reality. environmental and economic values ​​of biological resources from the services of the environment bankich are rude words and at what stage can deterrence be created. value map the economic investment of the country was prepared for shish summer until the end of 1402. 80 % of the country will happen. let it really happen and we have priced our own assets, both market assets and non-pregnancy assets, tangible and intangible pricing, tangible and intangible services that are actually one of the system of a life. bom offers services in different ways, whether the services are related to drinking or human activities, wildlife, and the subtle humidity that creates the intangible feeling this year . fortunately , it happens to 80% the role is ready, any cartoon you want let it happen in the land, let's define the pricing of the link, what you have is the land, 100 hectares , whatever, we want this industry to be established, this industry produces goods and entrepreneurship and creates jobs, so that the finished price in whatever you do, the final price is the contact between us, but the capi

uh, perhaps such banks, in an environment where many large banks have come under sanctions pressure,banking alliances, small banks can potentially expand the list of securities that they can invest. the central bank also proposes to consider the possibility of extending to such banks, stimulating the program for projects of technological sovereignty and economic adaptation in order to keep banks with a basic license, in order for them to remain, new players are likely to appear, and the central bank is looking for options. not just simplifying some kind of regulatory burden, but from the point of view of what can be optimized in terms of their financial costs, where is the regulator? i'm ready to change myself. ah, the rules for supervising them, but at the same time, without losing full control and understand all these risks in may last year, the head of the central bank or is correct. biullina. already proposed to create a banking association without the redemption of shares, with the mutual responsibility of all participants, it was assumed that with receiving support from large b

believe it has been a negative to the overall banking environment? >> i think it has been eight net positive. as a pointed out earlier, u.s. banks that competed very successfully through this, despite what were pretty significant capital increases quite a few years back. italy has led to very strong -- and also has made it very well through the pandemic period, i thought. even though the government did do a lot to support the economy. still, i think those capital hikes that we made the last cycle come through looking pretty good. >> do you guys at the fed has a view -- i say you guys because i know you are the chairman but i know there are other members as well. do you have a view of the concern about community banking in the united states or lack thereof? it has been shrinking quite significantly for the past 10, 12 years. >> very much so. it is a focus for us. we understand the importance of community banks. they provide a different service and an important service to smaller businesses and communities. community banks have been consolidating for th

believe it's been a negative to the overall banking environment? >> i think it's been a net positive and as i pointed out earlier, u.s. banks have competed very, very successfully through this period, despite what were very significant capital increases that we put in a few years back. it really has led to a very strong and made it well through the pandemic period, i thought and i think that was a pretty good test. so even though the government did do a lot to support the economy, still, i think that those capital hikes that we made in the last cycle came through looking pretty good. >> do you guys at the fed, do you have a view of -- i say "you guys," i know you're the chairman, but there are other members as well. do you have a view about the concern of community banking in the united states or a lack thereafter of community banking? it has been shrinking quite significantly over the past 10 to 12 years. >> very much so. it's a focus for us. we understand the importance of community banks that they provide a different service and really important

it's been a negative to the overall banking environment? chair powell: i think it's been a net positive. as i pointed out earlier, u.s. banks have competed very, very successfully through this period despite what were pretty significant capital increases that we put in a few years back. it has led to very strong and also made it well through the pandemic period, i thought. i think that was a pretty good test. so even though the government did do a lot to support the economy, still, i think those capital hikes that we made in the last cycle come through looking pretty good. mr. donalds: do you guys at the fed, do you have a view -- i say you guys because i know you're the chairman but there are other members as well. do you have the view of the concern of community banking in the united states or a lack thereof of community banking? it has been shrinking quite significantly over the past, you know, 10 to 12 years. chair powell: very much so. it's a focus for us. we understand the importance of community banks that they provide a different ser

yes, banks are in the business of land but they are being conservative because of the uncertain economic environmentthe shadow banking system has been steadily eating away at the banks' market share for 40 years . you look at the federal reserve data and the sources of lending into the u.s. economy, banks of the 1980's had about a 42% market share. shadow banking about 25%. today it is flip-flopped. shadow banking has around a 45% market share and the banks are in the mid 20's. the shadow banking area is where we see the greater credit risks over the next two years, especially in an economic recession. katie: we have seen private credit really boom coming out of what we saw in march. to your point, this is been going on for decades. shadow banking has been taking market share. who is it stealing the market share from? the big behemoths or some of these midsized and smaller lenders? garard: interesting question. it is hard to determine. back in 1980, we had 18,000 banks in the country. where down to about 4600. one of the reasons the banks have been successful even though they lost market share is th

. >> goldman sachs flags at 25% drop as they brace for a tougher environment. the bank confirming plans for a new round of job cuts. take a look at how u.s. futures are coming online. we are seeing a little bit of upside early in the asian session. the s&p 500 back about that 4200 level. retail traders also writing the ai wave. tech giants bongos continuing to fall. yields fallen ahead of that friday's job report. the dollar also fell after data showed sluggishness. activity numbers shrinking. we have wti on all of that risk assessment. let's bring in our cross asset reporter. let's start with market moves. was it all about tech nai again? >> another day of that nasdaq 100 outperformance. it is not just today. in the last three months we had the nasdaq 100 outperforming the russell 2000 small caps by 20 percentage points. that was the biggest outperformance since 2000. it is unclear what is going to stop this. that could stop the rally. it is really uncleared. we are heading into this report with the vix at its lowest since november of 2021. stocks are pretty calm headi

uh, perhaps such banks in an environment where many large banks have found themselves in this auctionlliances, small banks, potential ones, can expand the list of securities that they can invest. the central bank also proposes to consider the possibility of extending to such banks, stimulating the program for technological projects sovereignty and adapting the economy in order to keep banks with a basic license so that they remain. well, most likely new players appeared, and the central bank is looking for options. not just simplifying some kind of regulatory burden , but from the point of view of what can be optimized according to their financial costs, where the regulator itself is ready to change, and the rules for supervising them, but at the same time, without losing full control and understanding all these risks in may last year. the head of the central bank, elvira nabiullina, has already proposed create banking associations without redemption. with the mutual responsibility of all participants, it was assumed that when receiving support from large banks, the independence of sm

in general, looking at what the world bank's warning about, the global environment which we stand, what of interest rates and disruption to global economies. arab .5% on the bid -- on the nasdaq. we see the two year yield on the higher side, five basis points on the front end and that means maybe we are less confident the federal reserve will put on ice some rate hikes and even rate cuts. rich clara is the vice chair of the fed saying we're not cutting soon and likely to see a pause for the time being. the euro currently up by .2%. inflation pressures are dialed back in the eurozone. australia and central-bank fighting inflation hard, really the global narrative, inflation and how that affects global growth. moving on because one risk asset and growth asset might say, having an interesting volatile day. we are back to it with bitcoin and trading higher, 26,000, well below the $30,000 level a while ago. we were worried about some of the facts on the sec focused on crypto but managed to push higher at 10:00 a.m. so many people buying the depth then. ed: very clearly moving to the downside

there are things that may be perking up and changing about the environment. but banks lifting of the overhang i would haven't thought they were depressed for that reason they are releasing to the upside they have a play on the better economy and a longer runway before recession so i think things are working okay you have 2-1 positive. i keep going back to the idea of how much of that reservoir of worry have we burned up to this point. i don't nona's too clear going into the next month. >> you've got your soft landing with financials, energy, materials. those are the three best performing sectors. >> yeah. and, you know, consumer cyclicals are an interesting place to watch as we've been saying, other services have been good things like autos and core retail not as much. so they're trying at this point to participate as well. >> we had the two-minute warning. how close are we going to be watching treasuries? over the month of july, how much do you think that's going to dictate more than anything else whether this rally can continue or whether the trend gets snapped? mayb

silicon valley bank thing was all of their own doing, clearly and there are going to be ramifications for that capital requirements are going to go up, as well. and is this really an environment where banks are going to thrive? i'm not necessarily sure that's the case so, you put all those things together, valuation, compelling, but look at bank of america, for example, delinquencies, karen can speak about that more than i, a year ago, they were like 0.84%, now they're north of 1% not markedly north, but north. trending the wrong way is my point. so, you're going to see more delinquencies, more writeoffs coming down the pike regulation is coming capital environments more stringent. and can they pass those costs on probably not historic valuations are probably not as favorable as one would think in this environment. and the kre, quickly, to dan's point, traded up to -- over the course of the week, it's given back 10% or so doesn't trade particularly well. and bank of america, which is not a small bank, a quarter 0 of a trillion dollar bank, that's within a whisper of a multiyear low, so -- although jpmorgan wins this, i get it, there are otheren banks that are not really in a

these banks actually aced it, that this is just one of the first hurdle in capital planning, given that there are other regulatory oversight measures that we still need to wait and see. in this environmentfter the banking turmoil, do you find any opportunities in the banking sector, especially with bigger names that may have benefited from the roles of their smarter -- smaller counterparts? >> we still like bank of america. this is a very diverse financial institution. it is much more than just banking. it is investment banking and asset management, which we really like. that is a very sticky business. yes, we do think there are opportunities within the group, and we would be buyers here. shery: always good to have you. thank you. the world economic forum's meeting in china continues where they are live throughout the day speaking with the chairs of the boston consulting group as well as the senior trade policy professor from cornell university. you can get a round up of all of these top stories we have been discussing throughout the show in today's edition of daybreak. you can customize your settings so you only get the news on the industries and assets that you care about. this is blo

it is hard for banks to make money in this environment. s, commercial real estate, office buildings not getting better anytime soon. that we know will hit tax base of blue state municipalities and they exit those to move for greener pastures. those are concerns on horizon. fed made it clear higher rates ahead and more work to be done. retirees, 5% yield when you can sit in cash that keeps money out of risk assets. we should appreciate expectations were so low companies have been able to navigate this environment. there is expression, neil, boiling the frog. keep rates at these levels too long you do damage. you boil the frog. we don't want to boil the economy which is the frog we're talking about it anyway. neil: the frog never appreciates it any way. give me a sense where we are going. technology is suddenly the ringleader as it was in the prior bull run. it might be a smaller pflumwer number of players. might be due to artificial intelligence. whether this happens to the market and billionaire ken fisher says it's bull to him that will la

regional banks they like the relationship they like the ability to serve their clients and invest back into the communities we serve. it's difficult today based on where the interest rate environments regional banks are here to stay. unfortunately right now there's a barbell approach within the system a lot of too big to fail and a lot of the too small on the other side of the barbell. only a handful of regional banks and there's a real value proposition and we provide a tremendous service to the overall economy. >> ira, thanks for joining us today. >> thanks so much. have a great day. >>> still ahead, picking up the pieces we'll hear from a fintech player scooping up silicon valley bank's former clients. >>> as we head to break, june is pride month. cnbc is recognizing it all month long we're sharing stories of corporate businesses. >> the lgbtq+ community is not a monolith there's lots of letters for lots of reasons those letters and identities intersect with race and ethnicities and disability really focusing on setting an environment where people feel like they belong and feel safe being themselves that's what companies can do to make sure that people can show up as their best

but then we had several years of changing regulations, uncertainty, a shrinking environment, especially in investment banking but i think managing through significant difficulty is something he brings to the bank. haidi: and they have flagged the differences in risk appetite and differences in approach. does that reassessment extends to their client base? >> credit suisse had already started a journey of reducing risk and pulling back parameters on some clients. there is specific guidelines being put in place in terms of different countries where ubs does not do business and they expect as credit suisse comes under their umbrella that will also be the case. culture is the biggest impediment to deals, especially in asset wealth management so that is the biggest challenge faced across the bank. with credit suisse also in a time of risk management, they were already on the journey but i think that is the biggest challenge ahead. shery: allison williams with the latest on ubs and credit suisse. it is a very busy week in terms of monetary policy decisions around the world. let's get to annabelle. we have u.s. cpi

banking jobs, which is a long time ago. we saw it intact, you can tell the reasons why. the fed has been raising rates, which is joe the environmentls, and it is not just coming back? in the second quarter we have j.p. morgan projecting another 15% drop in investment banking revenue, and that is not good for shareholders, banks or the banks themselves. haidi: it feels like yesterday we were seeing the fight for talent, banks are incentivizing each other to hold onto staff. why are they so content to get rid of staff if there was an anticipation of a return to dealmaking? vonnie: it is unlike banks especially in this environment where the rate is low to get rid of top talent, but the bottom line is the most important thing, and it looks like this return to dealmaking, it does return to the fever we might have seen during the pandemic is being pushed out. it might be into next year before we see deals being done, ipo's being announced, mergers and acquisitions and capital raises. companies are less content to give at that deal or capital deal than they were just a few months ago before the fed started raising rates. spring is tradit

bank. and the international environment has also affected the fragile coalition of the zionist regime's cabinet, and netanyahu's cabinet has paid a lot of money due to its inability to deal with the resistance youth, and because of the fate of the human being , it cannot be predicted with the collapse of the resistance in other northern areas of palestine. in revenge for the operation of the resistance youth, the zionist settlers set fire to the houses and cars of the palestinians by wearing palestinian clothes. as you can see, all the local residents help to put out the fire . they attacked our houses with the coordination of the zionist army. several women and we took the child out of the fire. the occupation, which was surprised when it entered the jenin camp a few days ago, preferred to continue its attacks in the air, but this time, after 17 years, the occupying army attacks the west bank from the air. adopted by the zionist regime kurdistan and the occupying forces last night targeted the resistance forces' drones with the vehicle of the resistance forces. the transformation in the west b

strong community banks, regional banks, larger banks that are involved in global business and i wouldn't want to see that threatened but certainly in this environments a motivation to see some consolidation and it wouldn't surprise me to see some of that going forward. >> madam secretary,virtually every interview that we've done over the many years with you, we've always mentioned crypto. we're going to have brian armstrong from coin base on the program in just a little bit there's the lawsuit that the sec brought against them and the separate lawsuit on finance in the past week. i'm curiouswhere you stand on crypto i think there was an evolution in your thinking in certain ways maybe it's changed, i don't know what's your sense for the american public who is thinking about whether to invest in the world of crypto today? >> we recently wrote -- treasury contributed a set of reports in response to the president's executive order to examine the risks inherent in crypto, and we identified a number of risks some of country risk to consumers and investors, our laws are already strong, the the cftc and other regulators have the ability and tools to prote

bill of health for the banks issues rising on consumer credit and retail lending morgan stanley up .30% not really strong performance in comparative to tech and in an environmentt banks to perform better with the higher interest rates and outlook. this is the picture for u.s. banks. in march, we had the regional banking flare ups. bank of america down 16% in the first six months t >>> this is the picture ahead. all three will open in down territory. the main issue is the core pce print. the fed's indicator for inflation in the economy we will get details on personal spending and personal income as well let's get back to willem from the hsbc private banking unit. willem, let's ask what clients are doing and looking to put their money? >> a few things. our clients are sitting on too much cash. you see that in the money market funds and the huge cash pile they are putting it to work. they had been putting it to work in the bond market typically they go up to three-to-five years. we are comfortable with five-to-seven years and investment grade people are looking at the slowdown we are looking into that with the emerging markets the second issue is a little bit mor

fear of higher rates or a recessionary environment this summer that central banks will have to keep hiking rate. we saw that yesterday. the s&p over the last two days. we did climb into the close of yesterday's trade. we are back down. the asia trade, specifically japan, is far off. japan has been such a hot market in terms of equities. trading at the highest in three decades. in a comes to the bond trade, this has been strange. we had the u.k. rate decision. what we saw from american bond markets was when we had the jobless print come out, this was around here. into the close yesterday we drifted higher. not a clear story. finally, the one trade that has been clear is the dollar. the u.s. is the only place that has inflation under control, why not buy the dollar and why not sell sterling in that case. sterling continues to weekend. let's get to our reporters from around the world for our top stories. let's discuss central banks, inflation and the u.s. economy. japanese cpi data came in at a faster pace than expected, another point in a series of hot inflation prints from around the world.

the bank of england and regulatory environment together with the government worked well over that weekendatulate them over the way they acted to create an environment where we were able to buy and we were a willing buyer. they facilitated that acquisition taking place a lot of people talk about regulation in the uk the fact it built that as a legal entity 12 months prior was one of the reasons we were able to buy that weekend. they should get credit for the foresight they had in creating a separate legal entity in the uk. >> reporter: noel, thank you for the insight into the re-branded hsbc and the future. it sounds like an interesting time hsbc looking to take silicon valley bank uk brand under hsbc global and looking to fund startups it will be interesting to see how it plays out in the tough environment for tech startups. guys, back to you. >> arjun, fantastic interview. so many startups are key to understand how leadership will change with hsbc and if lending standards will change. >>> let get back to the corporate news in focus today. this is chinook therapeutics novartis is ak -- ac

bank president says despite an environment of great pessimism, europe's boldest endeavor was the creationn the ecb's anniversary. >> improved that something that has been important -- we are now 20 countries. i welcome five new countries. there is something underlying. >> the ecb is in the final stretch of hiking interest rate. global news -- global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i lisa mateo and this is bloomberg. ♪ >> the u.s. consumer has been strong, but i think the direction of travel is one where a ton of headlines are gathering. the economy is going to slow. we are already seeing signs that the labor market is kind. jonathan: looking at macy's this morning. negative in the premarket that pretty dreadful for the outlook. we are down close to 9%. they are talking about a consumer this morning, tom. don't really see that in the airline or the labor market. we do not see it with other retailers as well. please call this a mystery wrapped in an enigma? lisa: it is the retail sector. it

bank of england. in terms of level it is less impressive then what we had during the crisis which was a panic market in the current environment. it is driven by fundamentals and the bank of england saying they need to go further in terms of rate hikes. it is warranted. when we look at the curve in the u.k. it is hovering between 3.5% and 4%. that is way above what we have in the u.s. which is close to two percent and above the bank of england's at 2%. dani: if the bank of england needs to keep hiking and we get to a terminal rate of 5.6 percent, what happens to this economy? business lobbies yesterday said we will avoid a recession. can we conquer inflation in the u.k. without a recession? laureline: this is a difficult question. it will depend on the resiliency of the economy. what we have seen so far is some slow down. the customer still seems to be healthy and the housing market is holding not too badly. it will depend how long the rate hikes continue and how long it lasts in the sense that if the be a week goes to 5.6 and then has to cut after it is probably less painful than if they stay there for the whole of 2024. dani

talking about it be prepared for 6%, 7% ininterests, so, i think he sees a challenging environment moving forward, so, banksre they are historically this head and shoulders pattern from four, five years in the making, is still intact. to close above 143, different conversation, but right now, it's on the verge. >>> coming up, real retaliation. a backlash over target's pride displays growing into a real problem for shares a big drop over the past month, and if the stock can bounce back. that's next. >>> and carnival cruising higher as analysts say this one could make some big waves. the splash it is making in the options pits as one of the busiest names in today's session. more oth wn asmoy" turns.he"ft ne [due at target in 5!] copy that. make a hard left down the alley. network's got you covered. [please confirm requesting back-up.] -changing route. -go. roadblock ahead. ...back up, back up... reverse! reverse! next level moments, we're 30 seconds out. need the next level network. [north corridor, hurry!] -coming through! -or 3, let's go. the network more businesses choose. transplant received. chltsd ♪ (up

drilled with the policy with regards to economics, the control of the item after the world bank and also the environment to etc. and it that that's as crazy as a lot of other resentments in the emerging world amongst bricks. and i just feel like the, the defective of the so aggressive sanctions policy has as accelerate that, that stuff debate. so i think that's, you know, what we're now looking at in terms of expanding the brakes with more countries. it is not itself directly a consequence of the conflict, but it is a consequence of the emerging big picture growth. defective countries feels that they need to have stronger, a stronger voice to stronger representation in order to, you know, have to have their position like taking into accounts and not just dictations by, by the g 7 and then the, that's the narrative. and so the construct a 70 accelerated scenario, high on the agenda, this meeting of the foreign ministers of the brakes nations is the idea of expanding brakes membership, whitening it's membership, there been at least 19 countries including saudi arabia, iran, the u, a. e and indonesia and o

a lot of banks are doing job cuts right now. is not an easy environment. the wealth side is a different story. everybody from citi and jp morgan are interested in building of their wealth businesses. they might be looking to post talent. you have local private banks that are expanding and what to potentially take on the wealth bankers. that's an area ubs will not be necessarily cutting first. they are focusing on the markets, the traders, the support staff of those teams, and then they will eventually move on to other parts of the businesses. corporate functions where there is much more overlap. matt: marion broke this ubs news. tom, what is your take on the market for bankers? anyone tuning and now -- in now who is planning on leaving or will be let go, as it looks like 35,000 will be from credit suisse starting next month, they will want to know what is the market. how saturated is it? where can their resumes be sent? do they need to look for a different industry? tom: sitting in london where you can expect a lot of these cuts to be made over at canary w

banking environment, coming up. this is bloomberg. ♪ paul: former new yorker fed president william dudley says the fed will hit pause or skip in june. bloomberg opinion columnist told us what he expects one or two more hikes later on this year. >> they're going to take a pause because they believe the monetary policy, they want to see the effects of prior actions. but they have characterized it as a skip, because they think they will probably have to do a bit more, and we will probably see that in the summary of economic projections. a pricey, one or two additional rate hikes penciled in for 2023. the economy has not slowed much. if you look at the atlanta fed, to the gdp forecast for the second quarter, it is 1.9%. as we were talking about, the labor market still seem strongt. . fed has not accomplished much. >> bullard of st. louis uses his economics to say we can do this exercise and avoid some form of ner recession, do you agree? >> i think it is hard to avoid a recession if you believe the fed has not push the

all of its existing lawmaking and decide whether it's even necessary in today's environment, case in point we know that banking is moving by leaps and bounds because it's far moretechnical for a myriad of reasons regulation . wouldn't it be prudent to actually review these things periodically, make adjustments for our cancel previous rules all together. >> that's what you're seeing some of us doing during my tenure were reviewing rules, getting it out for public comments, even the one card is really a rule review. looking forward to make sure it's based in reality. i think your point is it's digital that's really important and we need to make sure we're not just about the human world but how it will work in the meta-verse, how it will work with text that otherwise creates problems. >> i will say and i'm glad you raise that two reasons. one with the relocate the credit card rules. you said and i think my colleague from california went on earlier questioning about the changing in late fees from $30 to eight dollars. you're on the record saying by our estimates 75 percent of late fees have no purpose beyond putti

even though we're a $62 billion bank, will trickle down into our space as it relates to stress testing and interest rate management and some of the liquidity environment testing we'll have to do. ultimately as some of those fears abate, you can see some investors think there's tremendous value based on where the regional banks were trading. >> absolutely. a lot of those sort of existential fears have abated, kevin, but there still is a lot of concern about earnings growth in this sector you see that by the fact the stocks are still down 20% to 30% year to date how do you grow earnings in this environment when there are so many headwinds >> there are a lot of headwinds because we're still looking at what could be a recession, which, as you saw today with the jobless claims increase, that maybe some of the actions we're taking are starting to have an effect in the economy. so, we're next looking at credit cost to understand what those are going to do. as i've said in the past, i think synovus is well situated in the southeast wherever whatever recession we go through we'll be more insulated given the population growth and the economic development we con

my view is there is an environment right now of uncertainty. as the banking community looks at mergers and acquisitions in the -- in the guidance the white house has given, in terms of consolidations, i think that institutions are reticent to move forward. that is why i introduced the deposit and protection act, which will provide a green light t well-capitalizedo banks to merge with institutions under distress without having regulatory interference. so as the committee moves forward, i hope we will have opportunity to work with this legislation and remove the regulatory hurdles. and i hope we can encourage mergers and acquisitions and that will protect taxpayers. one final point i want to raise, something that you identified nearly a decade ago. at that point, the fed created a facility intended to be a tool that would put a floor on interest rates and it targeted investment vehicles like market money funds, which play a significant role in the short-term markets. you joined others in expressing concern about the possible consequences of this facility, parti

because there's a room in the west bank and gaza should be a basis for future negotiations, theoretical condition of their rights to have the state of their own environment state to go in the west bank and gaza the what israel chose was and still remains the 1st option. in the aftermath of the war, israel declared what is called the unification of jerusalem. the entire holy city was placed under is really jurisdiction, including christian and muslim. holy sites, the we uh, the government and the only government in the area. that is to say that we have obligations and privilege and you choose their obligation in paradise to maintain law and order and to provide the paper with services and the way suitable standards of living as a government. like every government was its citizen. furthermore, and in defiance of international law is really settlers begin to move into the west by the territory. they called judea and samaria to the lands which they wanted to circle in were the corps in parkland over the jewish people. in biblical times, this is where judaism emerged as it was natural that it would be this masonic urge to settle those areas. even perhaps even

officials, you know, do you feel like this test adequately represents the current environment and basically they said that usually banksrates are higher which is why the stress tests usually incorporate lower interest rates, not higher. they're trying to create an environment that would be as friendly for banks higher interest rates can have the other side of the coin for certain banks as well. >> financials helping to lead the market this morning as we're at session highs here. dow up 175 our next guest remains convicted that u.s. equity returns are inclined to be below average and sees commodities as well as japanese and emerging markets as good hedges for a peaking dollar morgan stanley wealth manager and chief investment officer lisa shallette joins us this morning. >> good to see you, karl. >> we've been looking for signs that this run up would cause morgan stanley's house view to pivot. you have been quite resolute >> we're highly convicted that ultimately we may be have been early, but we're still not convinced that we're wrong that earnings achievability and the hockey stick earnings forecast that are baked in

the head of jp morgan and citigroup banks have predicted that by the end of this year, the business environmentl be tougher and wall street's main activities will stagnate . it is a well-known saying in the economy that once confidence is gained, money will follow it, a problem that has its objective manifestation. may toan in the banking developments in america in the first quarter of this year saw mohammad kazemi of sed and sima news agency, the next part of the news at 3 o'clock in the name of allah, the most merciful, with greetings and good time to you, dear viewers, welcome to the world, today's program begins with the news the reaction of the spokesperson of the ministry of foreign affairs of our country to baku's warning about traveling to iran, the warning of the republic of azerbaijan about traveling to iran is the same policy that the head of the child-killing zionist regime took during his trip to baku. the regime should scare the people of azerbaijan it is zionist, not iran, mr. kanani, reminding iran's policy of canceling visas and opening arms to its brothers and sisters in the r

bank. so what's behind this rise environments? this is inside store the hello and welcome to the program. i'm how much i'm sure there's been an escalation by the israeli army in the occupied westbank, which has not been seen in decades. israel's far right government has increased its rage against palestinians launching military operations that often result in depth and injuries. on monday, the air was filled with the sounds of wearing blades from combat helicopters, live ammunition, and stun grenades. israeli forces had launched an attack against the janine refugee camp that would last for hours. the city of janine has become symbolic of the palestinian resistance and in recent years several on groups have emerged. israel says it's going after these groups that pose a threat to its security. but the palestinians say they're the ones paying a high price. we'll get to our guess in a moment. but 1st, this report from the brain as there's a sense of pride amongst a palestinian, they say the fact that fighters in did you need refugee camp who have limited weapons, limited training, if any mana