers, it's a changing world out there >> i think paul mccartney actually thinks that the beatles are better than the rolling stones >>> it's time for a reality check on

morgan ceo jamie dimon has to say now about bitcoin you'll hear what jamie said it will get the reaction. a big-name following wall street and main street's against companies as they pack up and head south famed investor kathy would the latest essay i moving to florida we have one the top commercial real estate as executives in the state about the sunshine state boom were headed straight to chicago midway airport what is happening what's the latest for southwest and the struggles to get the pilots back on planes and the planes off the ground in the air will take you to chicago will begin with breaking news rin cameras on capitol hill because at any moment we could see movement on the debt ceiling the house is about to gavel and the question for investors, will house members follow the senate lead to extend the debt limit, the federal government 60s away as treasury secretary put it running out of cash to pay its bills, last week after much haggling democratic and republican senators agreed on $480 billion increase to the ceiling either way a showdown looms because that number only gets u

that said, i would never want to bet against jamie dimon.he premier bank executive in america of this generation, and if anyone can squeeze out how discrete -- can figure out how to squeeze some growth without getting into the wells fargo problems, it is him. tom: barry ritholtz, thank you very much. we want to digress. we have interesting images. we have been going back and forth from the control room. we had an earthquake in crete. this is to the west. this is the canary islands. for those of you on radio, it is hawaii, but it is serious. i have witnessed off the water of hawaii that water flowing into the ocean. this is hawaii in spades. this is the la palma volcano in the canary islands. lisa, you want to weigh in on volcano physics? lisa: it looks like every cliche of a volcano i've ever seen. i will not add value because i do not know the physics of volcanoes, but you do not often see actual spewing lava coming up and rolling down the side of the mountain. tom: we see it now and i would say as an amateur this is hawaii on spade. there

back to you. >> thank you why don't we stick there with jamie dimon, j.p.big banks because earnings are going to roll out soon hard to believe but true everyone is wondering how the move in interest rates mostly to the down side last quarter will impact the numbers for more let's bring in christopher whelan, good to have you back on, ahead of these big bank numbers about to roll out the ten year has ticked up the last couple of weeks but that's not going to impact the numbers because the numbers are based on the previous quarter on a macro level, i know all banks are different i get it, what are you expecting as a larger trend from the numbers that we see rolling out? >> i think what you're going to see, brian, is the banks are going to stabilize we're not going to have the volatility we've seen in earnings the last 18 months because of covid and other factors and the question is what is the run rate like going forward? i think it looks a lot like 2019 j.p. morgan is only half loans today. that number is falling because they're not making many loans, they'r

ceo jamie dimon said it was strong from the delta variant.up significantly. that stock up by about seven-tenths of a percent. blackrock anticipated above the third quarter. jerry fink joined us and told us assets under management grew in the quarter. that was less than expected. he called it outstanding overall and emphasized they have scrambled the u.s. labor picture and he ultimately sees success for the markets at the end of that transition period >> i was very bullish over the long run, could we see like the month of okay, this consternation in the marketplace, i think that may be longer in the back end, i truly believe we will see higher highs. he says you could see more wage inflation, too blackrock shares up 1.6% >> dom chu joins us with top free market movers >> those cost precious becky alluded to in the blackrock report there, also play into the stock this is morning delta airlines it's the biggest carrier it's off 1% in the trade notably, it's come to its first quarterly profit for an airline. they are coming better than expe expec

dimon and they're next. it's another day. and anything could happen.could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. ♪. charles: oops, he did it again. jpmorgan chase ceo jamie dimon reiterated his belief that bitcoin is worthless. in institution of international finance. meanwhile bitcoin diamond hands are growing. 12% of total holders, people holding it 10 years or longer. three-month holders declining sharply. 29% just a few weeks ago, down to 15%. some has to do with the steady rally. more and more folks simply believe in the value proposition including folks on wall street. that's right, sorry, jamie. jim, you pointed out bitcoin, in a tweet, total c

manus: jamie dimon sees a lot more alive data than i will ever see in my lifetime but i want to show you the chart that matters for us which is the divergence between the consumer confidence, which dropped like a stone, and simon kennedy makes this point. consumer confidence tanks. 18 months before there is a recession. we could already be in recession. how are your markets? dani? we seem to have one of those moments of maybe where we have lost sound. we will get to dani in just a moment. we are just going to fix those little technical problems that we have. take a day off. forget that you came back. we will get to dani in a moment. let's reset. we have this surge in energy prices. higher oil this morning. typically more to come. the vice chairman see is $90 oil on the barrel. dani: it certainly could go to $90. -- >> it certainly could go to $90. people around the world, particularly in europe and china, are switching from some natural gas to oil. suddenly, you have this upward pressure on oil demand that was not in the forecast a month ago. manus: let's bring in the bloomberg indus

jamie dimon saying it has no intrinsic value.hink i heard him say that before but what you say to dimon he still doesn't seem to get even though the institutional world is rushing to crypto and bitcoin with both hands? >> well, listen, man, i actually find that really funny, last time i heard jpmorgan is offering crypto products and is building technology around cryptocurrency and blockchain, right? when he says crypto has no intrinsic value that is jamie dimon's personal opinion, not his business opinion. i say follow the person's money, not their mouth. when jpmorgan is pumping millions of dollars into cryptocurrency and blockchain that tells me there is a ton of potential ahead and a ton of upside potential. follow the money, charles. that is where it is at. charles: especially when it comes to wall street, i'm with you 1000%. they always say one thing and the fund is doing something different. 45 seconds, the market is a little rocky, are you making changes to your portfolio? >> the market is looking a lot more attractive tha

morgan's ceo jamie dimon touted their strong results despite the effect of the delta variant. there was talk about covid recovery and he did talk about how they had done well despite supply chain disruptions. what weighed on the stock in the latest session was the fact that you had concern about consumer and commercial loans going forward. j.p. morgan chase again has done well your today to, and jamie dimon pointed out the results were padded by a $2.1 billion reserve relief. the bank did lower its outlook for charge drops in the credit card business from about 2%, down from a previous forecast of 2.5%. i would be losses due to credit cards so that is also a positive indicator. but many expected j.p. morgan would set the global bar of investment banking and dealmaking. it has done so. shery: and is just the start. we have other banks reporting earnings this week including city, wells fargo, morgan stanley. su: we have four in the u.s. thursday session and advisory fees expected to be at or near records for all of the bags, j.p. morgan loan loss -- lending will be the focus for

despite the fact that jamie dimon is saying bitcoin is worthless. it seems a lot of people disagree on that one. haidi: lots of disagreement with the future of evergrande. continue to be on repayment. bondholders saying they did not receive payments on monday. we continue to monitor that calendar repayment when it comes to the bond coupon. the bigger question is to how beijing deals with this beyond just evergrande. we are seeing this play out across multiple pockets of the market. the credit market has been pretty intact, but there were some questions as to what the long-term implications are for not just markets in china but the broader economy and the drag on growth. shery: especially when china is dealing with the power crunch. this start with the energy crisis tightening the market and pushing prices higher. we bring in bloomberg su keenan. asia and europe is impacting u.s. prices. >> the rally just continues to ratchet higher. let's go right into the five day turn. we are seeing west texas intermediate here in the u.s. hold above the $80 level

we heard jamie dimon way in. -- weigh in. >> i think the next thing which is already here is crypto.s already happening. we talk a lot about the central bank digital currencies, the fact that you already have around 100 billion of fiat digital currency in the u.s. today unregulated outside the system. how do we think about that? there's a huge amount of innovation happening. it's about monetary policy and how that gets managed, whether it's inside or outside the system. >> how do you get to be a believer of crypto to have the right products for your customers? >> we are a leader in crypto. we have strong group on that. the thing is how will central banks want to manage this? will they manage it themselves? will they create a framework and tell us how to do it? i think they will be working with the banks. it's also a role we want to play in the value chain. >> how many customers want to buy bitcoin? do they come to you? >> they do, but we have been slow in adopting met because of compliance and regulatory appetite. we are about to offer or already offering crypto etf's. knowing your c

shery: jamie dimon announcing a surprise pay boost for wealth advisors at jp morgan.nce reporter joins us. another pay bump amidst the wars in the financial sector. >> jamie dimon was at windsor castle awaiting the queen when he addressed staff and ruled out the red carpet, saying they are in for a pay bump. it is a structure tied to the length of time they have been there. it is an award for high-performance and for advisors who have brought in a lot of retail clients, they will be paid in restricted stock units, and jp morgan said this is the unit that will double its staff to about 1000 people in the coming years. haidi: james fraser pushing for some changes there. >> citi has been standing out from the pack in terms of their return to work, return to office move, and jane frazier already brought in a zoom-free friday, and now she is saying she would like people to restrict their meetings between 12:00 and 1:00 p.m. to 45 minutes -- excuse me, 12:00 and 1:00 p.m., no meetings, and meetings should be 45 minutes so people have time to catch up. shery: what does all o

vonnie: jamie dimon is forecasting tight regulations for cryptocurrencies. the jp morgan ceo said anxiety around bitcoins and the asset class is growing in washington. dimon repeated his views on bitcoin but differentiated between his personal stance and how jp morgan will deal with. >> i personally think bitcoin is worthless, but i don't care. it makes no difference to me. our clients are adults. if they want to have access to buy or sell bitcoin, we can give them legitimate access. vonnie: mark has applied for emergency authorization for their covid pill. the company says the drug is aimed at treating mild-to-moderate cases in adults at. risk of developing a serious unless. the pill could be the first oral antiviral treatment for covid-19. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in over 120 countries. i am vonnie quinn. this is bloomberg. ♪ yvonne: still ahead, a look at what is next for the bok after it held off on back to back rate hikes. rishaad: next, an update on the flooding in c

we've heard from jamie dimon a couple of times this week.hear from him again this morning following earnings on the supply side story. "a good chance in a year, we won't be talking about supply chains anymore." they maybe will have moved on. tom: i would say that has some merit because of the worldwide context he must have an understanding what is going on in shanghai or singapore or others. i don't take that likely. jonathan: i don't either, but when you speak to specific industries, specific companies, they talk about these companies going on maybe through 2022. tom: certainly through the holiday season. we have already gone into full-scale shopping at the keene household. one of the great moments of "bloomberg surveillance," jon ferro was there as well, was joseph stiglitz onset with us in davos. it was a transient moment in world bank imf history. we have joseph stiglitz with us from columbia university to sketch out the uproar in washington over data integrity. joe, i thought you covered so much ground in your project syndicate essay in

in the meantime bitcoin, worthless investment, not worth the time, what jamie dimon had to say that doesoing. right after this. ♪ thunder, feel the thunder ♪ ♪ lightning and the thunder ♪ ♪ thunder, thunder ♪ ♪ lightning and the thunder. thunder, hear the thunder. that building you're trying to sell, - you should ten-x it. - ten-x it? ten-x is the world's largest online commercial real estate exchange. if i could, i'd ten-x everything. like a coffee run... don't just sell it. ten-x it. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. only comcast business' secure network solutions give you the power of sd-wan and advanced security integrated on our activecore platform so you can control your network from anywhere, anytime. it's network management redefined. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. (vo) while you may not be closing on a business deal while taking your mother and daughter on a once-in-a-lifet

comments from jamie dimon saying have improved incredibly -- not incredibly but improved accordingly. was incredible. jamie dimon saying that the company delivered strong results in the quarter and the economy continues to show good growth despite dampening effects of the delta variant and he mention it is supply chain disruptions which he's come out and talked again. strong numbers from jp morgan. fixed income revenue dropped 20%. the only thing that i found that doesn't look so good, dagen. dagen: thanks, cheryl. (announcer) looking for a better way to lose weight and feel good? how about the one with the 98% success rate and the more affordable weight loss solution? that's golo. there are no monthly fees and it's guaranteed to work or you don't pay. how can golo offer all of that? because it's not like any of those diets you've already tried. it's the new way to lose weight. no stimulants, no starving, just results. results you'll keep for life. no more sacrificing to lose weight only to put it back on. no more sacrificing, period. it improves your lifestyle and delivers incredible

that is dimon's prediction at least.ere on time? lauren: don't delay, ship today. fedex ground, freight economy, the deadline is december 9th. almost one full week earlier than last year. think about it. if you want your item to arrive in time to wrap it, put it under the christmas tree, december 9th is pretty early. a lot of people like to ship at the last minute. people using post office, usps ground service, most popular one is 15th. for greeting cards the 17th. i'm not sure about ups but fedex is earlier. >> thank you, lauren. southwest airlines has canceled 2400 flights since saturday. the ceo says it has nothing to do with the vaccine mandate. grady trimble has that story in next hour. >>> jon grade insteps down as raiders head coach four years into a 10-year, 100 million-dollar deal. brian kilmeade sorts it out next ♪. hearing is important to living life to the fullest. that's why inside every miracle-ear store, you'll find a better life. it all starts with the most innovative technology. like the new miracle-earm

i see you jamie dimon up there at j.p. morgan. jamie -- excuse me for calling you jamie. mr. ceo, it's good to see you. why, from your perspective, do we need to raise the debt limit immediately before october 18? >> you can call me jamie, that's fine. i appreciate you having us all here. there are five points i want to make. number one is a morality point. we teach our children to meet their obligations and this shouldn't be any different. we should never get this close. there are huge economic costs. there are companies and lawyers trying to figure out what this means. number three, we should get rid of the debt ceiling. we don't need to have this brinkmanship every couple of years. number four, an actual default would be unprecedented. the things we know it would do are very bad and it could be potentially far worse. the effects could be cascading. day one would be bad, but the ensuing weeks could go anywhere from a recession to a complete catastrophe for the global economy. i don't know why anyone would take a chance like that. america's role in the world is essential. ou

jeremy dimon, cnn, the white house. >> so those negotiations, if successful, will ultimately lead toe bottom line number that everyone agrees on. earlier, the head of the democrats' progressive caucus spoke with our anderson cooper about what that elusive figure might be and that money actually represents. >> sit specifics you want to hear from sinema and mandhin. he had given the 1.5 number a while ago to dana bash of cnn. is it specifics i feed to hear? >> well, i don't think that's the number. that's not going to be acceptable to us. this is a negotiation, so we need to figure out how we're going to get to a number that we can all adpee on. but the key thing we were fighting for, anderson, which which feel so proud about tonight is we were fought going to leave behind families who feed child care, who need paid leave. people who feed affordable housing. people who are committed to delivering real results on climate change. we're not going to leave behind immigration. these were the five priorities of the cpc that are in the build back better agenda, the build better act i should s

it is interesting to see -- jamie dimon has done a ton of acquisitions. see if the demand exists for others when there is so much pressure on margins -- there is a lot of pressure on costs. tom: the bible here is the late, wonderful, clay christiansen committee wonderful friend of the show and the innovator's dilemma -- ken brian moynihan do clay christiansen -- co-op modern technology? shonali: is interesting. yesterday it was is the answer for jp morgan to buy something like dell, and how creative of an answer is that? it is not just fintech, but you also have cryptocurrencies and blockchain's been adopted at a fast rate by folks like apollo and kkr, and other major credit providers to this economy. so, are the banks going to also invest in those technologies? tom: i would kill to talk to brian moynihan about this over a beverage of his choice. with moynihan it would be a narragansett logger beer. this is serious stuff. can they do what clay christiansen talked about? i am hugely skeptical. jonathan: this is one of the big questions to the industry. lis

morgan chase ceo jamie dimon is defending his pay yet again.on told axios's hbo program the compensation is part of a broader umbrella designed to retain senior management. i'm leigh-ann gerrans. this is bloomberg. ♪ sen. sanders: the $6 trillion i initially proposed was probably too little. $3.5 trillion should be the minimum, but i accept that there's going to have to be give-and-take. jonathan: senator bernie sanders speaking on abc. futures down 13, -0.3%, coming off the back of the biggest weekly loss going back to february. euro-dollar, $1.1635. and the bond market, yields higher to 1.50% on tends. -- on tens. tom: this is a joy, to talk of the moment in washington and the larger picture as well. windy schiller is at brown university, director of the taubman center of american politics and policy. she also has the most readable textbook treatment on america in a democracy under threat. i can't convey to you the importance of gateways to democracy as an instruction guide for so many americans. jonathan: wendy, great to catch up with you. w

amongst those attending mojica morgan chase's jamie dimon -- attending, j.p.gan chase's jamie dimon and citigroup's jane fraser. it is a strategy shift by the white house. president biden's team is trying to broker a deal to scale back his ambitious economic agenda. advisors are weighing liberal policy priorities against moderates' concerns about inflation and tax hikes. in michigan, he called foes of his plan "complicit in america's decline." fed chair jerome powell has game support that could gain him a second term to lead the central bank. more than half of republicans on the central banking committee are backing him. his most vocal opponent is democratic senator elizabeth warren. saudi aramco is close to claiming the prize of the world's most valuable company from apple. the oil giant has soared. its market value now sits at $2 trillion, not far from apples people and $3 trillion -- from apple's $2.3 trillion. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ri

haidi: jamie dimon there on cryptocurrencies and look at the assets right now. little bit of a mixed picture with bit coin under pressure but still above that $57,000 level. we are seeing some easing of regulatory concerns. not to mention perhaps some renewed optimism about a possible s.e.c. approval for a cryptocurrency e.t.f. galaxy crypto index now gaining above that $3,000 level. take a look at the commodity space. natural gas higher at the moment. but still below that $6 level. and after hitting that 12-year high. we are seeing some milder weather forecast. aluminum still hitting that 13-year high. and the power crunch really affecting that energy intensive metal. iron ore at the moment holding at that $130 and trading in singapore soybeans are falling to the lowest since december. we might see some bigger u.s. supplies. but sophie, let's stay with commodities in the morning call. what are you watching? sophie: yeah, shery of the i want to drill down to -- margins returning to pre-covid levels and switching out the board as certification, b. the levels refi

we'll have to see, as we heard as well from the likes of jamie dimon.mation. but even if it goes on for two or three months, it really kind of disrupts the holiday season so fingers crossed these things work >>> oil has been on a steady climb over the last month and traders are getting bullish on the sector mike santoli breaks down the charts ahead >>> and it is hispanic heritage month. all month long we're spotlighting cnbc contributors, business leaders and our own on-air anchors and reporters here's cnbc producer patricia martell. >> i'm a first-generation mexican-american my parents taught me to work hard and do a good job but in the competitive corporate world you need more than just hard work. you need to form your own personal committee of mentors, sponsors and coaches that will help you navigate the playing field, check your blind spot, and position you for the next step because nobody got ahead all by themselves esg is responsible investing. who's responsible for building esg into your investments? at pgim, the pursuit is on for outperformance.

. >> we also, kate, have comments from jamie dimon this has been one of the most fun navers in bitcoin the last couple years blasting it gwen, calling it worthless. the quote from the iif conference today he says quote i personally think bitcoin is worthless i don't think you should smoke cigarettes either. our clients are adults they disagree. here is the rest of the quote. if it they want to the access buy or sell bitcoin we can't custody it or but give thiem legitimate as clean as possible access people always give him a hard time about whether it's holding back jp morgan away from choicing crypto the way others are doing. he has an interesting point. as the industry the mature there is a right way a and wrong way to do it thp. >> he has been a longtime holdout and skreptic in general. he has called it a fraud in the past almost less critical than in the last couple years. but definitely says something about jp morgan. firms like goldman sachs go in the other direction and offer access to their clients. it will be interesting if this affects the jp morgan stance and you've got thoug

worry and just as we'll have a breakout it seems like the next morning we'll have a breakdown jamie dimon, j.p. morgan's chief, supply chain hiccups will ease, and i'll make a forecast this should not be an issue and great market systems will adjust for it like companies have jim cramer says stag fflation worries are overblown, as well are we taking too much of these risks? is it all overblown? >> we always worry about something or a lot of things and this is par for the course i absolutely do not believe that we're seeing stagflation, not when you look at the consumer and how well off they're doing and we'll get retail sales on friday and i think they'll be better than expected and not when you look at manufacturing and an absolute v-shaped recovery with inventories at five-year lows and the third quarter will be unusual, scott, because of the supply chain issues and labor shortages and you'll see slower growth than initially expected and i do think you'll see a snap back in the fourth quarter and into 2022 because the demand is there. so i step back and i listen to what companies are sa

i am not always in jamie dimon's camp. this time i am. i am tired of the debt ceiling. it is not something we should talk about. permanently suspending it would be something markets would like. it would give a lot of certainty to make sure that we don't have these kind of fights every couple of years, especially since this isn't a budget fight. this is just whether or not we are going to pay our bills. have the budget fight separate from this. guy: it will be interesting to see whether the rating agencies have already seen enough. maybe they change their view of the united states as well. we have seen that in the past. thank, indeed -- thank, indeed, -- thank you very much, indeed, ira jersey of bloomberg intelligence. this morning we get more positive data out of the united states focused on the labor market. u.s. weaker jobless claims -- u.s. weekly jobless claims were treating -- claims retreating in a broad-based decline. the big number we are going to be focusing on, bloomberg's mike mckee. michael: these numbers aren't going to change anybody's mind about tomorrow

diamond was -- dimon was awarded $31 million compensation last year. was recently given a surprise five-year retention bonus. he told axios that the cio compensation is behind a broader umbrella to retain senior management. >> does it fair you make 400 times what the average j.p. morgan employee -- >> my board decides what i make. >> but i'm the chairman of my board and if i told them to lower it they would lower it. and fatherness -- >> they would be offended. shery: qualcomm has partnered with newly formed private equity firm s.s.w., the complex transaction, a lengthy battle for control of the auto tech company. the $37 a share deal is an e-tail 18% extreme over rival bid from magna international. they will carve out the autonomous driving operation for qualcomm and find owners for the rest of the business. the autonomous vehicle unit of g.m.-backed cruz will see its ride hailing business become a $50 billion operation over the next couple of years. sources say the c.e.o. dan aman will present those plans to investors this week. he's expected to say

a thing to try to look at with inflation is interesting because jamie dimon saying yesterday he thoughtupply chain thing is not a big issue in 2022 i'm not so sure he is right but what can we buy for a hedge on both sides one is a technology stock and i'm looking at qualcomm. qualcomm this stock has a 2.2% dividend yield which is pretty good for a technology stock and others that high like texas instruments about thesame yield but it is not oversold at all. qualcomm down 25% this year. rsi is down to 20 which is more oversold than it was back at the lows of the pandemic so actually i think the stock is one that if dimon is right and the supply issues go away this will be able to leverage to the upside and your downside is limited with a good yield and the stock is oversold. >> qualcomm and thoughts on fastenal we appreciate it head to the website or follow along on twitter. >>> female investors outperforming men? we'll look under the microscope next. >>> now the latest from trading nation.cnbc.com and a word from our sponsor. >>> new study from fidelity shows that women outperform men c

wall street, jamie dimon, keeps throwing shade, going after the central value proposition of bitcoin. jim bianco one of first on the street to recognize bitcoin's opportunity. i don't know if you consider yourself a suit but you're one of the cool suits. >> i will take it. >> jamie dimon at least according to the crypto crowd. he always tries to discryptocurrency. he brings up the major reason there is hess 10 say. the guarranty, there will be only 21 million bitcoin ever mined s that rock solid? >> yes it is. it is written into the code, and in the crypto space code is law. no less than brian armstrong coinbase ceo, i read the code, it is 21 million. now that i said that, it is possible to change it but it can't be changed clandestinely. you have to actually have what is called an improvement proposal. you need more than 50% of the bitcoin owners to vote for it t has to be done in public, open way. it's a process that would probably take months or years to do it. it will not slip under the radar, 21 million become as different number. charles: i got you. one reason we don't want cong

i say my old buddy jamie dimon, j.p. morgan, excuse me for calling me calling you jamie mr. ceo. it is good to see you. wyatt, from your perspective do we need to raise the debt limit immediately before october 18. >> mr. president thank you you can call me jamie that's fine. thank you for having us here. their five quick points i want to make. number one is a morality point we all teach our children were supposed to meet our obligations. i don't think the nation should be any different. number two we should never get this closer huge economic costs already being borne by companies and lawyers trying to figure out what this means something like this ever happens. it's already affecting the stock market as you have heard from some of the folks here. number three we should get rid of the debt ceiling we do not need to have this every couple of years. number for the actual default, actual default will be unprecedented. the things we know it would do will be very bad. it could be potentially far worse the effects of the cascading so it day would be bad but the cascading could be days

at the same time dimon said that he'll spend, quote, whatever it takes, end quote, in order to fend off the competition from the financial tech space where companies like affirm are branching out from buy now and pay later and cash banking accounts. >> that means they're getting more promotional with credit card there is nothing to write home from or sell the stock could have rallied a couple of bucks but not when it is compare with what i'm about to tell you. next up we heard from four of the biggest banks. bank of america was the star of the show by far. they reported a quarter that was beautiful and simplicity, came in much better than expected, up 12% year-over-year and overall expenses were flat which translated into 58% earnings growth glorious leverage. ban bank of america deposit base grew and standing at $1.9 trillion because they're winning so much business from the terrific online banking platform which i use and love. even bank of america's four main divisions did better than expected and i imagine they could feel confident about the state of the consumer. but the consumer i

say there's no value i go to jamie dimon and say, what value is the dollar >> there's a whole whiteg post called "life after default" which is about what markets and the dollar and stocks would look like if this does not go well >> yeah. i think we can spend an awful lot of time about what things look like, and they would not look particularly good most market participants are very skeptical we'll ever get anywhere close to that point i think it would be something of a surprise if we're sitting here one morning and looking at our watches counting down the hours, guys it's still urn clear if the democrats will have to act by reconciliation to get that debt ceiling raised, carl we will see, about you that does seem to be the expectation, one way or the overt, it will get solved, as it always has in the past. >> moody's yesterday, a stable outlook. we'll just have to watch the clock. >> you can't argue right now, if we had the s&p, if you're listening to yellen, don't you have to downgrade in advance because that would seem right. let's say it was a stock, and we hear this talk i mean,

i see jamie dimon a jp morgan, mr. ceo, good to see you. why, from your perspective, do we need to raise the debt limit immediately before october 18? >> thank you, you can call me jamie, that is fine and i appreciate you having us all here. anyway, there are five quick points i want to make. number one is a morality point. we teach our children's we are supposed to meet our obligations. the nation should not be different. number two, we should never get this close, there are huge economic costs being borne by companies and lawyers trying to figure out what this means if this happens. it is affecting the stock market as many of you have heard, three, we should get rid of the debt ceiling, we do not need to have this every couple of years. number four, and actual default would be unprecedented. the things we know it would do our very bad and it could be potentially far worse. the effects would be cascading. day one would be bad, but the cascading effect in the ensuing weeks could go anywhere from a recession to a complete -- number five, ame

. >> jamie dimon, ceo of j.p.esterday a year and a half ago we were facing a pandemic, possibly a great recession, and all of this are just uncomfortable but bumps in the road through a pretty healthy, in his words, economic recovery. do you agree with that, mark? >> i do. do the counter factual, what if we didn't get that help and support and unemployment is still very high, people are stepping out of the workforce, more people sick that's a discharger scenario than the one we are in. this is the side effects of trying to get through to the other side of this pandemic, i think. i think we have to completely reenforce the point the supply chain issues are global issues. that, you know, in fact, the delta variant of the virus did a lot more damage to asia, particularly southeast asia, which is important because that's where a lot of these supply chains begin. for example, malaysian chip plants, semiconductor plants shut down because everyone got sick and that affected the vehicle industry, we can't produce enough v

romaine: that was jamie dimon of course speaking earlier at the institute of international finance meetingd of course, look, we have to talk crypto because caroline is here. big take focuses on the day in the life of traders, and on volatility and a few other things. caroline: it is a good day when we can mention the vicks, the fx volatility index, and bitcoin volatility. $57,000. i think we said that was the highest going back since march, april may. the blue screen is the 30 day volatility. it has been creeping up since the lows of september. all of this brings to mind, is it a blessing or a curse given that volatility should be good for markets? less discuss it all with leigh drogen. he started a new firm recently, starkiller capital, applying quantum research to digital assets. this is interesting because we know you as someone who traditionally would come on and we would talk to you about traditional equity analysis. make the pivot in the jump for us how you apply that with crypto. leigh: i have been a crypto investor since 2013, more so in 2015. in early 2017, sat down to apply very

jamie dimon, one of the most important bankers in the world and chairman says it is basically worthless clients disagree with me we're going to make services available so they can access bitcoin as well, although he, himself, i thought it was an interesting assessment he says it's bitcoin back to you boat >> all right thank you, steve >>> still ahead, janessa webb tracking the october snowstorm ramping up today how sesame street is helping people with autism on the screen and behind the scenes. inflammation in your eye might be to blame. [inflammation] let's kick ken's ache and burn into gear! over the counter eye drops typically work by lubricating your eyes and may provide temporary relief. those drops will probably pass right by me. xiidra works differently, targeting inflammation that can cause dry eye disease. [inflammation] what's that? [inflammation] xiidra? no! it can provide lasting relief. xiidra is the only fda-approved non-steroid treatment specifically for the signs and symptoms of dry eye disease. one drop in each eye, twice a day. don't use if you're allergic to xiidra. c

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

jamie dimon says the bank will spend whatever it takes to keep up with the competition as it looks to presence in tech. and a 12% increase from the year before, investors raise the revenue outlook for the year ending 2022, underscoring how i.t. spending continues to grow even as the pandemic forces more migration online. and hoping u.s. regulators will greenlight an etf, planning to invest in contracts that trade on commodity exchanges. the etf would directly track the world's largest cryptocurrency as measured by the bitcoin index. shery: minutes away from the open in australia. let's turn to sophie for what to watch. sophie: we did see softer coal sales as the supply chain has hampered it shipments but whitehaven set up for a net cash position that will help it tear down its debt. rbc expects you near-term cash generation to stay strong but there is risk from acceleration in energy prices. commodity supported in china. a 45% interest in a copper mine in sierra quarter. haidi: coming up in the next hour, weighing in on the inflation debate with price pressures continuing to run hot.

jpmorgan ceo jamie dimon predicting a "complete catastrophe for the global economy." raising the debt ceiling used to be a standard bipartisan vote. but now, republicans want democrats to own it heading into the midterm elections. this although 98% of the current debt was created before president biden took office. $7.8 trillion of it during the trump years, when the parties voted to raise the debt ceiling three times. senate minority leader mitch mcconnell didn't mention any of that today. >> but the democrats who run washington have done nothing. they've squandered week after week after week. >> all right, so, rachel scott, who has been following this every night for us from the hill, rachel, republicans, democrats agreeing today to temporarily raising the debt limit until december, but a lot of people watching from home tonight are going to say, is this just kicking the can down the road here? >> reporter: yes, david, this is really only a temporary fix. lawmakers will have to revisit this issue in several weeks, as they are also trying to avert a government shutdo

jamie dimon is forecasting higher regulation for cryptocurrency.nstitute of international finance that anxiety around stable coins and the asset class more generally is growing in washington. >> i personally think that bitcoin is worthless. i don't care. it makes no difference to me. our clients are adults. they disagree. if they want to have access to buy or sell bitcoin, we can give them legitimate as possible access. >> a new california law will require big retailers to create gender-neutral departments for some toys and childcare items by the start of 2024. larger retailers will have to maintain gender-neutral sections for a reasonable amount of children's items. clothing is not included. the legislation is the first of its kind in the u.s. that is the bloomberg business flash. tom: thank you very much indeed. coming up, u.k. payrolls rise above pre-covid levels, an indication of the strength of the labor market that may push the bank of england to hike rates. more details on that. this is bloomberg. ♪ >> in these next few months, i would say.