especially with the jamie dimon comments yesterday still with the inverted yield curve.watch with the markets. let's hit oil. flat for the week. wti is trading at 7$76. crude up 8$83. it's time for the top stories with silvana henao >>> thank you. let's start with carlos watson watson pleading not guilty to charges including securities and wire fraud and identity theft. he faces accusations he skechemd to keep his company afloat as it lost millions of dollars before shutting down. the arrest yesterday came after two top executives plead guilty to fraud charges this month. >>> and the family of thomas lee announcing he has died at the age of 78. he is considered a pioneer of private equity investment and buyouts. he founded the firm lee equity his deals include the purchase and sales of brands including snapple and warner music. >>> the department of justice is accusing google of deleting evidence needed for the lawsuit. google routinely destroyed chat history. the company is required under federal law to preserve the documents for anti-trust lawsuit. this case is focused

will debate that and also minutes away from a very special interview today with jpmorgan's ceo jamie dimon. he always makes market headlines. do not want to miss that coming up joining me jim lavin that will, liz young, biland bill the story of the last 15 to 20 minutes stocks taking a turn lower still trying to assess where rate also go, where the ultimate toll on the economy is going to be, whether the consumer is really as strong as it appears and weiss, you are back to bear more bearish. why? >> i am and the backdrop, i was always bearish. >> so you were. >> i saw tradingopportunities and the reason is, is that inflation is stubbornly high you can cherry-pick but if i asked jim what the price of the spritzers are, they're going up. of course, it's peak but the question is, what's the rate of decline to get to the fed target number two, the economic dating is very good, so you're seeing some parts atrophy but overall, yes, the consumer has been resistant in certain areas can't argue that but you don't want it to be, you know, resistant to the decline you want it to go down so the fed ca

i joke with jamie dimon about fintech.and not real companies, but i got to put square squarely in the real company category, and that's because they're going for -- they want their earnings to look like regular earnings. and i salute them because they're not using any phony stuff to get to where they need to go. the cash app is a really good business, very good business >> there are a couple of examples this morning. beyond was the other one, beyond meat, where you had an earnings miss but revenue came in ahead does that say anything about cost management right now? >> beyond kept lowering, lowering, lowering, but they did have fantastic numbers out of europe i mean, mcdonald's in germany and in denmark, i mean, things are going really well for them there. good for them. i mean, they finally have a path toward anything -- something other than oblivion. i think there are companies all over the place that were losing a lot of money tharlt realized they're not going to have any favor on wall street unless they do anything rig

the big question is what is going to happen in these legal filings regarding jamie dimon himself? he conduct that review what jpmorgan is saying, they have looked through the emails, documents, all that, and they have not found any evidence that jamie dimon reviewed that account back in 2008, despite an indication from the email that at least somebody inside jpmorgan thought he was going to review the accounts. so does jamie dimon remember reviewing epstein's accounts what will he say when asked directly about that? that's one piece that will be in court filings still to come. >> jpmorgan shares down about 1.25% today. >>> coming up, one industry is struggling to find workers we'll tell you what it means for the stocks in that space and take a look at the dow's map, with health care seeing the biggest games with merck leading the way, while chevron and intel are your biggest decliners "the exchange" is back after this for businesses of all sizes, there are a lot of choices when it comes to your internet and technology needs. when you choose comcast business internet, you choose th

we'll ask a top money manager that critical question today we begin with our talk of the tape why jamie dimon is not breaking out his recession playbook just yet even though he does say there is some, quote, scary stuff out there. so what that mean for where your money is headed for the trading days ahead? i want to start with dimon, economy is good now, a lot of uncertainty, he did talk about inflation taking a while to come down and he was asked by jim whether that meant higher for longer he said, yeah, still said chance for a soft landing what do you make of what he said >> i think this reflects what we're seeing within the data today, we're not falling off a cliff, we're not seeing this imminent slowdown, imminent recession meaning that a recession in the first half does seem off the table but that scary stuff in the future may mean that we could look to late '23 or even into '24 to see an actual slowdown. >> what about this idea of higher for longer because you make the case that the market hasn't priced that in, and it is a scenario that he talked about last week or a couple of weeks ag

>> well, look, the old saying used to be one sparrow does not make a summer meaning to jamie dimon'snt, one good number doesn't mean that the trend has turned around. even though we've seen some of the com commodity prices, ash, e down. history plays this out. inflation spike in the early part of the 70s, late part of the 60s and came down for a period of time and a couple years later in the late part of the 70s, early 80s it exploded higher and inflation was caused in dc until it's remedied in dc primarily by cutting spending sg and long term to jamie dimon's point. this is an inflation issue. ashley: i want to get into this issue. how you feel about joe biden's issue on a bigger tax on stock buy backs and the general public are like, okay, that sounds like a good idea. but it's not and tell us why. >> many conservatives and even republicans see it as a victimless taxes. it's on stock buy back and corporations and it's a tax on efficiency, it's a tax on capital and if they understood what a company gets older and doesn't see good investment opportunities, it has two ways to get that

when jamie dimon reels them off. russia, ukraine, oil, gas, war, migration, trade china, not to mention the possibility of 6% interest rates, that's what he's talking about, because of persistent inflation, you get scared and the market plunges right on time although fortunately for the bulls the fear eventually subsided dow ultimately finishing up 109 points s&p advancing .53% nasdaq jumping .72%. i told you the stocks would find its footing when stocks came down enough and long-term interest rates started falling that's what really happened. it's why the averages ultimately turned that said i still think it makes sense to do some selling in certain select areas, especially the techs and the fintechs and spacs with crazy valuation sxwz no real earnings but beyond raising some cash after a bad couple weeks stocks get cheaper, right they start pricing in some of the negatives. quh dimon talks about the war in ukraine, high inflation, it's not like these are new worries he with went over a lot of this with him, as you'

jamie dimon says it is simply too early to declare victory against inflation. warning the federal reserve could raise and keep rates above 5% for some time in an interview with reuters, dimon adding that investors should take a deep breath and not put so much stock in one month's good numbers >>> shares of baidu, the ai tech company falling after the warning of state media after investing in the sector. in the front page in the securities times, they highlighted several other trendy technologies that spurred buying before fizzling out like augmented reality and 5g and virtual reality, et cetera some of the chinese tech stocks have doubled or tripled this year alone some on a promise of a revolutionary ai move. >>> the sharks are circling. hedge fund third point to the long list of investors taking the stake in salesforce. according to multiple reports, the size of the stake is not known. if it is confirmed, third point will join elliott management and star board and value act which reported stakes in salesforce. that stock up 1.11%. >>> now to a big story in glo

doing price discovery, jim any job could be in danger >> i'm going to say to jamie dimon today, when i see him, every nonrevenue producer, every nonrevenue producer, what we used to call, at goldman-sachs, deadwood, sorry, will now be replaced, and jamie has to sit down with his division and say, i want this bought charlie scharf last night closed a mortgage division, laid off a lot of people at wells fargo what you can say is, look, i just want all mortgages to be dealt with through a.i i don't want humans involved it's too dangerous this is not upstart. upstart, which is a company i don't like at all. this is literally a way to be able to have it so that division closed, that division closed, this division now reports to that guy we can wipe that out and david, there's going to be a revolution in -- at the workplace, and all you got to do is read this conference call or have a.i. read this conference call, and you'll know it >> yeah. yeah in the workplace or everywhere else since people, carl, don't really come to the workplace that often >> they're balking at four days. >> i'll ask

jamie dimon tells cnbc that rates could hit 6% >> the fed will do what it has to do. it may not be enough i think -- >> 2% inflation? >> i think it will take a while. >> rates longer? higher and longer? >> possibly. >>> europe's economy is worse than expected in the quarter with the gdp contracting in germany. >>> and basf plunges as it posts a more than 600 million euro loss and slashes earnings guidance again >>> good morning welcome to "street signs." today marks one year since russia invaded ukraine thousands of people have been killed cities destroyed and the millions of people displaced across europe, key landmarks were lit up in solidarity of the country. the invasion drew condemnation from the western world to mark the one-year anniversary, eu leaders said they will not be passive and will hold the kremlin to account. meanwhile, the u.s. announced sanctions against russia president biden will hold a virtual meeting with g7 leaders and volodymyr zelenskyy. and sholof scholz says they will support ukraine as long as necessary and germany will do what is necessar

. >> all right dom, thank you >>> jpmorgan's ceo jamie dimon sitting down with jim cramer earlier one is what he said about the strength of the economy moments ago. >> we always have a recession playbook, where you might -- >> are you breaking it out the recession playbook right now >> not really. right now, this is the contradiction here the u.s. economy is doingquite well >> not really on the rece recessionary playbook. you can watch the full interview on "mad money" tonight at 6:00 p.m. eastern joining me now are my guests this is big. this is very big i don't know where to start, steve. what jumped out to you >> well, i have been thinking about whether or not we're really going to have a recession and what the basis of that call is and it's all on the come there is really not very much data, other than -- there's two pieces of data that you rest the argument on. the inverted yield curve is one, and then the fed hiking rates is another. you have had a slowdown in economic activity. i don't see anything too much that is outside of a normal business cycle up and town but the idea th

so do you like it or not like it and the whole thing about believing moynihan and jamie dimon, come on we've gone back into the underpromise and overdeliver camp again if you want to be in the banks, you absolutely, positively have to own bank of america >> weiss >> i own bank of america >> here is what i heard you say, weiss -- >> i don't get it. >> let's be clear. here is what i heard you say, well, i like it, because i own it, but i don't like it as much as i used to and if i didn't have to pay taxes on it, i'd sell it let's be honest, that's what you're saying. >> i'm not arguing with that at all. i think it will be dead money for the next six months or so as it has been for the last six months so that's what i would say and i apologize. i have to recognize the audience i'm talking to not the viewers because they get it i'll go slower for lebenthal and belski on set. you don't have to own anything, right? i own bank of america because if i sell it, the tax will be significant. so i have to think of, okay, if i sell it, what's it going to take for me to recover it? >> weiss, that wa

. >> i am j jamie dimon. the ceo of j.p. morgan, imagine if you put your money in a j.p. morgan account, you thought you were just depositing there for safekeeping, you find out it is gone, it was transferred to jamie dimon's personal hedge fund, and only collateral he gave was a token he made up and as loan got bigger and bigger there was there was no -- margin call. then the only question is, was this a planned fraud or did it just end up that way. >> as we saw with war in iraq. and financial crises and rise of donald trump, legacy media again got everything wrong. >> number of people spoke to who -- dealt with sam bankman-fried described him in mice ways. nice ways. >> they say it was an accident. >> i loved him. >> he got support of the main treatmen mainstream media, turning him into a bigger person, i have yet to see one apology from media, and are still, excusing what he did. >> if you want to say he is guilty before he is tried, i just dent understand. >> you have seen new york times. >> the story with kid loves almost writing a puff piece, declaring that ftx was

i know we're going to talk about jamie dimon. but just think about seven, eight months ago what he was saying about the economy and what he was saying on the air today. and so it seems like we're going to be having to figure this thing out as we get the data as it's coming out. you know, week after week, month after month. and again, i just can't imagine, though, that we just have a softish landing when it comes to this consumer. because if you're looking at the stuff that we're seeing in that subprime sort of category, it doesn't seem great and i just feel like that it has to kind of work its way into the other parts of the economy and other parts of the consumer. >> the retailers that have reported and the names you just mentioned now. it's not necessarily the quarters they reported, because you can make an argument that some of these quarters were actually okay. the domino's quarter specifically was fine. it's the guidance. and that's what should concern people obviously they have some clarity. they have some vision in terms o

stuart: jamie dimon, who many people think of as america's top banker, he is critical of the federalerve. this is a big deal. lauren: he says i have all the respect for fed chair jerome powell, but the pact is we've lost a concern the fact is we've lost control of inflation. stuart: look at today. lauren: the pce, the inflation gauge that the fed watches, raising the question mark do they go 50 again, right? because they've been doing 25. inflation still running red hot, and jamie dimon says looking out in front of us, and this is a quote, is some scary stuff. so the whole idea of a soft landing, t still -- it's still a question mark. stuart: what he had to say bearing in mind who he is, that has impact. certainly today's inflation numbers. we've got year on year inflation at the producer level at 5.4. that is, shall we say, hot and elevated. look at the markets' response, plenty of red ink this friday morning. closing out the week probably on the downside. dow is off 370, nasdaq is down 213. kenny polcari with us this morning. 9 do you agree with jamie dimon, have we lost a bit of c

jamie dimon and larry summers worn of economic storm clouds. the nominee to become the next boj governor says policy normalization will need to be considered if the outlook for prices improves. the yen treads water. not a lot of action to start your friday morning but that's because the action will come later. we get the pce data. will it come in hotter than what the bloomberg survey says right now? the expectation is that it will come in at 4.3%. inflation has been surprising to the upside. where do we stand right now on this equity market? we had a rally in american equity yesterday. of course, that's taking a breather. you don't want to put too much risk. you are seeing declines in asia. tech stocks leading the way down this morning. they did very well yesterday in the u.s. session. it was all about nvidia. s&p 500 futures treading water. euro stocks able to put in some gains, for tens of 1%. treasuries are holding onto their gains this morning. yields slightly lower. we had a big pickup on tuesday, about 15 basis points. a third day of yiel

morgan ceo jamie dimon here's what he said when he was asked about u.s.s with china. >> i think russia showed the world that the world is not safe for western -- completely safe for western democracy and you need american leadership that can coalesce the western world but what's happening today is you have countries around the world that are picking and choosing who they want to lie with, trade with we have to put trade on the table. a lot of the countries are hey, if you're not going to trade with us and china is going to walk in here, so we needy , diplomacy, economic trade. >> you can see the full interview tonight at 6:00 p.m. eastern on "mad money" joining susa long time observer and sometime critic of kyle bass kyle, what do you think of dimon's strategy here with respect to china do you think that the u.s., in light of the fact that today we are warning them very resolutely against sending weapons to russia we are talking about putting more american forces in that part of the world. can we have a constructive diplomatic, let alone economic relation

jamie dimon, a ceo of jp morgan, talked about 6% not as base case but potentially 6%.ere a scenario where we get there? john: very easily a scenario where we get to 6%. that is if inflation doesn't continue to move lower. the fed -- i think the economy is likely headed towards recession. that's not because of how tight the fed is now. it's because of how easy the fed was when it let inflation out and invariably, defeating inflation problems, we have not had for a long time in the recession so if inflation is resistant to an interest rate of 5.25% to 5.5%, the fed will do more. they are going to see how long it takes and the good news is compared to where we were a year ago, when we had zero rates, compared to now, the fed funds rate of 4.75%. we are much, much closer to that. the surprises for the markets on the right side are not going to be that great. kriti: sounds like you are dismissing the no landing scenario altogether. john: one can never dismiss. we have to be humble and recognize the state of our knowledge. cannot completely dismiss the no landing scenario bu

lucas: the last hour, aishah interviewed and weighed jp morgan ceo jamie dimon having trouble heavy will with inflation. >> i wouldn't go that far. i think they got a late start. they should have started ticking interest rates earlier, maybe six months earlier than they did. lucas: here is new economic data, rose .6% in january beating analysts expectations. this annual inflation -- the annual inflation rate rose 5.4% first increase in inflation data since it peaked in june making analysts wonder if it's behind inflation just like jp diamond. president biden reacted to news, inflation is down from the summer while unemployment is remained at or near 50-year low and take-home has gone up. the white house announced friday it will be sending $2 billion in additional weapons and ammunition, not on the list fighter jets, asking the question on what they call the proxy war potentially expanding. >> if china start arming russia in ukraine, what are you going to do? >> they have to announce ahead of time -- >> lucas: fox news polls are evenly split as to whether to continue to aid ukraine withou

i kind of feel bad, honestly people do really respect jamie dimon. they do it for good reason one, i think he's a visionary thinker. two, he has access to a lot of data on customers, consumers and businesses i think there is the real potential, maybe not so much for a meaningful slowdown. but there is a meaningful decline in confidence that you're seeing in businesses. the incremental willingness to invest and hire more people, it's diminishing that's a headwind for the economy. >> meantime, china today bashing president biden's state of the union address. cnbc's eunice jyoon is in beijing. >> reporter: the chinese foreign ministry said responsible countries shouldn't slander and calling the u.s. to be objective and rational the speculation has been that the chinese didn't want to be seen as specifically targeting or outright criticizing president biden's remarks during the state of the union address because of his relationship with president xi this more muted tone for the president comes amid a row over the chinese balloon which the u.s. alleges is

is it outlandish no, not if they execute well your point about jamie dimon is well taken however thisor i want to be in, and the way i like playing it is to have the creme de la creme and a dark horse with citigroup >> i don't know the answer so it may be unfair to ask you this, when is the last time that these stocks have had that degree of annualized return for that long a period of time dare i say never i don't know the answer to that question i'm guessing not often >> i don't have the numbers in front of me, but you'll remember going into the financial crisis, and i know how that sounds, but those three years going into the financial crisis, the financial sector was on fire there was a lot wrong with what i said >> of course you're going to get a few years' time, but you need, as you said, seven years of that >> they're not structured. they're different from '08 because of '08 you will not have that in the group because the capital controls are so tight. >>> straight ahead, our "chart of the day." a health care stock feeling under the weather is having its worst week in nearly a y

>> i think jamie dimon is in this one instance, i think he's absolutely spot on with what he's sayingecause the fed wants to control the inflation number, but the inflation is still coming in hot but my question, stuart, is the consumer is strong. the consumer is out there spending money. now the government wants to give more free money to people to go out and spend that money so you're almost creates a feedback loop that will never solve itself. i don't think the fed needs to destroy the economy or fully stop the economy in order to bring inflation under control. keep going at the pace they're going. this will have an impact, inflation will come down. again, this is a january reading. it will have an impact on the economy, but we don't need to stop the economy and get too many people out of work in order to bring inflation under control. go slowly. stuart: if we had a modest increase in rates from here, say 2 or 3 small rate increases from the fed, would that be enough to get us a soft landing and get out of this mess? >> that's the hope, and i will tell you right now, yes, that's wh

if you look at consumers going through the pandemic stimulus, jamie dimon talks a lot about that, whatts that is the fact that, hey, my wages are going up,ism going to spend more money. i think that's going to save the economy. maria: it's a good point you mentioned. one of the issues for home he depot was the fact that it had to take on all of this new cost because they had to give people raises. and they had to, you know, answer the call of employ he ease who want -- employees who wanted more in terms of benefits. is that wage issue a problem for corporate earnings this year? >> oh, 100%. and as a small business owner i'm feeling that pain as well. no pun intended when i said pain. i think a billion dollars you have to spend in actual wages this year, an increase. i think that's a problem for most companies. offsetting that, you have supply chains that are starting to normalize, lumber costs are down 50 of%, oil prices are down significantly from last year so i don't think inflation is going back to 2% like the fed wishes and dreams. i think they'll change their target eventually. bu

that is, that they've gone back and looked to see if jamie dimon reviewed the epstein accounts and theysaid the 2008 email that surfaced was sent by a jp morgan banker but that jp morgan doesn't know why the person said this a source familiar has not asked dimon directly if he remembered reviewing epstein's account. and a source noted back in 2008 epstein has been pled guilty and sent to jail and referenced as a sex offender but that is not something they could close the account over and felons are allowed to keep their bank accounts. as for a wire that epstein allegedly sent to a woman after a conversation with jp morgan executive jeff staley, a wire transfer like that isn't something the bank would be looking for under its anti-money laundering protocol, sara. >> and in a filing this month, jp morgan wrote that the usvi lawsuit is what they call a master class in deflection, seeking to hold jp morgan responsible for not sleuthing out epstein's crimes over a decade ago and yet they have access to the same information, allegations an rumors about epstein which it alleges jp morgan shoul

first, jpmorgan ceo jamie dimon, he says it's too early to dethe claire victory against inflatiod formerreasury secretary the larry summers warns of a while e. coyote moment for the economy. listen here, victoria. >> i think the economy is vulnerable to a wile e. coyote kind of moment where these things all come together and it's the like walking off a ledge sometime in the middle or latter part of this year. lauren: what do you think, victoria? >> yeah. this is what we've been talking to our clients about, lauren, is telling them, look, there's so many signals that we're not out of the woods yet. we have the inverted yield curve from three months to ten years, we got into money growth slowing. you've got earnings that have not been as strong as people anticipate thed. there's a lot of elements -- amendment thed. there's a lot of elements out there that are telling us the recession could still be coming, even some technical elements out there in down trend. i would agree maybe the market got a little ahead of itses in anticipating that the all-clear bell has been rung. you can have explo

jamie dimon is warning about inflation again, i guess. lauren what did he say?ren: he's worried about actually being able to get all the way down to that 2% target so he told reuters, "people should take a deep breath on this one before they declare a victory" because a month's number looked good. it is perfectly reasonable for the fed to go to 5% and wait a while. if inflation only comes down to 3.5 or 4% and becomes sticking at that level you may have to go higher than 5% and that could affect rates so all this talk and excitement over the new buzzword "disinflation" right? but is disinflation the new transitory? we get catalyst next week, cpi tuesday and on wednesday retail sales so how high are prices and how is that impacting consumer purchases? ashley: exactly right. thank you, lauren. let's get a look at the futures we're down again, its been kind of a tough week for the equities kenny polcari our good friend is here. i hear words about inflation, sticky, stubborn, is jamie dimon right here with this warning? >> i think he must be reading my note because

. >>> jpmorgan's ceo jamie dimon warning it is too early to declare victory against inflation.p economist tells us whether he agrees with dimon's assessment the first time you made a sale online was also the first time you heard of a town named... dinosaur? we just got an order from a dinosaur, colorado. start an easy to build, powerful website for free with a partner that always puts you first. godaddy. tools and support for every small business first. >>> indexes sliding to session lows you see the dow down 328, almost 1%, the s&p 500 is now down more than 1%, also the lows for the week going back to levels seen last week right before jay powell spoke and helped the market rally for a time. in today's big picture, is it too early to declare victory against inflation? well, jamie dimon certainly thinks so telling reuters as much in a new interview and saying the fed could raise rates above 5% and keep them there for some time. the comment from the jpmorgan ceo comes less than a week before we get january's cpi numbers, but a couple of data points are giving a sneak peek about

jamie dimon, some say he is america's top banker.says the federal reserve has, quote, lost a little bit of control of inflation. do you agree with that? has the fed lost control? >> his perspective is discounted by every government official, fed official and he's right. inflation isn't like a new outfit you just try on, it's a malignancy. is a cancer. it is here to stay and it is going to persist. this is why gerald ford called it public in a number one in 1960s, flummoxed four presidents. inflation is here to stay. whether we see it in today's or tomorrow's numbers, it is impacting every american's quality-of-life. stuart: any way it comes down? this year, producer price inflation, 5. 4%. this year 2023, can we bring it down 3% or 4%? >> history doesn't suggest that. think about interest rates, interest rates on the rise, the best evidence is not just that interest rates are rising, the yield curve is to medically inverted, 6-month government bond, yields 5%, 30 year government bond yields 4%, that's a sign of very unhealthy economy

jamie dimon's comments are scary stuff. we probably need some problems somewhere, some stress somewhere, to deal with this demand problem because for sure we know inflation is not driven primarily by supply or these consumers. they will not wilt at the first sign of high rates. the fed and central banks have a job. for that to work you do need some stress and challenges at some point, even if i would say i think the cycle will have a soft landing. david: as an economist does it puzzle you why the consumer -- at least u.s. consumer remains at least very resilient. everything else seems to be crumbling weather that is home price sales or anything else, but the job market is incredibly strong. >> there is no precedent for the stimulus of the world delivered in 2020. the imf puts the fiscal stimulus at six times the gse delivered at the same time with a great degree of vigor and public support. it was not the intimidating that you saw in europe because there were concerns. it was a risk for the economy. u.s. money supply is 40%

should investors like it >>> a warning from jamie dimon over inflation and the policy path going forward >>> communist government taking the ai segment down a peg. some stocks have surged triple digits in a week. >>> coul

you see jamie dimon saying we see the fed going to six.his is the beginning of expectations that we will have to go beyond what the market has been willing to accept. shery: were to be go in the treasury space which is already seen the worst week this year? >> all three industries are weak but into the negative. i think the market is realizing that it has got a longer road to a pivot. i feel like the market has been pushing the fed and not fighting the fed. they have been pushing the fed to give up on this rate hike mission and pivot. now with this new information it looks like we are going to 824 david -- a q4 pivot the market is expecting. the fed is in such a rock and hard place they have never been before and they have to make this a longer term recovery. the market is not willing to accept that because the market once to get back to stimulus and low cost of capital so they can bank it out -- bang out go to the moon. haidi: how are you investing around this? >> it is really difficult. this has been the most difficult situation. the sec

some of these ceos are saying and what they think the economy will be doing and banking ceos like jamie dimonr google or amazon and i say i'd have to vote with the people with skin in the game and american ceo rather than what the fed has to say and they've been terribly wrong and they're setting us up for a huge collision here. it's going to be very interesting and you and i will have a front row to this and even larry summers no big friend to the right expecting in order to get to the 2% level. the better part of two years and that puts us right into that election. can you imagine being a part of administration and we'd rather put it in the box than let you people lose your jobs and that's horrible. that's what they've said and if that's the case. unemployment from 3.4% up to 6.5 like larry summers thinks it should. imagine running for office in november 2024 in november ov '24 with those statistics hanging around? it'll be an incredibly interesting time and whether the fed blinks or administration blblinks, it remains to be seen. stuart: i don't know if you live there or not and you spent

been the sub rows of winners as people realize we're not going to have the false increase i have jamie dimonomorrow. >> you do? >> yeah. spending a lot of time in philadelphia we're going to philly. >> okay. that's good. i'm looking forward to that. >> that was called promotion >> yeah. but, when it comes to the banks, capital markets activity is quite muted right now. m&a, as we know, is fairly muted. by the way, bigger for some than others sales and trading, okay. and their customers are now demanding that they actually get paid something for, you know, or see you later. >> credit balance. >> yeah. i don't know it's not the greatest environment. >> that used to be business as usual. >> yeah. >> that's kind of what you had david, i'm indicating that -- and i wrote this one on my checklist -- we need to see stocks in retail that are doing well and not all doing badly i thought the dichotomy between walmart and home depot was one of the most important dichotomies i've seen, because if you're trying to improve your home as u.p.s. always taught us, and there's no home price appreciation, then i

it's purely gambling and unregulated and jamie dimon said they're pet rocks and they do nothing.he big rally to speak to, there's speculative money out there at play so i'd be for it. get rid of it. stuart: it's like meme stocks and gambling chips almost. no inherent value that i can see. just a gambling chip. what does the profestivus sore say? >>-- professor say? >> he's all payne and all gain. china took the first step to ban crypto. why? because the government doesn't want any competition to fiat currency and governments that want control are most afraid of crypto. yes, it's gamble, eisen grow but i don't -- i agree but i don't want to ban all gambling. if you ban it, you're just handed all the power back to the fed and federal government. is that where you want power to lay? >> i agree with your point but other way if we ban it or gamble its way to zero. either way it's probably going away. >> i'd rather it gamble its way to zero than the government step in and say we don't want any competition to the money we control. i don't want to be like china. >> people can burn themse

thank you so much for being here i want your take on macrostory jamie dimon walking back his hurricanerecession, increasingly larry summers over the weekend saying now a soft landing is possible. what happened? and what do you think we are looking at, from an investment standpoint, on macrostory for 2023? >> hey thanks for having me this morning maria. i think that you know what happened was friday we had a report that said 500,000 jobs were created last month. we see planes down below 200,000 good signs on employment front but basically, fund rate 6% if you take, the fed funds, currently current tightening plus the quantitative tightening, so actually people saying 5%, 5 1/4 that is kind of like saying that is a lot of malarkey because, we are seeing disinflation already prices are falling, i think one of the problems that happened earlier on is that the -- the fed tightened too much look what they did back in 2000 -- they tightened for two years basically didn't even for ease for another year after that right now if you look back, you know october aefsh is saying the market bottomed

gets that premium valuation, but so much is predicated on the fact including that everybody loves jamie dimon. he tells a great story the question is how deserved at a certain point. i understand why goldman gets penalize today a certain extent because i think there's still this fallacy they're completely dependent on trading fixed income commodities specifically that used to be the case it's really no longer the calse as people understand the business is far more robust, they're going to get the valuation they deserve >> david will appear on squawk box tomorrow, 8:00 a.m >>> to tesla the stock is revving up. shares rallying over 5%, 68% for the year and it's only february. the ev maker is holding its investor day on wednesday in au austin what are we expecting? we could be getting updates on battery, 4680 battery technology operating margin a cheaper model. there are things that will move the needle really that would be the global, >> and the discounts, mike, have really worked. >> well, yeah, i mean, that's the interesting thing. we talk about a global car, a value priced car the interestin

. >> reporter: jon, jp mayor began ceo jamie dimon thinks the fed has lost some control over inflationming contact congressman representing joe biden's home hometown in scranton responded earlier on fox. >> i wouldn't go that far, but what i will say is i think they got a late start. i think they should have started ticking interest rates up a little bit much earlier, maybe six months earlier than they did. >> reporter: new economic data shows inflation is getting worse. the personal if consumption execs pendtures price index, the fed's preferred gauge for inflation, rose .6% in january. the annual inflation rate also rose to 5.4%, the first increase since it peaked in june making some wonder if the fed is behind on inflation. president biden reacting to the economic news in a statement which read in part: annual inflation in january is down the from the summer. while the unemployment rate has remained at or near a 50-year low and take-home pay has gone up. friday marking the one-year anniversary of russia's war on ukraine, the white house announcing it will send $2 billion in addition

will debate that and also minutes away from a very special interview today with jpmorgan's ceo jamie dimonmarket headlines. do not want to miss that coming up joining me jim lavin that will, liz

. >> speaking of the fed, it was interesting that jamie dimon, head of jpmorgan chase said yesterdayespect for powell, the fed chair, but we lost a little bit of control of inflation. does that worry you to hear? >> his business is to be worried about bad things that are going to happen, right? he talked about a hurricane was coming way earlier last year and he has been worried about a recession for some time. i think that that has been the risk and the concern bradley, even inside the fed, that inflation once it gets out of control, it is really hard to get it back in the bottle. that's why the fed has raised interest rates so many times so quickly and by so much. they are trying to get this under control. >> remind us why 2% is the goal. >> 2% is the goal internally, a lot of central banks use. inflation is healthy. a little bit of price increases are healthy in an economy. deflation is not. a little bit of inflation. you want to have a strong job market. we still have a strong job market. that spins off more inflation and higher wages. the fed has a hard job and this is just anoth

jp morgan jamie dimon says they've lost control? do you agree with na that?> in part, the statement about the fed losing control, i won't say-- i wouldn't go that far, but what i will say, i think they got a late start. i think they should have started ticking up interest rates maybe six months earlier than they did, but those are judgment calls. you know, it's hard to -- it's hard to make that call as you go. it's easy to make that call with hindsight because hindsight is 2020. but i do feel optimistic. i want you to know that i think that over time inflation will tick down. you're absolutely right. right here in northeastern pennsylvania, inflation hurts and it hurts when you go to the grocery store and it hurts when you go to the gas pump. you know, the gas pump, the oil and gas prices were driving much of the inflation and that's why i was very proud to vote in favor of the anti-price gouging bill that would crack down on the oil and gas companies that were really taking advantage of the supply chain issues and the, you know, the overabundance of demand c

because a year ago we were talking about, real upset in the economy, you had jamie dimon sake economicf america jpm others predicting a slowdown but recently had, things have bound off those predictions, jamie walked back the hurricane comment in my interview has anything changed for your in terms of expecting recession in 2023? >>. stephanie: only thing that changed is people's attitudes, complacency level i think of this not as tightening cycle what we've gone through is interest rate shock, so, why are we while we haven't seen the hit bet yi why i am abuse complacency hit is never coming i think we are about to get bowled over by onslaught of much weaker data as lag effects of rate hikes begin to feed through. so no, nothing has changed in my view i mean rate hikes have still been unprecedented. against a backdrop of an economy that has never been more levered than today those two don't make for nice mix, i don't see where the complacency comes from. >> becky frankiewicz we've been questioning why we still have hundreds of thousands of jobs created in an environment, where growth ha

goldman needs a transformational deal something like with a bank to compete against jpmorgan and jamie dimonth morgan stanley. the problem is that most of those deals are so big they overlap goldman's business. he knows, david solomon knows he will not get through the regulatory review. what they have to do is figure out smaller deals along the lines of what james gorman at morgan stanley did with e-trade, stuff that doesn't sort of overlap. stuff not big enough to cause a antitrust concern that the fed might come in. there aren't a lot of those good deals around. one name i keep hear something northern trust. it's a very, very prominent wealth management firm out of chicago. it has got i think a 20 billion-dollar market cap compared to goldman, let me see my numbers, compared to goldman's 125. you know it's doable and problem will pass regulatory muster but those are the type of deals, that shows you the sort of box david is in right now. he has shareholders who don't like the last, clearly the last quarter, don't like the fact his retail banking business kind of imploded on his watch even

similar sentiment from jamie dimon who walked back his economic hurricane comment when i spoke with him futures market fully pricing in another quarter point rate hike at the next fed meeting in march. we've got powell's comments in washington tomorrow. how much of a market mover could this be? >> i think he'll reiterate the things he said on wednesday. i don't know what other questions could be asked or what other answers he will have. i think it will be along the same line. we are data -- data dependent. february 14 we'll get the consumer price index. we've seen the number come down, that's great. when the fed says they're data he dependent. that means the market is really data he dependent. it will be more extreme should we get a back print. maria: data dependent. how accurate is the data when it comes to jobs. a whole host of companies are cutting jobs. the monthly empl employment num, you see pretty good growth. are you expecting jobless numbers to catch up with what we're seeing elsewhere, that is a weakening economy and how are you allocating capital, having said all that? >> rig

something, because probable going to see 8:30 will scare them the trend reversed, i think that jamie dimonrectly said fed should stop they are going to be very focused on short term numbers i think 25 basis points, several more times i don't think they need to. and as far as, the consumer, moon look we all loss at few years ago lives during covid those made it through alive, you know everybody wants to have a good time everybody wants to go out travel, spend. and that is depleting savings, inflation is depleting savings. unfortunately, some other inflationary factors like the cost of living adjustment 8.7%, sure helps everybody but bigger checks going out spending it. maria: yeah, a, so, are you expecting then for this market to correct things continue to weaken? because look, you look at this market you still have a 10% plus gain in nasdaq year-to-date. >> yeah doesn't make a lot of sense in, a higher rate environment does back to basics, the value of company is simply prevalue future cash lost growth companies nasdaq a lot value derived from much, much further into future earnings higher

they listed jpmorgan as a winner , because they see its ceo jamie dimon as being anti-woke, and conocollips. one point though their stock price has doubled under president biden. here are the losers, big tech for exposure to china and stifeling conservatives. pfizer and moderna, the vaccine makers, and blackrock, because they invest too much in esg. oh, and wait the last one be disney and you know why, ashley. you know why more than anybody. ashley: yes, indeed. [laughter] don't live too far from the house of the mouse. all right, lauren thank you very much by the way disney reports after the bell today so that should be interesting so let's get back to the markets. we are moving ever so slightly lower after a nice rally at the end yesterday. let's bring in lou basinese had s to talk about the markets and i guess the question everyone is asking is the bear market over. what say you? >> my crystal ball says the bear market and biotech is definitely over so the bigger indexes we've been on in recent weeks talking about big tech being vulnerable but if you look at biotech which is the mos

. >> absolutely so one of the things that jamie dimon is exceptionally good at is thinking forward.ady in ukraine talking about rebuilding it because it means they are looking beyond the conflict. ashley: yeah, tesla. its been on a terror. >> unbelievable. i think this is $300 within 12 months and i think the charging network that everybody is so focused on now was a stroke of genius because it predicted once again that elon musk was way ahead of the federal government here. private industry does it better than public government every time. ashley: and i'm not surprised you picked lockheed martin. there's a lot of talk about what's going on with china so you like a defense stock. >> well, i mean, having spent a lot of time in mainland china, you know, the ufo's unfortunately are not going to prove to be ufo's for much longer. my guess is they find american chip sets or chips that have english imprinted on them because china operates by strategic deception so defense stocks are logical here. ashley: yeah, it's interesting, isn't it? and of course, volatility, because every piece of d

morgan conference last week and jamie dimon reported how consumers are still loaded they're spending they're spending now on credit cards so those rates are going to hurt them by the third quarter of this year you'll see people running you on of the money, that will affect consumer spending but housing is going to hold tight in terms of rental housing so i'm very optimistic on that especially in markets like charlotte, the sun belt, tennessee, texas and miami. >> that's the residential side of the picture that's not all of it let's turn to the commercial piece of things as well. and bring in robert frank for more on that robert, how are things looking office wise? we know people are getting back to work. >> you want downward pressure, here it is new york office still stuck at the new normal of under 50%. the latest occupancy at 49%. tuesdays are the peak day when about 60% occupied, friday is -- fridays are the new saturdays at 25% office leases in manhattan falling 47% in the fourth quarter. that's the biggest drop since the start of the pandemic. there's over 100 million square fee

. >>> jamie dimon says it's too early to call the war on inflation over in an interview with reuters,d hike rates above 5% referring to recent inflation data, dimon said people should take a deep breath on this one before they declare victory. we have some new data out today on how ceos feel about the economy. corporate chiefs felt better about economic conditions at the start of the first quarter however, you got to look deep to make sure that you see the silver timelining there joining us now, roger ferguson he's the survey vice chairman of the business council and a cnbc contributor. roger, the good news is, only 93% of ceos think that they're going to see a recession happen in the next 12 to 18 months. believe it or not, that's better information. what were we looking at the last time we did this survey? >> thanks, becky the last time we looked at the survey, it was 98% it's a moderately improved view. very importantly, out at the other end, those who think we might have a deep recession, the last time we surveyed 13%, thought that was a possibility that's now down to 5%. so i wou

we member the middle of 2022, jamie dimon said he threw that out at one time maybe the fed funds rate would have to go that high. he wasn't expecting it, but interesting the longer inflation stays high, the longer the labor market stays hot, people are thinking maybe it has to go higher than we expected. haidi: when it comes to the central banks surprising to the hawkish side, full -- fully twice. >> you know the reserve bank of australia move surprised everybody. how could they do what they did with the higher rate hikes, the signaling? same with our b.i.. -- with that rbi. they raised their key rate. this is what would not -- people thought they would do. they maintained accommodation withdrawal. in other words, we are gradually taking the stimulus out. they did not shift to neutral. in -- let's look at inflation. it is expected to come down but it is going just below on the top of their 2-6% range. the headline is gone from 5.9 5.7, but the forecast for the second half of the year is still something like 5.4% may be down to 5%. and the head of the rbi says the expects inflation to