morgan stanley ceo james gorman is making some comments at a morgan stanley conference, joe mr. gorman saying that, quote, no one can accurately predict where inflation will be a year from now chances of recession 50/50 but unlikely to be, quote, deep or long recession, says europe's economy is zbg to be slower than the north american region this year, quote, unquote for sure. also says a sustained 20% down market the firm's wealth business, this being morgan stanley of course, can still earn 20 to 25% margins and that the wealth business can reach 30% margins. you own morgan stanley if i'm correct, right >> i own morgan stanley for quite some time, so i like those last several sentences. >> so we got two different levels of this conversation, morgan stanley business impact, stock impact, mr. gorman and his own views in the context of a couple of weeks where we've had the hurricane comments from diamond, not so bad -- i'm paraphrasing that, of course -- from bank of america's ceo as well what do you think? >> i think a lot of it is reflected in the strength of the dollar in part

the, i'm going to good up when melita gorman from them part of the hot, i'm really now a good barkley bit and did a you me like normally a bit now. i mean, i mean didn't have a good walk on to go or them and a good day, but it and then a 3rd on the one that a good one. the on the monday a when you're buying a i said i'm and then never did you go to grad miss. it will be available to you early monday. yeah. let me go on hold one a little bit of another a been a little bit a ah me go ahead and out a little later but a than that a little darker. well, i will then be gordon and being a part of it. and then i not about i wasn't, i'm a member that, that ah, you know, with a note that i was on a, on the one thing that i got a, a, a, a time. ah, ah, a yellow a a desert is a refuge for weary travelers. most are crossing africa looking for a pathway to europe. some are coming back the other way. and their stories are a chilling reminder of the dangers that's my ahead. a safe haven of the crossroads of hope and despair. the loss shelter. witness on a jessia. the u. s is always of interest, the p

a local correspondent, reporting from gorman, has more of the story for us. terrorism is one of the main concerns for the people here in gama, in democratic republic of congo. it affects hunger, safety, in education. in fact, all the aspects of their lives to torture on commerce usa. we're concerned about the n 23 terrorist group because it spreads to fake promise that it will liberate the congolese people. we don't want the same situation and go monica m avante, poor c. m, 23. commit atrocities and causes massive population displacement in our country as you and the victims are always congolese people. when, when threatened anybody, the m 23 is supported by country such as amanda and trenda. the movement is now categorized as a terrorist organization. and we will defend our tory, the much 20 say movement known as m. trinity is the biggest terrorist threat in this region. it wants to this of allies and control areas which in my neural resources and allowance, almost daily attacks on the can just as government. early june, the m t unit 3 shelves on military position, killing 2 soldiers an

haidi: morgan stanley ceo james gorman.ur next test says re -- our next guest says recession -- always great to have you with us. where do you see the trajectory of risk particularly as we talk about the possibility of 100 basis points from the fed? joyce: the focus will be on the central bank meetings. we do see 75 basis but we also see two more 50 basis point hikes in july and december before a 25 point pace. we are seeing this across the board in central banks. the ecb has revised its inflation projections and noticeably higher for 2023. the market is running well ahead of england's guidance as well. brazil is hiking. and australia. the focus is on the central banks and the drumbeat of upward inflation surprises have continued to make central banks move more aggressively. when you have poor liquidity, the risk of recession -- what do you do about valuations that are fundamentally attractive at the moment? joyce: we do see valuations are looking more attractive but we are still neutral on duration. the liquidity in our op

to government said it short day to conduct a soldier who cross the border from the eastern city of gorman. he reported they opened fire on police officers and civilians. the soldiers body was lighter, were turned to authorities in going over the line. the st says his body was driven through the city in an ambulance. there was no web has been covering developments from nairobi and rwanda's, omi, uncommonly police station to the border. both said that a commonly soldier wolf from congo, towards rwanda firing a weapon. rwandan soldier opened fire on him, killing him on the spot to the exchange of fire, followed between the forces on the 2 sides of the border. this border is within the joint cities of goma and said he is easily crowded with pedestrians and cause crossing both ways. throughout the day. some civilians were we've had court in the crossfire and injured now just 2 days before the exact same place. thousands of congo leaves march towards rwanda's border saying they wanted to deal with london president polka, gummy, who they blame for decades of military aggression. anything, congre

and sort of groups that are reforming because the gorman never of fulfill the promises. because the government has not reached these places in columbia without, with like, institutions like justice or, or okay, or, you know, at schools. all right, okay, so you're pushing about so many things to talk about in the units are really keen to talk to you as well. let me show you this, this is from gladys got, he shows us wealthy of ballot will look like on june the 19th. so you've got the 2 presidential candidates and then nasa a blank vote. this blank vote comes up in a conversation that we had with john freddie a little bit earlier on the options. ah, candidate, a candidate b o, blank vote. his young friend the center of misinformation and colombian election can resume in just one word, fear. the massive use of fake to it, but also o u. v deal to promote conspiracy theories as well as gender and racial attack has achieved to create fear of both candidate based on val it's most of voters expressed to have feared to lose their countries in the hands of the or their motors in t

. >> that was james gorman speaking at the u.s. financials payment conference yesterday.pletely upbeat, but reasonably upbeat. yesterday, difficult. but it ain't over yet. >> it certainly is not. after that four day fall of about 10% for the s&p 500 leaving the index and the official bear market, right now, we have stocks down slightly. opening higher now, anyone's guess as to where things go. not just the economy, but the fed tomorrow, crude oil higher, up 2.2% after sliding. except for the two year yield, it is up two basis points. investors continue to worry that the fed is behind the curve and that they may have to hike by 75 basis points. as for some of the big movers on the day, we still do have some green, oracle of 8% on the cloud along with database. your important implications here. this is a large enterprise software company so it points to the idea that it budgets are still healthy. they raised the dividend by more than 50% so investors are clearly liking that. oil along with some comments on wall street, however, bitcoin is sliding and they are talking about

rwanda after a congolese soldier was killed. lawanda says he'd cross the border from the city of gorman. he was shot dead after opening fire or police officers and civilians. at least one person in india has been killed and several others have been injured. does protests against new military recruitment scheme intensify across the country? demonstrations set trains and buses on fire calling on the government to reverse its decision. and those are the headlines. the news continues here on al jazeera. after talk to walters here. good boy. we understand that a sentimental value call hand out a 0 will bring you the news and current affairs that matter. t al jazeera with she's one of the most popular members of the dutch royal family. and while famous had santiago have grabbed the international media attention. her majesty queen maxima of the netherlands has walked the extra mile to shine a light on a course closer heart. a banker and financing by training will maximize travel the world as the united nations secretary general special advocate for inclusive finance for development. a mission

as gorman said, nobody knows what the picture is going to be like in a matter of months >> we have talked ourselves into a recession. the consumer is so strong, but we just have decided the consumer's balance sheet doesn't matter, the corporate balance sheet doesn't matter what matters is the fed was stupid again, i'm trying to talk about the way they talk, not on tv on tv, everybody is a diplomat on tv, everyone is, yeah real life, they're saying what a knucklehead powell was, he screwed up i don't believe that >> the journal today did a long story about fighting the last war, having the same policies that they did in terms of the financial crisis, which this was a very different set of economic services and how that exacerbated inflation in a way that hadn't been anticipated but all right, that's where we are. >> okay, so look >> the question is where are we going? >> i'm defending jay here for a second there's a country with 1.4 billion, and they have an iron hand, dictator until this most recent outbreak, i think many americans decided china passed us both in intellect and firepower.

shery: james gorman. recession fears sweeping through markets.a faster pace of fed tightening. annabelle has the morning calls. we were talking about 75 basis point hikes and now 100 and now we are talking about potential recession. what is the latest you are hearing? annabelle: there is a new club. the supersized bandwagon. barclays as the first to start the trend joined by goldman and the latest is jp morgan. all making this call. let's focus on why jp morgan has made the change. they are looking at the university of michigan survey we had a few days ago showing americans' expectations for inflation are rising. there are calls out there for a 100 basis points move. jp morgan not calling for that. the chief u.s. economist says it is a nontrivial risk. we see similar moves in the markets as well. traders pricing for 200 basis points of moves over the next three meetings, 75 basis point hikes twice and one half point move. the high inflation print putting this narrative of peak inflation, peak hawkishn ess. haidi: shery: peak yen weakness. one ban

lisa: james -- tom: james gorman doesn't want you to talk about second-order derivatives, but where is the rate of change right now that interest you most? brian: i think we are getting back to looking at interest rates again. 10 year notes have an uneasy truce at this 3% number, but it is clear we are not going to rally. you're not going to wake up with a 2.25%. are we going to have this market move to an uncomfortable level where investors will choose income over capital appreciation? we had a few moments of it at 3.20% and i think we're going to test higher levels again. lisa: higher levels again, why? which investors are stepping back? which investors are not coming back to treasury yields? brian: i think there is two things. the fed played this game a get with the pause. i think this was to calm markets temporarily. i don't think we can predict a pause based on what we are seeing in labor markets, growth, and inflation. the first thing is that we do not see investors flocking to fixed income, and there is a lot more coming. obviously qt as part of that. i think that is the first t

so now, it's looking luke a bigger with one and that also increases adds james gorman saying at a conference today there is a 50-50% chance right now of recession and that is higher than his previous odds of about 30%. but he did say -- maybe reassuringly -- that we are unlikely to go into a deep or long recession i will say, we are coming from a stronger place on employment as you know is low. consumers have been in a good place lately but there is new evidence that the high inflation is taking a toll bank of america economists noting that outstanding credit on credit cards is making new highs and savings as a chunk of income hitting multiyear lows. inner word, that higher-than-normal cash pile that consumers have is starting to dwindle and so that's really been prab attic and could be worse as the fed continues its path. >> sara eisen for us tonight thanks sara epperson now. sharon, 401(k)s, man, you don't want to look at them what should people to and not do >> shep, the efficient thing to do focus on what you can control. continue to contribute to your retirement accounts. with a 401(k),

morgan stanley ceo james gorman says there's a 50/ 50 chance the u.s. toward a recession, but jpmorgan strategist says no, the u.s. will avoid a collapse, and the federal reserve will deliver us to a soft landing. well, let's get a breakdown of what to expect when the fed makes its rate hike announcements tomorrow afternoon no better person to bring in a fox business exclusive wall street journal senior writer john hilsenrath. i don't know there's been such an anticipated announcement, john, in many a year, but the fact that this news came out of the 75 basis point hike was back on the table, is that where you think the fed is going? >> yes, absolutely, in fact, my colleague nick timaros broke that story yesterday and a lot of other organizations have been out since he broke that story, and it's fascinating. you know, on several levels. it looked back a few days ago like the fed was going to stick to 50 basis points and they changed, and so the question is what happened over the last few days to change their mind? one that we got more bad inflation numb

wondering government said he shot data, conduct a soldier who cross the border from the eastern city of gorman, he reportedly opened fire and police officers and civilians. the soldiers body was laid to return to authorities in garma. locals lined the straits, but he was driven through the city in ambulance al jazeera. malcolm webb has been covering developments from nairobi. rwanda's army, uncommonly police station at the border said that a con, really soldier wolf from congo towards rwanda firing a weapon. london soldier opened fire on him, killing him on the spot that exchange of fire followed between the forces on the 2 sides of the border. this border is within the adjoined city of goma and easily crowded with pedestrians and cars crossing place. ways throughout the day. some civilians were we've had court in the crossfire and injured now just 2 days before the exact same place. thousands of constantly march towards rwanda's board saying they wanted to deal with them president pool to gummy, who they blame for decades of military aggression. anything, congress follows an escalation of vio

i wish that gorman would buy them. having a fantastic $18 billion buyback. but, robinhood should be bought. makes no sense because you can buy it and integrate it and have all those customers and they are all the right customers. >> i was going to say directionally, do think that a buyer should be the likes of a elon or legacy financial ? >> i think legacy of financial has to be more involved with younger people. they passed up years ago and they should have bought it. i think goldman should buy robin hood. that will limit my chance of interviewing david solomon, which i would always like to get. but, i think they should buy it and then you a story about marcus. all these little things. you are in robinhood . >> i think that you run the risk of someone coming in and buying it before you get a chance. now this sam bankman-fried is an operator. had him on the show. he is j.p. morgan of that era. >> you got to love that. >> this is a conglomeration of young people want to be better what they don't they've been chastened by how much money they have lost. at one

she sees a wartime photo of her father named jj gorman. he was in the 86, indiana. and he mailed the photo from camp carrington to his family in 1862. so 35 years later his family finally receives the photograph and the the soldier who was so it's actually still alive was so pleased that he sent a thank you letter to the exhibit director and said i'm greatly obliged for the return of the picture. so, you know, this is 1898 within a few within a decade or two much of the civil war generation of passed on and relatives and ancestors a descendants rather are wondering who are in these photos? and it's a question that we're still asking today, maybe more than ever. so next i want to talk about how collectors and historians and others are engaging with civil war photos today as informational resources and some of the research that i've done on this topic and i call this photo sleuthing. it's basically the idea of using these photographs to identify the the subjects of the photos and amazingly many many of these photographs survive 150 years later one estimate is at least

morgan stanley see joe james gorman saying chances of recession are 50-50 # but unlikely to be a deepre. we'll be back. ♪ ♪ i'm so glad we did this. i'm so glad we did this. i'm so glad we did this. i'm so... ...glad we did this. [kid plays drums] life is for living. let's partner for all of it. i'm so glad we did this. edward jones another crazy day? i'm of course—you'rehis. a cio in 2022. but you're ready. . . on-premise and in the cloud. you can run things the way you want —your team, ours or a mix of both. with the nation's largest ip network. from the most innovative company. bring on today with comcast business. powering possibilities.™ - to my mind, retirement is all about having more time to spend with the ones you love and more time to enjoy what you've earned. but unfortunately, many older americans just don't have the money to do all that. - [narrator] are you living on a fixed income? worried inflation may affect your savings? call aag to discover how home equity could be a financial safety net in uncertain times. - most people thought the three legs of retirement, pension

the chance of a recession, i haven't talked about this morning yet but morgan stanley jeff james gorman i just thought that was the ultimately cop-out for a wall street chief. is the recession avoidable, doug? >> i'm not really in the camp that a recession is eminent. the problem is the economy is running hot, the housing market is running hot and the fed will do what it can to slow that down. it will get weaker, monthly housing sales report. that's not a recession. the real issue is what happens after the tightening works through the system and goes 2023 and maybe the fed went too hard too fast and you get a dip. that's the increased risk. it's not imminent by any means. dagen: francis, jump in here. >> yeah, maybe it's not technically this year but definitely people are feeling some pain. clearly, you know, this whole idea about driving electric cars and becoming vegan, we are right in line with that given that everything that is up is not those things. what do you think about the possibility of a 75 basis point hike and what are you watching as far as -- what do you think the fed is

this weekend, america's national youth poet laureate, amanda gorman, offers us a poem that says may we choose our children over chaos, may another innocent never be lost. mr. chair, i yield back. >> for what purpose of -- does mr. johnson of louisiana. >> we have heard some really outrageous and even revealing things today. mr. jones said we democrats seek to abolish the filibuster and expand the supreme court and do anything necessary to do that. that's what we know this is about. president joe biden looked into a camera and said he wants to ban nine millimeters handguns. this is one of the most widely purchased and used handguns by the law-abiding citizens of this country. in 2018, john paul stevens called for the repeal of the second amendment and recent days, liberals in hollywood and on capitol hill have started to echo that drumbeat once again. error colleagues in this hearing to day claim that raising the purchasing age or semiautomatic rifles and shotguns to 21 will reduce school shootings. as has been noted, this has already been ruled unconstitutional by the liberal u.s. cour

this weekend, america's national youth poet laureate, amanda gorman, offers us a poem that says may we choose our children over chaos, may another innocent never be lost. mr. chair, i yield back. >> for what purpose of -- does mr. johnson of louisiana. >> we have heard some really outrageous and even revealing things today. mr. jones said we democrats seek to abolish the filibuster and expand the supreme court and do anything necessary to do that. that's what we know this is about. president joe biden looked into a camera and said he wants to ban nine millimeters handguns. this is one of the most widely purchased and used handguns by the law-abiding citizens of this country. in 2018, john paul stevens called for the repeal of the second amendment and recent days, liberals in hollywood and on capitol hill have started to echo that drumbeat once again. error colleagues in this hearing to day claim that raising the purchasing age or semiautomatic rifles and shotguns to 21 will reduce school shootings. as has been noted, this has already been ruled unconstitutional by the liberal u.s. cour