i'm joined now by the morgan stanley chairman and ceo, james gorman for an exclusive interview. james, great to see you. thanks for joining us. >> thanks for having us, wilf. >> great to have you here in person in the stock exchange you managed to change all the tickers to morgan stanley in the background someone on your team did very well >> i thought it was always that way. >> not quite >> as we were just discussing, i caught up with some of your peers earlier in the week at a banking conference, and the tone there was very, very positive on the u.s. consumer, perhaps less so, but coming off the lows for corporate sentiment. is that how you see things at the moment >> i mean, it's hard to argue with it. we've got 50-year unemployment lows consumer balance sheets are in good shape and obviously, the corporate sector, you know, after the tax cut, there was a major surge a little bit of trepidation coming out of the summer with the trade talks escalating and the election discussions obviously creating more uncertainty. so i think the corporate sector has come off a little bit. con

. >> all right so on deck wilfred frost once again of an exclusive with morgan stanley james gorman. at 3:00 p.m. on the "closing bell" as we see financials, mike a nice segue and how they are beginning to play in the market. >> they've hung in there very much in an uptrend. broke into the lead to some degree even though they are a popular schois and basically, you know, less cheap than everybody was saying they are so cheap it fits in tune with everything. right now the overall market had the full day to kind of reprice according to a high probability of a lifting of the tariffs. if we don't get it tomorrow, i just sort of wonder if we are just idling and you know maybe even get a little anxious. >> i was going to ask what happens tomorrow it's also friday, the last trading day until the september 15th deadline. >> there is the undercurrent before we are not sure the volatility index under 14 now. but with the market at all-time highs, no pullbacks, the way it traded it should be under 12 there is still the margin of yeah not willing to say it's all clear for now. >> you're not sayi

don't miss an exclusive interview this afternoon with morgan stanley chairman and ceo james gorman now, 3:00 p.m. eastern time stay tuned you're watching "squawk. when i lost my sight, my biggest fear was losing my independence. mmm... good. so i've spent my life developing technology to help the visually impaired. we are so good. we built a guide that uses ibm watson... to help the blind. it is already working in cities like tokyo. my dream is to help millions more people like me. it is already working in cities like tokyo. investment opportunities beyfirsthand, like biotech.ne because your investments deserve the full story. t. rowe price invest with confidence. >>> welcome back chinese officials have been silent since reports emerged yesterday that trump administration had agreed to a phase one trade deal they'll break that silence at 9:30 a.m. eastern, which is 9:30 p.m. -- 10:30. it is night. so it must be important. it is a news conference to talk about economics and trade it says futures were up. join us next week. "squawk on the street" is next ♪ >> good morning, welcome to "sq