with your written remarks j.p. morganhase were from which was committed a feature of spending but he said in your written testimony your advancing the hispanic and latino programs which are committed to creating a future where hispanics and latinos worldwide can grow and thrive. can you be more specific? >> we have special programs for mortgages, affordable housing, special points, we have banks and complete hispanic speaking call centers, documents, forms. >> hispanic is not a language. >> spanish i'm sorry. we try to do all of that it is quite successful if you want to visit that. >> if it's in houston i don't see that in my neighborhood. so can you be specific about the program we were really working to make sure the latino community quick. >> you been to those communities myself i will send you all the documents and details. >> in the last thing. but then you are the number one affordable housing lender. thank you we need to do more. i yield back. >> the gentleman from georgia. with the house committee on oversight ha

j.p. morganhase & company. next we have jane fraser who is the ceo of citicorp. next we have brian who is the chairman and ceo bank of america. next have william rogers junior are the chairman and ceo of truth financial corporation. and finally the president and ceo of wells fargo and company. without objection your written statements will be made part of the record. each of you will have five minutes to summarize your testimony. you should be able to see a timer on your screen. it will indicate how much time yoyou have left and a timer will go off at the end of your time. i would ask you to be mindful of the timer and quickly wrap up her testimony. before we began with the oral testimony, i would like to swear in the witnesses. with all of you please raise your right hand. do you solemnly swear or affirm that the testimony you will give before this committee and the matters now under consideration will be the truth, the whole truth, nothing about the truth so help youre god? let the record show

grace peters, had investment strategist at j.p. morgans still with us, along with kristine aquino. i want to get your views as we look to europe and the fiscal response. how well the fiscal response make up for the tightening we are seeing from central banks? grace: it is helping and it is also a key support. we accumulate savings that consumers have the opportunity to build up, and that along with the spending we have seen over the summer is why gdp in the region has held up well. it could turn materially worse over the winter. the cost of living squeeze is so extreme and so meaningful that it is hard to imagine europe making it through the winter as the best case scenario with recession risks. francine: let's go back to treasuries and we also talk across europe. what are treasuries telling us right now? will the fed walk the talk on breaking inflation and stopping at nothing? >> it is not a huge reaction today, but it is sending an equivocal message -- unequivocal message that we have this approach from the fed. this is not about where

it's also shown what companies like j.p. morganse can do as a source of strength in the economy. we have consistently served households and businesses protecting the american economy. we are -- we support our government and national security efforts to combat financial crimes and carry out complex sanctions. we are closing financial and energy industry and with the governments help protect through infrastructure. and fuel good american jobs. we collectively employ hundreds of millions is -- of americans. with starting wages that far exceed any minimum wage plus full benefits, retirement, job training and growth opportunities. i want to close by thinking the more than two hundred thousand employees of j.p. morgan chase. i would like the public to know how proud i am of these people. you all worked tirelessly for customers for the singular focus of doing the right thing. real people and communities including teachers, a law enforcement, health care workers and the people saving for retirement. many a face personal challenges through

yvonne: yeah, j.p. morganasically saying the yen is fast becoming the world's zero-yielding currency. are we about to hear any type of intervention? we have not heard anything just yet, just some verbal warnings from officials. david: we have heard slightly more from the south koreans with the central bank decision in the finance ministry. that takes us to the commodities story here. iron ore, for example, and some of these contracts listed on mainline exchanges. there we go, on your screen. copper is at a six-month low, six-week low? it is low. very quickly, here, we are looking at the biggest drop in six weeks. that slide continues. other things like the shanghai crude contract and oil. cotton prices also in shanghai. yvonne: a lot of it is not just the slowdown story, the dollar story as well, basically hearing from citi, saying he's a steadfast bull. >> we think we still go meaningfully higher. the bear market in stocks and the bear market in bonds, which means the dollar is the only haven left standing. r

david: wall street had problems early in the 20th century, j.p. morgan himself used to go out and say i'm going to bail out certain companies. you are called the j.p. morgan of crypto. does that bother you? sam: it doesn't bother me too much. it's the right thing for the industry. your goal is not to make a fortune, your goal is to do -- do as much as we can to bail out the industry. the higher goal was trying to back up rather than maximizing on these deals. david: so you went in, you bought some companies, or those investments profitable? sam: some are profitable, some will be. voyager, their $70 million there , i'm not sure we will see that again. we make judgment calls such that things turned out well, they'd be good investments if they turned out bad, they would be bad investments. david: why do so may young people seem attracted to crypto? it seems like young people particularly are very interested. why is that? sam: partly as a new thing that appeals to younger people, another aspect is if you are 21 years old and you're trying to access markets,

joining us is hugh gimber from j.p. morgan global asset management and kristine aquino from our research team. dollar is changing everything. >> the tide that is moving everything else. in currency markets ecb pressure on the yen -- you see the pressure on the end that is starting to worry markets. authorities in china have been trying to mount a stronger pushback, making the yuan stronger. what is the overwhelming force -- but it is the overwhelming force in corporate stories overnight from the u.s. at this point, there is nothing that will stop it. francine: i want to ask about the u.k. but actually the dollar seems to be dominating everything. hugh: when you look at the pound, i think a lot of what is going to be driving that is the strength of the dollar. when you take out the relative strength of the dollar compared to the day, the only thing the pound really has going for it today is the fact that you have very few people on your shoulders talking about liking the pound. positioning is stretched, many investors are alrea

j.p. morgan? >> yes. >> i don't think citibank but just give me a clear answer customer. >> i gave you one on authorized transactions are covered. the author something else. >> mr. rogers question excludes unauthorized transmitters are covered. >> mr. scharf. >> on authorized or would be reimbursed for. >> have a question aboutut cybersecurity. with the russian invasion of ukraine comes a high-end threat of cyber retaliation from russia. as your bank seen an escalation in cyber attacks on the financial services sector? also with u.s. bancorp requests we have not leave heightened our alerts but have not seen indication of an attack. >> pnc? >> the same. >> j.p. morgan? >> deny six government credit for working closer to banks we expected a lot we've not seen a lot. very little bit that does not mean it's over. quick citigroup? >> we haven't not seen in the united states for. >> bank of america? >> if not seen a majort increas. the question is what happens next?>> >> truest question requested not se

ceos for large banks including j.p. morgan, citigroup and bank of america testified before the senate banking committee on how the companies handle consumer and social issues. watch coverage 9:30 eastern on c-span2. senate minority leader mitch mcconnell's book on the floor of the senate about inflation and the economy and discussed the disclose act of 2022 and urged members to vote no on that bill. first this morning i was deeply saddened to learn we lost a dedicated and long serving member of the senate family this week. officer william thomas of the united states p capitol police passed away after a battle with cancer. he was only 38 years young. officer thomas joined the forese nearly 14 years ago. he quickly became a familiar face to many of the senators and staff serving. by all accounts, his dedication and professionalism and service in the senate division and most recently in the communications division were a credit to the entire department and to our institutions. officer thomas in the close knit community of brave m

j.p. morgan will be sitting with $1 trillion unable to deploy 12 our clients at precisely the wrong time. you also have markets to get very rattled. and part of the reason was the inability very liquid banks unable to do test >> the can provide liquidity of the system at end of quarter and the end of the year. that impair your ability to make markets. is that how you see it with bank of america? >> no question that increasing capital for us makes us not be able to lend $160 billion of loans into the economy. >> so there's an economic cost to regulatory capital requirements that are beyond what is economic or historic needs for your institutions. thank you for his testimony. -- for your testimony. >> the gentlewoman from new york , the chair of the house committee on oversight and reform is now recognized for five minutes. >> thank you so much for calling this important meeting and all of our panelists. i thank you for all of your comments particular those that talk about wanting to reduce overdra

j.p. morgan leading the pack. wells fargo, bank of america, citigroup, with a 4+ percent gain. yields on the two year today, hitting their highest levels since november 2007, but is the rally in financials too good to be true? karen, i know you will say no. >> i feel like it is still a nightmare. they were much higher earlier in the year. obviously, i like the banks through good and bad. i have been long on the banks. i think it is a nice bounce. i wish there was one more trading day to the week. i still think the evaluations are really compelling here. the bear case for the money center banks is that all of their investment banking business and capital markets business is down. all that is true. remember, half their business is net interest, right? that is really doing well. we always look at the two year, 10 year, that is not how they make their money. it is much shorter than that. short-term rates are higher. that is great for them. the evaluations are really compelling. j.p. morgan, obviously

the work we do at a j.p. morgan chase matters in good times but in tough times we provide critical financing to nearly every sector remanufacture service, energy, real estate and transportation. we finance federal, state, local governments and infrastructure projects and schools, bridges, hospitals and universities. we've long championed the banking and the community as a potential for bringing people together for companies to reach for their dreams and being a source for strength in difficult times. we finance the ambitions with homes, autos and growing a small business and provide products and services with half the households. we know there are businesses only as strong as the communities, so we are focused in lifting up the underserved communities by increasing homeownership expanding affordable rental housing and growing small business. the last few years have brought stress and disruption to many of the worlds grappling in ukraine, economic volatility and inflation, economic and security and climate change and

for instance, i'm moving my money from j.p. morganto, you know, bank of america possibly because i go and move $140 million over to j.p. morgan, jamie diamond never calls me and gene alridge is the head, so if you move money they're going to treat you like they meet you. >> she's the head of asia division to be fair at j.p. morgan, and yes a board member of adidas, go ahead. >> that's about the amount of information i have, i can only find out about the board from what i can google online, i never got to meet them even though i'm 68% of their online sales and they've even gone and specifically hired people from my team to do collaborations with -- to attempt to make fake versions or to try to dilute my message and to colonize, you know, my audience as opposed to empowerment. for instance, it's like a friend of mine just bought reebok reebok is worth less than yeze but due to the positioning i was in in the contract instead of us takingthe reebok for infrastructure, jamie is able to take that and i'm sitting supposed to be this, you kn

j.p. morgan himself used to go out and say, i'm going to bail out certain companies myself.ou are called the j.p. morgan of crypto. does that bother you? sam: it doesn't bother me too much. it's the right thing for the industry. your goal is not to make a fortune for us doing this. our goal is to make ok deals and not get our faces ripped off. do as much as we can to balance the industry and that was the higher goal, trying to back up rather than maximizing on these deals. i would have loved other people to do it. i think that would be great. david: so, you went in, you bought some companies. were those investments profitable? sam: mixed is the answer. some of them will turn out to be more profitable, some will not. voyager, there is $70 million and i do not think we will see that again. we make judgment calls such that things turned out well, they'd be good investments. if they turned out bad, they would be bad investments. but we limit what we could lose from it. david: why do so many young people seem attracted to crypto? i know there are people all over the world of all

dimon ovation american ally be enough for j.p. morgan to make the moral determination to stop doing business with chinese?co >> i miss the question for. >> 's invasion of american ally wouldor be enough for j.p. morgn to make the moral determination to stop doing business with the chinese communist party? >> we would have to decide when that happens.is >> you are not going to commit to pulling assets out of china if they invade taiwan? >> the first thing i would do is call the american government and ask for guidance, that is what i would do. that is what they would expect me too do. >> mr. morning hand and ms. frazier? >> the same in terms of the decision. we always look at clients and at risk. in fact with the russian situation took placece in ukraie we made adjustments to our risk. we do that all the time in every country irrespective it be driven by the government and the occasion you're talking about that be driven by the government rules and regulations and laws and congresses desire. >> mr. frazier? >> i'd submit mr. dimon the fir

j.p. morgan chase, assets of $8.48 trillion. there was a 1,250 enslaved people. in the case of j.p. here has been an apology made and announcement of $5 million scholarship that amounts to $384.51 per enslaved persons. they went to those in louisiana. i have a question for you, each of you. the question is this, if you believeea your bank done enougho atone with their part in slavery raise your hand? let the record reflect no hands have been raised. will you publicly publish an atonement plan before the next appearance before the committee? an atonement plan? you indicated you haven't done enough. will you publish an atonement plan. if so, raise your hand not one person raised b a hand. would there is a person of color institution.haa person of color if so, raise your hand? that's truest bank and that's the only one i think. thank you, i yield back. >> thank you very much. >>> the gentleman from kentucky mr. bar.r. >> in your april letter to shareholders you called for a new plan to ensure energy security for the united states andad european allies. i couldn't agree more which is i'm

you can see this was in the form j.p. morgan. there he is j.p. morgan. now, jp bargain was the most respected businessman the country, one of the largest owned u.s. steel will have more to say about that later. and he was a guy who could get the operators attention because the one who trade created the coal strike coal trust to with and so they would listen him and tr told him about his plan to nationalize the essentially nationalize the mines and so morgan realized not only was this serious but morgan himself very concerned about anarchy in the country and he could only maintain wealth if he could keep this country going. so he had every reason to support this. so he got the mine miners together and began to operate together and began to talk to him. now i'm not going to go much more on this running out of time. i will tell you that doris kearns goodwin, who will be here tonight at our dinner, wrote a book called leadership in turbulent. there's a whole chapter on this subject. so if you really want to know more about it, that's probably the best place

we will unpack that story with j.p. morgan. will that trend be sustained?tay with us, this is bloomberg. ♪ >> you are looking at a live shot. this is bloomberg. the global economy is still looking at high prices. had they peaked? one answer would be yes. year-to-date you are still looking that corn prices over 12%. coffee is up 2%. soybeans up 6%. is the worst past us and what does that mean for global inflation and growth? joining us is a j.p. morgan commodities analyst. have we peaked? >> such a great question. regardless of whether the worst is past us or not, there is the drop today you mentioned was a consecutive drop. it was smaller than last month, and it has been driven by a reduction in oil prices. we still have very tight market fundamentals and -- for grain and long-term palm oil and vegetable oil markets to come. key message is that the cost of food moving into 2023 is likely to be durably higher than we have seen in recent years. >> what are the headwinds around production at this point? >> we have just had some adverse yield data and sentiment

an index review from j.p. morgan in the coming days.rex faso will go to auction at christie's in hong kong in november. it may fetch up to $25 million. the fossil was on shed in montana and is around 66 million years old. if you're wondering, it's about 13 meters long and five meters tall and weighs 1.4 tons. they say it's the first t-rex skeleton offered at auction and asia. those were your first word headlines. i know, who's going up by that? you have to consider these things. >> my daughter would, my three and a half year-old daughter would definitely put her life savings towards that. let's get back to our top stories. china allowing some cities to lower their mortgage rates for first-time homebuyers, the analyst say won't be enough for the country struggling home market, let's bring in our chief asia economist who joins us now, because the problem here is not a cost of money, it's not mortgage rates, it's brought pessimism and a lack of demand. >> yes. i agree with that. i think this time the latest moves include several things. fr

analysts including those at j.p. morgan urgent for patients. these are all the factors that need to be watched very closely. we are getting kiwi stocks online. they in the red this morning. we see technicals pointing to further ahead for the pair. one bank says it's unlikely to go below 144 especially when you get more hawkish fed speak coming through. >> hawkish but also reinforcing the narrative we have heard. firmly so far. we heard from james bullard again saying the markets seem to be getting the message. he is saying if you look at the dot plot there does seem to be the assumption that the committees going to make a fair amount of moves this year. it does seem to be the right interpretation. given all the global volatility and what's coming from the u.k. and the boe, he is saying that he acknowledges -- that these development are not going to make the fed take pause when it comes to its path to tightening. >> he is a voter in this year's fomc along with the cleveland fed president. she said she's going to see real rates being in positive

other television providers, giving you a friend proceed to democracy ceos for large banks including j.p. morgancitigroup and bank of america testified before the senate banking committee on how the companies handle consumer and social issues. watch coverage 9:30 eastern on c-span2. senate minority leader mitch mcconnell's book on the floor of the senate about inflation and the economy and discussed the disclose act of 2022 and urged members to vote no on that bill. first this morning i was deeply saddened to learn we lost a dedicated and long serving member of the senate family this week. officer william thomas of the united states p capitol police passed away after a battle with

this, coming after russia was excluded from j.p. morganer it invaded ukraine. haidi: if you look at technicals, we could see an upside on the rally for the 10-year. on the other side, we have seen the bond traders pouring money into this trade. they run the risk of being burned if india fails to make that index and global funds have sold the most in years in august. the 10-year yield could rise back to 7.5% in case of disappointment. we are seeing inflows adding fuel to the rally driven by that optimism, that j.p. morgan will announce inclusion of the indian debt into its index. it could happen anytime. there is also risk of dampened sentiment if we see disappointment. the index inclusion theme is reportedly the only thing driving the indian bond market at the moment. up next, the offshore yuan has breached the seven dollar level, speaking of high-stakes. but the currency as a stronger against appears japan and south korea, a 29-year high as well as a 13-year high against the yuan. we will get more. this is bloomberg. ♪ shery: as we emerge

j.p. morgan at 50 basis points in november, 25 in december, seems not enough to me. i think they are behind the curve. i think inflation will have a much longer tail. i know the idea is we wanted to be around 2.6%. >> sandra: any of the politics, you know, if he rips the band aid off now, and raises interest rates a full point, you could have serious economic pain in the coming weeks when we are seven weeks out from the midterm election. >> how did the inflation raging fire start? >> sandra: government spending. >> massive of trillions in spending which i opposed, i thought it was way, way too much. we were at about $4 trillion of excessive spending now when you include student loan forgiveness, american recovery act, infrastructure bill, all the bills are adding up. so it was so predictable we would see this kind of inflation. >> i would like to reply. >> sandra: and you will. >> now the fed doesn't have any other choice, really. is this going to hurt, yeah, it's going to hurt. but you can't go forward with 8.5% inflation. >> sandra: they have to raise interest rate

kumasi: tonight is the j.p. morgan corporate challenge race in san francisco. at 6:45 p.m. at the chase center. we want you to be aware, there are several street closures in that area, as well as north. reggie: in today's first look, a woman faked her own kidnapping and has been sent to prison. >> in this morning's "you may 1 look," this woman in the 2016 hoax. a california mom pleaded guilty for lying to authorities about the -- about being kidnapped and tortured she was sentenced to 18 months monday. now, we are learning how her hoax slammed to a grunting halt in august 2020. >> we have a statement that says he told you -- >> shasta county sheriff's investigators confront the woman they tenderly treated as a victim for nearly four years. >> there was a quarter inch of heavy chain. >> coming up live at 7 a.m., we will show you more of the never before seen evidence, plus a legal expert ways in with your "gma first look." kumasi: are you registered to vote? if you are not, today is the national reminder to do it. it is national voter registration day. the natio

juan: peter, in april you were arrested for chaining herself to a j.p. morgan in los angeles, california, to protest fossil fuel investments and climate inaction. amy: we actually have a clip of that moment. let's go to it. >> the last two because scientists -- and willing to take a risk for this planet. we have been trying to warn you guys for so many decades that we are headed toward a [beep] catastrophe and are being ignored. it is got to stop. we are going to lose everything. we have to stop the fossil fuel industry. we have to stop the financing of fossil fuels. we have to stop new fossil fuel projects. juan: could you explain what happened after that? also, what is been the reaction in nasa by colleagues your activism? >> the ipcc released a report which says the very obvious which is this is caused by the fossil fuel industry and we have to stop expanding the fossil fuel industry and yet world leaders, including this administration, keep calling for expansion of the fossil fuel industry. joe manchin, chuck schumer, the mount on the pipeline received abou

j.p. morgan. tim, you've been an investor in this space, so what you make of it here?a that back to work, back to normal, back to getting on the road seems really attractive. at the same time, you have a looming potential recession, and that certainly plays in. >> but i think the, the business travel in the front of the bus dynamic, and they transatlantic flight, say, the international travel, are really key moments of where we were not believing that the airlines, even though they were giving us backs on where they were relatively good i think the big issue for airlines is going to continue to be around efficiency, and so cost. so we talk about this all the time. basically, cost for available seat miles, and where a lot of these airlines are actually well in excess of where they were in 2019. for some of the reasons that jamie talked about. so jury is still out. airlines of some of the great trading stock. these are at the bottom of the ridge. delta clearly is the head of the class, and the dynamics are really important. we talk about this. be careful on ev, because a

i have become aware of bank denial letters that j.p. morgan for the record and others of the banks here today have sent to independent atm operators where j.p. morgan states that they have a policy in place where the bank does not bank private atm operators and madam chair, for the record i would like to enter into the record an article from the twall street journal from february 19 of this year that is entitled gas station atms are a banking battleground, subtitled banks worried about the risk are turningaway the owners of independent atms, a lifeline to the under banked . >>without objection . >> the previous iteration of the federal financial institution examination council bank secrecy act manual categorized the entire independent atm industry as high risk . the new version released in december 2021 at the, after that hastening of many members of a bipartisan basis , bipartisan nature of this committee states that not all independent atm owner or ha operator customers pose the same risk and not all independent atm owner or operator custome

we did get a note out from j.p. morganet management talking about what would happen in the event that the control program is abandoned, which they say is happening in the northern hemisphere this spring. they say it could jump by 13 basis points and the program is out of touch with the global inflationary pressures we are seeing elsewhere. let's look at what we are seeing other markets -- we did see big moves in the treasury space overnight, really reflecting broader concerns around cpi at a four decade high. the risk is the fed pushing the terminal funds rate to 4.6% by next year. this did move the treasury space. we are also saying -- seeing u.k. gilt yield. drastically repricing expectations for the next boe move. really hitting the pound as well. haidi: we are seeing the saturating trade following the record drop against the dollar. i speculation of an emergency rate hike. joining us is the head of the national economic set cpa. we saw the strain on emerging markets but now we are seeing the pound trading like in e.m.

what we have been trying to do a j.p. morganfor income investing to focus on finding high-quality investments. this is looking at things like chair ties and the high-quality here. >> how much of the hawkishness has already been priced into the bond market? >> judging from the response yesterday, the 10-year yield seems to be constant. there was already quit a bit of hawkishness. i think it was a little bit of a different story from the equity market. there are more growth sensitive factors like tech. i do think there is a good level of hawkishness. >> bond markets are becoming more relevant again. there is no alternative to equities or is that changing? >> the yield levels actually look a lot more interesting. i think it was a very unique set of factors that drove bonds to underperform alongside equities. this will allow the fed to be more dovish. >> china appears to be less correlated to global data. >> i think that is a good point. this is the economic cycle. there is investing on china here. this is coming up. between now and

watch house a sink jc j.p. morganeo can be. >> please answer with a simple yes or no, does your bank have policy against funding new oil and gas products? >> absolutely nigh and that would be the road to hell for america. how's that? how is that for a yes or no answer? then she came unglued faster than a band-aid in the ocean. that's fine. every body that got really from students has a bake account wit your bank should probably take out their account and close their account the fact that you're not even there to help i really that many other folks in that debt because of student loan and your other criticizing. >> what? that wasn't even the question. in this for a conversation on a subway, would be slowly backing away from her. finally, the last and final swing. >> i'm not going to ask you mr. diamond because you obviously don't care about working-class people like ours i'm not can even ask if you're committing to financing a new oil and gas products. >> you're not can ask? that was your first question. we are all dum

we have the portfolio manager at j.p. morgan asset management. weighing on asian equity markets at the moment. how much more extreme do you see the pressure getting and where will it end? >> it is really hard to say. we have seen inflation soar this year in the u.s. as well and other places, so it is hard to say where the u.s. dollar will go. in terms of asian markets, the impact is diverse. if you look at japan the weekend, it does act the bottom line of corporate japan, so it is not all negative at the moment. paul: yeah, not all negative for some markets at all. i am thinking of the jakarta index, which is a whisker away from record highs. you view indonesia very favorably at the moment. why? aisa: indonesia is a beneficiary of higher commodity prices but that is a historical theme. indonesian reforms of comfrey steadily. when you think about imports and exports, they used to be an exporter of raw material and an importer of materials. they have now developed downstream industries in commodities like nickel. that has been adding to their impro

some strategists including j.p. morgang that that is unlikely but certainly, if the pressure on the currency does extend into this week, it does put a lot of pressure on policymakers to have some sort of rapid policy response. the former boe official, adam, already on twitter, saying that midweek of this week, if we do see the pound down, then rates will need to go up. deutsche bank saying that the central bank does need to act in the coming days to restore their credibility here but it does certainly also take a look at what is happening in terms of assets as well. there's also pressure building here that basically, that correlation is shifting back above zero here. basically stopped and the pound moving in the same direction here. a lot of pressure on the political side as well. the telegraph saying liz truss could face a rebellion from party backed ventures if this does happen. we do see that pound reaching parity there. haidi. haidi: we have been asking some of our guests on how they view the energy crisis, how all tha

but the results of this review from j.p. morgan ftse russell is due thursday at certainly want to be watching. shery: let's bring in our next guest who says the addition of indian bonds would be positive for global investors in indian markets. with us as the senior investor strategist at standard chartered wealth management. great to have you with us. of course the benefit will come if it actually happens. and bloomberg is now hearing that they have ruled out any changes to the task policy. doesn't make sense for these compilers to go ahead even without those changes? >> that is a valid point. if you think about it, indian officials have been in the process of engaging with providers since 2016. in the relative issues have been one of the key forms of contention for index, as well as international investors. there's another issue around the betterment of local houses. whether that's easily resolved. so, in the near term, the resolution around this could mean that there could be some feeling and the inclusion of indian bonds in the

a warming from -- warning from j.p. morgan chase. the cost-of-living crisis in the u.k.n. the fed on discretionary items may shrink by a single digit percentage next year that's even if the u.k. energy -- global news 24 hours a day on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. alix: the story we've been talking about all day is the u.s. has the gas and one of the problems across the atlantic is really infrastructure with a looking at pipelines or export terminals. one company in the thick of it is williams which transports gas around the country. alan armstrong joins me from the power conference. good to see you. >> glad to be here. >> the one help we have in terms of building a pipeline, and trying to streamline and make concepts easier. is it can a work? >> i would say we were all hopeful these will be tied together when that was in progress and we are very hopeful for that. everybody in the industry right now is guessing and wondering whether or not the -- this will come through in

pgi m is one of them, j.p. morganer one saying there are significant buying opportunities in this market. they are saying on a fundamental level, interest-rate risk this is the real driver here of credit spreads widening rather than what we see in the underlying balance sheet. >> our next guest says investors need to stop hoping for a pivot or even a hint of a pivot from the fed. let's bring in our guest. >> we had a minor rally, but the hawkish this is not going to get better just yet. we need to remember where we are being in the cycle. we are entering into this time of contraction, this is not march 2008. >> this chart on the market -- on the bloomberg shows how we are back to levels from the first rate hike months ago. >> they need to keep tightening. you have a lot of uncertainty on how we get money out of the system which could help with inflation. you need to be expecting tightening. he is giving you these clues and he's talking about how he's willing to sacrifice unemployment. we have never had unemployment, m

>> bank of america face the largest fine, citigroup, j.p. morgan was fined in december.has been a sprawling months long investigation. investigators focused on management, and talked about how some managers sent thousands of messages on unapproved apps. even sending them to employees charged with compliance. francine: how will banks handle these messaging platforms going forward? >> this is a new era, at a low level some banks are saying to use more official channels. at a high level, we have seen some house things and resignation -- oustings and r esignations. banks will have to deal with managing convenience and compliance. tom: charlie walking us through the implications. three nord stream pipelines damaged by suspected sabotage as europe's energy crisis goes from bad to worse. we will speak to the chief economist at the european bank for reconstruction and development on the implications. this is bloomberg. ♪ francine: welcome back to the open, 44 minutes into the european trading day. the dollar soaring to a record after the white house talk to down currency agreeme

it is not yet time to exit according to currency strategists at j.p. morgan. take a look at new zealand as well. sitting up of the key .140 level. kathleen: let us look at the jobs report. payrolls are quite good, on top of the month of -- of the month before. a 3.5 percent raise, that got people going. people want to buy some bond with the unemployment rate. it went to 3.5%. here is the secret message beneath that number. a lot of people came back to the labor force. the participation rate up 2.4%, it has gained 0.3 points for the 25-50 five-year-old it was 82 point -- and change. this pushed up unemployment. if you have not got a job yet, you are counted as unemploy ed. another sign for the fed that they made another 75 basis point rate hike. haidi: a completely different picture when you look at the risk in china for beijing as we head through leadership there. they have to test their results when it comes to covid zero. the result is unflinching. they are extending the lockdown in areas of the latest outbreaks. that is grappling with these energy shortages

j.p. morgan is also a big player when it comes to global payments arena.s aware of the threat fintech place and what it poses to traditional banks. they acquired us -- a payment, to push off that's a fintech. haslinda with our next guest. haslinda: it's a huge market, potentially $12 trillion worth in just five years from 1.5 trillion three years. there is great potential. you can understand why traditional banks are in that space right now. we are joined by takis georgakopoulos, jp morgan's, $10 million revenue payments. were talking about this multibillion-dollar, position, how much of the space are you after? >> our business, is $10 million in revenue. i would like to think of the $10 trillion we move every day, money around the world for our clients. your point, the way we look at the industry size. it's revenue potential over -- our market share 7% of from 4.5% last year. the potential is growing as global payments continue to change, with a lot of innovation and a lot of interesting things in which we can differentiate on. haslinda: the doesn't look

joining us for more insight is the fixed income portfolio manager at j.p. morgan asset management.excited to have you. let's start with what the federal reserve said in terms of the terminal rate. we are seeing's consensus grow of a 5% terminal rate. how much of a difference does that make to financial markets? >> we've been very focused on the terminal rate and we felt the terminal rate pricing was too low and the guiding light in terms of this is that the fed never stops hiking but the policy rate is still below inflation. right now, the fed does not have a lot to do. one thing i noticed is that none of the members of the bed projected the fed funds rate to get above five. the one thing that federal reserve members have not considered is if the rate comes down and they have to send the fed rate higher? we don't know that yet but we are waiting to see the real policy rate turn before the fed has done enough. jon: the market is also trying to figure out what higher rates mean for the broader economy and try to factor in recession risks. when you look at the markets now and particul

we caught up with j.p. morgann how companies are getting squeezed. >> profit margins have remained strong in q2 but if you strip out energy and transportation which benefits from lower energy prices, you see those profit margins have actually come in at -1% quarter over quarter and -6% year-over-year for the rest of the lower rate and market. they are led by lower profit margins and retail and health care and food. all the areas that find it is difficult to pass higher costs onto the consumer. that trend will continue. profit margins will continue to expense problems and we will continue to see it reflected in spreads. kriti: let's get to the latest economic news. the federal reserve appears to me to next week and make the largest rate decision, depending on who you ask. joining us is michael mckee. we will start with the data we got today, the cpi number came in worse than the ppi numbers came in. walk us through where the inflation is actually heading. michael: it is mostly hitting and energy which is why the pp

the j.p. morgan strategist is joining us next.his is bloomberg. ♪ >> we are one hour into the u.s. trading session. abigail: a brutal day. the rally yesterday turning to be a one-day reprieve. the s&p 500 down. the worst day in about two weeks. apple on track for its worst today since june. they are cutting the production they been looking for a few weeks ago. bank of america cutting their rating on this and of course we have a macro pressure higher after falling yesterday. the sense some of the u.s. but the fed was not going to be as hawkish. not so much. as for the round-trip let's look at it in detail because it is it two day turn on the s&p. the best day since early august and here we are back below where we began at the start of yesterday. so a lot of volatility and this of course puts us below the recent low not just the june low but will be made earlier this week. this is the bear market downturn. here is bear market rally from june to august. that was firm resistance, now trying very much below the last low. that is brutal

j.p. morgan says investment banking fees may fall by half in the current quarter. weighed in on a similar call. volatility is good for trading revenues, but i wonder if there is about to be a lot of depressed m&a volume because of the jitters around markets that could dent some of the profitability in the investment banking business. manus: this goes back to a story yesterday. if the fees are down and you are not producing the money, then there is no honey. if there's no honey, you might not have a seat at the party. there is only one market story, i mean, it is the ransacking of risk which happened yesterday. the bond there's gripped the short end of the curve by the neck. you are looking at the belly of the curve since 2008. dollar-yen moving off to the 1.45 level. do you have active verbal intervention from the finance minister in japan? that has dollar-yen down. i am surprised it is not more but you need perhaps a g4 intervention to really reprice dollar-yen. dani: we were just talking to mark mobius, who says the fed has a game plan. their game plan is to push