set out jamie dimon earlier this week and asked about that.it about the tight labor market and the economy. this huge pressure and wages. maria i think that's good. part of capitalism is human freedom. human capitalism but you get to work or you want. people compete for your services. so now businesses it's much worse in a recession they complain about wages going up too fast but we have to compete more with people. we have to be very competitive bessette paid for best performance that we can. there is competition. technology and a bunch of other areas. i think the american citizen who have jobs and wages are going up. maria: you said if you throw a lot of money infrastructure that fixing the regulations that cripple it won't work. tell me what you think is great policy of the spending going on and on the national debt. >> when something is one 100% partisan and it gets passed, but defied about for 20 years. it's compromise get to fight about the next 20 years compromise as part of the democracy. you cannot have democracy of a compromise i'm t

set out jamie dimon earlier this week and asked about that.alked a bit about the tight labor market and the economy. this huge pressure and wages. maria i think that's good. part of capitalism is human freedom. human capitalism but you get to work or you want. people compete for your services. so now businesses it's much worse in a recession they complain about wages going up too fast but we have to compete more with people. we have to be very competitive be aite forte besort petorrfatmathe w w can. ther iere comonti.... notegy and af of hinknkcankniz ceniz whavewhobs job a jobagesre going ugop. u maa: youai if youfou touhrhr ieystnfst st th ixatixegulixegionsegeg let ion't i'tk. t wout ys toficheicnd s debt.henatiol hiomng isngs00 an and it i i i i gs gasse g g , t aor a 2. it's compromise get to fight about the next 20 years compromise as part of the democracy. you cannot have democracy of a compromise i'm thrilled with bipartisan. in the infrastructure bill i think two things were good. in the infrastructure bill some things about streamlin

we will get the latest on the fed and the fall-out plus, jamie dimon live the jpmorgan chase chairmannd ceo joins us for a first on cnbc interview. his 2022 outlook on the market, rates, crypto, covid and so much more it all comes on an ironic anniversary. one year since the reddit rebellion. a look at the winners and losers since then, obviously with it tougher for losers lately. let's start with dom chu >> the state of play right now is about the nasdaq trade you just mentioned kelly mentioned that 200-day moving average for the nasdaq composite. 14,688, that is the key level. that's that 200-day average price. we haven't seen it dip below there in quite sometime, which is catching a lot of trader attention. that's the reason we are seeing the nasdaq composite down about 2% right now, off the session lows the dow industrial is off nearly 400 points, 1% losses there. the s&p 500, 4614, down about 1 and a third percent overall. if you look at the story for what is moving right now, interest rate is a big part of the story. two-year highs for the ten-year treasury note yield. at one po

maria: more of my interview with jamie dimon all morning long this morning.markets where we are looking at a bounce on the heels of massive volatile day yesterday. s&p up 15 and 3 quarters and nasdaq higher by 75. it was quite a different story yesterday but when all was said and done the dow and the s&p 500 finished lower well off of the lows of the day but the nasdaq actually reversed course altogether after falling 407 points, nearly 3%. nasdaq finished 7 points and dow industrials were down 162 and s&p lower by 6 and 3 quarters. european markets this morning also with firmer tone. take a look at euro zone, gain as cross the board. ftse 100 up 51, cac up 95 and dax index higher by 171. in asia overnight, markets finished mostly lower, worst performer was japan, nikkei average down almost 1%. mornings with maria is live right now. jp morgan ceo jamie dimon tells me for the first time in his life he's seeing huge pressure on wages and competition for talent. it is day two of j.p. morgan chase annual conference and second year in a row things have gone virtua

special bonuses for jamie dimon. special bonuses for jamie dimon.ve not seen so much of an increase going out to shareholders which is one of the interesting things that has gone on this earnings season. manus: we have obviously seen the bump up in junior banker pay as well. $110,000. look, wall street sometimes sets for the french trading banks for the swiss. but how do you think the street is setting up the european outlook for the bank season? >> it is down to be quite similar to what we have seen in the u.s. in terms of the revenue performance. fixed income, fixed trading division heavily. the mna and advisory work and ipo's and so on will be ok. it will not be as good as the u.s. players. what we have got is a forecast across the big europeans, up about 4%, which compares to 28% improvement in revenues for advisory of u.s. banks. the interesting thing will be equities and the reason i say that is because it has been quite a mixed picture in the u.s. it was not as hard for many of the u.s. banks as it was for fixed income. some banks did very we

some ultimatums from jamie dimon. >> we knew some of this was already true.u are not in front of your boss, are you really working? there is a lot of that culture going on on wall street. jamie dimon was early to bring people back, but they fell short of what citi did, saying employees could be terminated if they are not vaccinated. we are seeing banks take a harder line. this is certainly a much harder line from j.p. morgan, but they are not consistent across geographies. they are following local rules and regulations about what needs to be done. matt: jamie dimon also saying he has never seen wages grow this quickly under this much pressure, in terms of shortness in the labor market. better, though, then he says 50% unemployment. >> probably hiring significantly into next year alongside other banks. i went back and looked up, what is j.p. morgan's median pay? $80,000. there is a wide range of.payment bank of america is $95,000. there is room to bring that figure up even across j.p. morgan when you look at the range of employees it has. matt: j.p. morgan may

the other comment i want to point out from jamie dimon is this idea of rate hikes.ave been talking about this a lot. the idea that there could be potentially more than that. i want to also say that jamie dimon earlier in the media call was asked about whether the fed could be making a policy mistake, whether this could be impacting the bank, and he said he really can't be spending his time worrying about things like that, but they will face these headwinds and they do that feel a lot of optimism ahead. guy: i thought he was pretty complement three about what the fed has delivered so far, which is interesting coming from jamie dimon. sonali, always a pleasure. we will catch up with sonali as she keeps us updated on what is happening with some of these calls. let's dig into the details now of what is happening here with these bank earnings. dried cassidy, rbc capital markets head of u.s. bank equity strategy, has an outperform -- gerard cassidy, rbc capital markets head of u.s. bank equity strategy, has an outperform rating for j.p. morgan and citi. you have a tension

jamie dimon is always very vocal. we have the earnings call today, perhaps tomorrow for you, from j.p. morgan, what are you looking to hear from jamie dimon to solidify your bullish view on jpm? >> jamie dimon always chimes in with some good quips during the earnings call. from him, i am looking to hear a couple things. one is, how has omicron affected their business and outlook for 2022? he has talked about how good the economy is and how good the consumer is. does that mean anything for them ? this dynamic around workers at the bank in terms of requiring vaccinations, they have been very hard line on that. i want to know how that is impacting them from a workforce standpoint as well. and then just got to hear what he sees as the risks out there. the death of traditional banks has been vastly overstated for quite some time. i know he always gets questions about fintech on the call. i'm sure he might have a chuckle about the performance of the stocks in those areas. manus: much has been made of my demise. some people

jamie dimon for his part would like even more than that. go to edward lawrence at the white house with more. reporter: what might have brought the markets back a little bit, the fed says they believe the supply chain issues you will work themselves out this year. this is the renomination hearing. renominated fed chair jay powell for a second term. he is expected to sail through the hearing but what he also did signal they will be more aggressive with the tightening and multiple rate hikes. listen. >> over the course of this year return to normal supply conditions. that is going to affect our policy. i will say though, if you know, if we see inflation persisting at high levels longer than expected then we will you know, then we'll if we have a raise interest rates more over time we will. reporter: federal reserve members indicated three rate hikes this year. goldman sachs, others, jamie dimon, saying four are likely. the growing feeling the first rate hike will come in the march meeting. now december cpi inflation number comes out tomorrow.

what have you learned from jamie dimon? is he a mentor as well?mellody: any board role you are a fiduciary for the shareholders. howard taught me that. every time he sat in a room, there were two chairs. one is a partner and one is a shareholder. he said when you are the boardroom, be proud of everything you say to those chairs and i have taken that to heart and i do the same thing when i went to jp morgan. i assume there is any employee in the room and a shareholder in that room and i'm supposed to look out for them. that is my job. in terms of what jamie has taught me, howard and jamie have taught me different things. i have been with howard a long time and i think he molded me as a person in terms of my professional self from watching him, especially for so many years and so close. with jamie i have not been there as long, but what i can say is i have learned without question how he has put a world-class team around him to run a complex business and at the end of the day you are only as good as your people. that is what i've learned. david: ano

they were talking about jamie dimon's call for rate hikes.'s get back to the compensation story. the ft wrote it up, an extra two point 5 billion earmarks of compensation and travel expenses. one of the numbers we are looking for today? the bonuses people might be getting over the next few days? lisa: two bloomberg reporters talked about the commodities trading sector and how top traders can make north of $30 million in terms of their bonus as a result of making more than $1 billion that unit. how much is that going to be a focus at a time when compensation really seemed to hang on j.p. morgan's earnings? jon: how big is the exodus of this -- of these banks going to be in the coming months? they'll get paid and move around, it is musical chairs. i want to gauge what the next three years looks like. i'm convinced the c suite one to do this once, they do not want to do it again. are they going to have to repeat the act the next few years? devin: it's a great question. ultimately, we are coming off a year where trading revenues were records. in

david: and it is led by jamie dimon who has been ceo for some time.a board member there, what is your responsibility? to help the bank grow, what have you learned from jamie dimon? is he a mentor as well? mellody: any board role you are a fiduciary for the shareholders. howard taught me that. whatever you set foot in a room, he taught me you picture two chairs, one is empty, be part of everything you say to those chairs and that -- i have taken that to heart and i do the same thing when i went to jp morgan. i assume there is an employee and a shareholder in that room and i'm supposed to look out for them. that is my job. in terms of what jamie has taught me, howard and jamie have taught me different things, i think howard molded me as a person in terms of my professional self from watching him, especially for so many years and so close. with jamie i have not been there as long but what i can say is i have learned without question how he has put a world-class team around him to run an extra nearly complex will--business and at the end of the day you ar

dimon yesterday.onathan: to jamie dimon's point yesterday on cnbc, the interview you are referring to come of major point is the economy is not the market. the economy, consumer balance sheets, fantastic. we need to distinguish between the two in the hours and weeks and months ahead. tom: it is going to be fascinating to see how he threads the needle around the politics of left and right. lisa: how do we determine how much weakness we can see in the market to allow the economy to continue to grind in a controllable way without some sort of wage price spiral, without some sort of disruptive bout of in-place and that could crimp growth going forward? tom: we've got to get to the data check here. to me, it is incredibly nuanced right now. there's not a lot of movement, but it is really actually quite interesting. jonathan: we had a ton of movement yesterday. the nasdaq down by 2%, 3%, and a big turnaround. nasdaq futures positive again, advancing 0.3% on the s&p. the move in the 10 always gets the headli

but really jamie dimon spoke about loan growth and the loan growth was there.ly in the morning, the stock is trading down roughly 3% but remember, it's up 20% in the last year. it's actually one of the few stocks that's performed well year-to-date. so i wouldn't overreact to this number at all. jamie dimon came out, he did an awesome interview with maria and i think everything he plans for came through in these numbers. the bank is hitting on all cylinders. so this is one of -- if it gets too weak, it's a buying opportunity but really the read-through from me for these numbers is the economy and as jamie dimon said, he expects the consumer to be strong and businesses to be strong and that's what you saw here. dagen: but the big wild card, lindsey, would be the federal reserve and the federal reserve overdoing it as it tries to tame inflation and damaging the economic growth and recovery. plus we're digesting news this morning that he has picked a new head for regulation, sarah bloom raskin, who wants to tackle climate change. yesterday, we heard from lyle brain

dimon says that is a top priority. great.o they do with themselves, or do they acquire that modern financial tech to bring it in and almost contain it? jonathan: there's been talk of an acquisition for a long time over at j.p. morgan. they have gone in a different does >> than morgan's -- a different direction than morgan stanley. do you think this is the year? tom: that is a really important question. we only get that answer at the davos david morgan party. jonathan: they are not going to have that party this year. in the summer, we might. tom keene, lisa abramowicz, and jonathan ferro. futures down 0.2 percent on the s&p, down 40 on the nasdaq 100. heard on radio, seen on tv, this is "bloomberg surveillance." ♪ ritika: with the first word news , i'm ritika gupta. more signals that the fed is set to raise interest rates in the coming months. president biden spec for vice chair of the central bank lael brainard told a senate hearing that rates could be increased as early as march. fed governor crist for waller said that three

jamie dimon saying the american economy is headed for the best growth in decades. speaking with us on monday, dimon says that's largely because consumer balance sheets are in good shape, adding growth will come even as the fed possibly raises rates several times this year. >> it's going to be a little bit like threading a needle. you can't look at anything and say that's my projection, because you don't know it's possible that inflation is worse than they think they have to raise rates more than people think. i'd be surprised if it's more than four increases next year. i think four is a very little amount and easy for the economy to absorb. >> now, dimon does warn, however, of stock market turbulence like what we saw yesterday as the fed gets to work let's talk about this with john. he remains bullish and has one of, if not the, i believe, he can correct me if i'm wrong, highest s&p 500 target on the street john, you are nodding is that right? >> that's right, brian good morning to you. >> good morning. and thanks for getting up early. we needed your insight after

jamie dimon did get 10%. what is solomon? >> a lot more. variable compensation is 70%. >> that's a little bit higher than inflation. >> remember, we were looking at issues that had tied some of the pay reduction there, and you have to think on top of this the special bonuses that the bank executives talked about. >> we should point out too that you conceal the big ceo pays on the bloomberg terminal. if they saw what some of these tech ceos are making -- >> or private equity ceos -- >> they will cry little bit. i'm kidding. caterpillar, some concerns not only about them but the broader industrial space. we will break that down a little more and see what the potential ramifications could be ahead. this is bloomberg. ♪ >> we are talking earnings today and will focus on caterpillar result. they came out earlier. when you look at the bottom and top line numbers, they were a disappointment because of some of the commentary caterpillar gave with regard to the supply chain pressures they face and the idea that demand in china may not be as strong a

jamie dimon says the markets can handle higher yields.hink stocks can whether three or four rate hikes? >> not all stocks are created equal. something lauren said is right, rising is disruptive for stocks but with support their call from the rotation of value. not the rising rates are great for all stocks but if rates rise which i think they will we will see investors get out of growth stock, over to value. that is what the big take away is and if you are an investor holding the bag you don't want to hold back on these names but have gotten so detached from reality. talk about it last week, we thought rates were going to 175. rates are going to go to 2%. when that happens i think is going to be 2022 for the year, free cash flows, companies that are creating a profit are going to be prioritized. you want to be owning those names this year. stuart: jpmorgan says to buy the dip. have you been buying the dip? doesn't sound like you have. >> facebook, amazon, microsoft absorbed the rising rates, should buy those dips in those names, so detache

i don't think it is a run away i'm certainly not in the jamie dimon 5% camp. don't know if he is still there. he was there many years ago, but he sounded quite hawkish recently but i think there could be a little bit more hiccup at the long end because i think the balance sheet is more in play from a sales perspective and from a speed perspective >> very interesting. if you are right, it probably doesn't bode that well for those areas that have already been under pressure from higher rates, which are, you know, taking a bit of a pause today but could come back to the fore. dave, thanks we appreciate it we will check back in soon >> always a pleasure, kelly. >> david zervos joining me from jefferies. >>> still ahead, a key inflation report is due out tomorrow plus, a billion dollar trade the corporate executives who won and lost big in the reddit rebellion. details ahead. >>> this is "the exchange" on cnbc ♪ ♪ ♪ digital transformation has failed to take off. because it hasn't removed the endless mundane work we all hate. ♪ ♪ ♪ automation can solve that by takin

jamie dimon doubles down and says if you don't get vaccinated, you don't get paid, to says companies continue to push back the big already a. we will bring you a virus update. could the bitcoin death cross be upon us? we will talk about that with the president of a blockchain start up. all that in a moment. let's get a look at the markets with ed ludlow. ed: finally some green on the screen, the main gauge, of u.s. equities recovery in tech stocks. bigger outperformance on tuesday, up 1.5%, the rebound coming through in semiconductor stocks, philadelphia up 1.8%. bitcoin up 42,000, a recovery in terms of what we have seen in recent days. we have to talk about the driver of the markets. powell saying in testimony, he reassured investors that the fed is going to act to stamp out inflation as the economy is rebounding, and he signaled in terms of a comet of policy, the fed will shrink the balance sheet in 2022. you see risk assets, bitcoin, nasdaq, all making gains following those comments. big upward tick. i want to focus on mega caps like apple and amazon, big movers on wednesday. met

his jamie dimon and the rest of them working within it double digit or single digit framework?been double digits and when you look at most metrics over 10 or 15 years, jp morgan will rank at the top stop during the low rates of the last five years, jp morgan was the only one to show positive growth in that category. this is a strong management and it goes back to 2008. the market knows that and this is obviously a great core holding for investors. then again, we're looking for some of the other performers to begin to pull their weight. tom: when they pull their weight, they've got to compete strategically. let's go to citigroup. it's down the road this morning but the basic idea of the strategic shift of citigroup, who do they want to be like? >> they are increasingly becoming more like a ubs. ubs is the world leader in terms of global wealth management. i think the ceo is doubling down on that strategy particularly outside the u.s. and asia. they are fraught with issues of either local economies that are unstable or not growing as fast as perhaps the u.s. and they feel that in

a more winning structure so i think that explains a lot of back and forth that we have seen jamie dimon talking about jane street and citadel that's high frequency trading hype businesses so clearly they're not going to give an inch and spending to do it. >> on netflix which is popping, julia boorstin has it for us. >> shares are moving higher news on raising the subscription service depending on the plan. the standard plan that's the most popular plan now kortss $14 $15.49 and the premium plan is going from $18 to $20 a month. so interesting to see netflix shares up more than 2% and says that the company feels like it has pricing power here in the u.s., believes that people won't drop the subscription raising the prices and additional higher price will help them pay for the content producing both in the u.s. and around the world and netflix reports the earnings next week. >> everybody else is raising prices in an inflationary environment netflix, plenty of demand. no way to grandfather in the current package? this is across the board >> this is across the board. just looking at if anno

the excellence of fortress dimon. frazier at citigroup has a different story to tell.onathan: investment banking revenue, $1.85 billion estimate -- billion, estimate $1.63 billion. sales and trading revenue coming in at $785 billion. the story of jane fraser and citi not about the quarterly earnings. it has been a lot of reaching geographically around the world. citi is now announced all markets it intends to exit. tom: mailed that. jonathan: deep breath. citi is now announced all markets it intends to exit. after this geographic rejig over the last few months, that should be at now, according to jane fraser. tom: when you do compare and contrast here. we mention 15% over decades with jp morgan. citigroup, what a different look. the last 20 years, -8% per year. the last 30 years, single-digit and lousy single-digit, up 5%. lisa: but we are seeing is them trying to some blood five. it now, the market is lower, down nearly 2% at one point. what i think is interesting is this idea of trying to move towards something that is streamlined while underperforming on the trading

i want to hit on one other story there's a guy named alvin brag, the manhattan da, which has jamie dimont does business in new york worried as hell and through their lobby group, known as the new york city partnership , they're asking for a meeting with mr. brag after brag came out with a memo that said he's not going to incarcerate most crimes in the city, if anything but maybe murder, but most crimes will not receive an incarceration attempt by his prosecutors at least that's what the memo said. we should point out mr. brag also did not return fox business ' comment but they haven't denied it either so what i know is that kathy wild, the head of the new york city partnership, has demanded a meeting with mr. brag to discuss this , because members, like jamie, like the rest of them, are up in arms. literally worried about crime is pretty bad in new york city as it is. if this guy has its way, will their workers be safe going to the office if anybody, nobody but someone who shoots somebody goes to jail. i mean there's a lot of crime in between that. they demanded a meeting. mr. brag said

francine: brian moynihan, jamie dimon, and dennis coleman talk about banks. wall street names released results this week. we are enjoying -- joined by opimas ceo octavio marenzi. does this mean we will be seeing more or less because bankers will not be paid as much? octavio: we see the inflations in the u.s. bank earnings, but the point now is what is uniform across the earnings which seems to be that banks are not spared of that. there conversation costs did not go up as much as others did. you saw wells fargo actually did well, and that was because they reduced the headcount. it is not uniform across the u.s. banking sector. while universal banking sector earnings went up, that is not the truth. tom: does this suggest that the wage inflation we have seen in u.s. banks is temporary? octavio: i think it is going to be pronounced long-term. i do not see the fed getting general inflation under control anytime soon. the fed will raise rates may be three or four times this year. it is not really going to get inflation under control, so we are going to see wage in

yes, but what i think people are missing, and jamie dimon talked about this last week on tv. underlying all of this is this incredible economy where labor is in such big demand and there is tightness all over the place. there is a lack of supply of labor. so it is a great economy to be someone working, and the big fallacy, and heard your guest commenting are there, i think the fallacy in this market is that if stockmarkets do poorly, if bond markets do poorly, stocks will do poorly and therefore the economy must have to do bad based on that. what jamie dimon is trying to explain to people is that the question is, will the stock market be impacted by that? we would argue yes, rates going higher will impact stockmarkets. the rates going higher are because of how strong the u.s. economy is, the u.s. consumer, and how ready to borrow these households are. manus: one of the themes that has been touched on by many people, getting back to pre-covered levels, i want to belong bank of america, wells fargo, and retail, versus jbm, goldman sachs, and other investment banks. do you belie

dimon said there about interest rates so he says maybe even more than that, but i also want you to gob to earlier in that interview, where he said some incredibly favorable bullish things about the american economy. >> he did. i actually agree with him. i think you have to take a step back the fed -- by the way, they're still very accommodative, even though the taper is coming down. they are going to tighten eventually, but the environment is very liquid the reason he took a step back is the reason they are changing their tune is because the economy is strong. we should be normalizing policy. is that three rate hikes, four, five, ten? i don't know we'll have to see, but when you look at the economy and the data points that are presenting to us, we have strong housing, only likely to get better, because pending home sales were the best since may. you have isms, still comfortably above 50 that's a diffusion index auto is running full tilt. they have supply constraints, they're still 25% below production levels that were pre-covid. just imagine when that gets better, and of course you hav

jamie dimon doubles d

here's jamie dimon about investing in china with me just last week.e very, very careful and we're just very deliberate how we go about engageing with the american government, in particular in this case. and a yeah, if you're doing in business in china, the risk goes up. there's more complex issues around other things, that is true too. we have to navigate around that. you can imagine, we have plenty of conversations. the american government doesn't want all these companies to leave things around the world. we don't think it's good for the long-term health of america either. maria: jay, go ahead. >> it's classic under-money. if you wonder why people are saying things that don't make any sense, you think about where the money is flowing. and jp morgan has a $20 billion investment in china n just got a license for securities business. they can't afford to say anything. but this is why american foreign policy is so bereft because so many big institutions in the us, whether it relates to china or to russia, even to iran, are stymied by the fact that there

morgan chase, ceo of jamie dimon with an upbeat note on the st.t's welcome the u.s. chamber of commerce president and ceo suzanne clark. later today, she will be hosting the state of the annual business conference but we get to talk to her first. thank you for being with us today. what is the state of the american business right now? >> well, first of all, thanks for having me. good morning the state of american business is strong. it's agile, it's innovative. it's competitive i am optimistic about the ability for business to step forward and solve problems and serve consumers. we have been calling on the speech today for some things we think the government can do to be good partners this that work. >> has the government been a good partner to this point it's been a rough couple of years over all trying to deal with covid none of the science abath. the numbers are reaching record levels right now. >> it's a tough time, isn't it i think we are all so ready to get together if are you a family or a business or you and me. it's just time but i would s

jonathan: jamie dimon says 5%, 6%, 7%. over what timeframe, i am not sure. the guy is a genius, that everyone was talking about that and they weren't talking about expenses after that call. yields up three basis points on tens. in the commodity market, we will talk a -- talk a whole lot more about this one, 88 on brent. lisa: let's see if goldman sachs can complete the same patrick in talking more about his outlook. would goldman sachs comes out with earnings, we are going to be looking at compensation. we are going to be looking at expenses, at the same time we are expecting a really big boon for their trading and banking sectors. how much are they benefiting from the rising rate environment versus some of their peers? they are outperforming on a one-year basis based on the s&p 500, but on other financials, they are underperforming because they are less tied to that rising rate environment that a lot of people think will recover. at 8:00 a.m., we will be with standard chartered's chief executive bill winters. how much has the equity market been shunned by f

jamie dimon said in new york there is a vaccine mandate.u want to come into the office, you have to be vaccinated. they say 97% of employees have gotten the job. across the wider space, dimon is saying there is no way they can apply the policy universally in the u.s. and across the world, so every office will have a different approach. when you come to europe and asia where vaccine mandates are harder to implement, you have a different approach. the message from j.p. morgan is this is complicated and there is no way to make a universal policy. dani: it's not just big banks looking at changing their policy. tech as well. what have we heard from meta? tom: it has pushed back again it's returned to office to march 28. there are a ton of caveats. they say you can extend if you want to spend a few more months at home. they don't have a playbook for this and each company is feeling it out. dani: tom, thank you. meta of course facebook's new name. it is more calm this morning, but we continue to see a bit of a curve flattening, a conundrum the fed

sonali: jamie dimon said this week that he expects in a couple quarters, it will get back to normal moreight now, what we know from data is loan growth is expanding, especially in credit cards, which is great news for jp morgan, great news for citigroup, but what is happening is consumers are paying down loan balances so getting interest income was hard to come by in the credit card business. rewards are also falling from the sky. let's see how long it'll take them to be profitable into the remainder of the year. jon: i think by the end of the week, you mentioned equity financing, so much steel financing, but will we have a sense of who muscled into the biggest deals last year? sonali: we know some of that. what we love about the league tables is what they do in terms of getting that business shows up later in the future earnings reports. goldman sachs won by a landslide when it comes to m&a advisory. there were also number one in many forms of equity underwriting. morgan stanley tends to compete with them on that regard. those numbers should be very interesting. especially with how it t

i spoke with chairman and ceo of jp morgan jamie dimon about this yesterday.here we are on the tight labor market. >> huge pressure, wages and people. maria, again, i want to tell our viewers, i think that is good. part of capitalism is human freedom, human capitalism. people compete for your services. maria: yeah, that will mean higher expenses. it is creating more expense for business across the board right now. joining me right now the president and ceo of potomic corp and author of reimagining industry growth, daniel. thank you very much for being here. we want to get to your book in a minute but i want to get your reaction from what you heard from jamie dimon for the first time in his life he's seen the huge pressure on wages and on competition for talent people. >> well, maria, thank you very much for having me on the program. we are in a challenging time which is what prompted me to write this book but clearly there is a big challenge with regard to talent. it results in great resignation and driven by the pandemic, people looking for higher wages and i

jamie dimon is saying at least five this year.e to this chart of what markets are actually thinking. this is the spread of euro-dollar's over the next few months. basically three month contracts. also used for hedging against those expectations, and for our radio audience, what you need to know is it just gets steeper and steeper in the last six months, now hitting 100 basis points over the next 12 months, essentially pricing and the fourth rate hike for 2022. this is significant because not only are you seeing in 10 year yield a 47 basis point rise over the last month or so, but you are actually already seeing some of that priced into the market, and you are seeing that fourth rate hike be extra significant because some folks have said that perhaps the fourth rate hike getting priced into the underlying bond market could be the straw that breaks the camels back, at least in terms of the equity market. perhaps even an actual textual correction -- actual technical correction. tom: always looking good on radio, michael mckee steps i

jonathan: five more years is the answer we often get from jamie dimon. you been there for seven years. are you thinking about succession, or do you think there is more to be done? bill: the day you call me a forever ceo is the day i should head for the door. we have a task to complete. it is not complete. also in our own since we have more we can deliver. i want to get this thing done and hopefully whoever takes over from me will be taking something that is in good shape. jonathan: any thoughts about going back to jp morgan? is that something you would rule out? bill: i think the likelihood of that is as low as you can possibly get. as great as that firm is, i do not think they need bill winters. jonathan: a timely conversation with bill winters of standard chartered. at a time the economy is pretty decent in the united states of america. lisa: is pretty decent in the united states of america. the idea of hong kong and maintaining such a significant presence and expanding and tried to grow your revenues at a time of increasing tensions between the wester

you mentioned jamie dimon and jp morgan as one of them. bank of america.ve a history for generating returns on these investment. but maybe the most important thing is look at the amount of money they are able to invest. just look at j.p. morgan. they've got a $15 billion investment budget, $15 billion. there are really no other financials out there that can match that. so it is not just fintech and smaller companies district in the industry and causing changes. it is going to be hard for any of them to match what jp morgan and goldman and these guys can put in as far as investment goes. coupled with the fact that over the last 20 years, they have been successful investors. kailey: i am looking at goldman sachs shares, down 8% right now. obviously a lot of things not going right for them today. that may be a little more of a boost come of that they are advising microsoft on that acquisition of activision blizzard. when you think about the m&a environment moving forward, are there going to continue to be those opportunities as plentiful and advisory fees and

things like pricing power and competition, you name it, it's been the titans of wall street when jamie dimon and his pay being raised 10% to 2021 and we joke here of course that inflation is 6% to 7%, pay another 10%. 34.5 million. caroline: isn't he just taking his first paycheck in bitcoin? i'm watching it currently. they haven't built in that ability to pay. taylor: netflix, pushing beyond tv and film, it's videogame ambitions and that is next. this is bloomberg. ♪ romaine: welcome back it, the triple take is focused on netflix and altering's streaming. saying it wasn't the other streaming services but it was fortnite and the gaming. they came out with a shareholder letter addressing the issue saying that in 2022 they would expand across casual and core gaming genres as they continue to program around whether members enjoy. >> it's pretty early right now, they introduced to their first games in the back half of 2021. they started with four or five games. these are all primarily mobile games that you can play. you are only going to play them for a couple of minutes. pushing a ball up, gett

jamie dimon says he is seeing huge pressure on wages for the first time in his life.d told foxbusiness businesses will be forced to deal with the rising price of labor. he added the situation is not as bad as other potential scenarios such as high unemployment. average hourly earnings in the u.s. grew more than expected last month, matching the largest advance since april. fed chair powell says stable coin could compete with a central bank digital dollar. powell told the senate banking committee the team will publish a report on digital currencies in the coming weeks. the fed has yet to confirm plans to own digital coins. it is not clear whether private tokens could be considered genuine rivals. 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 vonnie quinn. this is bloomberg. ♪ rishaad: let's have a look at more on coronavirus. around 400,000 israelis received a fourth dose of the covid vaccine just as the european union issues a warning about receiving frequent booster sho

jamie dimon was on maria bartiromo earlier this morning. think the table is set for a very strong economy. consumer has a lot of money, businesses have a lot of money they're spending, confidence is up, wages are going up. it is strong. it will be the strongest economy we've ever seen in 2021 and 2022 will be probably pretty good too. charles: i don't see, listen, household balance sheets, i don't know how they're as strong as he is saying. savings rate has plummeted w he saw on friday a record monthly increase in credit. i mean feels like people are starting to need money, borrow money now, joe. >> my pushback against jamie's comments would be just as the consumer confidence is actually extraordinarily low. if the fed was to raise rates with confidence right now at 70, that would be the lowest confidence reading that the fed has ever begun interest rate hikes. normally confidence is over 90. we're seeing nfib small business confidence remain very soft in relative terms and we're seeing the expectations of the future very soft. while i resp

it was jamie dimon to the rescue yesterday to assist jerome powell. jon: i felt sorry for mike rowley yesterday. it came out last week same thing, for hikes, balaji reduction. i have heard it from a few banks, including deutsche bank. tom: it is out there, and floating around, and we are staggering day by day. what matters is is it tomorrow we get cpi data? jon: yeah. tom: that is what matters. we have a look at the actual data and that is what you will see jerome powell see today -- say today. jon: and that will be the stick that chairman powell has to face later this morning. lisa: the stick and possibly why he is going to be talking up inflation. that is the tone. raphael bostic of the atlanta fed, these headlines crossing the terminal, saying i'm totally open to the prospect of a march rate hike. this now baked into market expectations. the fact we have seen the buy the dip mentality comeback in is notable, especially with three rate hikes into the market. jon: what do we make a vice chair richard clarida to stepping down weeks early? lisa: making

dimon's optimism yesterday. jonathan: wti pushing $82 at $81.54, up 0.4%. yields unchanged at 1.739 3%. basically unchanged on euro-dollar at 1.3065%. the nasdaq 100 up 40, of 0.25%. tom: great lineup of guests to brief you before this report and afterwards as well. one of the great features of alisa levine is the broad education that says how do you address equities at any given point. the head of equityzen capital market advisory at bny mellon joins us this morning. what matters right now? alicia: that number at 8:30 matters, but to your comments earlier, a lot of the expectation for a hot print is already priced into the market. the market did a lot of work in the first six trading days of 2022 in terms of pricing a more hawkish fed. so in some sense, the risk is to the other side over the next few weeks as data come in and we get earnings that help stabilize markets. so that is what matters. the most hawkish we could get from this point, and terms of wall street expectations, is a rolloff of qt in march. that is about the worst you could possibly do in