jamie dimon citing mr., saying he has been willing to spend to outperform in businesses like that because to your point, tom, wealth management tends to do better this kind of environment because customers hold up better. jonathan: quickly, is there a big return program with a target on its back? sonali: no, their capital return plans that a big guardian for weeks and people need to use the expectations. if you are going into economic hurricane, you need money on your balance sheet. jonathan: more coverage from our chief wall street corresponded through the morning as we get details on the earnings report. that is jp morgan, next is morgan stanley, but this set the tone early on. lisa: absolutely. interesting detail about the share buyback plan. they talk about the stress test and how they want to get a certain goal that is set up for them. and that temporarily suspending share buybacks will allow maximum flexibility to serve our customers, but it is because they want to get those targets quicker. how much

jamie dimon talked about his credit portfolio being prime.ould it be industrial, commercial or industrial? it could be. i think as it relates to the risks you are talking about, i think that is not a high risk at all, as it relates to the banks. alix: that was a really good answer to that question. i am wondering, the dollar seems to also be the big question mark here. for that 30 year inverting again for the second time since june, what signals are you looking for that is going to help you answer that question? >> historically, the inversion you talked about, whether it is the 2, 3, 5, 7, 10, they are all inverted historically, that has been a recession. is it possible we get a recession? it is certainly possible. we just don't see it being that deep. there are a lot of things with the consumer. everybody is waiting for the consumer to be bad. it hasn't shown up yet. it doesn't mean it isn't going to, but it hasn't shown up yet. credit is really good around the economy. there's a lot of cash, so i think if we are going into a recession, we a

according to jamie dimon, the consumer is in good shape. that even if we go into a recession in the u.s., entering the recession with less leverage in much better shape than in 2008 and 2009. >> reason we are focusing on recession fears is we heard today from the fed governor christopher waller talking about backing up i -- hike of 75 basis points. the markets have gotten a little bit ahead of themselves pricing and a 100 basis point move. waller said the 100 basis point hike is still on the table but he still has to look at the data. let's bring in our guests to discuss this more. is 100 basis points on the table are not? >> it's important when you hear from hawks, the bank presidents, the governors going toward a charge for more aggressive rate hikes. chris waller speaking in idaho today including speaking on bloomberg through a panel said that he was keen on a 75 basis move. maybe 100, but it's all about watching the data. let's listen to what he said in his remarks. >> i fully support another 75 basis point increase. however, my base ca

i do think investors were left wondering what do we believe out of jamie dimon number one.king about the strength of the consumer, to be fair ryan also said the consumer is also strong but weeks after that we saw the consumer was actually dipping into savings to afford the essentials because of no cost of inflation. >> the provision for credit losses 1.1 billion and the second quarter provision for credit losses 1.1 billion wanted that number that's what it is 657 million in the charge-off but the net reserve 428 million that is what i know the other analysts were looking for. maria: mark, what about dagen zeroing in to temporarily suspend the buyback dagen makes a great point this is an important point if they thought the stock was going to go up from here why not buy back the stock? >> that was my biggest take away as well. dagen crossed it and hit the nail on the head i think she said everything i wanted to say about the earnings release. the one thing i will say with regards to the yield curve. typically in inverted yield curve is painful for the banks because they do h

lisa: that's what jamie dimon was saying. there might be a hurricane. we are expecting recession, but things look good. chris, you look pretty constructively, but you talk about the six eyes. inflation, interest rates, and international rates and infection rate you added inversion or implosion. that doesn't sound optimistic great how do you dovetail after ms. him -- pessimism into optimism. >> for watching the same things everyone else's. wall street is on its keister. greenstreet seems to be doing better, although some signs of stress, and those we will watch carefully using data you mentioned earlier. it wouldn't surprise me that we see a recession very soon. i think it is shallow. probably lengthier than a lot of people hope. >> what about the infrastructure and income tax. we have a lot to do on the former, and we pay way too much on the latter. that will not change. >> news that the most powerful joe and washington -- in washington, joe manchin, is pushing act against any effort to get a build hack -- back better bill -- i've been concerned that in

jamie dimon, a massive vote of confidence or has been in the past for the american consumer released this earlier on the conference call. >> there is a range of potential outcomes from a soft to a hard landing, driven by how much rates go up, effective quantitative tightening, the effective volatile markets. it is not going to change how we run the company. we have managed through recession before and i am comfortable we will do it again quite well. kriti: for more on earnings including morgan stanley, let's bring in sonali basak. she has been covering it all day long. let's talk -- start with what a lot of these banks are telling us. you can look at it different lenses. the asset management businesses, trading revenue, investment banking business we talk about deal volumes falling off of a cliff. what is the biggest signal we should pay attention to? sonali: the numbers. there were misses on so many businesses an anticlines and d -- anticlines on asset management. and trading, even though there were gains, -- and declines on asset management. and it trading's, even though there were

jamie dimon offers a downbeat assessment of the global economy . jp morgan and morgan stanley earnings miss the estimates. citigroup hits the tape today. warm welcome to the show. friday. we got there. it's been good to be together. i just listen to the chris waller tape. we all get ahead of ourselves. that's the key message from the fed. we into a 100 basis point hiking frenzy and it's been tempered. far too aggressive, and of yourself. dani: this is the bullish guy. if you expected someone to endorse 100 basis points, it would be him. he found it more like powell, centrist. getting the market to back off basis points hike. as high as 94 basis points priced into this month. now it's 84. manus: i don't know what the italian word is. we have to call francine. she's on the beat [speaking non-english language] in italy at the moment. italy is in a state of crisis. that could be punched out in the spreads to boones. dani: makes the conversation much more difficult for the ecb. i was ready to show you futures. they don't open until 7:00. we have an hour

so ceo jamie dimon says high inflation, waning consumer confidence will have other negative consequencese global economy sometimes down the road, dimon says if the bank, temporary buybacks will allow flexibility, and community through a broad range of economic environments joining us now with immediate reaction to the numbers scis cameron dawson loan growth you said would be something important. looking at it, you've had no more time than we've had to look at these numbers what are the highlights that you see? >> that loan gloerowth is reall important. if we look at the data that the federal reserve releases through the quarter, we typically saw double digit loan growth on a national basis, and it was pretty broad based between industrial, real estate and consumer and for j.p. morgan to present just a high single digit number shows that they tended to underperform the industry on this and it's not just about on this quarter, it's what comes next for loan gloet as interest rates move higher and more economic uncertainty, do we see borrowers start to dial back on the borrowing that they do

, jamie dimon says the u.s. job market and consumer spending and their ability to spend remains healthy but jamie dimon warned that geopolitical attention, high inflation, waning consumer confidence, and the uncertainty around the impact of rising interest rates and quantitative tightening could have very negative consequences on the global economy sometime down the road. so some pretty discouraging comments about the outlook. >> more and more recession talk it seems by the day. lastly, amazon said that this year's prime day event, its annual shopping blitz, was its biggest in history. tell us more, please. >> more than 300 million items were purchased as part of this two-day event. now amazon doesn't disclose the total in terms of sales, they did give us a little bit of color on what people were buying, so let me shed some light on it for you. the top-selling categories in the united states, consumer electronics, home goods, and amazon branded devices. so i think the key take-away here, and what is interesting

jamie dimon saying the consumer is strong enough to withstand some of that pain.folks in croatia, just because of the shortness, substantial markets on the move. i've got to go to the twos tends spread which was a negative 20 basis points. what is your statistic? jonathan: over the last 24 hours, two year yield is higher, 10 year yield lower. lisa talked about it. it is the prospect of higher fed rate ahead in the prospect of slower growth in the future. tom: let's take the correlations of the market and go to the single correlation for washington, no one is getting paid anything given this high inflation. it is the wage reality washington faces. andy blocker has spent years looking at this. at harvard years ago, jobs and wages matter. he is a head of global policy. what is the urgency this time around of a horrific negative real wage? andy: politically, it can be death for politicians. right now, who talk about the economy always being the most important thing. inflation is a major part of the economy the talks about how people live everyday. with this latest spi

jamie dimon is being cautious. he's cautious -- being that he is the owner of the world. >> he didn't use that. >> his actions are building up reserves he's talking about a range of developments. >> here's what i'm trying to do. you're doing a very good job of painting the negatives. >> i'm not painting the negatives. i'm balancing. i'm reality land. >> you're not because you're ignoring what i'm saying you're saying i'm ignoring this half you're ignoring this half. put it together. we're okay let's take a deep breath. >> real quickly. >> last week we were talking about earnings and how they were holding up i thought i gave you a bad answer the obvious, apple, google, microsoft, then pfizer, chevron, jpmorgan, facebook, berkshire, and johnson and jones. the vast majority of those companies in clutding apele they're not looking at recessions recessions affect different thinks differently. >> this is just the beginning of b boa merrill. no one's suggestioning you're going to have that, but they're looking for a low s

is like 40% reduced. >> thankfully they didn't have that i think we have some of the sound from jamie dimone analyst call say again? we do? we do. okay >> it's obviously really positive because the stock is down five. >> let's listen to what mr. dimon had to say about the consumer, this during the course of jpmorgan's earnings call, the stock down almost 5% on these disappointing results. take a listen. >> the consumer right now is in great shape. even if we go into a recession, the entry net recession with less leverage in far better shape than they were in '08-09 and far better shape than they did even in 2020 and jobs are plentiful now, of course, jobs may disappear. things happen. but they're in very good shape, and, you know, obviously we have recessions its affects consumer income and credit. our credit report was prime. >> prime, baby looking good so it's funny because we talk about how he's hurricane jamie, but at the same time he's been very positive in the state of the consumer and businesses in terms of business credit he's simply saying that in his experience when you have a ris

more than chase's jamie dimon says the risk of a recession is growing. susan li on businesses that are bracing. lydia hu on americans that are now just reeling. hillary vaughn on democrats pushing for more taxing and spending. along with missouri republican senator row blunt who says don't count on that happening. welcome. i'm neil cavuto. what a crazy day in the markets and for the economy. just when we thought the inflation news couldn't get worse, it did. a sign of what is coming. wholesale inflation that makes you think wait a minute. the retail inflation that is bad could get worse. susan li with more. >> the dow down sharply this morning after the near record high inflation numbers for producers. wholesale prices coming at 11% higher than last year. you couple that with the steepest consumer price increase and 41 years. we know that americans and companies are paying a lot more for their goods these days. meantime, you have america's biggest banks kicking off what wall street sees as a crucial earnings season to check on the health of corporate ame

adding to the turmoil disappointing bank earnings with jamie dimon sending a chilling warning. coming up ed yardeni what to expect for the rest of earnings season. democrats are trying to resurrect "build back better" while ignoring the red hot inflation plaguing american families. how much can we expect prices to run up if they get their way? plus the crypto wizard is trying to fight off a deep freeze after a major crypto company collapses. that is shaking investor faith but genevieve roch-decter says don't conflate bad actors with crypto's future. she will explain that coming up in 30 minutes. all that and making more on "making money". cheryl: markets are tumbling today as banks in particular jpmorgan, kicked off second-quarter earnings this morning to disappointing results, falling well below expectations. as you can see s&p down 34, nasdaq down 66, dow down 318. jpmorgan earnings dropping 28% after signaling concerns for the economic outlet, outlook. joining me yardeni research president ed yardeni. ed, jpmorgan, announces they will suspend the share buyback program. they

he said any recession will not be deeply dramatic and jamie dimon said that consumers are much healthier and less leveled going into any recession at this time. on the other hand, they painted quite an uncertain future picture. dimon reiterated, if you recalled, he had a sudden economic hurricane on the horizon. diamond said the pictures complicated with inflation of higher gas prices. the consumers in good health now , a lot to be concerned about on the horizon. shery: we have learned that we might see huge fines when it comes to the texting habits of some of these employees. >> not only where the numbers bad today but there were other notable -- other notable things today as well. morgan stanley disclosed it will pay two point -- 200 million for this record-keeping probe into the misuse of personal devices at work. it's a wide ranging probe and bloomberg news reports other banks have fines amounting to one billion in total. back on the numbers themselves, jp morgan admitted estimates. jp morgan and morgan stanley posted a 50% plunge in investment banking revenue. so potentially souring

they say be as concerned as jamie dimon now. connell: about the hurricane coming. where normal people are, we're still spending a decent amount of money in this country, to bring the banking conversation into it, it is chase credit card, that you're running up these, so that must be the concern at some point you know, it's going to come home on us we'll say we have to pay off these credit card bills. the confidence that people have, false confidence in terms of their spending or they're just, stuck in their houses for years and years. they say you know what? no matter what happens, i will spend even to put it on credit that could get ugly. how do you think things play out economically? >> that is what happens connell. consumer confidence is abysmal. people are still spending. however they have eaten down the all the pandemic savings. people cut the pandemic dramatically during the pandemic. they're not eating into that spending. putting it not only on credit card debt but tapping value of their homes. connell: right. >> you see a storm brewing right there. at the s

i think james gorman used the term complicated, jamie dimon complex.re's a lot of moving pieces. david solomon of goldman was probably the most cautious on his call today. dani: hey, walter, i do want to jump in because we do have the sound of david solomon speaking at his earnings call. i want to play that for you and our viewers and get your reaction. >> there's no question that the market environment has gotten more complicated, and a combination of macro economic conditions and geopolitics is having a material impact on asset prices, market activity, and confidence. we see inflation deeply entrenched. we expect there will be more volatility and more uncertainty. dani: for one, i am now scared you are a mind reader since he said that and i wanted to play that tape to you. let me get your reaction coming from executives, specifically the little signs of uncertainty coming from solomon. walter: he definitely struck the most cautious tone on the call today. i would contrast it with brian moynihan from bank of america who said i don't know the differenc

i'm flog going to argue with jamie dimon.r coming, i don't want to be holding the stock. >> he's kind of making the case for not holding it he's candid, that's what he does even the expense issues they faced turn of the year. >> the expense issues are expex expected to still be there across wall street, and given the fact we have seen such large wage inflation, especially among junior bankers, they're expecting to be paid a lot more. just the overall travel costs, senior bankers traveling to see clients going, going to conferences, they're on the road all of those factor into expenses that's something people will be looking at as well, in terms of how banks are faring with the inflation. >> leslie, we appreciate it. >>> let's turn to conagra now, they're actually outpacing the averages, but inflation did just hit a new 40-year high dominic chu has the story on this one what do you think? >> over the last year conagra has been on a bit of a roller coaster range, range bound on the down saide, so pretty calm y some other standa

i think what we're seeing now, kelly, all of this cautious commentary, like jamie dimon today, is now weighing on stocks it is happening but the bulls say the bottom will be august or september. buy for the fourth quarter back to you. >> bob, thank you. our bob pisani my next guest does think the worst inflation is behind us but warns investors still have to be cautious until the fed slows its rate hikes for more let's welcome in the president at potomac wealth advisers that's kind of what bob was just describing what would you like to see the fed do or say that would make you feel more bullish right now? >> good afternoon, exactly what bob was just finishing up with on the bull case it's a delayed bull market in my mind i don't want to be out there today. i'm not diving in. i think investors need to be cautious until we have the july inflation and then the august inflation and the september fed meeting. i do think the bullish, the optimistic investors will be rewarded later in the year what's interesting is growth stocks have been outperforming those defensive names and those value n

morgan reporting credit and sales volume up 16%, deposits are up 9% and jamie dimon saying on today's call that business credit has never been better, at least in his lifetime and james gorman noted that the banking sector is much stronger than it was last time. there was a, quote, reset back in '07 and '08, but then there are other aspects of the business that show case the ripple effects of the market volatility and business confidence being shaky that we've seen recently and investment banking revenue took a slump in both firms propped up in part by trading and the c suites have been much more hesitant to sign deals and resulting in slumps that we're seeing in q2 j.p. morgan also saying today that it was temporarily suspending buybacks amid the fed's stress test results and adding to its reserves and both firms reported roughly 28% declines in net income during q2 both firms also posting that rare miss on both the top and bottom lines each one only doing so once in the pandemic and since the pandemic began, kelly and courtney. >> is there anything, leslie that would add to the unde

so a few weeks ago, the head of the largest bank us gp morgan chase jamie dimon is an excuse for a hurricane that could hit the us economy. well, the head of tesla, elon musk, called the economic downturn inevitable, adding a key market indicator of a recession, the yield curve. gos, bonds also point to the coming medium-term recession, and this figure in the history of only once gave. the signal and at the end of the release, i will remind you of the exchange rate today, the dollar is 61 rubles 26 kopecks. euro 62.04, and that's all for now roman mash thank you, we continue and another news related to money in russia will have its own atms. they were developed in moscow, prototypes will be produced by the end of the year since january they plan to begin industrial production yulia makarova studied the project in detail. did not go into series, but in general our task is to make atms look like. uh, it looks like something very technologically advanced. the first russian atm is not in the picture, but live artyom zhelonov promises to show the end of the year, then samples will appear, and fro

. >> i keep getting asked, i can't imagine jamie dimon spelling win that way. maybe it's a type know, maybe not. maybe that is amc ape talk. that the loyal followers of his. know this i keep my word, i said publicly the pounce would not happen. what is he talking about here? cheryl: i have no idea. i do a little bit. >> there are questions, should you give forward-looking guidance before the earnings. cheryl: no. >> we'll impact this, should you advocating what appears to be, on pounce, advocating a short sale, short squeeze, telling people to buy the stock to squeeze out the shorts. buy the stock, shorts bet it is going downs hard to replace their borrow and, so two things here. i think legally he's fine because twitter is a public venue. my producer made some calls to legal experts on this. he is probably okay. you know, this is like a public announcement even though it is not on pr newswire. that is one thing. cheryl: okay. >> is it smart? this is the question. and i call in to adam, he is not a dummy, very capable ceo but it is smart move for a ceo to be pu

i think you're probably going to say, i can't tell you that jamie dimon is going to be a full- throateddonald trump, if he runs for president in 2024. i can tell you you'll see much more giving to republicans and you'll see shift in donations. you might also want to ask, why do corporations become so woke over the last few years and then support biden? first off they thought biden was a moderate. a well-known guy that used to talk to them and he was, you know, obviously a guy that ran, it was the center of a state where a lot of businesses are domiciled, delaware, delaware chancellor court is a big place for businesses to be domiciled because it's business friendly so he was well-known. the woke stuff is a little different. they thought they sensed the mood of the country changing and they missed it obviously. mood of the country it is not woke as we know right now, so i think you'll see much more giving to republicans going from the street going forward, because they really believe that they cannot be throwing money into a hole that is literally bernie sanders dressed as joe biden. bec

he is joining elon musk, he joins jamie dimon, larry summers as well as mark zuckerberg, all who arend concerned about the downturn possibly coming ahead without a pivot in policies from the administration. i even talked with democratic senator chris coons a last week, he now supports streamlining regulation for a pipeline project. he sort of distancing himself from president joe biden's energy policies. now a gas price tweet that where the president says the gas station owners should just lower the prices sparked this latest debate. it sparked this response from jeff bezos. it says, inflation is far too an important problem for the white house to keep making statements like this. it is straight ahead misdirection or a deep misunderstanding of basic market dynamics. american petroleum institute president and ceo, that president biden should be supportive of the transition to electric cars instead of making everyone to gas station owners and drillers in texas the veil lan. bringing down the gas prices u.s. needs to increase oil production. to do that there needs to be long-term suppor

it's the commentary that we get from jamie dimon himself and i think the question mark is going to beup with the inflation report and also what he's going to say about the fed. what are you looking for? >> well, i think as you just clearly indicated, the earnings are going to be very light for jpmorgan in the quarter, unless they pull some accounting trick out of their hat but this quarter, you know, liz, to use a cliche, in other words, loan volume is up substantially, and it's up even more importantly, in the commercial sector, where it's up maybe 9% year-over-year. the increase in interest rates has resulted in net interest margins being very very strong, so what you've got is net interest income which is where you'll see traditional bank earnings showing up. they are going to be very good. the bad is anything to do with the capital markets. investment banking other than the investment grade bonds, but investment banking should be really terrible. not bad, terrible. you should see very great deal of weakness in mortgage banking. you should see weakness in merger and acquisition act

i understand why jamie dimon and the team are doing that, but i don't like it.'t feel good about it at all, and quite candidly, i'm going to be studying the regional bank earnings in the coming days because i think there's opportunity there, and i think from my perspective, i've missed out on what has been a significant outperformance from a lot of these companies like m&t, regents, cincinnati financial, but i'd be looking to get into one of these. >> that's the mayo play right now. coming into earnings, the play was main street over wall street in terms of financial institutions doing well at this particular moment. >> clearly being reflected in terms of performance loan growth is strong. now you're talking about nii, which is going to be strong as well i've missed the regional bank trade, not much longer i'm going to take a position in one of these soon enough. >> sarat, bank of america, morgan stanley, give me something on banks and the banks in general. >> look, i think a lot of people were expecting earnings to be really dismal given kind of the lack of any

jamie dimon told us a year ago he was shocked to see this kind of labor market that he has never seening so tight in terms of the pressure on wages. is that changing? >> i have to agree. i have been in the recruiting for almost 25 years. i have never seen anything like this employment market. employers are forced to raise wages. workers are having a challenge with gas prices and putting food on the table. i am surprised we are not sink people actually come back to work because of those issues. employers are raising wages. we got to a point right now we will see them steady and just hold. i do not expect to see large wage increases moving forward. but that is going to be a challenge if we continue this inflation. state where week away from earnings to think we'll have announcements kenny and would you be selling into the second quarter earnings seasons? >> i would not beat selling into the second quarter earnings season we've seen the numbers revised a little bit lower. were going to hear during the course of the season but what i worried about is the pressure that's were going to see

jamie dimon prefers to look at the balance sheet and they're being driven bin regulators to build a big about that. i think you have to be ready for things to erode. everyone is dealing with this situation, consumers and companies. based on what the market's telling you about the possibility of decision. that's a big question for this market. >> thank you, sir. >>> crude oil is up. let's talk about president biden's trip and everything else with amos hochstein. he accompanied the president last week. it's good to see you, amos i have high hopes. i talked with you before i'm going to try to get with you and you're going to have to talk to the administration, and we're all going to come to a meeting of the minds to talk about things is that something you can promise me >> that sounds great, joe. thank you for having me. >> here's where i'll start it's almost bipartisan "the new york times," the climate crisis fades as real worries set in, inflation, endemic, et cetera then "the wall street journal," you have the opinion piece the utopian energy dreams are doing great economic and security

. >> what jamie dimon said yesterday was interesting. jamie made it sound like things are pretty bad >> not as bad as you would think. credit card losses weren't bad it did add to some reserves. i think loan growth would slow, too. >> potentially >> we'll get more next week sdpweek >> and today >> i like forward if we didn't have to report on all immediately. dow just hitting bertha coombs here with us someone who knows what they're talking about. give it to us. i'll look at it while are you tal talking about it >> cfrom the division here in minneapolis. united health beating the top and bottom line. 13% year over year compared to the estimate of $79.6 billion. they were up 19% year over year. adjusted per share is 557. big beat there the company raising guidance by 20 cents per share now adjusted 21.40 to 21.90. the consensus is for 21.68 full year interesting highlights here as far as the insurance hside sales up 12% they added 280,000 members so they are well on the way to adding a million members this year interesting there is medical

jamie dimon i think said business credit is the best he's ever seen now. caveat, all these different factors that could play into this, and we really don't know where it's going to go. as a result most of them are in terms of deployment of capital, in terms of buybacks given this uncertainly >> obviously the percentage of household income that goes to debt service is historically low, though gasoline consumption the last four weeks is down. journal had a piece yesterday about americans who are cutting back on food, which is a very different thing to do. >> yeah. yeah talking about the discrepancy between, a lot of banks are looking at top-down numbers as well they say, yes, people are spending more money on food and gas, but also on luxury items, but when you look at different income levels, look below the hood, it does appear the lower-income americans are cutting back much more than the broader statistics would suggest. >> yeah, something to watch, even as john waldron is say the fed is moving aggressively and impressed with the combatting of inflation.

executives think it is still sunny for now but the hurricane winds are out there somewhere for jamie dimon on the stress test, it is alice in wonderland. we are talking about 10% to 14% unemployment rate. it is a dance the fed does with the banks because of the financial crisis. so reality today, the banking industry is going to have lower loan activity in the second half of the year versus the first half and then we have to play the recession scenario for 2023. but if they start building reserves in the second half of this year, that could be good fodder for push-ups in 2023. that's exactly what happened in 2021 versus 2020. tom: kenneth leon is with us as we await the earnings from bank of america. sometimes a mystery. i will guess eight minutes and goldman sachs will be later today. mr. leon will join us. welcome to all of you on bloomberg radio and television, and especially global wall street. there are two stunning ways to compare jp morgan and bank of america. one is on book value, where there is a premium to jp morgan. i don't think moynihan has had enough credit for pulling bank o

let's hear what ceo jamie dimon had to say. >> there is a range of potential outcomes.oft landing to a hard landing driven by how much rates go up, effective quantitative tightening, effective volatile markets, will not change how we run the company. we minister a recession before and we will manage through a recession again. >> he is the one that said there is hurricane clouds and storm clouds on the horizon, he is telling everyone to get ready. >> give us a sense of morgan stanley, find $200 million for the misuse of devices, using messages -- messaging apps like whatsapp and emailing that is contrary to policy and is not apropos. >> they will pay 200 million we are also finding all the biggest five banks will be hit with a combined total $1 billion and finds -- find from this. the revenue drop grab the headlines, driven by a marked market loss. this is the credit spreads widened, the trading unit helped offset some of the decline in income trading in the investment trading decline. strong results in stock trading and bond income did offset some, it is a rather tepid

anna: the question -- manus: the question is whether you believe janet yellen or jamie dimon. thank you, michelle. will the chief of the world health organization -- the chief of the world health organization declared monkeypox a world health emergency and issued the highest alert, paving the way for the international cooperation to stop the virus. let's get to jason, who has the latest. this is a unique moment where there is a split in the road on monkeypox. talk us through the thinking. >> monkeypox has exploded worldwide. we only had a handful of cases back in early may. we are up to over 16,000 now. it is mostly concentrated in the community of men who have sex with men, but we are seeing signs that it is spilling into the broader community, 72 infections in children reported already. nearly two dozen in kids younger than four. there is the concern that it will be a bigger, broader threat and difficult to contain. anna: thank you, jason. let's bring the market story back front-end center -- front and center. >> this is the first time the who has declared a global health em

tom: jamie dimon is eloquent about this in his annual letter, talking about the hard work of doing thesiness. it's like what we have to do with the staff at bloomberg surveillance. with the team that we have, the interns we have, it's really hard work to process at all. the only thing i can do is say food helps the troops. i did notice inflation, they are pricing then 840 54 hot dog. -- 845 four hot dog. we should do an interview at ben's chili bowl. jonathan: i will reach out to the team to make that happen. from new york, this is bloomberg. ♪ this is xfinity rewards. our way of showing our appreciation. with rewards of all shapes and sizes. [ cheers ] are we actually going? yes!! and once in a lifetime moments. two tickets to nascar! yes! find rewards like these and so many more in the xfinity app. when people come, they say they've tried lots of diets, nothing's worked or they've lost the same 10, 20, 50 pounds over and over again. they need a real solution. i've always fought with 5-10 pounds all the time. eating all these different things and nothing's ever working. i've done the

dani: jamie dimon reiterating this whole hurricane thing but still sounded optimistic.t is for since we got for the outlook among the banking sector? >> on the one hand there is some caution. several banks including citi and jp morgan are pausing share buybacks. that tells you they want to reserve a little cash perhaps for capital ratios or so they can increase loan provisions. but more upbeat than many expected. you heard dimon saying if we get into recession, the consumer is in much better shape than the or. - than before. they don't think we will have a deep recession. it is a sanguine outlook for many of the big banks. dani: what about dealmaking because that took a hit this quarter. if we continue to have these global risks, has the outlook changed or is it still rough times ahead as we go through the second half of this year? >> it certainly looks like it. we saw that in the morgan stanley numbers, they were not great. goldman sachs is one of the biggest dealmakers out there. on the one hand, you have rates helping some parts of the business but it is not a great

the decade had a major hat tip to jamie dimon.ere were real challenges inherited on the trading side with the blowup of morgan stanley before maybe, mr. diamond might argue with me on that, but i don't think there was that challenge their. i'm sorry, in the last five years the real victory lap is brian moynihan. people have no understanding of the train wreck that was the cobbling together of the modern bank of america. jonathan: increased volatility and uncertainty, i remain confident in our ability to navigate this environment. you wouldn't expect to hear anything else, would you? tom: you wouldn't end the first thing i'm going to ask you about -- him about his consumer banking with consumer banking having a very constructive pop. jonathan: that your pitch for an interview? tom: no my pitches i really want another character of these people. i've got to admit it's a blended russian. i'm fascinated how they move july, august. i'm going to assume the last week of august is the new october as they right size into next year amid all

hurting itself for that hurricane and putting their money where their mouth is in terms of what jamie dimon said. how much do we see this reflected in the rest of earnings at a time when there is so much uncertainty and people are building leverage? the debit and credit card spending expanding rapidly as people dive further into their savings and basically catch the difference and keep spending. jonathan: are you for -- saying you don't find that consumer story? lisa: there are signs of weakness, and what is the potential can't -- consequence of building leverage into a downturn? especially the consumer balance sheet was healthy and strong, this defies logic. jonathan: lows down two point 7% on jp morgan, we were down five. one piece of the broader puzzle, because asset yields over the was 24 hours. the yield curve is inverted and fx a lot stronger. i thought that dollar-yen we can this morning would strike 140, it came back down but we are seeing big moves. tom: we are looking at jp morgan and i agree we need further scrutiny on this major bank. it sets up the other banks. the headcount, 2

jamie dimon says he is preparing for an economic hurricane. what is your take on the economy?oncerned are you or is qualcomm preparing for recession? >> it is very difficult to predict. i have been very focused on the things that we can control. what you see is doing is focus on what's important for qualcomm in the long term. i can unpack that in just this quarter alone and how we guided q4. the samsung agreement is about bringing long-term stability. the markets went to go up and down. qualcomm is growing structurally. that's why we are going to end up the year with almost 50% year-over-year growth in the phone market. the most important thing is how we are being very actively diversifying the company. what we said is we have record growth with sequential growth projections for the next quarter and we are seeing that the enterprise and industrial segment has been very resilient. while you have economic headwinds that provide softening computer consumer spending, enterprise is strong. other companies are focused on enterprise and the reality is digital transformation of the ed

jamie dimon said, looking at the results of all these uncertainties by january or february of next year. basically saying, buckle up. we have another six or seven months left of uncertainty and then we should get a sense of what the trajectory is for rates. hopefully things will stabilize. you heard that on the wells fargo media call. calling for a few quarters of uncertainty in regards to rates and mortgage business and hopefully things will stabilize. >> leslie, it is kind of remarkable the extent to which some of these uncertainties are really about market signals that these guys are picking up. or seeing what financial markets have done. baked in the markets. what are the ceos doing in terms of their own business? risk-taking or cost-cutting. the mortgage business has been headcount reduction but that could determine what the economic outlook looks like, if banks will stay the course or entrench. >> that is a good point. interestingly you are hearing the concerns from the bank ceos but when you look at the expense side, it is all things go. green light, go. there was a question on j

is jamie dimon being too marose about all of this? what say you?i think he's actually being realistic, right? i think everyone else is trying to sugar coat it and tell you it's okay and everything is fine and don't anybody worry. meanwhile, as you said at the beginning, we've now 15 months into consistently higher prices with no end in sight so i think what jamie is trying to do is just slap a little bit of reality into everybody's view. ashley: so the question being, how do you cool off inflation at this rate and not wreck the economy or the talk of course that the fed, you know, opening the door to 100 basis point hike later on this month. can we handle that or is that just going to create a hard landing? >> well, listen. i think i've always been in the camp that it's going to be a hard landing. i've never thought they are going to be able to navigate it and look they are well behind eight ball, it's clear they are cpi, the ppi was the one that shocked them yesterday because that was even much higher. they really expected that to start to pullbac

do not forget jp morgan's jamie dimon talking about a hurricane on the way possibly.ve got the banks in focus, we've got morgan stanley, jp morgan, they are due before the opening bell in new york. we've got really a very crucial set of numbers coming from -- citigroup is doing it on friday, because it should tell us whether there are cracks forming in the economy ultimately here as well. and they tell us whether u.s. consumers are holding up, i guess. david: look, i guess it depends on which bank is exposed to what, in terms of trading, for example. rishaad: citigroup is more retail oriented. david: deals have in a lot of ways dried up because of the uncertainty over the environment. there was a lot of issuance leading into this and that will reflect part of that. so we will see of course, this all comes to fruition today. jp morgan. morgan stanley. wells fargo of course as we wrap up this week. rishaad: the two morgan's today and city group tomorrow. all right, let's have a look at what we got coming up. we are looking at how the covid pandemic compounded internet p

anat: my big fear that i've developed is a sort of thinking, jamie dimon likes to say -- says that hehis daughter that a crisis is just something that happens, a financial crisis every 3, 5 or seven years and we are due to for one -- do for one according to him. my main concern is cybersecurity. you kind of know that there are things looking potentially. they are hacking the new york fed and they are looking, and all of a sudden, i don't know, should i print out my banking statement? i think banks might be more prepared than other institutions. if you look at the colonial pipeline and some of these disruptions of infrastructure, we can have a lot of contagion. there are hospitals and municipalities. if it is warfare, in the digital dimension, who knows? tom: getting back to the markets. a little green on the screen with nasdaq. have you ever been to the hoover institution? they allow you in the door? anat: i've talked to people. tom: you have? i want toi want to talk about te minority in this world, which is legislative linkage, progressive and liberal economics can have with a broade

jamie dimon came out and railed against regulators, railed against the stress test that required themhold back on the share buybacks or build enough capital and said, things are fine. the consumer is looking fine. this is not going to be an armageddon and markets. tom, you are looking at a i for kadant message of the now versus -- bifurcated message of the now versus later. tom: i'm going to go into the divide between the european banks and american banks. citigroup is the arch international bank. going into europe right now seems to be a challenge. matt: absolutely. going into europe has been a challenge for a solid decade. it has always been difficult for foreign banks to come in and make money, there are not great examples of those who have. tom: james fraser is going to report on what citigroup is doing. off of wells fargo, with confusion off the corrected headline. wells fargo, morgan stanley and jp morgan out. citigroup, next. futures, up 11. good morning. ♪ to finally lose 80 pounds and keep it off with golo is amazing. i've been maintaining. the weight is gone and it's never c

jamie dimon didn't sugarcoated it. he said what we need to hear. cutting buybacks, loan reserves. it's a difficult environment. we need not to candy coat it either, level with people. washington needs to do the same thing. they need to explain to people how difficult it is. they need to take the difficult action. the good news, this week we realized jay powell is not paul volcker. has gravitas of political world to raise rates to rip the bandaid out he wouldn't have the guts to do. high inflation will allow him to do. hopefully we get to the other side of this within six to 12 months. neil: dan, i had a flip side looking at the pathetic bank earnings and disappoint there, enconcluding jpmorgan and morgan stanley, they didn't make up for that on their banking investment banking revenues, in other words how much they make off of trading. you would think if people are selling that is in order too. you take it and you run with it. so there is a flip to that maybe not everyone is selling or they're holding pat here. i wonder what you glean from that? >> well i would think that most inv

morgan's jamie dimon to talk about that tomorrow so the big story pretty simple here, dom.ryone is expecting the ceos to adopt a cautious position because of uncertainty on inflation and they're anticipating the analysts will start moving the estimates down. we'll see right now it's still very much a coin toss. back to you. >> you can't go out on a limb if you're a ceo you're being given a lot of cover these days for conservative commentary points bob pisani at the stock exchange thank you very much. we have more on june's hot inflation report coming up later in the show. the nearly 60% rise in gasoline prices in june is putting pressure on president biden to get a deal done with gulf oil producers during his trip. there is another high-level meeting that could have an even bigger impact on the price of oil. plus, the euro in parity with the u.s. dollar in two decades we'll have the exposure in the trade in today's three-stock lunch. 200 points heading back toward the lows of the session. you can still see well offhe t levels of the opening bell we'll be back after this bre