i do also like j.p. morgan. to be in this period where we have a soft landing, banks could start to look attractive . >> but you like it is a bank bank but not as an investment and these are more investment banks and savings and loan . >> with goldman sachs and more so j.p. morgan as traditional and they are in the reserves and they do not need as much of that on the balance sheet and it could look more attractive for them. >> up next a bit of a crypto come back. ether floating higher in the 60+ % and bit coin, what is 60+ % and bit coin, what is driving this move and will like real time cgi. okay... yeah... oh. don't worry i got it! become an agent of innovation with invesco qqq finding the perfect project manager isn't easy. turn and an 8:15 call with san francisco. and you can find him, and millions of other talented pros, right now on upwork.com ♪ ♪ i was having relationship down with my old bank. next to no interest, the fees... it was just take, take, take. so i broke up with bad banking and moved to sofi

j.p. morgane big bowling company rolling more than 50% higher here. is this name right up your alley? stick around. we will knock down all the pins on this trade. you are watching fast money, live from the nasdaq market site in time square. we are back, right after this. (vo) you can be well-dressed. you can be well-mannered. (man) oh, no, no, after you. wahoooo! (vo) you can be well-groomed. or even well-spoken. (man) ooooooo. (vo) but there's just something about being well-adventured. (vo) adventure has a new look. discover more in the all-new subaru forester wilderness. love. it's what makes subaru, subaru. ♪ ♪ ♪ ♪ ♪ ♪ your record label is taking off. but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire >>> welcome back to fast money. shares of electric vehicle makers falling sharply today, announcing plans to issue up to $400 million in new shares. come th

what's the average stock j.p. morgan and 3.5% deal and three times that put im. we lived in a regime where price didn't matter because money was free now money is not free and this is to wolf's point, but these are not defensive. they may be good stocks and may be fine, but they're not defensive at these multiples. >> joe, do you want to take that on >> i know you do >> first of all, the revenue growth from microsoft and the buyback program from microsoft j.p. morgan is not even in the right country when you make that comparison so that just doesn't work, sorry, jimmy. >> in addition to that, it's been clear that what the market has recognized over the last six weeks is that there's this potential moderation in inflation, but the federal reserve will continue to combat inflation itself and that universally the speculators in the street was underweight growth, and if you were able to recognize that early and you know, it's been one of my best trades so far this year in recognizing that and in going out and buying crowd strike and nvidia at 149 and going out and bu

they were publicly traded they would be around a $20 billion company which is when compared to j.p. morganmorgan tax. why we don't respect that reality the way we demonize the huge players. there is good to be no limen trilogy on broadway about the rise and fall about brown brothers because the story is not dramatic enough and it does not satisfy the craving for heroes and villains that in many ways you don't want heroes and villains to be the one driving the financial system who are serving society and serving themselves and their clients in fraud inculcated and probably constantly needs to be looking themselves in the mirror and self-aware but nonetheless in many ways that, that relationship between elite society if you've got a lot you need to give a lot and to be mindful of this and the power of what you're doing not just to enrich and create but to create disturbances in the force and we would all bes better served bya more balanced capitalism with brown brothers overture 20 years epitomized representative came to very much love. i think that will be my formal presentation. now we can

publicly traded there probably be around 20 billion-dollar company, which is a minnow compared to j.p. morganor morgan stanley. but why it is we don't respect that reality the way we illini or demonize the huge players who come too close to the sun or not. there's going to be note trilogy on broadway about the rise and fall of brown brothers are stories not dramatic enough and it does not satisfy this craving for heroes and villains. but in many ways you don't want heroes and villains to conflict driving that financial system you want people are client dedicated, honorable people who are serving society, serving themselves, serving their clients. guess they are flawed, complicated, constantly need to be looking themselves in thehe mirror and self-aware. but nonetheless in many ways that is the lesson i took from this. that relationship between elites in society, if you've got a lot you need to give a lot, and to be mindful of risk. mindful of the power of what you are doing. not just to enrich and create but also create disturbances in the force. i we would all be better served by a more bala

tom: and we have j.p. morgan coming out and think of the last big hike -- hikes you will see from the fed will come in september and that forces off equities. what does that mean from j.p. morgan? beata: that would be up -- a great outcome. we have more hawkish reaction from the section going all the way to 4% into the next year. absolutely, more dovish central banks would be very welcome by the equity markets. still, there is a lot of worries that inflation is going to continue to be sticky and the central banks may have to hike as much as they can while they can. francine: 100%. lynn, this is perhaps why markets are positing ahead of the jackson hole meeting of how aggressive jay powell might be in this environment. lynn: and the sentiment from the fed is that they will do what it takes to get inflation under control, and the markets are pricing that hawkish sentiment. the move you saw before his people started to think that things might be better than expected and start to pivot, but from the action of the pas

ig over high-yield, that is the call from j.p. morgan, next. this is bloomberg. ♪ >> this data allows us to breathe a sigh of relief. >> it is nothing that we are out of the woods. >> the fed still has plenty more work to do. >> we don't expect that we are finished. >> the fed is still going to hike in september. >> perhaps for 75. >> our goal is 50. >> 50 basis points. >> 50 basis points. >> looks like it'll be 50, 25, 25, which is a more motivated pace. >> still a ton of tightening. >> the end of this year, the federal funds range will be 3.25% to 3.5%. >> the market's not believing that the fed has yet done enough to bring inflation down anytime soon. >> this is just the first hint that may be inflation is starting to move in the right direction, but it doesn't change my path. rishaad: just a few of our guests reacting to the u.s. inflation read. let's get to the head of ajax corporate research at j.p. morgan. a lot of debate over all. we look at what has been happening on the yield curve, with 2's and 10's particularly in focus here, the la

those that invest in the railroads and those periods even though it was massive fortunes made from j.p. morganand stanford but we don't remember the fact that for all of those who get rich and the ironing of the fortunes of the gambler who becomes one of those important railroad barons at the turn of the 20th century as a source of teddy roosevelt's northern trust to try to corner the entire railroad system. they are saying no wayfo we are not getting involvedin in that because the risk doesn't work for us and it doesn't work for them because it is a partnership and it is a family partnership and it was their money. every deal they do from the time in memorial to the present because it is a partnership, they are venturing their own hard-earned capital which means they could lose it all. the only people that really made money were not the people that built the railroads were the first bombs but the secondary, the financiers who bought the bonds for pennies. though he did invest heavily as did his son which became as we know one of the dominant estate lines in the united states. so this idea of

we caught up with j.p. morgan and she mentioned that in 2023, you have a market talking about cuts. it was said the raise and hold strategy has historically paid off. raise the what and hold for how long? luke: she was great. her point was in the past we have seen a multiple. of 12 to 18 months of hold. i am in a little bit of a hard landing camp where we get to 3.5%, 4% early next year. we only hold for a fairly brief period of time. prices in the u.s. will be so important. we will all be watching like hawks. that will drive people's view, as well. one, maybe two courses before the fed has to start to cut. unemployment is going up. they will be start to be worried. jonathan: let's look at the first fed psychos. -- let look at the last three fed cycles. six months in 2018, 2019. what is in store? luke: the problem with markets today is the are looking too far ahead into 2023. they are somehow not pricing in declining earnings substantially and also higher corporate defaults. before you go through the ultimate cut cycle, which could be six to 12 months after they finish hiking, you a

is j.p. morgan jamie diamond right saying there is truth the u.s. is incompetent and lazy?1,000 -- i think the reason that i'm surprised by that margin is that you have to both agree with jamie diamond from j.p. morgan and with the chinese and come to the conclusion that, you know, americans are incompetent and laclazy. wow. 63% would not have anticipated that. here is social media reaction. smerconish, i fedderman as a loafer framed by family. i think salina's reporting in the new york post establishes he was getting paid up until age 49, he was getting paid 54 or $55,000 a year by his family. i'm not saying it wasn't working but here is what i'm saying. because this came to my house this week. i'm saying if you're going to -- i'm not carrying water for fedderman or oz. is this the best we can do? holy crap. back to your point, the point i made if you say in a solicitation, you know, ut oh, gop rich dude alert, i'm running against the gop rich dude, i don't know, i think it's incriminating, incriminating is the wrong word. i think it weighs against your case you're not a r

and august so far bringing relief for bitcoin bulls after almost nine months of downward pressure j.p. morganhe bottom is in, and in a note to clients earlier today, major cryptocurrency, terra and luna there is also a lot of enthusiasm lately over another cryptocurrency, ethereum and while prices and trading volumes are still depressed, analysts say it appears that the crypto markets have found a floor they've reclaimed two point levels, first above the weekly average and the price where most investors got in and it's $24,000 according to gladstone volume is down and gladstone says current network activity remains little influx of new demand it coincides with what we've seen in terms of equity investors and there's been a risk appetite and a rally in tech stocks and ethereum has been the big winner up more than 40% compared to a 10% rally in bitcoin. crypto-related stocks, and coinbase has been on a tear after announcing a partnership with blackrock and seeing a short squeeze and a microstrategy and robinhood getting a block and some of the mining names are the biggest winners and riot block

>> i think j.p. morgan chase has reached a point of inflection and has started.n in texas. don? >> i appreciate what you do for us. >> thank you. >> you are a smart man. one of the best companies in the world. that, ladies and gentlemen, it is the conclusion of the lightning round. >>> coming up, a cramer favorite maybe playing the wet blanket. answers, next. segment president biden signed the act law. the legislation championed by the commerce secretary gina raimondo has a monumental act of perseverance. it is not economical. it cost too much to set up in too much to operate. longer term, we need these facilities badly. they are the biggest winners because they make semiconductor manufacturer equipment. they just got blown out by the capital equipment budget slash and burn. how worried should we be about the massive number cut? we have seen this movie before. is lower and flows in price depending on short-term demand . had not 1 but 2 in 2018 then in 019 when the stocks literally did get cut in half. not coincidentally that was the last crypto quoted. it has bee

the first institutional fund raising over $100 million by the like of j.p. morganrica and others. and trujillo group, too, probably the biggest of the angel investors. sol, good to have you on the vc ecosystem is like in the stone age or something 1% goes to the latino cohort ma makes no sense you want to change that. >> absolutely. good morning, joe. i'm a capitalist s so i believe in capitalism and making it work but i do have an idea about how we need to do things differently than the last century. one of the cohorts providing the vast majority of business formation, labor force growth, everything is the latino cohort. and, as one of the people that you probably know well, forbes s said at an event that the latinos are like the cavalry coming over the hill last year we had this conversation, you and i, on the show, and i decided afterwards that i needed to show people let's create the prototype, let's start raising capital, let's get the people to manage assets and have capital to invest but i had to start first with my own investment and bringing in the likes o

soon, j.p. morgan asset management, he synthesizes the j.p. morgan view.l simple: you say america is the place to be. state the case for an enduring investment seen in america. >> a morrison leaned economy to the geforce central bank that we have been talking about for the past couple of minutes. also, if you think about how much is at stake, as far as what we have to do, which is investing the capital market space, i think the notion that markets have to move on a material amount we think is misplaced. why is that? 1, 10 year treasuries are down 3%. two, there is not imminent using pricing anywhere. 100 basis point of heightening right in between now and the end of this year, and 140 basis points of tightening between now and the first quarter of next year. also, think about how difficult this year has been. it is because there has been over to hide. fixed income is in a very tough place. we think those days are over. why? because gas prices are down 20% from june. that is not the only thing. you have airfares down. the biggest drivers of inflation , the

if you have the likes of j.p. morgan saying that they are defending their calls. it risks disrupting the financial markets. nasdaq futures are lower. today around 2 trillion worth of options higher. manus: i suppose it comes down to this, how do you puncture that narrative? for powell to continue the narrative, it is strong on the dollar. it is a pound called malice. we have not even seen the war. there could be more implications. 2-year note are rising. the pivot at jackson molen, the dollar is up. the kings dollar. no limit to the partnership will come face-to-face with the democracy they go 20 that global slowdown narrative is still being done to the teams around the world. the latest rounds from the fed. dani: she will give us that update. who also be there in singapore. let's start with the fed. they need to agree on it rate hike. the question is, what size will it be. let's bring in garfield. there is a confident to the narrative. what make for bank -- what do we make for where we are headed with the central bank? >> there is uncertainty for investors. the d

not when i'm your partner >>> joining us for more on the market, global investment strategist at j.p. morganhank you for having me. >> we were talking earlier about yields it's amazing to think that a year ago the two-year yield was about .25% less than. and right now they're at cycle highs. the ten-year note is well off the early summer highs, and i wonder what you think that signals. >> i think it's signaling a direct read-through about what powell has been telling us jackson hole was very much a reiteration that the fed is going to stay hawkish until inflation comes down we know one month does not make a trend. obviously over the course of the next two week we're going to be looking at what happens out of that cpi print but what comes with the jobs report on friday and to us, i think it's just a reflection of elevated recession risks and also this potential that eventually the hiking cycle will end and longer term the fed had start bringing its policy rate back down >> you know, it's sort of a push-pull. the harder the fed goes against inflation, ie, the rate hikes, they're determined to

portfolio manager j.p. morgan asset. coming up, singapore's deputy prime minister warns the u.s.nd china may be sleepwalking into conflict. this is bloomberg. ♪ francine: welcome back to the open. 20 minutes into the european trading day. european stocks, .2% higher. similar gains across the board. china's military said held fresh patrols around taiwan to fight back against another u.s. congressional visit. he comes less than two weeks after live fire drills following house speaker nancy pelosi's trip to taipei. singapore's prime minister in waiting told us in interviewed that the u.s. and china could sleepwalking the conflict. >> after the ukraine words of the relations have become more strained. following the visit, tensions of god not one notch. -- tensions have gone up one notch. we are starting to see a series of positions being taken by both countries that will lead us into more and more dangerous territory. if an accident were to happen today, the consequences may be more difficult to manage. we read about these sorts of near misses and miscalculations, we hope the leaders

hugh gimber, a set -- global market strategist at j.p. morgan asset and meant. coming up, we will speak with the chief executive of man group . we will talk about outflows and inflows in certain parts of the market. that is coming up shortly and this is bloomberg. ♪ francine: welcome back to the open. we are 12 minutes into european trading day. we accelerate and the european stoxx 600 down 0.7%. this follows tensions between china, taiwan, and the u.s. we are expecting nancy pelosi to arrive in taiwan, the highest ranking u.s. official to go to the island in 25 years. chinese leaders saying, please do not do that. and the world's largest public listed hedge fund sees assets falling in two years. it came below forecast. its shares had fallen shortly after results. joining us now is man group's chief executive officer, luke ellis. we need to sharp -- start with the share price down. what are investors looking at today? luke: ceo's should never complain about what the market does with their share price, given the fact that we earn money through the back markets. i

. >> this is from j.p. morgan strategist. he says u.s. stocks could rebound to record highs. saying if you want to call yourself a true bull that timeframe needs to be in about three years. primarily looking at the inflation data, he says as long as we are continuing on this path to returning to 2% inflation in the u.s. than there is not a need to tip into a recession. the same time if companies can retain their profit margin that's also a supportive measure as well for stock prices. we are releasing the diversions reflected in the data. if you look at what we are seeing and positioning, professional investors are the most short since 2016. look at what we are seeing in sentiment indicators, it shows that pessimism is declining a little bit as well. >> what about the outlook for energy prices? >> goldman sachs has spoken to bloomberg about this. a lot of biggest use because we did see the iea raising their demented forecast while at the same time opec -- there are bullish bearish segments in the market. in terms of where we go from here, this is what goldman sachs head of ene

the former chairman of j.p. morgan international and former governor of the central bank of israel. right to have you back. people are putting a lot of weight on this speech. they want him to be clear about where they are going and where they are now. what is the challenge for jay powell? >> they want him to be clear today. there have been so many changes. now it is the time to reject clarity. we believe jay powell is perfectly capable of doing that. we expect them to do that. before it is deeper in the economy. the challenge is to ensure it is not strangling itself in the broad area. the fed has been a little bit behind. they are committed to deal with the inflation. this is what they have done up to now. cracks in terms of where they got in terms of participatory and transitory inflation, what happened there? is that something that jay powell has to address in his speech? >> i think that the focus on transitory has been important. we don't have this great flow of information. i think that the run of the federal reserve and the central bank is to ensure that shocks that can become

j.p. morgan chase saying he has one foot on inflation and one on the banana peel. note of caution. turning to the bond market, the selloff and treasuries -- and treasuries took the 2-year note up to a high of 3.8%. we were at 3.4% last night. traders are starting to price in recession risks. we have the dollar climbing another .5%. oil futures up to $97 a barrel. violence in libya could increase the european energy crunch. all these markets studying but we have hours to go. annabelle: that is right. the question is whether we will see reaction to jay powell's speech at jackson hole. this morning in asia, we have futures coming online looking like this. new zealand fractionally higher at the start. goldman sachs says the tightening pain is the dollar's gain. the aussie trading like this. the yen approaching the key level. let's look at the magnitude of the moves. you can see the volatility index . bitcoin sticking around the key 20,000 level. investors unwilling to take any big risks. also keeping an eye on the offshore yuan. the pboc has signaled it is not happy wi

tom: with j.p. morgan coming up -- bob: we've seen a big selloff in soft commodities. i think we are close to a base. i question in a weak economic environment, whether we are going to see that demand rebound. i don't think that's going to happen. we need to have a discussion about energy. we may a clear distinction between gas and oil. i think the case for commodity investment was very powerful two to three months ago. tom: thank you for coming to the studios of walking you through what see in the markets. there may be opportunities around investment credit. coming up, blackouts of the u.k. could face several days without power this winter. that will be under the government worst-case scenario. will get the details next. this is bloomberg. ♪ tom: happy wednesday. welcome back to the open. there 16 minutes into the european trading day. losses run .2% after a selloff yesterday. futures lower by about .1%. we'll get to the corporate story is what tells us about the global economy. the u.s. maker has become the latest to declare demand is falling off rapidly. speaking to

although it's interesting the gilded agent j.p. morgan was his own fed. [laughter] rescued the monetary system a couple of times. [laughter] but is it powerful? yes it is. troubling to me, the most troubling part of the fed to mep as it has lost sight of its principal mission which is to keep the current seat sound and the price level stable. nowadays, with all this talk of old woke culture and woke economics, the fed and some of its appointees are talking more about climate change and price stability. diversity, i'm not opposed to diversity, lord knows it. i'll think that submission to the fed. without any prejudice uh-oh. but the idea at once to equalize the economy, that it takes the left wing socialist view that we should all be equal at the finish line in a free society like ours was equal opportunity at the starting line.er and then the finish line it will exercise our god-given talents in many different ways. way too much is geared something called equity, climate change which i am not a climate denier, i just say we do not have ae climate emergenc

jonathon: maybe j.p. morgan does not see this playing out.y're calling all of this wishful thinking. tom: there is some optimism out there, but to be honest, it is being drowned out with the force of the doubt and gloom. jonathon: resilience are links, i say yesterday, robust. so many nuances we are trying to work through. things are confusing for so many people. these are difficult moments to work out where we are going. tom: with the shock of double-digit inflation, right now, bank of england will be back in 29 minutes. jennifer mckeown will help us, and particularly help me. i will start with what won't happen. the silence of governor bailey, what does he want to avoid talking about this morning? >> i'm not sure he will want to avoid talking about anything specific. the bank of come under some criticism for not acting faster and sooner. he will want to stress that a lot of the inflation has been on the supply side, and to avoid criticism on that front. i think the key is what is being signaled going forward, what the forecasts show us abou

j.p. morganldman sachs, pushing for their employees to get back into the office for in-person working, citing a less risky covid environment. several of those banks now suspending vaccination requirements and cutting back on testing. that reporting exclusive to fox business's own charlie gasparino, we called him and said can you come on set, he is here, and david asman. >> lydia had the goldman aspect, we broke the j.p. morgan -- she worked for me and i trained her, that's why she beat me -- >> a hand on every reporter in new york. >> sandra: the message, not saying covid is gone, but covid is over, as far as the work environment is concerned. get back to the office and notably i asked you about, i said who is the wall street bank executive who said he was sick of going to the hampton, can't get a reservation and out to lunch he sees his subordinates. >> that's david solomon, that's the first wave the summer after it broke, so summer of 2020 when that strain of the virus was deadly, let's face it

haidi: still ahead, j.p. morganmist haibin zhu will join us to discuss china's economy policy outlook ahead of data. first, another american delegation visiting taiwan, risking more anger from beijing. we get more on what this means for the u.s. and china relations area this is bloomberg. ♪ shery: we are expecting a delusion of economic data out of china that could prove rallying activity. however, the rally continues to be tested by fresh covid outbreaks and ongoing property sector pain. let's bring in stephen engle in hong kong. what are we expecting in these numbers? stephen: a lot of numbers are coming out later this morning. we were likely to see the momentum of recovery continued. at least the headline numbers will show the factory output did gain a little bit of speed after what was pent up demand in june following the relaxation of the lockdowns in shanghai and also elsewhere. there are pressures in the market in the chinese economy with fresh outbreaks in hainan, as well as the ongoing property sector. we h

although that is interesting, the gilded age, j.p. morgan was his own fed. rescued the monetary system a couple of times is the fed to powerful? yes it is. the most troubling part of the fed to me as it has lost sight of its principal mission which is to find the currency sound and the price level stable. nowadays, with all of the talk of woke economics the feds and some of the appointees are talking more about climate change in price stability. diversity. i'm not opposed to diversity lord knows i don't think that's the tip of the mission of the fed rate should manage its own human resources properly without prejudice at all. but the idea that it wants to equalize the economy, it takes eight left wing socialist view that we should all be equal at the finish line. when in fact in a free society like ours, what we want is equal opportunity at the starting line. and then the finish line will exercise our god given o talents in many different ways. but i think the fed is way too much geared toward something called equity and of course climate change. i am not a

in the gilded age, j.p. morgan was his own fed and rescued the monetary system a couple of times. but is the fed too powerful? yes. right now, it is. the most troubling part of the fed to me is it has lost sight of its principal mission, which is to keep the currency sound and the price levels stable. nowadays, with all of this talk of woke culture and woke economics, the fed and some of its appointees talking more about climate change and price stability, diversity -- i'm not opposed to diversity, but i don't think that is the mission of the fed. the fed should manage its own human resources properly without any prejudices at all. but the fact that it wants to equalize the economy, that it takes this left-wing socialist view that we should all be equal at the finish line, when in fact, at a free society like ours, what we want is equal opportunity at the starting line and the finish line we will exercise our god-given talents in many different ways. i think the fed is way too much geared toward something called equity and climate change, which i'm not a climate denier, i'm just s

we know the likelihood of 75, j.p. morgan 75 basis points in september, market expectations of 75 in september creeping up. is that because we think the economy is actually strong enough to absorb all of this? >> look, we talked about this yesterday in overtime, the data has been very encouraging. it was not just the non-pharma payroll numbers i was the number which is rolling a little bit, but it is still elevated. initial claims are inching higher but they are still really low and then we talked about factory orders being better and we talked about the price paid index with inflation coming down and we talk about new orders in the reports being close to 60 at the level, so in my opinion the economy we can handle the higher interest rate especially after the job report this morning. we just created 3.2 million jobs year to date with an unemployment rate of 3.5%. i don't think the fed pivoted at all last week. there is no reason to pivot, i'm not worried near-term as you know, i am worried more about 2023 and we do not know w

and j.p. morganswer to inflation is increasing supply, you want investments and risk taking, the fed is really hurting what might be the solution to some of the issues that we have. it is backwards. can you say that?>> you covered all of your bases. >> everybody okay with that. i look to you for a lot of the stuff.>> i'm fine, i think it was scintillating conversation right there, ending with that little vernacular that you through in.>> i think reni descartes coined that term if i'm not mistaken. remembering a titan on wall street and the generation of hedge fund managers that he helped, fast money is back in two minutes. (cool guy) $30...that's awesome. (dad) yeah, and it's from the most reliable 5g network in america. (woman) for $30 a line, i'm switching now. (mom) yeah, it's easy and you get $960 when you switch the whole family. (geek) wow... i've got to let my buddies know. (geek friend) we're already here! (vo) the network you want. the price you love. only from verizon. space. the boundary o

j.p. morgan has shut the debt has cut the shares to underweight.onal gaming, a huge earnings miss. these are some of the bigger laggards on the day, guy during guy: great stuff, thank you very much indeed. if fascinating session. payrolls, front and center. that is it. we are done for the week. next week looks like it is going to be interesting. cpi front and center, but the earnings are going to continue. we are going to speak with merrick's ceo tuesday, plus spirit airlines as well. afi be coming up next week as well. kailey: and wednesday is going to be the big inflation day. you have cpi in russia and germany, but the u.s. cpi going to be front and center, essentially after a payrolls report like the one we got today. you also have the oil inventory report thursday. from disney and u.s. cpi will come on thursday as well. it is going to be a very busy week wrapped up with consumer sentiment on friday. so, everybody, buckle up. coming up on "balance of power," heather boushey, counsel of economic advisors member will be joining him at this is blo

. >>> let's move on to the solar stocks and bring in mark strauss with j.p. morgank, good to have you back and this is being hailed the most significant climate situation, and are people referring to the solar piece which is retaining the existing incentives? >> yeah. definitely, i think a lot of the companies in my space are calling this kind of a wish list that they could pretty much hope for. the tax credit itself for solar that has been at play increases from 26% to 30%. more importantly, though, it was scheduled to step down the next couple of years and it now, assuming it passes in the house will be other on decade. there are tax credits for wind, geothermal that have previously, piered and most importantly there are tax credits for domestic manufacturing you think about some of the issues that the industry has been dealing with certainly over the last year, geopolitics between the u.s. and china >> sure. most of the solar supply chain is located in china, in asia in general, having a more domestic supply obviously increases energy security and from a stock pe

kailey: what you are expecting runs counter from what we heard from j.p. morgan.expect another fed hike in september but they are looking for the fed not to surprise markets on the hawkish side again. they are saying september will be the last big move. why would that not be the case? michael: there is a good case you can make, depending on how you interpret labor market data, whether or not it should be a 50 or 75 point hike. we may not see a lot of economic labor market strength in september or later in this year. we have to wait and see if the labor market strength we have seen so far is carried forward into september and october. if we see another large labor market in september, i think the 75 point faces rate increased might be due. we differentiate between downshifting the pace of rate hikes, which is part of what they said in july. they want to downshift. there is uncertainty about the future. they don't want to over tighten although they feel that is less of a risk than inflation staying too high for longer. the downshift means we will -- not that they ar

tom: we have two short of a visit with david lebovitz, j.p. morgan asset management. buried in your note on the struggles of the summer and into the fall and trying to say i don't want to run around with my head cut off. the idea of three years being the new short-term. how do you invest for three years as the new short-term if the present is such a jumble? david: i think when it comes to three years -- let's call that the median term -- the key is to focus on two things. valuation and the focus on earnings power. stockmarkets have re-rated this year. july was a good month. prices are not necessarily looking as attractive as they did. when we look at the equity market, there is fairly to ministers person between the extensive -- expensive names in the cheap names. sometimes people are too positive on prospects for earnings. it is blending the combination of value and earnings growth that i think will be the best one to take over the next couple of years. lisa: your colleague said that stocks will revisit their all-time highs and then surpass them in the next three yea

david kelley, j.p. morgan asset management. the force is definitely strong.hares at 15 and 13 today. strong subscriber growth. we will break down results next. this is bloomberg. ♪ >> significant subscriber growth in streaming services, which added 15.5 million subscriptions in the quarter, including 14.4 million disney+ subscribers, of which 6 million were core disney+ and 8 million were hot star. as of q3, we now have 221 million total subscriptions across our streaming offerings. guy: that was the disney ceo bob chapek. that the gains they are making in terms of subscribers. they beat estimates for sales profit and subscriber growth. shares reacting, as you can see, very scooter only -- very strongly. [indiscernible] they are targeting 206 2 million subscribers by 2024. are they going to hit that number, judging by the numbers we just got last night? >> yes, thank you. we had extremely strong numbers last night. what they said that was really reassuring to the whole investment community is that they are continuing to see the subscriber momentum. as far as

they tend to be big banks j.p. morgan chase and bank of america .ially, renewable energy developers kind of cell their tax breaks to these big banks in return for the upfront funds to invest in the projects. it is called tax equity. the problem, though, is that when when they can't attract enough partners and if that happens the project don't actually get built. the projections about how this is going to decrease emissions by 40% are based on a history of attracting funding that we can't be absolutely sure will work, which is quite problematic because it means, essentially, we are giving big banks deciding power over what projects get built and where they get built and who builds them. we feel that public power new york campaign that these decisions should be made genuinely democratically and projects should be built when and as needed, not depending on when they're going to make money for big banks. amy: let's end with big power. you wrote "people's power: reclaiming the energy commons." what is the public power new york campaign and how can that b

usually you'll see bank stocks rallying and that's the second leg that's holding the market up j.p. morgane of the super regional bank like fifth-third, science and wells fargo all moving to the upside as for the key rally since mid-june, tech stocks, mega-cap tech, they're down and not down much and there's no aggressive selling and i look at the volumes, apple, lam research, nvidia is up 20% in a month and when i look at the volume, yes, we're down and there's no one looking to get out in droves and very modest selling pressure and consumer discretionary will be on it and we had ylan talking about it and delaying the cyber truck that everyone is so interested in and individual stock storage there. overall, i would have to say inflation was much stronger. wage inflation was much stronger than the bulls anticipated that is not good news for the bull case and yet still hopes out there that we can avoid some kind of serious recession down the road the goldilocks scenario is still alive, but it's under a lot of pressure today >> among the interesting things you said there, bob, one that caugh

that is what j.p. morgan is getting to and the mega caps in apple are very much part of the story. very interesting note today. they ask, why are we rallying? they say short covering as folks reassess the macroenvironment. better-than-expected earnings from mega cap tech. an environment that looks like ut q2 will be the worst quarter of the year. ton of money on the sidelines. those are some of the things, joe, that are being talked about as to why this market continues to rally. you cannot discount the fact that mega cap tech and apple are a very large part of it. >> some resilient earnings. maybe the federal reserve is doing okay at combating inflation and we are not going to have this hard landing that everyone, universally, is expecting. i think that collection has come together here since the early part of july, and it's pushed up against this overwhelming pessimism. the type of pessimism, scott, that was represented during the great financial crisis. i mean, that was clearly obvious. i think that's really been the dominant force here of what ultimately is going on, and now yo

sebastien galy, great to catch up your did you read from j.p. morgan yesterday? tom: i missed it. jonathan: i'm not sure what this is for. the fed indicated, that one should keep in mind the price targets at year end and not close. some of fire from the team at jp morgan. tom: that is the emotion right now. i think it is people recalibrating around clients who are miserable. how many people are x basis points bolo, typically the s&p 500, not the dow jones industrial average. they are miserable going into q3 and they have to make it up by year and to keep their job. jonathan: i will get to the market call that there will be no global recession and inflation will ease. they went on to say in positioning is still very low. kailey: cat raises the question of what has been the driver of the rally we have seen over the last few months. is it just a short squeeze because people were bearish and overly pessimistic and now things turning into an optimistic direction come whether a dovish move and that had to unwind. if he thinks that has further to go out and will drive us up to 4800 by ye

there is a group, with j.p. morgan clearly there. there are other groups saying 3.5. jonathan: we have a perfect guest in just a moment. tom: an anna wong is way up here. dudley abbott put up there. but there is real dispersion. jonathan: let's take as a given that we have a strong underlying economy. what does that imply? do you want to get demand daryl, rates up? if you believe the underlying economy is strong, there is work to do. tom: flat on their negative real wage growth? something a little concerning on that front which is that inflation is the last thing to move. you have to see the weakening before you see inflation really come down anymore material way. if that is the case, we have a long way to go and a lot of weakening to see in that data that we are not going to get in real time. jonathan: the difficult part for markets to swallow is when you get the weak economic data. we will start with the unemployment claim. if inflation is still sticking, are we still went to raise interest rates? that is when the penny will drop for a lot of people. lisa: especiall

keep an eye on j.p. morgan. 110 is that line in the sand and i think that would be a good indicator about how bad the consumer is going to get. we have been talking about the performance of goldman and morgan sachs, morgan stanley, over the last couple of months or so and some of those invested once, not the money setters, have activated. what guy just outlined about yields is that that 10 year, if it were to come in, it really speaks to the lack of growth. that really does speak to the fact that you have a two year yield at 3.4 or something like that and it speaks to an inflationary environment, going back to the whole theme about this, is that that should weigh on equity valuations. >> it makes sense. it did on friday and into today as well. coming up, in need of a miracle. the big recession warning from top economist, stephen roach. where he says the economy is heading next. >>> next, natural born leader on a tear the last two months. up nearly 45%. get the commodity of climate. next when fast money returns.

these are folks like the tried and-true stocks, from apple all the way down to ford and j.p. morgan. they like the big mega caps. >> the 2021 was a peek in investor anxiety? so investors are anxious, but it's much lower than what we have seen even recently. >> absolutely. the peak was 2020, april 2020. it's come way down from that so they are not as anxious about market events. they are more concerned about the macro picture but that's keeping them away from the stock market in general for at least the last few weeks. >> do you get a sense of what investors are doing outside? i know your purview is stocks in their portfolio but in terms of housing and other things, how do they approach investing in general? as of the time to be just hands- off overall? >> when the market cools off, they start looking into things like how to get more equity out of their homes and what's the best time to put money to work in real estate? these are active investors looking for opportunity wherever it opens wherever they see the open door. right now, they don't see a lot of open doors but they are inchi

the head of j.p. morgan chase.nd as he questioned her, what was it like to have a shouting match with jamie dimon? and should i didn't write down the page number. you have this thing you tell your staff get him on the phone. wes is what precipitated the discussion. >> you took your earrings off. [laughter] see they are already applauding it taken earrings. was she right to the book as i i took the earrings out because i am a girl from oakland. it. [laughter] why arean you so adamant even wn your staff ascend you can't call him, where we so adamant about getting him on the phone? >> truly affect took offices attorney general it was the ending of an investigation that found five big banks in the united states had engagement robo signing foreclosure. essentially what they had been doingng, was rubberstamping foreclosure on homes on families homes without doing the due diligence to determine whether the family should have lost her home. the country was devastated. you can read about it, what they been doing for a while

coming up, we hear from j.p. morganactivity to recover in the second half of 2022. we are talking through the food and agro outlook with goldman sachs. ♪ >> hello

what charles morrison does is chronicles a few of these guys, rockefeller, carnegie, j.p. morgan.i'm just saying, this was not an era of robber barons, this was an era of american greatness and prosperity with tens of millions of people getting higher-paying jobs. you cannot ask for more. it was a tremendous period of literature and art. that is why i wanted to bring that up. there's lots of good books about this. the tycoons is a good place to start. a lot of good books about this. william bill brandt has written about this. liberal historians have slaughtered this age and they are wrong. they missed the point. i don't know why. the progressive period under woodrow wilson cannot pose of anything like this. the other thing is the 1920's, the jazz age. again, you get people like to kill harding. there was corruption in the harding administration. but as mr. walters shows, it had nothing to do with harding. and the people that were corrupt got busted. the teapot dome standoff -- harding had nothing to do with that. he was a good, middle-of-the-road conservative republican senator fr

always good to have you with us from j.p. morgan. get out of china, we are hearing that investors are optimistic about fresh stimulus measures coming from beijing, which we have not seen. so how do you position in a market where you are expecting stimulus that is yet to come? >> the way you think about the china macro is the first half was really bad. it has less to do with global developments and more about lockdowns and china. in the second half we see a natural recovery in growth in a half on half basis. it is you need to the rest of the world. -- it is unique in china compared to the rest of the world. the announcement of the bureau meeting last week if you look at what they have already announced, if they implement that in the second half it should be a significant recovery in growth. shery: adding to the uncertainty we have geopolitical tension. should markets position for this or it is -- or is it already priced in in the sense that we have been waiting for the trip for a while and u.s.-china relations do not necessarily seem

j.p. morgan upgrading solar today. and hydrogen stocks, plug power and bloom energy moving as well.lso credits for energy storage companies, names like nuance and stem what's important about this bill it provides long term visibility the investment tax credit for solar will return to 30% and stay there the next decade that extended time frame is key since it gives developers confidence that policies won't change there are also some provisions for oil and gas companies, including ongoing options for fossil fuel leases as well as tax credits for carbon capture which a lot of companies are developing >> thank you >>> let's get to the auto maker side of this, they're concerned it could jeopardize their ev production targets phil lebeau has that part of the story for us phil >> reporter: those concerns coming from the lobbying arm of the automanufacturers in washington they're tied to the fact that there are some restrictions and limitations on the new ev insentives or the restoration of the federal tax credit for those buying evs let's do a refresher, $7,500 for cars up to $55,000 suvs

facebook's parent has asked morgan stanley, j.p. morganrrange a fixed income investor calls on wednesday. but mainly offering senior unsecured debt. a aa minus rating moody's and a one. mgm results got a boost -- a bump pose market after net revenue topped estimates. income of the casino operator came in against an average estimate of $3 billion. the gain was driven by a revenue beat in vegas and regional operation. but macau amid lockdowns. a lot more to come. this is bloomberg. ♪ >> as they bake it -- this is daybreak: asia. we are seeing a lot of green across the board. reflecting these hawkish comments from fed officials we are going to need to keep up the fight against inflation. in terms of what is driving optimism, that is a lot of around what we are seeing in terms of earnings. broadly a lot more optimistic than what had been expected. that is driving or on the flipside we have alibaba. those earnings are due later. we could see the end of an era for chinese tech with the first drop in quarterly revenue growth for the company ever

j.p. morgan's kolanovic. he has been telling his clients all year to buy the dip. now he is saying, maybe buy commodities that have been lagging. does the risk profile remain the same, but shifting towards commodities now? garfield: the difficulty is that when you have strong expectations, you have strong indicators the economy is slowing down. even if you do not buy the technical recession idea, there are concerns about the ip, outside the amazing job numbers, the economy is under strain. earnings reports overnight highlighted declines. nvidia was poor and other earnings reports when even when the bottom line holds up, that is because while volumes are down, prices are up, because of inflation. you can see those strains on the consumer. equities have had a good run into a situation that is pivotal and potentially dangerous. is this or is this not a bear market trap? you need to be nimble and seek out the areas that look attractive because they have been lagging. something like equities with their recent bouts. and bonds with their recent gains, they were set up fo