jpmorgan chase ceo jamie dimon annual letter to shareholders is out. well read letter about the world of the economy and banking. especially what he is saying now. very, very important let's talk about what he is talking about. it looks like he is talking about inflation. if we have higher inflation for longer, the fed may be forced to increase rates higher than people expect despite the recent bank crisis. note, by the way, he is calling it a bank crisis he is describing the economic or banking situation as a crisis. meantime, on the current economy, dimon writes, quote, pretty good, but storm clouds ahead. he addresses the turmoil and role of banks given everybody with svb and signature and first republic, the failures of svb and credit suisse have changed the market's expectations. the market's odds of recession increased and this is nothing like 2008, it is not clear when this current crisis will end again, using the word crisis on regulatory response, dimon warns, quote, it is extremely important we avoid knee jerk or whack-a-mole response in the

subject to destruction to the change in medvedev's rhetoric, there is no relationship whatsoever, dimon by desire there is no place for him, they just tried to stick him after the resignation of the prime minister vladimir putin decided to create a commission of the soviet security council on protection against new infections to head the group местейтель podsedatel savy это безопасности сейчас this position is held by dmitry medvedev, so medvedev was even the head of the coronavirus, where he often issued such pearls, the topic is related to vaccination , it should be relevant at one moment, there in the whole world, otherwise it will spread er, the disease will simply be impossible to spread er the disease will be simply impossible. and he envied science an infinite number of times. he was appointed as an adviser to the adviser. vladimir putin appointed dmitry medvedev as deputy secretary of the russian security council to his deputies and presidium chairmen of the presidential council on science and education. this political troupe medvedev perfectly understands that for him this is t

falls asleep in front of the cameras, then wets and humiliates himself, does not dance , and all of dimon's economic achievements can be described with the legendary phrase it's just money but characteristically, as long as the russians were without money and medvedev was in office, he did not think of threatening anyone. well , as it is now and already in this case. on the contrary, timon liked not only candies from the pocket of the legal age, but also burgers from obama . for inciting a nuclear war , they say, how is it possible, one of the uh-uh, i can’t do it, and they start uh-huh, razmatic old men from the united states senator in america, he does not rule out the possibility of a limited nuclear collision, and the exchange of nuclear strikes between er russia and the united states of america is paranoia, it ’s simple, i don’t even want to comment, and when people say it, the dressed up authorities are very sad. offers exactly the same stupid every day we will start issuing dmitry medvedev's statement escalating the nuclear conflict in georgia, we have to remind once again for those

jamie dimon nailed home that point. the air of concern that was still lingering over, especially since the bond market remains certain that yields will not go up, they are more likely to go down. bond investors are looking at indicators like the jobs once, they are looking at the banking stresses and saying the good times for the economy are limited. that means it is worth buying bonds. we have a lot of people saying they are staying on the sidelines when it comes to equities. jamie dimon acted as a timely reminder that one of those headwinds you need to factor in is the banking sector. it is a shock to any banking system to have many large banks domestically go under so rapidly . that shakes the confidence of investors, depositors, companies. there are a lot of companies not going ahead with some of the business activities they had planned because of all of the concerns about what is going on in the banking sector. do i want to expose myself to the turmoil? yvonne: garfield reynolds with our top market story today. we

>> i think the jpmorgan chase call and dimon says is the most talked about conversation of the day.ays, i think, will have carryover throughout the day and beyond regional bank earnings i think the read through from the larger banks to the rest of the group is less significant today than normally is, but his comments as a whole drive the boat to some degree with today's market response. >> devin >> i couldn't agree more jpmorgan chase is critical i think to stephen's point, there are two stories with the large banks and smaller banks. people continue to focus on the smaller banks and where there is volatility over the past month we need to see stabilization for the space to really bottom out here today will be important, but there is still a lot of earnings the next couple weeks. >> a week ago, jamie dimon talked about a possible recession. a lot of people will listen to the call to see if he has a change of outlook. devin and steve, thank you. >>> coming up, more on the developing story in france as officials change the pension reforms. "worldwide exchange" is back in a moment tech

can i point out something about this jamie dimon letter. dimon not only blend regulators are missing the issues in plain sight with respect to silicon valley bank, but they blamed regulations that forced banks to hold huge portfolios of treasuries on their balance sheets as a ballast, a safety point, and then had policies that caused yields to go up and the price to go and create a huge liability on a market to market basis. it's irony that the crises always happen with instruments you deem safe. that is what we deemed safe when it came to the regional banks whether huge holdings of u.s. government debt -- with their huge holdings of u.s. government debt. tom: i would call it david goldman 101. everyone focuses on the garbage of the given derivative instrument. it's on the quality instruments, the quality trenches where we see the pain. we will dive into the annual report with the succession plans of jp morgan with sonali basak and 30 minutes. economic data. a poignant tuesday, wednesday, thursday. the jobs report on friday. we will have fu

paul: we heard from jamie dimon, what did he say?s saying that even though this current crisis seems to be overcome a that repercussions will be felt for years to come. he had a go at regulators and said they need to improve stress testing, but he warned against politically motivated responses. she did say that -- he did say that the risks were hiding in plain sight, but he said management was also to blame. shery: we have the latest prepared remarks coming from the cleveland fed president loretta mester. she says policymakers should move above 5% this year and whole rights on restricted levels for some time 12 inflation. -- to quell inflation. she says policy needs to move further into restrictive territory this year with the real fed funds rate stain in positive territory for some time. be sure to tune into bloomberg radio to hear more from newsmakers. listen through the app or bloomberg radio.com. plenty more ahead. stay with us. ♪ shery: taken a look at the day ahead. in australia, we are due to get final readings at the top of t

maria: what about with jamie dimon said in annual letter yesterday he wrote in annual letter currentlynot over even when behind there will be repercussions from it this morning ubs chairman seeking at general meeting saying ubs credit suisse integration will take up to four years your thoughts as this market 135? >> 145 is number on adp crossing 145,000 jobs, created in month of march that is below expectations, the estimate was 200 to 210,000 we got 145,000 jobs. market is digesting this how do you read this report. like i said there is holes in the boat and boat is starting to go down, so going back to what jamie dimon said maria jamie dimon is a very smart man, and if you didn't have fdic the treasury the fed department save svb, right as swell as signature bank i think things would be a lot worst like emt you see a junkie on side of the road give him narcan to bring to life how many more do we have for the rest of the banks i think more cracks you see futures going down a little bit more, were flat slightly green this morning i think we could have more volatility ahead. maria: expe

tom: jane fraser and jamie dimon their thoughts on the economic outlook.anus: our guest this morning is sonia martin from dz bank. lines from jamie dimon -- good to see you -- no credit crunch, clouds on the horizon, the dollar down 10% from its high. if we fade to a softer, because i hard landing, would you want to be a seller of the dollar? sonia: i definitely think the dollar has some downside. this is for the size of the mood. we will see more volatility before we get to that final level. the problem, there are sony different elements in play right now that are very difficult for investors to judge. we have higher than expected inflation expectations on friday, it will scare people a little bit. stronger retail sales, and some other data suggests sweeteners. the market is trying to figure out if there will be a recession and how people will be. the more likely scenario is a relatively shallow recession and that will put pressure on the dollar. i think not as much as maybe some people are anticipating especially because in that scenario, there's no reas

dinner for the sick hmm dimon made a wonderful soup.roth , i personally always associate it only with treatment, as soon as the broth fell ill. so yul takes therapy. thank you very much to answer. it's about the job for the interview should invite no. sit down. you see, i can’t get this process out of my head, but you are the most important thing, you are in the first place for me, don’t even worry, i ask you. i'm not alone. nikita at home. dima, he is also a little on the hook. you go ahead and take care of your court, and you will definitely win this case. otherwise, we, i feel like the last parasite. in fact i should be here with you to lie everything these things. and i, hmm, the doctors reported the gunshot to the police. so everyone is preparing tomorrow they will come to you. chief change the channel urgently, then i'll tell you what happened at the beginning while i was fiddling with the sound. do you want to finish with me quickly? well, what are you grabbing? i miss you terribly and will do everything so that we can see you as

jamie dimon talking about the storm clouds. when do we know if the reserve build starts to reflect that versus normalization? sonali: that is interesting because when you are looking at the net interest income of of a lot of that is coming from the card business. but the question too, people are spending but how much on their cards? jp morgan is saying consumers are overleveraged but they also are saying the consumer is going to hit a cliff at the end of the year. i think it is difficult to understand just how stretched the consumers are. we are seeing them shore up their portfolios but it is difficult to sense how much they are spending on their cards and willing to spend on their cards and feeling they are comfortable enough with the rate of employment, the wage growth they have had, the ability to keep a job into next year to be spending more at scale. such that these banks can keep earning money the way they say they will. dani: i want to pause on the macro takeaways. one number stood out to me from citi. they added 8000 pe

jamie dimon today says they have record revenues.eport they also have record expenses having said that, these are lesser issues compared to the strength and stability of the larger banks one reece job is they've had so much regulation their stronger the change in regulation ahead for citigroup, jpmorgan, and the others will be not much compared to the -- you know, after the top ten bafrnks, the next dozen. as to the liquidation that's tan place, the government has turned things around in 3 1/2 weeks you said up a fed back stop, credit suisse is resolved, you had debates the house and senate the white house came out with something. they're all doing it with an eye to the future without upsetting near-term markets. the white house statement from last week, the fact sheet said, you know, we think banks should have more capital after a considerable transition period so jamie dimon's letter said regulators don't have a knee jerk reaction. he is probably more concerned about that, more afraid of what might come do not make big changes, was

. they are collecting money, found something to threaten, this is straight comedy, the only thing dimonand is that with all these statements , the official is only embarrassing himself even more - the ref openly declares that we will torture at the state level, we will encourage this and we are not going to pay for anything, they must be honored, no property rights, i am impressed by the legal language that they collect here, if they leave us there, it is easier for us, yes, we will download everything, we will use it for free, but it also works here i don't know, my hands are reaching out to see something of foreign quality. and i would like to scatter all this on the network in order to give them the maximum lesson, the maximum lesson that i went bankrupt, a pirate's breath of the hundredth level , for which the laws are not written and the benefit is enhanced if there is some political sense in it yes, of course, it shows that all accounts were written off about the tomsk explosions, and it turns out that this is the behavior of the last year , this is a test game, and she is in pant

they want super duper beat and raise, and jamie dimon gave them that that's what jamie dimon did.jamie >> let's get to the opening bell in the cnbc realtime exchange. at the big board today, it is the cast and creators of "the marv "marvelous mrs. maisel." three episodes dropped today we're going to talk to show runners and rachel brosnahan later on this morning. we talk a lot about streaming and amazon strategy. >> look, otherwise, our friend nathan >> yeah. >> talking about maybe there's a lot of -- >> just a great cast >> oh, i'm sorry i didn't mean to bring it back to business. go ahead >> no, i just -- >> they are great. number one in the country is "beef." >> amazon has an interesting approach, because they're not really -- it's not central to the business model of the company. >> they talked about thursday night football they gave them some games worth watching can i just tell you, the real announcers always say the same thing. these guys are real tired when they play on thursday nights >> i know, i know. >> but david, i do -- i do want to point out the nathanson piece, it'

david: jamie dimon. [laughter] well regarded. [applause] david: but, why do you think it is the case that he is calling around and doing this and not the secretary treasury, the chairman of the federal reserve? why is it a nongovernment person doing this? i would've thought a government person would do this. jane: why do you think janet was not calling around? do you believe everything you read in the newspapers? david: because when people in washington do something good they usually have the press know about it. [laughter] maybe she was calling around. jamie seems to be getting all the credit, if credit is the right word. or is it not fair to give him the credit? jane: jamie played a role. i think we all played a role. there was a very active discussion over that weekend. david: would citi consider buying first republic? jane: no. [laughter] david: another bank called credit suisse. credit suisse seemed to dissolve very quickly. were you surprised at how quickly that bank went away after about 100 years of being around? jane: we

well, as it is now and already in this case. on the contrary, dimon liked not only candy from the pocket

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now, jamie dimon, and jpmorgan, they're getting this $7 billion extra earnings, without spending more and for now, the financial discipline that we've always loved about jamie dimon for the past 25 years, it is coming back and coming back in spades. they're not spending this extra earnings >> you called it a port in the storm. that's from the note that you put out just before you came on the show today net interest income, up 49%. you charge more to leopard than you do on the deposits, that's the results you get, right can it hold up, is the big question >> all of this is not going to hold up. the guidance is they might give half of this back after this year they are assuming deposits slow up they are assuming lower interest rates. they're not exactly assuming a super rosy scenario. yes, i do think the resiliency holds up resiliency of funding. resiliency of the business model and the scale ability and certainly the resiliency of the balance sheet. scott, everyone here is talking about a recession. their credit losses are half the long-term average. their guidance for credit card loss

greg, your reaction. >> i'm a big jamie dimon fan. i've spent my entire career in banking.est ceos out there. in terms of seizing personal property, i'm not too sure. for me, i read that -- his letter to shareholders which i think was fantastic. i revert to his comments in terms of banking where he thinks some of the issues that we're seeing right now in the banking side probably will take a couple years to pan themselves out. with regard to climate change, i think right now in this country we have -- and i'm not saying there aren't some worthwhile issues here that we need to combat, but we have bigger issues right now i think than climate change and i'm really not too sure seizing personal property is in my top five right now. maria: yeah. exactly. joe, first it was -- well, your thoughts on that. but then i want to get your the take on this climate change agenda. first it was gas stoves. we know that kathy hochul wants a ban on gas stoves the in new york and the democrats are talking about this potential beyond new york. then there were light bulbs, now the climate crusad

jamie dimon's sounding more optimistic but his letter more an ode to globalism than americans left behind. more signs that the economy is heading into free fall except for oil after president biden misplayed his hand. climate scientists are asking president biden to tone it down. i'm asking president biden to tone it up over the surge that will hit every single american family, the drug overdose crisis. all that and so much more on "making money." charles: breaking right now we're moments away from president trump being a rained in a manhattan courtroom. the first former american president to be indicted on charges. lydia hu outside of the courthouse with the very latest. lydia. >> reporter: hey there, charles, former president donald trump arrived at manhattan criminal court little more than 30 minutes ago. as he was making his way from trump tower downtown to court he shared a little insight on truth social posting this, heading to lower manhattan, the courthouse seems so surreal. wow, they are going to arrest me. can't believe this is happening in america. just shared that insight beca

it is the space that's going to continue to lead us higher i go back, josh, to dimon, banking crisis is not over i go to marko kolanovic, equities do not look attractive into the second half of the year a tune he's been singing now for several months >> so everybody wants a new story and to be out of the range, but we're in the range. and that's really frustrating. people want to see it break in one direction or the other it stubbornly refuses to do that while march was a good month for the s&p, half of that gain came from apple and microsoft if you don't understand the market mechanics, if you're not aware of what is producing the gains in the index, then it's easy to look at that, oh, look, we're kind inform a bull market again. the problem with moving average crossover strategies is the whipsaw. and if you were to just do a simple rules-based strategy, i get long when the 50 day crosses over the 200 intra day, you would be log a lot of trades in your account in a flattish year. that would get you like 5 months out of 12 and you would wind up churning your own account for no reason

i want to quote jamie dimon in his letter that says i hope everything turns out ok. we to be prepared for the outcome. he also says we need to be prepared for a new and uncertain future. he could be a economist because he has the two-handed view. guy: micah must have a fantastic book of quotes -- mike must have a fantastic book of quotes. tech seemed to already priced in the cuts that the bull market are signaling our coming. just a comeback of this issue of where we are with the data and what is going to be enough to get the fed to move, the market is already saying, you're going to have to do this. normally the market gets what it wants. how long can the fed resist if current pricing stays where it is. mike: what is it that the market really wants. a month ago i was looking at a chart of the forecast for the fed. at the beginning of march there were looking at 6% to fed funds rate going up with no sign of going down. now they're pricing in three or four rate cuts. the market is very volatile these days and it turns on a dime on every data point that comes out. the

jamie dimon was asked this about a potential credit crunch. he said, we aren't going to, you know, drastically pull back on credit he did, however, hint that there is a risk that the banking system as a whole pulls back because, as we get closer to recession, people are going to be risk-off. >> finally, any read-throughs on goldman, morgan stanley next week when we start paying a little more attention to capital markets activity >> i'm going to say they're looking pretty good today. as you saw the results out of fixed income at both jpmorgan and some of the other banks, they look really good. they actually outperformed, jpmorgan, did, by roughly $400 million, exceeding expectations on fixed income. as you know, goldman and morgan stanley both have sizeable trading operations they're going to look pretty good there, carl >> hugh, appreciate it a good wrap-up there's a look at what's coming our way in the next five sessions >>> so, from commentary on the banks to a resilient customer, jpmorgan says u.s. consumers and small businesses both contin

jamie dimon says no way and the repercussions will be felt for years. >>> but we'll speak to an analyst who is upgrading one regional bank saying there's value there. >> it took the best way to get laid off in person in the office or from the comfort of your home mean, most of us who have been through it before how about not. our panel will discuss that and several other hot topics of the day. first, let's get a check on the markets. stocks mostly lower, a weak adp number on jobs raising concerns about the economy. the dow has a small gain up.02% and the nasdaq and s&p are off and in the red as is the russell 2000 tyler. >> speaking of the nads lack, let's go there and kristina partsinevelos pass more. >> an earnings report from adp shows a sector downturn. utilities, health care and higher are the best performing and tech and discretionaries are the worst group which leads me to what's going on the concerns about the economy are hitting high growth names like zscaler, crowdstrike, down 7% and these are the biggest losers on the nasdaq even named like palantir are saying they are expand

the table where he is putting money to work overseas plus, apple's ceo tim bcook wil talk, and jamie dimon says ai is critical to jpmorgan's success in the annual shareholder letter we'll tackle that and how to position in mega technology after its major run. and we are monitoring former president donald trump's arraignment in new york city we'll bring you relevant headlines as we know more, you'll know it when we do here but that's the look outside in new york city right now. >>> before we get to all that, let's check on the market action today. it's taken a decided turn to the downside the jobs number, jolts, or job opening labor survey, the dow down 258 points. and the s&p 500 is below 4100. again, down 28 points. at the lows of the session, we were down 38 at the highs, up about nine points that's the trading range in the s&p so far today the nasdaq composite down 2/3 of 1% 72 points, 12,017 is the last trade there. one place where we are keeping a close eye on, that is the reversal we're seeing in the energy market. if you look at marathon oil, exxonmobil and eog, these are three of t

citigroup pays more interest but jamie dimon is adding to its deposit base.n jamie dimon is cautious saying the economy is healthy but storm clouds we have been monitoring remain on the horizon in the banking industry turmoil adds to these risks. more of those are in the regional banks. pnc, strong result, stock is down and the other two highlighted down. if you think of the real story, future of banking, these regional banks report their own results. stuart: thanks. carlton english is with barron's magazine. what are these bank magazines telling us? >> we are seeing safety of the economy. adding to the reserves, jpmorgan to the tune of 1 billion. they are such soured loans but banks are bracing themselves for what is ahead. stuart: they have a recession down the road, watch out. that is what they are saying. >> recession, no one wants to see it happen but magnitude of it, nothing to the magnitude of what it is today and it does hurt. stuart: the market is pointing towards a soft landing. elon musk is warning, quote, tough sledding for the economy until sprin

you have jamie dimon telling you, expect -- to be flat for the year.t is not like you are going to see jp morgan go on a hiring spree, though headcount did increase a bit in the quarter which is a welcome sign for wall street that is largely worried about profitability and worried about jobs. kriti: how long before that deposit success if you will, that is pushing the sheriff's higher, is reversed? sonali: you cannot bake this success into the deposits. jp morgan has told you it will not be that sticky. they can come out as they have come in. it is the fact they are making money in this higher interest rate environment that is not necessarily how big the regional banks. if you take a look at large, pnc was one of the worst performers then other banks in the kbw banking index. if you look at the difference between the original banks in the big commercial banks that have big investment banks, even though investment banking has come down a lot, you are looking at jp morgan and citigroup meeting on fixed income trading. these volatile markets and the fact

david: jamie dimon, well-regarded. why do you think it is the case that he's calling around and doing this and not the secretary of treasury the head of the fdic why is it a nongovernment person doing this? i thought a government person would do this. jane: do you believe everything you read in the newspapers? david: when people in washington do something good they let the press know about it. jamie seems to be getting all the credit if credit is the right word or is that not fair to give him the credit? jane: i think we all played a road and it was a very active discussion over that weekend. david: did citi consider buying first republic? jane: no. david: credit suisse, it seemed to dissolve very quickly. review surprised at how quickly that bank went away after 100 years of being around? jane: we are talking about three or four set of the thousands here in the states. so let's put that in perspective. credit suisse, i don't think anyone was surprised it ended up where it did it was a question of time. it's been a tro

jamie dimon warning about the potential for things to slow down also jamie dimon saying higher interestates expose vulnerabilities in the system. you have to see what is happening with the regional banks. the interesting one is the regional banks this week. >> you have charles schwab shares down 30% since svb collapse potential to get into the stock. >> for more on the bank earnings stat stateside, check out cnbc.com. >>> and merck will buy prometheus bio-sciences. merck is expected to pay $200 per share for the firm a 75% premium to the friday closing price. i believe we have a pre-market indication for prometheus. this is a huge deal around $11 billion. merck market cap is $300 billion. it is a huge deal. we knew merck was out there looking for a target they were trying to diversify the portfolio in losing the cancer drug coming up. this was expected by the market. we didn't know where they would land >> it is building on growth. >> exactly. >>> we have more deal news to highlight. video game company sega offered to buy rovio entertainment the company behind angry birds it would help

we hear from the likes of jamie dimon in his annual letter. we hear the two year yield coming up significantly. we are seeing some weakness finally in the job market with that data showing openings are coming back a little bit. investors seem to be moving away from tech stocks even though bitcoin is moving up. ed: we turned the corner on the nasdaq 100 in the last hour with few movers moving to the upside. tesla is on track for his first dishes worst a drop this year. virgin orbit is down 22%. it has now filed for bankruptcy which we will dig into later. the bullfrog might be a new name, up 25% and had been up more than a hundred percent on a licensing pact with johns hopkins. we will dig into that later in the program. and we are tracking the special-purpose acquisition company which is due to go public. the social media platform backed by trump markedly higher as the attention has been on former president trump. we will cover that story in a moment. it is sharply lower in the session and has failed to file its accounting work. the focus on c

and when that water comes up, the third step animal. >> get my house to jamie dimon.h, i don't doubt that they want to do this.they i mean, they wan want are comin they're coming for everything. they think it's it is is whate h they did with covid. >> they just force the issuee . yes. exactly. i think that private property rights were just decimated during covid. i mean, nothing woulring cd surv me at this point. i mean, why not the climatee we because of a virus. you were told this building that you don't you can't actually not evict this person who's not paying and then maybe the person who couldn't pay wasl because you also told themd th t their restaurant was illegal and they couldn't. i mean, in places like new york , i don't know how anyp business survived. and there's a lot that haven'ten i mean, a lot of the things that made new york so speciale, were these small businesses, these little restaurantsyork, . and it's mostly chains that can really afford that. i mean, it was really hard to stay open. that a restaurant became an illegal operation and they were abl

to put this off and see -- yellen, and jamie dimon to put this off.they are trying -- they're going to receivership, they are trying to avoid the word since svb, bailout, it is much difficult for them if it goes into receivership. joe biden is raising a lot of trouble on the economic front. we did not hear a lot about it in his announcement last tuesday because his poll numbers are not as strong as administration would like to be. this is an area where people did not feel covered about joe biden's presidency and leadership. a huge challenge for them, very much in mind with what they are facing last year it was inflation in a couple that with this going into an election season, a tough battle for them when the economy is a number one issue for voters. >> not a good headline if you are the president watching this obviously the white house did not want to see another bank bail. reluctant to use the word bailout. are they praying for a successful bid on first republic? >> that is probably the top priority but the damage is already done. today's nude has b

you look at citi, jpmorgan, they have enormous credit card businesses what jamie dimon or anyone else says about the health of the consumer there matters a lot obviously there have been inflows to the big banks at the expense of the small banks i'm not sure that jamie dimon or jane frazier or anyone else will address their competitors like that to the extent they give any hints to the health of the regional banking system i would like to hear that. >> you own jpm >> and wells there's something really important happening here could we be entering a time of peak net interest margin spreads? that's the question. >> because you raise your deposit rates to keep money from flight, right? >> correct and you've seen this massive rotation out of deposits and into treasuries, into money funds, into securities where customers feel safe. that's something that anybody that's a financial adviser is wrestling with today they're making those moves and there's an impact on banks in that regard. and then watch for loan growth and what they're doing that's really a lagging indicator, so we're not going

i don't disagree with jamie dimon. i think there's a huge wall of worry to be looking at here.have gone through a fiscal and monetary experiment and keeping interest rates at zero and, of course, the pandemic and all that's happened since then. it's hard to imagine that there isn't calamity in -- looking forward. investors just have to prepare for that in portfolios and for us we are telling people you just have to neglect what you own and figure out what's in your portfolio and make sure that you're comfortable with it. maria: what are you comfortable with? are you comfortable with owning growth or are you comfortable owning value or staying on the sidelines right now? >> you know, for our clients it depends on what their risk tolerances are but for the most part we are telling people to stick with the large cap growth that they have, those are high-quality names, they are all very focused on efficiencies which is great from an investment standpoint. we love dividend paying stocks but it's hard not to like treasuries here. it's difficult that the year on the s&p 500 was 1.3 an

i think it is important we focus on what jamie dimon said.e do focus on letting this banking crisis, look, that cycle, news cycle story about banks came in with a big storm and left just as quickly and i kind of agree with him in a lot of ways i still think there is still a lot more to this story we don't know. look how it is unfolding within the credit suisse story and ubs. neil: right. >> how ubs needed a 100 billion-dollar backstop from the government to do a take-under of credit suisse, the exposure, the colate collateral damage we may see in the regional banks in the coming months. i think that story should be front and center what is happening with the dollar and treasurys and yields' opposed to the focus on the motorcade. neil: maybe we'll split screen, peter, show the selloff and show the motorcade. get your opinion, peter, what jamie dimon find interesting, that this bank situation is years long type of phenomenon. it is not going away. the dollar alternative thing countries are rallying around, is it like a boy who cried wolf. we to

they jamie dimon has been interesting on this because his shareholder letter is focused on the need foromising and hopefully we will see more business leaders start to take this matter into their own hands. if the white house is not going to give clear guidance there going to have to do it on their own account. >> guidance is to keep on going. shareholders understated better and there's all these indexes with chinese companies in them and those companies are likely tied to the military because that's a priority in china. those shareholders are funding the expansion of what could be our number one enemy, certainly our number one adversary. chinese leaders xi jinping calling president zelenskyy for the first conversation since russia invaded ukraine a year ago. apparently related that president xi jinping told zelenskyy hell centerpiece envoy and how to reaching into the war. now you have xi jinping trying to look like the powerbroker looking for peace even though you have slave labor apparently reportedly going on in china and intellectual property theft. yet the ccp undermining any crit

dimon seems to have been going through an enlightenment since the invasion of ukraine.ing a lead on a global economic strategy. that's what i wrote in the decisive decade. really good to see a leader like him coming around. this will happen. there will be people that get this and start to see the right side but rebuilding america it's not just china containment, it's rebuilding the country, rebuilding an alliance system and the the global economy so we don't depond our add veer share -- depend on our adversaries. we will see business leaders come around. there will be bright spots out there. maria: there will be others in the free world who also understand this he t threat as . jonathan, thank you so much. >> thank you. maria: quick break and then america is working less, post pandemic. what's behind the significant decline in the number of hours we are working. it is making a buzz this morning. you're watching "mornings with maria" live on fox business. ♪ i count on personalized financial advice from my ameriprise advisor. she knows my goals and can help me reach them

one of the key things that dimon was making, a lot of what happened was hiding in plain sight.ators, investors knew a lot about the problems that were happening at some of these banks. one of the main drivers was this massive increase in interest rates over short period of time that it is the value of many of these bond holdings, fixed income instruments that many of these companies owned the change the balance of these companies quickly. when customer started to withdraw deposits, you had this huge clash between what was going on inside these companies, that was what jamie dimon was making a point of. he has a legacy at the top of u.s. banking for many years, he doesn't want regulators to come in and tighten things up too much. he's trying to make the point that, there was a certain amount of transparency going on. these are not things that happen in secret. indeed you don't need a strong rig -- regulatory backlash to help solve the problems and pave the way for the future. he was giving a nod to the regulators to say, listen, don't come back at us too hard on some of the prob

. >> i'm looking at one of the most prominent ceos in america, jamie dimon, as i write this letter, the current crisis is not over even when it is behind us, there will be repercussions from it for years to come. any crisis that damages americans' trust in their banks damages all banks. he goes on and on about thinking we're not out of the woods quite yet, even though he'd be the first to say it's not 2008 all over again, but nonetheless, it doesn't have to be to be potentially bad. >> he's right to highlight the ongoing concerns for the banking sector the reality is if you're a bank and you're competing with 5% fed funds rate you have to pay up those deposits the cost of funds for regional bank ss going to have to go up if they are to keep the fozs th deposits there i think he highlights in the letter the health and maturity issues if all of a sudden the deposits go out and you have to move those to available for sale, you'd take a mark down on those assets that issue has not been solved yet. scott, the next test for the banking sector is going to be commercial real estate he's right t

jamie dimon this morning said consumer spending held up.price. gasoline sales down 5.5% during the month. there certainly a price impacted their. food prices down .1%. not so bad there. for else did we see movement? clothing stores down 1.7%. yet to be careful with the easter affect this time of year. general merchandise down 3%. department stores down 2.5%. there are negatives in their but may have to do with falling energy prices as well. jonathan: good point. mike mckee on the latest retail sales. i think the point you made is important. at first look you got headline which delivers a mess. you look to the market and you see yields higher on two-year by six basis points. north of 4%. go through it for everyone. lisa: you have the headline number drop of 1% versus the expectation of 0.5% and then if you take a look at a piece components you step out autos, he stripped out gas and it is only at of 0.3%. this is why people are taking a look at this and saying it's not nearly as weak as expected. how long when we paid -- play narrative let,

but i want the know what jamie dimon's saying. susan: yeah.urrent crisis isn't over just yet and even when it is de-- behind us he says in the his annual letter to shareholders, there will be repercussions for years to come. and he says market odds of a recession have now increased. and while this is nothing like 2008, he says it is not clear when this current crisis will end. you also have hundreds of billions of dollars of deposits shifting from these smaller regional banks now to these larger banks like jpmorgan chase. now, i will caution that first republic is one of the most heavily traded stocks in the premarket this morning. first republic very similar many terms of assets to the failed silicon valley bank, right, in terms of high net worth individuals, a lot of venture exposure and, of course, a lot of rich individuals and also commercial real estate many that portfolio. so i think first republic, they're down 90% last month because of the svb failure, so there might be some more pain to come especially if they can't raise money in thi

lauren: you know, jamie dimon was even talking about that potentially happening so is credit tightening or not? >> well credit is tightening, i think, you know and i know what jamie dimon pushed back on was the terminology of credit crunch and we don't know whether we're heading into something that might be termed a true recessionary-type credit crunch but we have seen a contraction in credit, or at least a move down from fairly high levels and we have to remember that the senior loan officer opinion survey, which is an opinion survey. the most recent one that came out unfortunately it's only quarterly so it was really only data through the end of last year, maybe slightly into the beginning of this year, showed tightening of availability a kin to what we've seen in past recessions so this is not a brand new phenomenon. this was underway even pre-svb and arguably the needle probably moves a little bit more in the aftermath of that. it is the case that the fed will get to see this data, which won't be officially and publicly reported until a few days after the fed meeting, but they have

as wall street heavy weights raise their own red flags to the economy jpmorga jpmorgan's ceo jamie dimon warning that the banking crisis is not over. barry sterling predicting on "squawk box" we are going into a serious recession. and b of a's top strategist saying market sentiment is now below its financial crisis lows. so, are investors finally starting to pay attention to the warning soons around us? guy? >> if you look at today's market action, not necessarily. i mean, market showed some resilience today, i thought. it was lower, clearly, but given what's transpiring, not bad. with that said, i mean, the banks are important, we talk about the xlf, trading 31 1/2 or so and we mentioned this the last week, i think, you go back to february of 2020, it topped out around 31 before it cratered like everything else did, so, past resistance becomes support. we've tried this a couple times now. you get through that 31 level, 30 1/2, and then makes you wonder berkshire hathaway, mastercard, via, 40% that's worrisome and in terms of the energy stocks, paul talked about it last night he said, yo