jamie dimon singh credit reserves its $26 billion are appropriate -- jamie dimon says credit reservesn are appropriate. tom: a simple return on equity at 23%. the first numbers i'm looking at. we look at different ideas like the capital ratio at 13%. industry-leading numbers. you see it with a lift in futures as well. the scope and scale of selected numbers as i dive into it. how about assets under management. up 28%. i'm not even sure how to digest that number. jonathan: the stock down for tenths of 1%. jamie dimon same consumer spending returns to pre-pandemic levels. that's quite a headline from the ceo of jp morgan. consumer spending has returned to pre-pandemic levels. lisa: it talks about the v-shaped we've gotten and beyond that given how much people -- money people have in savings accounts. how much this is priced in, i think that will be the key question. indicating, smashing expectations and yet shares are lower in pre-trading. >> it's going to be about the outlook. as you indicated, the cause there will be a lot of questions. going forward from here, does growth return in a

let's look at jamie dimon on zoom. most professionals learn their job through an apprenticeship model, which is almost impossible to replicate in the zoom world. over time that could dramatically undermine character and culture. remote work virtually eliminates spontaneous learning and creativity because you don't run into jim at the coffee machine. there it is, old-school. do you think we return to our offices of old? jim: sort of. i will push back on that quote a little bit. yes, it is -- human interaction, human contact is important, but not i think in the form jamie dimon is suggesting. 10 hours a day in an office sitting in a little room by yourself working at a computer in a service sector job. i think we will have to rethink what the office is and why we go to the office. we have just shown as an economy we can produce the economy just fine working remotely. i agree we need more human contact. i want nothing more than to go to wrigley field game again, but i recognize maybe i don't need to go to one of those gig

this seems to be the tension between jamie dimon's a letter.e talks about the possibly lasting to the end of 2023. but also talking about pockets of -- pockets he did not specify. how high is the pressure to push further into risk to get returns at a time of economic dynamism. robert: not as high as you would think. they are proud of coming out of what we went through in one piece. i don't think they want to spoil that. i don't think standards will change. the key here is if we have an infrastructure package, that plus the last bill, we have enough in the economy to drive a huge capital expenditure cycle. everything so far has been on the consumer side and stimulus has been aimed at that. now we are shifting into the commercial side. that has great power. that could make 2023 a better year than 2022. most people look that far -- don't look that far and see that yet. it's right up his alley in terms of fiscal spending. it could driver economy into the 8% or 9% range. all understood and accepted. >> can you talk about where rates would have to go

the army will will seek to partner with the drug company for further tests and developments and jamie dimonmic boom could last well into 2023 in large part because of the continued government spending dimon says the boom will be fueled by variety of factors consumers flush with savings, government spending i mentioned, vaccine success and general end of the pandemic euphoria at the same time, though, he has concern there is a risk manager may very well be about the potential for run away inflation. talks about the moment of a paul volker moment which would thurn thing turn things into a recession and the greatest warning long term has to do with where china is relative to where the united states is and all of the challenges and problems that we have and still need to confront. >> yeah. they definitely don't have the same type of political problems we have over there if they want to do something, do they they can make a decision and they can do it we have to bring both sides along, theoretically, to eventually do it >> budget reconciliation you don't. >> no. so it was end of pandemic euphori

>> i think jamie dimon's a savvy investor.hn maynard keynes says, when the information changes, we change our mind, and i think jamie's evolved his thinking around that. bitcoin is here to stay. i still think it's early days, and it's wonderful that the retail investor has gotten in years before big wall street's come in saying, hey, this is real, we want a piece of it as well. charles: i've got 30 seconds. you do a lot of estate stuff. are some of the larger investors also buying it? >> they're starting to. and i think if when you finally see an etf come out, i think when you get that, it's going to reduce a lot of the friction in there. yep. charles: all right. well, you were ahead of the curve as well. thank you very much. i'm out of time. ash hi webster's in for liz liz claman so, ashley, over to you. ashley: thank you very much, charles payne. looking forward to that coinbase debut next week on the nasdaq. thank you very much, charles. breaking news for our viewers, president joe biden making his pitch for the american jo

it appears jamie dimon ceo jp morgan might agree with that. in this scenario, it is hard to justify the price of u.s. debt because the huge supply that needs to be absorbed in the possibility of inflation won't be temporary. but it's also possibly a goldilocks moment. interest rates rise, but not too much. joining us is subadra rajappa, head of u.s. rates strategy. on the other hand, mike no regrets is sorting it. subadra: i'm going to have to lean towards jamie dimon on this one. possibly perhaps it makes sense on the short-term, because you have seen a decent selloff. over the longer run, if you look at the data coming, it has been very strong. if you are expecting growth around 6.5% to 7%, expecting unemployment at 4.5%, the economic productions the fed has put out -- projections the fed has put out, the market is going to continue to challenge the fed validity to keep interest rates at zero. you're going to see this appear. over the near term, if we could see consolidation, the -- probably moved too soon. over the longer run, the market co

terry, great to see you. >> thank you, melissa, appreciate it. >> are you as optimistic as jamie dimon? >> i kind of agree with guy adami. i don't think jamie's ever been wrong, i do agree a lot with jamie, i think he's a terrific guy and dear friends i think he made a lot of strong comments in that letter, i think it was 62 pages, whatever it was. you know, it's really hard to make the prediction of what's going to happen for the next two years. it's kind of hard to predict what's going to happen next week but again, i think when there's money falling out of helicopters from the government like he pointed out with the stimulus and other things it's kind of hard to say he's going to be wrong. i think some of the other conversation where i kind of disagree with jamie and i shouldn't, it's his business, is the shadow banking and fin tech taking over traditional banking space. i think when you look at shadow banking and lending of that nature, it's really easy to get into somebody else's business when the markets are going straight up and there's calm waters but what about when it gets ro

from jamie dimon, he talks about loan growth being challenged.or the year ahead, what does that mean? does banks have that in common. i imagine the whole sector. -- those banks have that uncommon. i imagine the whole sector does. we face a boom economy in america. tom: in the real yield at -0.70%. forget how odd it is to work in the millieu of a negative inflation yield. jonathan: these banks had a lovely right off the back of hide yields and steeper curves. i wonder what that means for the market. i want to touch on this. execution. but goldman sachs just did in the first quarter was just brilliant execution, far better than many people expected. let's pick up a nice example of the last couple of weeks. when we talked about archegos, who was holding the bag? not goldman. credit suisse was. that is a tremendous quarter, a tremendously executed quarter from the team at goldman. tom: in the execution of elites within the economy at goldman sachs, certainly at jp morgan as well. lisa, i love what you did i believe in the last hour on focusing on the

the ceo jamie dimon sees a multi-year growth runway before him.ust about what they do with that. lisa: there's this idea of how much cash investors have in their same you account, in their checking's accounts. the fact that businesses perhaps aren't borrowing as much now because they already borrowed so much. small business lending declined by 50% in the first quarter versus the first quarter of 2020. are they starting up, or is it just that they have already raised so much money? jonathan: goldman sachs up at 7:30 eastern. tom: right now, i want to bring up this. i had the wrong banner. it was my fault. all the mistakes on the show are my fault. bq is a function on the bloomberg so you can do equivalent analysis, and the price-to-book of jp morgan is a lofty 1.88, and goldman sachs priced a little bit under that. i think that gives good bank to bank perspective. jonathan: do that on some of the european names, tom. [laughter] tom: i just hit deutsche bank. i can't remember. it was 0.33, but i can't remember now. it is literally a quarter of the v

but jpmorgan's ceo jamie dimon out with his 65-page annual shareholder letter saying we are seeing a goldilocks moment, not too hot, not too cold for the u.s. economy. according to dimon, stimulus, vaccine distribute and the potential for a $2.3 trillion infrastructure bill could all combine to lead to an economic boom through 2023. that, by the way, is quite a turn-around from mr. dimon's letter a year ago that warned investors to brace for a bad recession. i'm glad he's changed his mind. but with the infrastructure bill not a done deal, could all of this be wishful thinking? to our traders now, teddy weisberg and phil flynn, two great friends of of the show. teddy, who's been riding out the pandemic aboard his luxury yacht in the caribbean -- [laughter] keeping the local rum industry in business. i only say it, teddy, because i'm a bit jealous. let me ask you this, teddy, do you agree with jamie dimon's assessment of what we can expect for the u.s. economy for possibly the next couple of years? >> clearly, you know, i don't have the benefit of his vision and his tremendous bank behi

jamie dimon in his 30,000 word letter alluded to that, too.: the fact is jamie dimon was talking about the politics in america but to me, this is a president fired up and, quite frankly, sounds like a one term president. he sounds like let's go, let's go, let's go. the thing that's led through to me yesterday was a single quote from president biden in was about a fleecing of the ordinary. he goes back to his middle-class scranton roots when he gets angry, emotional. jennifer fitzpatrick with this. how load is this president when he goes -- how alone is this present when he goes for the support of the middle class? how alone is he among the elite of washington? >> i would not say he is alone. he's been pulled by the progressive lawmakers in the democratic party to do as much as possible to go big and to increase -- tom: it is not working. i get the idea the liberals want him to go big, great, and the push back the last 48 hours is remarkable. chat: he is more alone than you might think. it is true that washington is very polarized and very slow

what jamie dimon is saying, that they are expecting very robust growth.hat starts to get interesting when you think about risk assets. when you finally do get to positive real yields, what does that mean for the guild that has fueled all these different assets? we are still a long way away from that. when we look at 10-year yield rates, down about 70 basis points. of course, it is the direction of travel that matters, but we are still at deeply negative levels. romaine: coming up, a lot more to talk about. we will talk about what is going on in the cruise ship space. we will hear from ceo arnold -- from carnival cruise ceo arnold donald. coming up next. this is bloomberg. ♪ caroline: we are all desperate to get out and about, and apparently many want to go on a cruise. carnival reporting booking volumes in the first quarter 2021 90% higher than the fourth quarter of 2020 and also eclipsing 2019 at the moment. joe: this was an industry that i think some people might have thought exactly a year ago at this time it was totally dead. no one is going to want t

tom: what is the political future of someone like jamie dimon?all talk about it, he was vetted to be secretary treasury, laurence fink of black rock was in the same discussion at that point in time. is there any evidence america will embrace a ceo, either appointed or elected? kevin: i remember years ago, pre-trump, when i was at the pen and pad briefing with jamie dimon, and he talked about one of his first jobs working in a baseball stadium when he was a kid, and how he really worked his way to the top. i think that is a uniquely american story. i think -- if you can communicate in a way that highlights and captures the grits, hard work, and perseverance of america, i think there will always be an audience for that. tom: i look kevin at the moment today, and i guess everyone is back home, what do they listen to when they go back home and what are they hearing now? kevin: right now it is can we get the economy back open? there was a great article on the bloomberg terminal about how economists are surprisingly optimistic about the unemployment nu

show fed officials expect it will be some time before it starts tightening policy jp morgan's ceo jamie dimon out with his share holer letter saying he is optimistic about the u.s. economy as it begins to reopen and vaccines get distributed. moran that letter coming up. >>> and some of the reopening plays like cruises and restaurants are rallying in today's session. we have 59 minutes left of the session. sara, sort of mixed on the headline indexes as we send. >> s&p up about .1%. we have a great lineup of guests coming your way. the fed governor lael brainard will give us her outlook and how strong data could impact policy. plus the deputy treasury-second, we will break down the report on the taxes that would pay for the biden infrastructure plan. plus an interview with the carnival ceo arnold donald, a report out today saying bookings are accelerating >>> first stories we are watching one hour left of trade mike santoli is tracking market action what are you seeing in the swror afternoons >> lower volumes, lower volatility, really just hanging around here at the all-time highs. contending w

coming up, jp morgan ceo jamie dimon sees rebounds to the u.s.nomy that could last until 2023. . we get more on the takeaways from his annual letter to shareholders next. this is bloomberg. ♪ shareholders next. this is bloomberg. ♪ shery: jp morgan ceo jamie dimon says he is out the mistake -- he is optimistic that the pandemic will end with a rebound that could last two years. in his letter to shareholders, he says the boom could easily run into 2023. for more on the takeaways, we have finance reporter hannah 11. this was a long letter. 60 plus pages or so. let's start with his outlook on the economy. what did he say? hannah: thank you for having me. it was 66 pages. his longest ever. which is big for the long year 2020 was. he gave a very bullish view on the recovering from the pandemic. he cited stimulus and savings that consumers have an quantitative easing and infrastructure bill. and also just vaccine euphoria around land of thought and -- the pandemic. i could lead to a boom that could run into 2023. it was a very optimistic view. haidi: w

matt: what else do we hear from jamie dimon in terms of markets?at's the most important issue. sonali: it really is. equity prices. to comes down to the optimism behind the market. everything else he had to say, he had warning signs about american competitiveness. the inequalities in the american economy and the spending and the focus spending. that's an important thing with what we are talking out with biden stimulus. the money does not just flow freely. it is catered into places that really needed. one of the policies he raised and people have not talked about today's minimum wages. raising the federal minimum wage. he made a case for that and a 66-page q.he talked about -- 66-page letter. he's making the case for policies that perhaps are unpopular to other corporations. amanda: really interesting. the voice of wall street in some ways. thank you for that. we do expect to hear from president biden with his jobs plan. we will talk to former senior economist at the u.s. department of later bill rogers on what a healthy jobs market might look like

jamie dimon becomes the first executive to bring his u.s.es back into the building , no more at your kitchen table, back to the office. this is bloomberg. ♪ ♪ >> i have seen how, you know, computing power has been growing at an exponential rate, and memory storage, disk storage all have been growing very rapidly. batteries and energy storage have grown at a very slow rate of 3%, 4%, 5%. so it takes about 20 years to double at that rate. annmarie: that was jagdeep singh. you can read about the company on the bloomberg terminal and website. a fantastic scoop. just over an hour away from the start of european equity trading. what is going to be the focus today, of course, how deutsche bank shares reactor that blowout first quarter. it reported the highest courtly profit in seven years and raised its 2021 outlook. debt trading revenue is up 34% versus 17% when it comes to the wall street average. the cfo did say in our interview, don't expect second-quarter market momentum to match the first quarter. a little bit of a cold water from the cfo, ma

we heard that from jamie dimon and his 60 page letter that you took the day off to read.s talking about the rise of populism if you don't have a consistent and competent government. not only are the lowest income americans lagging behind when it comes to wage increases, but they are bearing the brunt of inflationary pressures that we have seen in terms of food prices going up, gas prices going up. there is still a lot of suffering out there, and the middle class is getting crimped because of the pandemic even more so, so you are dealing with a reality that you have to address, and that perhaps is where the rhetoric is headed. jonathan: that needs to be addressed, but the rhetoric can be adapted. don't have to say that someone is fleeced, to imply that someone has somehow stolen from them. lisa: fair, but i thing it is in recognition of what a lot of people are feeling. jonathan: absolutely. we are all on the same page about that. coming up, michelle meyer of bank of america on the spending ahead, just to track what is actually happening right here, right now in the u.s. e

your work with jp morgan and jamie dimon and the team and your work with group of 30, you have been the of so much of our discussion of an open economy. as jamie dimon mentioned in his letter the other day, does america have a chance to lose our open economy advantage? jacob: it depends if it keeps the open economy perspective or it closes itself. the only way a country can succeed, small or large, in the interconnected world is by being open to benefit from the better things other countries do and benefit other countries by the things we do you the principles of comparative advantage point ages ago by adam smith are still relevant today, but even more so because capital markets are very interrelated. capital markets are moving by expectations. expectations are being fed by announcements, and announcements are affecting the economy by the credibility. all of it together means we cannot afford playing the game of isolationism. anyone who would try to do it will be penalized by the market. i believe that by now there is greater understanding that when countries are trying to close themsel

apparently jamie dimon not in favor of it coming back.ing tax you have a seminal question about whether or not property taxes are ever going to come back given what he's talking about in terms of how many people will be becack in an offe and landlords, and the unwillingness of politicians to cut budgets. i don't know if it ends up for new york, but it seems as though wealthier people will consider leaving knowing that they can now work outside the office. >> there's no question and the big paradox for new york right now is that the financial situation has vastly improved just in the last couple months you would think that would have taken the air out of calls to hike taxes on the wealthy. you have the 12 .5 billion in unrestricted funds from d.c. tax resaceipts coming in far better than anyone would have dreamed of and yet, you have a legislature, the assembly, the senate and now cuomo accepting 4.3 billion in tax increases and a $212 billion budget almost has high as california's with twice the population. this does appear more driven by

bounce forward, with comcast business. >>> lots to digest from jamie dimon's annual letter.s industry's disruption saying quote fintech and big tech are here big time we have more on the fintech which has seen some monster valuations over the last year, perhaps validating those fears of dimon, the latest that the company that visa missed out on and one that dimon has called out before under no uncertain terms. >> reporter: a lot to unpack one of the start ups that jamie dimon announced. plaid announcing its first funding round since its deal with visa was called off $425 million was led by altimeter capital. virtually lake and ribbit also participated this puts plaid's valuation at $13.4 billion. almost triple what it was worth a year ago when plaid agreed to be bought by visa. that deal ran into some regulatory issues. the doj vowed to block it. the company said they mutually called off that deal in january and after all that visa now face a doj investigation into its debit card business and possible anti-competitive practices in that full year since the visa and plaid deal

the grand estimate most pompous of them all, jamie dimon. voting must be equit inand accessible.a paid a 24 million settlement to black official advisors who accused j.p. morgan of discrimination. when they are not discriminating against people by race, they destroy local communities and shipping jobs overseas. they are bribing public officials that cost them a quarter billion dollar settlement in 2016. jamie dimon, who resided over this corporate crimes again society says, companies like ours have an extraordinary capability to help, with developing strong public policy, fantastic. instead of people we elect it is corrupt ghouls of wall street writing our laws. why don't youal do some activism on your conscious, you are everything that is wrong with american capitalism, you make the rich, richer, the poor, poorer, you hurt black people in this country. spare us the woke virtue signaling, now that you joined the democrats, you can be sure the g.o.p. won't save you from them either, when they raise taxes, you are on your own, when they break you up and beat you down, you are on yo

jamie dimon is most outfront in terms of the press brian stays under the radar a little more, but youoney in banks no matter what you own. i think going forward you make more money in bank of america. >> kari, your position is square into how jamie dimon is thinking about the future of banking himself, right in the letter he wrote today i referenced earlier about how bullish he is on the economy in 2023, he did talk about fintech and the threat that fin ttech hs to the banks paypal is your largest position. >> well, paypal has been a stock we have owned for years, and we believe that the market for transactions financially is just moving toward different types of payment, digital is what they excel at they created venmo, or they bought venmo, but it became an enormous franchise we all use, or most people seem to use visa, american express is a name that we added over the last few months schwab and blackstone, we own names in financials that are not money-centered banks because we believe it is an interest rate play, which, you know, i mean that's one dimensional for the big banks. and

. >> now, poppy, as you indicated, he's get something support from people like jamie dimon, the headof inequality, climate change and the like. but people like jamie dimon, of course, have to look in the mirror and see whether they're being part of the solution or part of the problem. they benefitted from a very large tax cut under the trump administration and right now the business roundtable that jamie dimon is part of is defending that tax cut, opposing the way that joe biden wants to pay for his plan. so the question is, if you're serious about wanting to tackle these problems, where is the money going to come from? poppy? >> so interesting because the lyft ceo on this program said they have big ride share company, they do support a 28% corporate tax. but most don't. so is that going to change? i don't know. we'll see, john harwood. thank you very much. >> well, we're just minutes away from testimony resuming in just mun minutes in the trial of derrick sh chauvin. piled high with crisp veggies. on freshly baked bread! so, let's get out there and get those footlongs. now at subway

but in the short-term, if you look at jamie dimon's letter that he wrote to shareholders this week, het through 2023, you're going to see really, really strong growth. what happens after that, none of us know. the optimistic take would be that there's so much spending and so much innovation in areas like climate tech that you're able to sort of grow your way out of sort of traditional economic patterns. but the big, big worry is just inflation. when you pump this much money into the system and you have supply chain issues that are just natural, but that also can be exacerbated, like by what we saw with the ship getting stuck in the canal, you could have massive inflation. but with this muffin being poured in, it's hard to see as people get let out of captivity and start doing things again, there not be massive economic growth in the short-term. >> for sure. >> let's stick with this theme of company ceos, jim. because we've obviously been focused a lot on political and social activism from companies. mitch mcconnell going out there and saying, i think corporations should stay out of pol

also the year that jamie dimon famously called bitcoin freud -- a fraud. it kind of tells you how far we have come. manus: we have, barry long way. -- we have come a very long way. some say it drop by 14% on the trading day, but it's just about trying to find a level and understand, they've got to lean into the theory of bitcoin, but do you think it's a big shakeup in day one of trading or just finding the line, so to speak? looks like we have lost tracy for the moment. ed smith is with us. kathy would was buying coinbase on day one. i'm even thinking about putting in, this is how we know it could be the top. if i'm buying bitcoin, it's all over. how do you look at it? ed: well, we are not luddites, we do expect cryptocurrency to become an increasingly large part of the payment landscape. were talking central bank issued currency, not necessarily crypto. for now i think bitcoin will continue to participate in that run, but it will be very volatile. coinbase at the moment is affecting lower plays on the value of these coins. it seems that's how it's being v

it is not beyond jamie dimon for being a little woke.ugh, attacking voter laws extremely popular in red states what it really comes down to, i don't think i'm going out on an opinion limb here to say the georgia law is not jim crow on steroids. to do stuff like that you will alienate, you're basically branding 70 million people voted for donald trump and, you know, at least identify closely with being republicans as racist. that is not a good business model. and the mlb is finding that out. coca-cola is finding that out. i'm pretty sure delta air lines will find that out as well. doing something marginal on climate control is just not, as aggressive, what the mlb did, some of these other players. neil: yeah. keeps you in good stead with them though. charlie, thank you very much, my friend. charlie gasparino on that. mean time we're following this crackdown on russia right now and some of these sanctions being imposed on the white house for interfering in the 2020 election. one of them could have a direct hit on you. you probably don't ev

. >> jamie dimon had his letter out and hold up he thinks the market will boom through 2023. he talks about the possibility of inflation perhaps not being temporary and talks about the moment what he calls the paul volker moment do you think that could be upon us maybe not now but two, three years from now >> volker was a very tall man. you have to have inflation rise to a very high level to reach the heights of a volker moment you know the game where you stand up and somebody catches behind you i think that's in play i think the story is fed is saying we're going to catch you when you fall. we're going to let you fall a little bit further than we have before because we want to make sure that we get back to our 2% inflation goal not obl the idea the market embrace it's temporary but the fed will step in at some point if inflation comes out of control. the idea that jamie dimon is writing about a volker moment is part of the security that there could be a volker moment >> diane, do you agree >> i think it's a great analogy that steve laid out. the volker moment was the culmina

keith, jamie dimon is writing in this letter that sees this economic boom lasting into 2023.king, jp morgan has been a favorite investment of mine for a long time. i think they will come in super strong. i think he understands the game being played. i agree wholeheartedly. maria: also he's talking about the major banks having a smaller role in the global economy and he talks about china as well. when you look at a list of the largest banks in the world, the chinese banks are among the leaders on that list. any other standouts of this annual letter where the key themes were the purpose of a corporation, public policy and america's role in the world and banks' competitive threats and the economy. >> well, i think what he's driving at is something we talk about a lot, how money actually gets moving. that's what i think he's really centered on because jp morgan clearly plays a role in that, between lending and trading, financing it does around the globe, he knows china is key to our growth. whether we like it or not is a different question. he is doing what any savvy ceo would do

jamie dimon will start making decisions. isn't that a relief? >> he should run for congress if he wants to be in politics. that is my message to the ceos. i don't think they understand how damaging their entry into politics is. for far too long americans are forced to watch a different late night comedy show. every time they watch a movie they have to deal with the fact the actor they might be watching doesn't like them, think their ideas are stupid and now we look at products or airlines and think to ourselves i want to buy this product or purchase this ticket, these people hate me and don't think my ideas were good or lie about my ideas, what we do for election integrity. this is damaging our culture, our social fabric, they are doing more damage than they realize. brian: corporate america wants to get involved, look out for their own interests. when they start controlling policy to win over politicians by changing their corporate structure and their corporate policy it gets dangerous. you have big tech grabbing wall street, saying take me, i'

it jamie dimon of jpmorgan, the ceo, says this. have an extraordinary capability to help, not just with funding, but with developing strong public policy, which can have a greater impact on society. he said he thinks company should be getting into the political arena. what do you think? >> i couldn't disagree more strongly. milton friedman might've said 50 years ago he was worried about democracy influencing companies and making them less efficient, i agree to some extent. the bigger concern is the reverse, the way in which companies are going to pollute our democracy. at this used to be the concern of liberals, it was a card-carrying progressive future to hate you and i did progressives ought to be every bit of concerned as conservatives. imagine if the tables were turned and every major corporation in america were demanding in favor of the georgia florida law, every progressive would see the procedural progress stomach problem as he conservatives do today. i think this is an integrity of democracy issue. for jamie dimon to have g

alix: who doesn't like to throw some shade on jamie dimon?we will get back to business and talk more about the ecb. nicola mai of pimco will join us. we will get his take. this is bloomberg. ♪ it's moving day. and while her friends are doing the heavy lifting, jess is busy moving her xfinity internet and tv services. it only takes about a minute. wait, a minute? but what have you been doing for the last two hours? ...delegating? oh, good one. move your xfinity services without breaking a sweat. xfinity makes moving easy. go online to transfer your services in about a minute. get started today. ♪ guy: from london, i'm guy johnson. alix steel is over in new york. we are continuity down to the european ash we are counting you down to the european close on -- we are counting you down to the european close on "bloomberg markets." ecb president christine lagarde confirming a sig. for can lay pasto -- a significant leave faster pace a bond buying. the ruble reacting positively. credit suisse to raise $1.9 billion after the archegos news. it is not e

. >> the life work take it easy jamie dimon bullish about the economy and saying that those stimulus payments are a big reason why do you agree with him on the bullish stance do you feel like this deficit spending is okay if it leads us to a recovery? >> i think what we have seen is forecast and expectations have been revised significantly higher as the virus has been controlled vaccinations picked up speed and because of the trillions of dollars in spending that's been alloca allocated into the economy so essentially to his point we are creating this perfect equation for short-term robust growth essentially you have businesses at this point very willing, very able to open and welcome back customers and you have a consumer base, stimulus fueled consumer base anxious and willing to go back out and continue to spend. so this certainly does create again the perfect equation for robust growth near term and we have to consider the long run consequences talking about a massive expansion of the government's balance sheet and while the fed may not be concerned about inflation in the near ter

. -- ceo i jp morgan jamie dimon.est fintech players are jp morgan and bank of america. zelle is twice the size of venmo and 20% of the volume is bank of america. when you talk about the largest banks they are pulling their weight. having said that there is a large under bank market. there is lots of pieces for many players to gather and a lot to learn from these fintechs. you are going to see a survivor bias. the ones that make it are the big players. but i sense anger in the ceo letter by jamie dimon. we have 20th century financial industry regulation and the 21st century. banks comprise less than one third of the financing in the economy, yet the other two thirds don't have the same degree of oversight. amber: mike mayo, thank you for the set up. matt miller, i am amber kanwar, this is "bloomberg markets." ♪ ♪ mark: i am mark crumpton with first word news. six u.s. women between 18 and 48 who received the johnson & johnson covid vaccine developed blood clots after similar issues with the astrazeneca shot. >> the re

as jamie dimon said, we are in a boom, boom, boom through 2023.just rolling over ever so slightly. suddenly now, we are obsessed about a benevolent fed is going to take the dollar down. rates 1.66. what is a fiscal taper worth to the bond market? we will revisit that again with our guest host in just a moment. it's all about vaccines. annmarie: yes, certainly, especially here in london. the eu is failing to form a united front in terms of the links between astrazeneca's shot and a rare type of blood clot. the bloc set the ministers shared different interpretations of a safety report. joining us now, sam fazeli. the science is the same across the u.k., france, germany, italy. why can there not be one united decision on what to do in terms of astrazeneca? sam: good morning. obviously, each country has to make a decision for themselves based on what's happening within the country. if you look at case rates, for example, in france, they look like the highest amongst european countries. the equation you need to solve for in terms of, what does france h

liz: you said she doesn't like crypto but jamie dimon is more of a believer.oss, jamie dimon has spoken positively particularly about the block chain which is the technology that crypto has used, it's a superfast way of conducting business once you're inside the block chain. liz: speaking of j.p. morgan did you hear this there is a center of what could be the biggest shakeup ever for european soccer and has shares of the biggest publicly traded in high gear, the spectacular off field move that you need to see in the new goals for your portfolio. closing bell ringing 37 minutes from now and we are looking at a red market on the screen, the nasdaq down 1.1%. ♪ ors into this chip whoo! yeah! oh, hi i invested in invesco qqq a fund that invests in the innovators of the nasdaq 100 like you you don't have to be circuit design engineer to help push progress forward can i hold the chip? become an agent of innovation with invesco qqq my name is douglas. i'm a writer/director can i hold the chip? and i'm still working. in the kind of work that i do, you are surrounded b

morgan chase chief executive jamie dimon. investment honchos that say the better part of valor is to get everyone back in their office chairs. you miss a good chunk of them when they're at home or telecommuting. let's get more with liz peek, fox news contributor. gary calphon, a contributor as well. and investment houses seem to value in-person relationships as an in-person culture that is unique in that industry and that can't be substantive the way it's been thus far. what do you think? >> what is interesting, yes, that in-person culture is important but it's more important to these banks in terms of training their employees. the big problem last summer, neil, is with the whole class of analysts that come in every summer have no interaction with senior people at all. they were mostly at home, some living with their parents, some, you know, in far-flung places. when they're in a meeting looking over their boss' shoulder working on a model or listening in on a phone call, that's when they learn the business. it's an apprentic

jp morgan ceo jamie dimon says he is optimistic the pandemic will end with a u.s.ebound that could last at least two years. he says the economic conditions and the new stimulus are likely to result in a boom that can run into 2023. dimon also warned that destruction of technology could shrink the bank. 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. i am vonnie quinn. this is bloomberg. >> still ahead, the chip crunch continues. peter enbridge joins us to discuss how the shortage in semiconductors but also the disruption to other supply chains. coming up next, emily weiss says we are at a turning point. this is bloomberg. ♪ >> under pressure after seeing the worst session in about two weeks. our next guest says that emerging markets are -- emily weis, great to have you back. we have seen a rising yield, stronger dollar, so when can we see this turning point and why do you expect it to happen? emily: i do think we are turning the quarter. we were thinking this would benefit

how -- what you do in your business is different from the big boys, but i do have to say this: jamie dimonis shareholder letter last week that fin-tech's proposed, i'm going the quote here, an enormous competitive threat. now suddenly you've got this hearing, and it makes me wonder maybe the big guys feel that you are stepping on their air hose, and they're going to fight like hell to keep it open for them. >> well, jamie dimon's a smart guy, and thanks for having me. i do think you're going to see a lot more disruption very soon. the large banks have largely's scaped some of the overall that would -- escaped, but it's coming fast: i think it's timely that the house is talking about that, and i do think jamie is right to be concerned. ly. liz: why should big banks be threatened by with you at one? >> well, big banks still have a serious margin on the backs of the middle class, working class households that still bank with the traditional banks. if you think about how banks make their money, the average american consumer's got a credit card, and they get charged 24-29% on the balance if the

but, again, he did say -- one more comment from jamie dimon. capital and also about the economy and said in letter last week that you talked about on the show, that the economy is going to be booming and that run in 2023. so still looking for investment banking renew and other things on jpmorgan. really quick, average deposits up 32%. average deposits up 32% but the credit reserves comments from jamie dimon about 26 billion, that's really kind of making some news right now. i will send it back to you. maria: all right, cheryl, thanks very much. steve forbes, you have a lot of positives right now around the banks. you have an economy that is coming back. you've got the demand situation certainly rising, look at that deposit base, cheryl told us deposits rising again and you have interest rates also helping the net interest margin. that's why these bank stocks have been rallying over the last 6 months or so. your reaction to what we are seeing as earnings and revenue, steve forbes, beat expectations for the first quarter on the jp morgan numbers?

we did hear jamie dimon talk a little bit about loan growth, and he's being a bit muted here.caused some concerns. what's going on here? >> he later said he made a mistake in that word. the way diamon pu -- the way dimon put it, there's muted demand from borrowers on the demand side and the business side, and other executives pointed to stimulus checks and ppp and the low cost of tapping the depth market and what we have seen over the past few years as the reason why. his point is that things are actually looking good. aside, things that go out of their earnings and net income, which is money they make on loans minus what they pay for deposits -- it is not a transfer to the bottom line, but they did express optimism about the recovery, which is good for them. joe: on investment banking, i was reading some things a while back about cutting out the middleman, they would be cheaper than ipo's, a threat of the legacy of the wall street business model, but they are just making money. >> we saw huge numbers due to spec mania, and then there is d espacing, which can make money for ba

the exception, of course, was jamie dimon and the loans -- >> we'll get to the banks in a minute don't front run me on that we'll get there in a second. >> i won't. >> by the way, speaking of goldman, goldman actually has a trade they would put on for the current environment and it is in your wheelhouse and i want you to talk about it they recommended investors buy the may 21st 4100 to 3900 put spread to hedge diversed u.s. equity positions instead of reducing their equity length by 25%. what do you think of that put spread as a hedge, doc >> i think it is exactly, scott, what you and i talked about last week when 50 cent, the trader that buys the out-of-the-money puts that are approximately a 50 cent call option, that, of course, moves the vix does inverse to the market. so the goldman trade is exactly that let's do some protective strategies i don't think it is dumb at all. i think that's a very prudent strategy and you have it on for basically almost six weeks out into the future with that may time frame, scott. carries you through earnings and all of the rest. here is the -- you kn

moynihan doesn't believe in getting out there as much as jamie dimon, who is excellent, no criticism of jamie dimon, but moynihan is lower profile and i like that. >> before we get to break, brenda, affirm is a stock you bought talk to me. >> it is a new public company in the buy now, pay later space which we think will be growing as a greater percentage of overall sales in ecommerce right now, buy now, pay later is only about 2% of global ecommerce sales. so affirm is a bit in a niche where peloton is one of their largest customers. they have begun to pilot a program, a shopifywhich we think could drive continued growth for the company it is competitive space. as i mentioned, it is a relatively small percentage of overall ecommerce sales that are tied to buy now, pay later we think it is really a growing area as more consumers are tired of traditional credit card companies and paying interest payments, and buy now, pay later is a much more economical solution for many people. >> we will keep our eye on that one, too pete, we will get some some of the new call buys you have later. i

we heard from jpmorgan ceo jamie dimon this week, and he was predicting a very strong backdrop going into 2023. are there areas that you're worried about that could represent a head headwind for what appears to be a very strong recovery? >> yeah. i'm hearing from businesses and seeing pretty much across the board you're going to see a strong recovery. the only question how much of it goes to more goods spending, which has already been strong, how much of it instead is a consumer shift to much more increases in services, how fast can we reopen person-to-person contact industries. that's more of the question. but i'm getting more and more confident we'll have strong across the board growth as we weather this pandemic and see greater reopenings. maria: robert kaplan, it's always a pleasure to talk with you. please come back soon. thank you, sir. >> good to talk to you maria. maria: robert kaplan. fighting back against corporate hi hypocrisy and false statements from the president, georgia governor brian kemp is responding to the woke mob. but first, president biden says he is open to ne

. >>> jp morgan's chief jamie dimon making new comments on everything from social media to the covid vaccine today. >> he was speaking at a private client event about an hour or so ago that i was able to monitor he spoke about the j.j. vaccine which is currently on hold here in the u.s he said on that, quote, they opened it up in europe, i hope they open it up here unfortunately they are never perfect. they have saved lots of lives. he went on to say that in the united states anyone that wants one can get one by mid may we will urge people to take it one day we may force it. i think woor we are lucky to have it. people should have it to go back to work. by saying we may force it he was referring to the u.s. as whole not jp morgan specifically on the economy his base case was that the effect of a strong economy will dwarf the effect of rising rates and he was relaxed about the prospect of 2.5% inflation, even 2.7% inflation temporarily and the ten-year yield hitting 3%. he described that sort of outcome as in fact a home run. his bad case scenario was inflation not being at 2.7% and 3

mark: yeah, so to kind of comment on jamie dimon's point, i agree the economy will be strong in nextal years. when you look at the infrastructure plan, we expect a net fiscal drag because taxes are going to go up. you have to account for that. taxes are going to go up to pay for. this look, i think overall the market is still in a good spot. it's going to trend upwards but, maria, the easy money has been made. as soon as we start really talking about what the tax situation is going to look like in 2022 and beyond, i think you are going to see stocks pull back. i think the second half of the year, be prepared, buckle up and be ready for pullback and since the market is trending upward overall, use the pullback opportunistically to get in position that is you like the most. set an entry point where you would like to pull the trigger and when it hits it, you buy. maria: do you agree in terms of tax increases that are coming could represent some headwinds? john: well, the tax increases will probably temporarily lower the market, create an opportunity to buy but if we continue to see an e