j.p. morgan said that at the end intended to maintain its dividend at $1.00 per share in light of future higher requirements. that goes into the idea of some banks perhaps wanting to hunker down and make sure they are being conservative with their balance sheet. also, j.p. morgan had what is known as a higher capital buffer set by the fed, which does limit their ability to return capital to shareholders. so, we will let you know. the additional firms and what they are reporting. but interesting so far. we are seeing most firms take it higher news. morgan stanley sing the biggest news among the big banks we follow up about 1.9% right now. >> keep us posted. leslie picker. doesn't make you feel better or worse about what we expect for the economy that j.p. morgan is keeping their dividend pass? >> reporter: i think it doesn't really follow through. we talk about the issue of them having this other comprehensive market down which is when rates move up, the assets are priced lower, which does hit the

j.p. morganolicymakers could soon care more about growth risks? annabelle: that's right, we have the expectation that we could see cuts from the fed as soon as next year. but as i said, j.p. morgan is expecting that, but not confident it could happen. the timing of that is when we see the moves in the policy rates. the fed is expected to be at 3%, the you see the at 2%, and the boe at 1% before we see that happen. j.p. morgan is uncertain about this. the reason is how the central banks and up -- central banks end up responding. j.p. morgan is suggesting that the language we are hearing from jerome powell and his colleagues also suggests that the bank needs to engineer a rise in the u.s. unemployment rate. the aggressive actions we are seeing from the fed and other central banks means that we could see a tightening in financial conditions sharper than what was expected here. the concern for jp morgan is that it ends up being too heavy a load for the private sector, that they say is otherwise in a

some interesting data from j.p. morganks about the housing market, the folks are taking their options. they are doing it on u.s. futures. the most short on s&p futures since 2016. the options based measure isn't showing that bearishness through. neither futures this morning, after we had that big decline in equities. from up 1% to down 2%, up .3% today. the asia-pacific index down more than 1.2%. stocks did fire across etf. they banished their account balances, they were ravaged in 2022. our data shows nearly $10 million was -- $10 billion was pulled out of equity funds. on fears of recession. morgan stanley chief economist told us a potentially recession will be shallow. >> i think shallow. i think the duration is still in question. i say shallow because you don't have a deleveraging cycle on top of recession. that is different from how he entered the financial crisis. manus: will be shallow? will be short? morgane delledonne is -- is whether you believe this is a defensive rally or bear market. good morning. >> it is ver

j.p. morgandditional -- faced an additional made upmarket market shock that tested the resilience of their trading operations and all of those again passed the test. positive result again for the banks. paul: at the same time, we have banks bracing for billion-dollar losses related to sinking by out debt. su: it relates to the party that was going on in m&a, a lot of mergers and acquisitions. but risky corporate debt that is often used to make those deals has sunk. let's go to the bloomberg to take a look at the reality check these banks now face. we have investment bankers in the u.s. and europe bracing or potentially billions of dollars in losses as they try to offload risky corporate debt that has sunk in value. sources close to the metal site -- matter say apollo global's buyout of tenneco auto parts maker says it is just one example of a challenging transaction. some of the biggest losses good amount about $1 billion from a deal that took sisters -- took citrus systems private. the banks eac

we now have a j.p. morgan strategist saying the s&p 500 implies an 85% chance of arrest session. there are fears we could see i policy ever after the biggest hike since 1994. the nasdaq 100 moving more than 2% and the two year yield around the 3% level. tenure about the 3.2% level. the asian session is under a little pressure after a rally. no matter the risk off sentiment we saw, supply concerns are still moving the market. we also have the dollar plunging by the most since march 2020. this is to do with what is happening in europe. look at these currencies in europe. we are seeing a little move in the asian session after a huge jump against the u.s. dollar. the swiss franc father biggest rally since january 2015 with the swiss bank removes to a currency cap at a time when inflation is high. we saw the first swiss rate hike in years. that really made a big difference, the first rate hike in 15 years. after that, there were bets the ecb would move. the president came out and talked about not wanting irregular moves -- in the market. we also had the boe thinking rights this consec

still jamie dimon the see of the largest bank, j.p. morgan, is out with a warning about the economy. >> it is a hurricane. right now it's kind of sunny, everyone thanks the fed can handle this. that hurricane is right out there down the road coming our way. we just don't know if it is a minor one or a super storm sandy. so you've got to brace yourself. >> he also said the bank will be much more conservative in the face of this than there is elon musk saying he has a super bad feeling about the economy as well as he looks to lay off 10% of staff at tesla prejudgment right out of foxbusiness exclusive reagan economist art laffer. art good to see you thank you so much for being here. a lot of really were reading comments from the ceos then he got the jobs numbers on friday where wages were up five-point to percent but still not enough to offset the sting of inflation which is running 8.3%, your reaction very. >> i think jamie died on elon musk are completely correct for that job support was not a great jobs report if you look at it from a long-t

tom: in the fractious debate of j.p. morgancompare and contrast housing in england from housing in america. do you people combine them together or are they truly distinct? michael: i think they are quite different because in the u.s. you have 95% of people on relatively long-term fixed rate mortgages whereas in the u.k., about 17% of people are on track mortgages and another about one third are at two years a l ess. the u.k. will feel the interest rates a lot much more quickly than the u.s. would. however, the u.s. is not completely immune to higher interest rates because 95% of people are fixed. it means the vast majority will not notice interest rates going up but who does notice, the people who are moving homes. from then, the 30 year mortgage rates go to 5.75 today. at those kind of levels, if you look at the cost of buying a house and bear in mind house prices have gone up 40% since the end of 2019 in the u.s., the amount that it would cost the average household to buy the average house today has approximately doubled over

why are we hearing these two different things from j.p. morgan? >> i think j.p. morgan and other banks like bank of america, they also do see the u.s. consumer in pretty good health. jamie dimon said today they still have six to nine months of spending power and thanks to stimulus that patted their pockets, they could have 2 trillion of sort of excess money to put to work. bank of america's american retail banking president said something similar. perhaps there is a way to go in terms of consumer health. haidi: china is doubling down on xi jinping's call for more infrastructure spending to counter its economic slowdown, urging policy banks to lend more to projects to boost consumption. for more, let's bring in our chief north asia correspondent, stephen engle, in hong kong. it feels like we have been here before. stephen: we have. this is the type of economic cycle we see in china, pullback that, fuel debt, pullback debt, fuel debt. their off balance sheet liabilities grow when they are told to produce growth, and then they go through a crackdown and there has bee

on j.p. morganumbers we have a 20% supply demand gap that will not be cervone -- that will not be solved until someone spends north of $1.7 trillion to close the gap. green policies cannot bridge that in the short-term. longer-term the are critical, but they will not bridge it in the short-term. on the food side, it is important to recognize the impact of climate change. we are seeing crop failure in the u.s. and india, the curtailment of exports in india, malaysia, indonesia. so there are structural drivers that require coordinated policy responses. the additional argument i put on the table here in asia, particularly in asean, is the criticality of fish as a source of protein. it contributes more than 50% of protein requirements in most southeastern asian nations, and we are facing critical level of fish stocks across the region, particularly the south china sea. multiple printer for traders -- multiple perpetrators and multiple victims. juliette: do you expect more food protectionism from nations

from j.p. morgan securities there on the path forward, the road ahead for this oil market. tom: can't say enough of the report. get the report. we protect the copyright of all of our guests. get it from j.p. morgan. whether you agree or disagree, it is the thought-provoking report. it created a hurricane. jonathan: we turn now to our royal correspondent tom keene for the latest on the parade. tom: it is really interesting, the imagery we've got of the parade, but the queen has been alone on the balcony. we will try to get that shot for you here. all by herself. it really speaks volumes about the generational shift here that you and your family have lived. jonathan: lisa, what are you laughing at? it is an important moment. lisa: is it? the queen's alone on the back any. they are wearing hats on horses. tom: she will be joined by the minions in a moment. jonathan: the minions? it's a celebration, guys. lisa: she's not alone. she's actually with someone on that balcony, just letting you know. jonathan: this is where it's at for this coverage, isn't it? the duke of kent with t

they calls for j.p. morgane invest ability of china into a zero covid policy are critically important. how important is their call? tom: there's now a growing sense that after prolonged crackdown in the tech sector, things are starting to improve. officials in china realized that sector is key for driving growth and jobs. you seen a softening on jobs in the younger generation. there is now an alignment on views. even if officials are not taking their feet off the pedal when it comes to scrutinizing the tech sector, the environment is becoming more positive. you have the president, xi jinping, holding a meeting where he talked about where the tech sector can better align with the economy which many read as a positive symbol. focusing on what is happened, he seen 11 straight months, as a record since the market of the 90's. -- 1990's. the commodity structure and that demand going forward. dani: what other measures does china have in place to support the property sector? >> we are starting to see come through from

those going for about 85 cents. >> snow flake with an upgrade from j.p. morganmaceutical company but without the usual competition. just plain old cash byer we like it here. >> josh brown? >> charge point increasingly looks like it bottomed in early may, stock is resilient. i like it. >> jim >> thermo fisher great health care company. it's one i'm recommending because i think we're stuck right now while we wait for more information on inflation and earnings. >> pete you get the last word on this one >> i tell you what, you know i'm a bull in the energy space, but we've obviously had a significant pullback and a little bit of trimming here and there. and i don't have quite as much exposure but the xle does make me scratch my head a little bit because they're buying 68,000 of the october 52 puts. looking for this make some sort of a pullback. we'll see what happens but seeing the huge put buyers right now. >>> that does it for "halftime." "the exchange" begins right now. >>> thank you very much frank holland. checking out what's happening with the markets overall

of j.p. morganopefully to getting a light at the end of the tunnel, left empty handed. >> a lot going on right now but the idea we'll be able to click a switch, bring down the cost of gasoline is not likely in the near term, more with regard to food. >> jacqui: the white house maintains the president's actions have kept it from going higher but it's out of his hands because of the war in ukraine. surprisingly, the white house took no credit in a statement, they did give credit to the saudis. instead reporters are asking what levers to pull to bring it down, more spending to bring down cost of housing, elder care, prescription drugs, and now democrats are sounding off. op-ed suggesting the government should be purchasing food, baby formula and gasoline during price dips and selling it back to the american public. janet yellen's admission to say she was wrong to say inflation was a small manageable risk and no the a problem last year, there is a faction of officials what want the administration to adm

j.p. morganly saying u.s. consumers have held up these rate rates we have been seeing since the start of covid. j.p. morgan saying it expects a slowdown in freight traffic, and that will weigh on the sector in the u.s. we are seeing drops particularly in japanese names at the open here as well. shery: a senior economist joins us to discuss china's slowing growth as we look ahead. oecd sounding the alarm on the food crisis caused by the war in ukraine. we will have more on how that is playing into global inflation worries next. this is bloomberg. ♪ >> we have seen low employment and high inflation. remove monetary policy accommodation. it will signal they will target this, and in those countries where there is obvious demand monetary policy should be tighter. shery: the oecd chief economist and director on monetary policy tightening. we heard from the world bank, we have been seeing stronger inflation as well, all of those calls really being felt the market, the nikkei giving up earlier gains. ene

a fall today on wall street after j.p. morganrself for the economic hurricane what is coming, predicting the war in ukraine could send oil prices soaring even higher. >> the idea we will be able to quick switch, bring down, across the gasoline, the cost of gasoline is not likely in the near term. >> the national average for gasoline is $4.67 a gallon, $6.20 in california. >> it is realistic that the national average for a gallon of gasoline will be above $5, across the entire country, probably $6 in parts of the northeast and in illinois, and maybe even 7 or $8 in california and other parts of the southwest. in richmond, virginia, an inhome organization consulting business, she has had to give out gas cards for employees and increase their pay so they can afford to drive their own cars to meet their clients. >> they were saying things like i'm filling up my tank and i'm thinking about how much of my paycheck is going down the drain. >> for more business news, let's bring in cnbc's rosanna lockwood joining us live from london. goo

karen, what do you think, how do you think that impacts j.p. morgand bank of america for instance? >> wells fargo i think more than some others, i think it is not a gigantic part of the business for j.p. morgan but i do think that we talked about this a couple times, i do think that it is not that the fed wants this to happen but there is a necessary byproduct of them doing what they need to do to squash inflation, and so i am not optimistic in the short term. >> can you believe katie holmes sticking by the forecast? >> i can because i think the housing market hasn't fallen apart yet. if you look at the numbers that we got earlier in the week on headlines, they were down a bit but we were at record prices, they are up 23%. there is a backlog that grew to 12,300 something houses. i am not worried about 22. i think the stock obviously down 41%, priced in a lot of that. they gave a second-quarter guide, which missed some of the stock traded down on that, we know the interest rate story, what is meant for mortgage rates, it has been almost a 1 to 1 correl

tom: coming up, j.p. morganf hundreds of staff in what has been a red hot housing market in the u.s. more on the next, this is bloomberg. ♪ tom: welcome back to the open. 52 minutes into the european trading day. pronounced risk off, assessing comments from jay powell who admits there is a risk of recession in the united states. data from germany and france, manufacturing and services much weaker than expected. pressure in the euro zone, significant moves into german debt and yields on the 10 year german bund down 13 basis points. as you see a bid for german debt as this risk off mood solidifies. euro-dollar is weaker, down by .5%. across the benchmark, losses of 1.3% currently in the session. let's take a look at other things to watch out for today. 10:30 a.m. u.k. time the eia will publish the latest crude oil inventory report. at 1:30 p.m. we have the initial u.s. jobs claims data. they eu will discuss energy, the cost of living, russia's invasion of ukraine and membership applications of ukraine, moldova and

we like j.p. morgans and we think they have a force boundary, and we like some of the regional banks as well. tom: the fortress balance sheet of j.p. morgan. do you get there by the end of the year? we have concerns of recession. richard: it is a problem price target. it is somewhat of a binary outcast. if we do have some economic downturn of any noticeable amount in the u.s., that could get to that price level. you get this almost entirely just by the interest rate hikes we are expecting in the u.s. and to the loan growth. we think with jp morgan, they have been having a very attractive long-term story. there are investing heavily in terms of expanding their franchises in the u.s. they're also investing heavily in parts of europe as well and they have consumer offerings in the u.k., building up a middle-market offering in europe, so we think that over the next few years, there are considerable up sizes. francine: what a pleasure to have you on tv today. richard ramsden, head of u.s. financials research

j.p. morganchase bank for bank transactions to do with hunter biden, jim -and two of others business partners, devon and eric schwerin and anything to do with the bank of china. i know from bobalinski's material a lot of that money slot through tens of billions of dollars so they're getting that now. one of the names, one of the suspicious activity reports from j.p. morgan chase that i've seen is a woman called zoe kasten. and she was an x, i don't know if you call her a girlfriend but a woman who spent a lot t of time with hunter at chcteau marmont in hollywood when he went on one of his months long crack anderson 20 after he got a big payout from china a. he was there and she was in a lot of photographs and videos . they had as he always had with all the women in his life a rocky relationship but she is named on one of those suspicious activity reports because quite a lot of money had gone into her bank account. and she testified before d the grand jury and apparently talk about his wild spendi

attorney in delaware subpoenaed j.p. morgan chase bank for bank transactions to deal with hunter biden, jim bidens and two of the business partners. and specifically they offered anything to do with the bank of china. i know from the laptop and from the material a lot of that money sloshed through tens of millions of dollars. so, they are getting that now. one of the names on one of the suspicious activity reports from j.p. morgan chase that i've seen is a woman a called zoe, and she was an ex- i don't know if you would call her girlfriend about a woman that had spent a long time with hunter in hollywood when he went on one of his month-long crack vendors after he got a payout from china. so she was there and in a load of photographs and videos. so they had as you always have with of the women in his life, a rocky relationship. but she is named on one of those suspicious activity reports because quite a lot of money had gone into her bank account and she testified before the grand jury and apparently talked about his wild spend

joining us a j.p. morgansset management, seems like recession is building, the first ignores me from jay powell that maybe it is imminent -- first acknowledgment from jay powell that it may be imminent. how much way does that have? >> given the elevated inflation and the fact that the fed needs to 10 further to contain it we definitely see -- to contain -- the fed needs to tighten further to contain it, the household balance sheets could contain some of those risks more paypal -- problem next year. >> you have equities, where you seeing opportunities elsewhere? >> giving our expectation of growth being subdued at the start of next year and inflation being elevated think there is more downside risks to both earnings and margins. we have moved underweight to equities, currently we have overweight cash and within the current environment is a defensive position. >> you say that may not be a inflation -- recession this year, but in an earnings recession is very much in focus. >> even though a full-blown economic r

j.p. morgan laying off hundreds of workers look at the correlation between j.p.nd stock price and the average mortgage rate. what further impact will it have on the housing market? and more opting to buy now and vi tlater. ginghe airlines a near-term boost. ly, voya provides comprehensive solutions, and shows me how to get the most out of my workplace benefits. voya helps me feel like i got it all under control. voya. well planned. well invested. well protected. you know that show i was telling you about? yeah i was so close to the stage when i saw her and she... she pulled me in. wasn't expecting that. it was literally... literally the greatest thing i've ever seen... scene... it was such a scene, but i looked pretty hot... so hot. i mean the look on his face... face it! you really missed out on the best time... time of our lives. you really had to be there. when you're with amex, you always have a story to tell. it's never a question of if it's going to happen... it's when. ♪♪ it takes a village to support society and businesses have a responsibility to support

. >>> one analyst from j.p. morgan said fund outflows have left big banks with an estimated $2 billion in losses according to j.p. morgan bank of america and citi group are the two with the largest exposure to so called hung note deals. leverage loan funds have seen their steepest outflow since 2020 with $3 billion exiting in may, and another $2 billion through mid june for more on this story head to cnbc.com the international energy agency is warning europe must prepare immediately for a complete shutdown of russian gas exports as soon as this winter speaking with the financial times, the head of the iea said governments must take measures to cut demands and keep nuclear stations open as russia looks to leverage in the marketplace as temperatures drop. >>> fossil fuel discussions front and center all over the world. >> yes. >>> and as we come back, fed chairman jay powell facing off against lawmakers in what's likely to be a tense hearing on capitol hill former fed, roger ferguson set to break it down. >>> and getting

j.p. morganhase, both up and apple and amazon, when it comes to big-tech reelated type companies, up two-thirds of 1% and amazon has been hit especially hard during the latest down turn in the nasdaq perhaps a catch up ahead of the big rate decision. >> thank you very much >>> the fed is debating what to do as they continue to point to an economy slowing but not enoughf to bring down inflationary pressures even with the huge spike in mortgage rates, we learned applications rebounded from a 22-week low. we got the empire state index showing a drop overall and the labor market reads we're all very strong. these are parts of the economy the fed is trying to cool. retail sales dropped for the first time in five months. they're sharing a growing share of their dollars and the price index jumped to the highshest reading in four decades. where does this leave the fed and its decision on how much to hike rates today joining me is at city wealth management and the chief fixed income strategist at jenny mo

wow, you start to really see that this is hitting home when j.p. morgan don't have work for you at this point that must mean the mortgage world is drying up, what you seen on the ground. >> first of all they get for having me. it is real. you see mortgage rates, a 30 year rate twice what it was a year ago. the opportunity to refinance is much less than it was, home prices increased along with those rates and you see a slowdown mortgage has always been a simple business but a tough one for the outcome. liz: you do mortgages and also for your 600,000 clients hope to find the best possible rates not just for mortgages but also for car loans and credit card loans et cetera. tell me what you are finding and how much harder is it to find it really low rates at this point, we are a national digital institution. we have the benefit of the best cost structures in industry. another factor going on at financial services right now is bank branches are closing at a record high. bring a digital institution is able to take the benefit of the cost structure. that's exact

and m and a deals and banks and appropriately staffed up and if you look at the numbers, contessa j.p. morgans one of the biggest wall street firms out there added 13% for the head count and closer to 17% and those two firms together you have about 15,000 more bodies and the wall street operations than they were two years ago, so that's the scene we have and what's happened this year is interest rates are higher. you've had parts the capital market business be very chilly or shut down completely and you've had a complete drop-off in the level of revenue from ipos if you look at the data, it is staggering and there's a 91% drop in u.s. ipos and if you look at high yield and the riskier part of the debt issuance, that's down 75% and m and a is down 30% and no part of the investment banking franchise that's been untouched by the revenue squeeze. >> 15,000 people and those were the first two firms and morgan stanley hired more was it too much? i mean, did they just think these trends were going to last forever? >> yeah. you know, this gets back to the nature of wall street is that it was a boom a

economic hurricane apparently coming of the head of the largest banks j.p. morgan dimon's scary prediction followed by elon musk bad feeling about the economy amid his plans to cut 10% of tesla's workforce. >> it is a hurricane. right now but sunny, things are fine. everyone thanks the fed can handle this. that hurricane is right out there down the road coming our way. i >> coming up the democrat agenda and its impact sprayed white leading ceos are expecting layoffs to spike as a recession looms after years of trillions of new spending. new climate regulations and expenses setting inflation to 40 years hi. this week joe biden said it's not something he can do anything about. >> the idea we are going to feel the click a switch and bring down the cost ofne gasoline, is not likely in the near term. nor is it in regard to food. spit coming up the economic predictions ahead of janet yellen's testimony and front of his committee this tuesday. with inflation already edit 40 your heart why is chuck schumer still negotiating a climate spending reconciliation package with jo

j.p. morgan's jamie died in warned of economic issues. the jobless claims, the productivity and labor costs and factory orders. the united airlines ceo is playing down three fax. they say that is returning to normal. they say there is no evidence that rising airfares are hurting consumer demand. >>> the biden administration will forgive all remaining federal student debt for former students of the corinthian college for-profit chain. they will get the debt automatically cancel. that amounts to $5.8 billion for more than 560,000 borrows. thousands of other students were already eligible, but had to go through a process that was confusing and not widely publicized. >> i think that impacts some students in the bay area. >>> it is 4:44. >>> is life in space sustainable? coming up, the tool nasa is using to help expand the space exploration. stick around. since i left for college, my dad has gotten back into some of his old hobbies. and now he's taking trulicity, and it looks like he's gotten into some new healthier habits, too. what changes a

kb home shares up about 8% snowflake is getting a big bump following an upgrade by analysts at j.p. morganse analysts saying they have confidence that snowflake is reaching an inflection point, in their words -- in terms of generating a free cash flow. those shares up 8% right now and netflix, that stock headed towards session lows after saying it began a second round of layoffs that included 300 employees. the company said job cuts are to adjust for costs in line with their slower revenue growth profile right now. >>> now to tyler mathson with a news update. >> within the last hour the senate voted 65 to 34 to bypass -- my microphone just fell down, let me find it. here we go this happens sometimes bipartisan gun bill we're talking about, including help for states to implement red flag laws final passage is expected no later than tomorrow. >>> president biden said he's disappointed with today's landmark supreme court decision that americans have a constitutional right to carry a handgun outside their homes. the high court struck down new york's gun licensing law a decision the state's gov

jamie dimon, the ceo of j.p. morgan chase, says there will be an economic hurricane.others will be able to find baby formula. we also have a jobs report looking better. break down where we are in the economy and horizon. >> the state of the economy is in a delicate place. there are a lot of bright spots. looking at the labor market, a solid jobs report today. if you look at the balance sheets, those are some of the positive signs in the economy. inflation at a four decade high, it is hitting families hard. you look at polling data and consumer sentiment data, families are concerned about the higher prices at grocery stores, gas pumps, it is a big problem. you also have the federal reserve mounting this very aggressive campaign to lower inflation. raising interest rates, shrinking the balance sheet. they are tapping the brakes on the economy. that is giving corporate leaders and economists some pause. the fear is the federal reserve will not bring down inflation without launching us into a recession. people are hopeful the federal reserve will be able to do it, but the

according to one man from j.p. morgan, we can.s get to 150 bucks we can handle it, because inflation adjusted, that is where we were in the middle of the last decade. i'm afraid to say with gasoline prices up 4.919 dollars, it's going higher can we handle it according to jp we can >>> up next, she's bringing the heat michelle is tracking your midweek weather forecast >>> and ahead, chrisley knows jail i'm saying farewell to my expensive gym membership. so you're getting rid of all your workout gear? honoring it. don't give up the things you love! state farm has options to personalize your policy, so you get a rate that fits your budget. amazing! [raft deflating] be right back. for surprisingly great rates that fit any budget... like a good neighbor, state farm is there. call or click to get a quote today. dawn is flipping the way america does dishes. new dawn platinum ez-squeeze. it's an upside-down bottle... with no cap. just grab, squeeze and platinum's upgraded formula breaks down grease faster. tackle grease wherever it shows

david: that leaves out people who are not fortunate enough to work at j.p. morgani think meta, disney said something as well. tina: it is going to be the larger companies that can afford to take on this extra amount of cost. in an era like we have now ready on employment is so low and there is such a battle for the workforce, this might be another thing you could use to make yourself attractive to workers. david: thank you for your work on this today, which is not finished. coming up, we are going to talk with a professor of constitutional law at harvard law school and consider one of the nation's leading constitutional scholars. this is a special edition of "balance of power." ♪ at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. ♪ david: this is a special edition of "balance of power" on bloomberg television and on radio. i am david westin. nice time to get a look at the markets. >> the s&p 500

j.p. morgan ceo jamie dimon says he's prepared for an economic hurricane on the horizon he pointed to a pair of issues, the fed's plan to shrink its balance sheet and fight inflation and the war in ukraine on commodities and fuel. the oil could hit $175 a barrel. it could all add up to turbulent times ahead for the u.s. economy, which is a major concern for the administration and for americans. >> it feels pretty turbulent already. thank you. >>> drivers just aren't catching a break. the national average hit a new high of 4$4.67 a gallon at one shchevron station in los angeles t hit a whopping $8.05 for a gallon of unleaded four states, including georgia, maryland and new york have suspen suspended state gas taxes hoping to give drivers some relief. >>> nbc meteorologist michelle gross grossmann is here with the forecast >> tracking the tropics. so we have what's left over from agatha that's going to fuel a disturbance that could become a tropical depression in the next day that could become a tr

hurricane warning is come from jamie dimon of j.p. morganonsiders potential consequences of the were ukraine and the u.s. federal reserve effort to tame inflation. so what is the good news? friday brought other solid jobs report and at least the people running washington now acknowledge that inflation is a problem but remember last year when they acted like the spending and money creation party could go on forever? >> these investments interest rates are at historic lows will generate more growth, higher incomes, a stronger economy. >> do not expect that we will be in a situation where inflation rises to troubling levels. >> is there a risk? i think there is a small risk. i think it is manageable. >> don't you just love and politicians pouring your money into federal programs call them investments? do not expect a finance router and the result of washington 2021 blowout is financial pain including inflation. at least one pillar of official washington is acknowledging failure even if she is still trying to redirect the blame to unexpected eve

citigroup, j.p. morgan chase, netflix and amazon had already pledged to offer similar benefits.rom overseas leaders weighed in the ruling. british prime minister boris johnson. >> i think it is a big step backwards. i have always believed in a woman's right to choose. and i stick to that view. that is why the u.k. has the laws that it does. >> canadian prime minister justin trudeau tweeted it was horrific. a million macron wrote -- emmanuel macron wrote abortion is a fundamental right. the court outside the supreme court crew and across the country in detroit, boston and new york, protesters spilled into the streets to decry the end of a long-standing constitutional right. i am john yang. judy: to unpack today's opinion, including its conservative majority and the liberal dissent we turn to marcia coyle of the national law journal. this is a big one at put this in context in the pantheon of major supreme court decisions, where does this one fit? >> this is huge. it's been, i can't even remember when the supreme court last revoted a right that an american citizen held. so, this o

jonathan: bruce katzman there with j.p. morgan. .8% the s&p 500, nasdaq is down --. a slowdown? the outlook for the second time in three weeks, that stock is down 9%. if you ask an airline right now, they will give you a different answer. tom: lax just starting to creep down a little bit. i am watching that everyday. it is out there and cabana said in his note, every shot has a different view on this coming slowdown. we will have to see. the watching target -- watching target with some good perspective. right now, this is a joy. -- achieve a common -- chief economist about the monahan. i want to talk about the communication at the beginning of dependent -- the beginning of the pandemic. he wrote the mother of all essays on this pandemic. you said then, the global economy will never be the same. can you expand on that? and tell us how this global economy will never be the same as we are now somewhat out of this pandemic? >> we first admit we were wrong. back then, a long and dramatic output. tom: the policy showed up? vincent: worrying about the policy and that was go

debate has been does russia oil just go offline or does it find a different buy her to that point, j.p. morgand if china doesn't step up their buying of russia oil, it could peak at a monthly average of $136 in june do. you see a similar scenario in carole: in economics, everything else being the same, if demand, we don't see a demand destruction, we don't see a slowdown in economic growth, we don't see an aggressive monetary policy. if everything stays the same and of course there's no increase in demand dpr -- from china and for russian oil and opec does not put more oil in the market, then the scenario is not, you know, impossible. everything possible. there are so many other dynamics coming into the picture that question now, you're also difficult proto the predict by the summer. manus: carole, thank you very much. great conversation as you say, a number of nuclear options which can possibly put into play into the game theory. let's get back to jules in singapore. juliette. juliette: russia has been judged to have tbleached terms on a bond after missing a $1.9 million interest payment. thi

the global market strategist at j.p. morgan.et around up of all of the stories we have been discussing today. jd go is the function on bloomberg, customize your settings so you only get the news on the industries and assets you care about. this is bloomberg. ♪ shery: we're counting down to the start of trade. some stories are watching. in japan, we are getting cash earnings. we will break those numbers. we are watching the yen, slid to a 20 year low. way down, widening gap between yields. on the corporate front, we already in six g. i am just getting used to 5g. haidi: i might still be on 3g. quick check of the latest business flash headlines. sources say the ftc is investigating whether binance broke security rules. we are told the regulator is looking into whether it was a security sale. binance faces multiple investigations in washington. it's the fifth biggest crypto. paramount is being sued over top gun maverick. they are accused of releasing the blockbuster without securing a license from the estate of the writer whose sto

the wall street journal report that you have a series of banks like j.p. morgan saying yes, we can see 75 basis points this week even going as far as to say 100 basis points a possibility this week. the outlook is harder, faster, more aggressive hikes. if you are a tech investor, you are worried about that. emily: mark said that there is nowhere to hide. ed: nowhere. the biggest points movers on monday, the likes of apple, nvidia -- when we talk about higher rates, we talk about higher rates discounting the present value of future profits. but it is usually pre-revenue. even some of the creme de la cre me names like apple are feeling the pain. the fed, can it tackle inflation without causing a recession? the skepticism of the market that they can, recessions are not friendly. emily: he did say amazon long-term still a good play and meta better than google. ed: despite being down 75% today, in the long run, all those innovation names will be winners. emily: time will tell. thank you for that update. all right. to the box office. "top gun: maverick" lost his crown.