j.p. morgan chase.t is being shut out of underwriting municipal bond yields in texas after the state enacted a law banning governments to work with banks that limit business with the firearms industry. i pulled up the terminal, texas has issued $38 billion in deals. the total market is about 11% of the total new market this-year-old on that j.p. morgan would be shut out of. romaine: most read story on the bloomberg terminal. one of the other stories are the big risk ahead. our big take today turning back to our focus now to listen in on what kathy would had to say. arc investment management's founder warning of impending deflation. >> jeff, howard and -- and ray dalio, all of them have been very concerned about a deflationary bust. we agree with them in this respect, we think it is going to be balanced by a deflationary boom. but where we agree is that there are companies who thought the world would never change and have been catering to short-term shareholders who wanted that extra penny or two, so got

j.p. morgan chase in new york.hat we see in those twofold cohorts is that the equity promise is rising. it is breaking that cement ceiling that i believe exists above students that may not come from the same opportunity or rights of code. they are gaining jobs that pay middle-class wages early on. i would tell you the percentages are in the 30% to 40%, but we are early on those the graduate and matriculate, another 20%, 30% will continue on with postsecondary education, which we view as a win, because they've already spent two years in the practical learning takes place in the workplace, married to the theoretical. what is important, the company are reporting that her apprentices 91% is efficient, productive as a regular employee. about that. i school student, pre--- train through apprenticeship, coming out alright 91% is effective, the students themselves are finding almost 100%. they say because of the apprenticeship, she had the opportunity to get a credential and move on to postsecondary education. all of our a

j.p. morgan chase jamie dimon is preparing for default on debt and calling u.s. debt default potentially catastrophic as secretary janet yellen told lawmakers that the u.s. could hit debt limit as early as october 18th, peter. i know that you're not betting on a default but are there areas that you want to be hiding in this market? should we see continued volatility? >> oh, absolutely, maria. first off, i do think it's important for everybody to chime in and give their opinions. you know, we can't get about the deadline approaching, so it is important for people like mr. dimon to make the comments. i'm not trying to trivialize the issue. we have been through this many times, over ten times and it always does get resolved. that's one point. the second point is, yes, i think there are many companies that are not as sensitive to interest rate hikes mainly service companies where you don't have high cost of goods, you know, you talked to small companies around this country, most small companies are really suffering from inflationary price increases on their cost of g

j.p. morgan chase along with bank of america both up more than 2% as yields are boosting those banks on thell be better. and then of course energy, oil now back above $75 a barrel, up for a fifth week in a row, demand is seeing a little bit of a supply crunch. occidental petroleum flying up. that sector is the top sector on the year, up 35%. it is not up as much is oil. the top one of the year could be a catch up trade. guy: we will see what happens next year. markets looking through what could be a difficult winter. we will park that for the moment. new york fed president john williams, the fed governor will be speaking later today, the satellite launching. tomorrow, we moved back to the central bank story. alix: the ecb form on central banking, but treasury secretary janet yellen and jay powell will be testifying on thursday. that's the main event of the week. plus you get evans and bullard speaking tomorrow. talking about what kind of christmas we will have. if you were buying christmas stuff you by that at the end of summer. i think in the main event it will be janet yellen and jay powe

j.p. morgan chase being a holdout, not doing a mandate yet. matt: excellent story.y recommend that you check it out on the bloomberg terminal or bloomberg.com. there is a lot of great data in there, as well as a table that shows all the company that matthew went through, whether or not they have vaccine requirements, and the couple other details. i want to get to something that caught my eye out of tesla. reportedly obtaining a patent to use laser beams as winchell wipers. the application describes a technology as a cleaning system that removes debris from the windshield, solar panels. it would use a pulsating laser beam to do that. the cyber truck prototype didn't have any windshield wipers, when tesla file for this patent. companies often seek patents on technologies that often never end up in consumer products, but still, it is always cool to use laser beams. still ahead, a read on what the in person returns a new york faction week looks like, with -- fashion week looks like with designer dennis basso. this is bloomberg. ♪ matt: new york fashion week is underway

j.p. morgan chase fixed income cio, joining us now.t still feels incredibly optimistic in terms of what potentially could be priced when it comes to the inflation outlook. the oecd raising its forecast today. we heard from the ecb as well in terms of what they see. there were alluding to the fact that inflation is going to be a little stickier then we thought even a few weeks ago. iain: the u.k. approaching 4%, you could argue the breakeven markets are saying yes, that is inflation coming. but it is those really low, deeply negative real yields where the market is probably just challenging exact a what is going on, it does feel a little bit of a disconnect because i would agree that we know it is going to be transitory. we know that used car prices have picked up inflation numbers in the u.s., and they have to come back down at some point. but when you look at things like wages, when you look at some of the high-frequency shelter data in the u.s., in it looks like it might be stickier than jerome powell and some of the fed members thin

j.p. morgan chase is extending its services into the auto industry.f the deal weren't disclosed. few, parking and other services. 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. ♪ ♪ >> i think china is going to have one very strong creation of the technological future. it's one of the reasons the land of scaling. i think it's very much a game on circumstance. >> reid hoffman speaking on peer-to-peer conversations. you can watch that entire conversation airing at 9:00 p.m. tonight eastern time. joining us is david rubenstein. reid hoffman, a really important person to be talking to at this moment where we see this tech battle heating up between the u.s. and china. where did he throw his hat in terms of which region had the upper hand in this tussle? >> there is no doubt silicon valley has of the upper hand for decades. he does think china is now competing effectively with the united states and you have these two polar opposites in effect. chi

j.p. morgan chase cio a fixed income joining us next. bloomberg. ♪ ♪ and there you have it— -woah. wireless on the most reliable network nationwide. wow! -big deal! ...we get unlimited for just $30 bucks. sweet, but mine has 5g included. relax people, my wireless is crushing it. that's because you all have xfinity mobile with your internet. it's wireless so good, it keeps one upping itself. switch to xfinity mobile and save hundreds on your wireless bill. plus, save up to $400 when you purchase a new samsung phone or upgrade your existing phone. learn more at your local xfinity store today. >> the countdown is on in europe. this is "bloomberg markets: european close," with guy johnson and alix steel. ♪ guy: tuesday the 21st. what do you need to know? still higher, but we are off our highs. evergrande report lee missing some payments to banks yesterday. is london actually late to the party? we will speak to the chief secretary of the treasury john flynn. -- treasury john glenn

j.p. morgan chase's marco saying writing in a note to clients, quote, our fundamental thesis remains unchangedthe selloff as an opportunity to buy the dip. just one of many strategists coming out and saying we are optimistic longer term so why the big move on monday? depends on who you ask the debt crisis at evergrande group grabbed all the headlines. but there were technical or options related moves happening that might have exacerbated to the selling. we'll get more on that in just a minute but right now to that story. the latest developments out of china, the global investment world is watching the sudden debt crisis around chinese real estate developer evergrande group, it's the most indebted company in the world and has a huge debt payment due later this week or risk default let's get more on the story, day two, learn more about evergrande eunice yoon is in beijing. >> reporter: they're going all out to try to calm investors and boost market sentiment in a letter to staff today, the state media had picked up this letter written by the chairman, saying that evergrande would walk out of its

j.p. morgan chase diamond warning that it's possible the fed could be forced to a sharp move next year >>icating that some time november, give or take a month or two, they'll tell the world they're going to stop tapering l and take a year or so. that will all be fine if we have decent growth. it's far more important than anything that we keep on growing. >> joining us this morning, chief investment officer, omar aguilar. i'm not asking you to read diamond's mind but why would you throw out a hypothetical like that, that the fed could be forced to move, maybe earlier than the dot plot suggests >> i can only say that obviously the fed is having these discussions inny about the dynamics, which is inflation and employment the labor market is this process of having supply demand in bal ngs. we heard from companies, as early as today, about the labor shortage and the lowdown of the labor market, as a result of the fiscal stimulus, unemployment benefits from the pandemic that has created a longer horizon for the labor mark toot stabilize. i think when you put that in context of what fed official

j.p. morgan chase topped the ranking with over 12 million with the other half outstanding. including the july launch of the direct forgiveness portal for the forgivenessin applications attached to the 150,000. the discussions with members led to itis now being the primary channel for their work seeking loan forgiveness. between april and august it practically doubled from the national number reported in april he. it is almost exclusively to the forgiveness portal and in avenue for achieving forgiveness. however they fear that sometimes missing out on forgiveness isrg due to the lack of awareness to the process or technology to connect to the portal. the members we spoke with reported it was their primary channel for forgiveness even in the cases they had their own technology ahead of the world. we are supportive of up to $350,000. this would ease the burden and lighten the load for their journey [inaudible] loans that were made in the initial stages when there was confusion withs calculations that generated some ppe loans that extended and in january of 2021 particularly in

j.p. morgan chase by comparison is leveraged 13 to 1 so leverage ratio of 300 to 1 presupposes a great deal or a certain i institutional arrangement to prevent you from bearing losses. and the latter holds true with the fed. about ten years ago the treasury in effect wrote the fed a perpetual overdraft right and the fed goes on about its merry way addings assets, not capital and the temptation to add to the deficits are irresistible. it's like would you stock hacksaw blades in the prison gift shop? no, you wouldn't, the temptations would be unbearable. we have put the fed in a position where it is nothing except the treasury's hand maiden the $2 billion a week handed over to the treasuriry it has 4.25 in assets, the afore mentioned 300 to 1 leverage. and i wonder what it would be like if the fed were held to standards to the rules and regulations that pertain to ordinary banks it would be a source of welcomed -- welcome external discipline on a system that really answers to nobody, doesn't answer to congress, congress doesn't ask the right questions. but if the fed were regulated as a bank,

j.p. morgan chase and done a decent act of -- amount of work in the federal government as well. i hold cisp, certified information security professionals. i am g.x. certified handler. i am an ex-noarnt interim election case and i have a report that's actually published associated with that. it's publicly available. and i have of course been running this audit for the last, roughly, five months. >> could you pull the mic, or get closer to the mic, please. >> is that better? awesome. so i just want to start with an overview of what we actually accomplished here. this is an audit like we've never had before. it involved, as you mentioned, early, madam president, it involved over 1,500 people on the basis of our calculations, more than 100,000 hours put in place. as you can see, this is an example this actually happened in the evening one of the days, so this isn't even a full group of everybody. we're going to go through each role that was out there, what functions they were performing. but every is located based on color that helped us keep track of where people were, make sure no

j.p. morgan and chase topped the rankings. half of the borrowers have been paid back. this includes the g july launch of the portal which is a simplified clearing out of forgiveness applications attached to loans of one of $150,000 and below. this is not the primary channel for their work in seeking loan forgiveness for their small business clients. between april and august, they process has doubled from the number in april. this may be partially tribute to the direct forgiveness portal. the report that they are in direct compliance to the portal and it is a straightforward avenue for achieving forgiveness. some are missing out on forgiveness due to lack of awareness of the program or lack of access to connect to the portal. the members we spoke to coast-to-coast ported it was their primary channel for forgiveness. even in cases where they have their own portal -- technology for the portal. while only a sliver of them made loans over five figures, we are supportive of this forgiveness process up to $350,000. this will further ease the burden on even more small business