this higher for longer narrative is certainly in the back of jamie dimon's mind. he is a beneficiary of a lot of these higher interest rates, the consumer bank is starting to feel that rising. that worry about the consumer, the impact of inflation and the overall impact of higher rates is clearly shining through what jamie dimon is saying. kriti: one of the reasons for that inflationary take, and jamie spoke about it alongside many of his peers, is the were in ukraine. what is interesting is that he said perhaps the wharton ukraine is not the only factor to be watching on the geopolitical front. sonali: there are two things i would think about. one is of course the war in ukraine, what it means for the global world order. he started to hint at that a little bit in the conversation. but also what it means for global pricing, commodity pricing, trade relationships changing. jamie dimon has been very vocal about the energy security of the united states, in particular. and he has been grow pretty hard in washington about jp morgan's financing of energy companies and c

looking at. >> jamie dimon getting involved, a fresh effort to shore up the bank people thought the $30 billion capital infusion was supposed to be the effort to shore up the bank what's your take on this >> so my background on wall street comes from the futures market i've seen the price of sugar go to 1 cent. i've seen crude oil go negative. so i am not by nature looking at distressed assets. i do the opposite and look to where i could find confidence. when i look at this situation right now, when i think to myself is that the u.s. treasury made $15 billion in the wake of 2008 with the bank bailouts. we heard this morning the fdic has equity appreciation at $6.54 on new york community bank the fdic in one week is going to turn a profit. so with all that collective information i'm not looking at the potential for distressed banks that could be acquired i'm looking towards the banks and whether it's -- you can see the way that warren buffet and berkshire hathaway is trading today or is it some of the big four or even ubs or pnc or a truist, some of the larger regionals. which one of

i'm saying 1-800-jamie dimon. [laughter] stuart: that's a good one. imon is leading an effort to do boost first republic's capital. that could be now converted into a capital infusion reportedly, but more needs to be cone to save -- done to save first republic. stuart: dan ives with us this tuesday morning. i said at the top of the show maybe the banking crisis is winding down. is it? >> look, i mean, i think systematic risk taking off the table both on the credit suisse side and in the u.s., that's why you see green on the screen. investors feel like this has been ring fenced, and i think that's bullish relative to some of the scares or white knuckles we've seen. stuart: do you approve of the measures they've taken so far, in other words, have they worked? seems like they have. >> i think they have. ultimately, their hands are forced many in this game of high stakes poker, they realize what happened in '08, and they had to ultimately take systematic risk off the table. so far so good, that's what you see in the market. stuart: you're a frequent guest

jamie dimon says inflation is not been yet.'s new foreign minister signals tensions with the u.s. trying to entrenched divisions between the world's two biggest economies. meta planning more job cuts on top of the 13% reduction in november to become more efficient. if you look at the markets, they are trading water with u.s. payrolls and jay powell. mark: there has been a bit of turnaround in sentiment. it is modest. back in the green now. we started on the downside. currently gains of just a 10th of a percent. the focus is on the week expect to hear from jay powell. will he address the gap between market pricing at 5.5% in terms of the terminal rate and the dot plot of 5.25% which was back in december. will he address that gap and open the door possibly 250 basis points, the next decision at the end of march? this is what mike wilson at morgan stanley would describe as the bear market rally. he thinks it has further to run and then pain will be felt in the medium term. dax up .1% aired broader benchmark is 464 just a gain of .

what would i ask jamie dimon about ai and what it men's for the future of investment banking? nd what it means for the future of investment banking? jamie: ai israel. -- ai is real. we have 200 people in ai research labs. risk, fraud, marketing, the tip of the iceberg. this is extraordinary. there is good news, but the bad guys are going to use it too. it is an arms race in how you will use it to protect your company, the data and etc.. we are fully engaged. you need to be in the cloud to use the power fundamentally that you use for ai. ed: what was the decision to ban -- on the cap floors? jamie: we allow you to use it within our own firewalls. it was for control purposes and risk purposes. ed: i want to get leverage finance. a large part on why we are here to talk about the conference. one of the things jp morgan is doing is lending from its own balance sheets. i think 10 million dollars is what has been allocated. how big could that business gets? jamie: when you look at something like this, america capitalism, there are 2000 investors from around the world. hundreds of comp

virgin islands wanted was documents related to jamie dimon himself.to the judge to force jpmorgan to provide those documents all the way up through 2019. the judge now has agreed with that here is the wording of the exact motion that's been granted by the federal judge. this would be an order compelling defendant jpmorgan chase to provide discovery responses covering the full temporal scope claims through 2019 and documents for custodian james dimon. it appears jpmorgan will be forced to turn over those documents and the u.s. virgin islands will be able to sift through them to see if there's any discovery material here which pokes holes in jpmorgan's contention that it did nothing wrong here and that jamie dimon himself did nothing wrong here, scott. back to you. >> the other part of the story making news today is that news, eamon, jpmorgan is suing that former executive jeff staley >> reporter: that's an offshoot -- >> all part of this same broad story. >> reporter: that's right. so what we have here is the u.s. virgin islands suing jpmorgan, allegin

morgan's ceo jamie dimon, when he comes to china. on ukraine as well as western tensions with beijing are front and center for the world economy. diamond spoke exclusively to bloomberg at the global high-yield and finance conference in miami. >> the thing i'm worried the most about his ukraine, oil, gas, the leadership of the world, our relationship with china. that is much more serious, the economic vibrations we have to deal with on a day-to-day basis. >> on the crane question, we talked about it -- on the ukraine question shortly after the war started, do you think the west has become lured to the idea of a conflict of the scale, does that worry you? >> it looks a bit like people are lured to it. one out -- when award goes to one year, it lasts 10. this is a major land war in europe in a free, democratic nation. hundreds of thousands of casualties already on both sides. we don't know how this is going to end. we don't know which direction it is going to take. it's affecting global relationships. ukraine, russia, oil, gas, food, it

a judge has granted a motion to compel jpmorgan to produce jamie dimon documents. here's where they want those documents in the first place in the filings, they say that jamie dimon is a key player who likely knows where jpmorgan kept doing business with epstein and knows why, even after they kicked him out of the bank in 2013, they continued to have a business development relationship with epstein from 2013 to as late as his death, apparently by "suicide" in 2019. they say jamie dimon has decision making authority over epstein accounts and was in discussions involving the referrals of prominent and high-wealth potential clients. the document refers to three court exhibits establishing evidence of such referrals of prominent people, but those are redacted from the public word. so we don't know who epstein referred to jpmorgan as clients. but the usvi believes that his evidence is crucial here >> and face nating to see the bank concerned it may have to be on the hook for something, and trying to help cover that. >> that was the big news yesterday. the banks saying w

jamie dimon argued - >> jpmorgan asserted that dimon has no recollection of ever reviewing the epsteinounts at the bank. a judge sided with the usvi against jpmorgan on one point and agreed the usvi does have the ability to bring a case on behalf of anyone a resident there. the attorney general for the virgin islands did not present evidence to prove her claim that dimon knew about epstein's crimes i reached out to jpmorgan for comment, but they declined to respond on the record. >> how much longer should this hearing take place for in terms of any further allegations we might hear >> we expect discovery to continue and the u.s. virgin islands is going to get a tranche of jpmorgan documents and we expect this to go all the way through the fall so a lot more to come here on this story, and a big question mark here for jamie dimon. as soon as they respond, we'll tell you what they have to say >> all right, thank you. >>> let's go over to tyler mathisen for an update >> thank you very much joe biden is calling on congress to give regulators more power to punish executive it is mismanageme

david: jamie dimon is a great banker. he's been the head of jp morgan for 17 years. jamie dimon. [laughter] well regarded. but, why do you think it is the case that he is calling around and doing this and not the secretary of treasury, the federal reserve, why is it a nongovernment person doing this? i would've thought a government person would do this. jane: why do you think janet was not calling around? do you believe everything you read in the newspapers? david: when people in washington do something good they have the press know about it. maybe she was calling around. jamie seems to be getting all the credit, if credit is the right word. is it not fair to give him the credit? jane: jamie played a role. we all played a role. there was an active discussion that we can. david: would citi consider buying first republic? jane: no. david: another bank called credit suisse, credit suisse dissolved very quickly, were you surprised at how quickly that bank went away after about 100 years of being around? jane: we are talking about three or four banks out of the thousands that are here

the big question, carl, what did jamie dimon know about all of this? some people believe he was going to review the jeffrey epstein accounts as early as 2008. epstein stayed inside the bank for years after that. jpmorgan has denied that dimon had any knowledge of reviewing those accounts back in 2008, so presumably he will be put to that question in this on the record testimony now of what did he know and when did he know it about the bank's relationship with jeffrey epstein. >> eamon, thanks. jpmorgan will be our first look on the 14th in terms of bank earnings. >> yes, one thing about that, i mean, jamie dimon, i love jamie dimon, i think -- he's the most extraordinary executive in financial services so anything that could taint him is bad, right? but jpmorgan also is going to be really interesting to hear what they think of the economy and banking, what their lending is and what did they take in deposits? what will they do with it? they must have gotten a deluge of money and what did they do with it? >> when did they say that -- when is that going to

jamie dimon says inflation is not beaten yet. >> a mild recession is possible, a harder recession asossible. i think there's a good chance inflation will come down but not enough by the fourth quarter. the fed may have to do more. dani: beijing's warning. china's new foreign minister says china's problems with the u.s. are entrenching. meta is set to be planning thousands more job cuts on top of the 13% reduction in november as the social media giant races to become more efficient. the divergence between central banks as expectations for more hikes from the ecb, from the fed as we await jay powell's testimony. the rba says it may be time for a pause. that is what governor lowe was hinting at, assessing by how much they will hike rates. perhaps april is not the next rate hike so what are we getting this morning? a stronger aussie dollar. -- weaker, i should say, definitely not stronger. as we look at the three year yield, down 14 basis points. what's happening in the rest of the world? the ecb saying they would endorse four consecutive 50 basis point hikes. we're pricing in just above

interested to see what jamie dimon has to say. let's talk about the data. information is going to be coming fast. jay powell tomorrow, payrolls friday, central banks reporting this week. durable goods at negative 4.5. x transport, a little better. that seems to be the narrative. in certain areas, you take a look at what is happening. is this the biggest week of the year? the question we are saying is we are all confused by the reaction of central banks to the economy. however market's going to react -- how are markets going to react? let's talk about this. are we going to get clarity from powell? the data are turning up a stronger and stronger. what is he going to say that will give us a clear sense of direction as to where we go next. michael: i wish i could tell you he was going to give you a lot of clarity, we can't say this is the biggest week of the year because no one will tune into the show for the rest of the year. the problem is, we were going to the calendar of events, the things that the fed is watching, we won't know that until he is done with t

emergency cash transfusion from a coalition of financial institutions led by jp morgan chase's jamie dimon and that lifeline has not entirely stabilized the california-based regional and at this hour, there's word that dimon leading the bank platoon back into battle with new efforts to rescue first republic and stop down about 42% at the moment and it has not improved the picture at all for credit suisse and this one is just -- what can you say. here it's down 52% after a shotgun wedding over the weekend with a more stable swiss bank ubs and coaxing by the swiss national bank agreed to acquire the troubled firm for the bargain basement price of $3 billion. we're below $1 a share for credit suisse, all time low and goes without saying and note, the market cap of credit suisse really want to just focus because it's changing minute by minute is now at $2.5 billion. this is a moving target. ubs bought for about $3.5 billion and we watch all of this coming up and former ubs market robert wolf is here on whether the arranged marriage will help or hurt ubs. forget about credit suisse. ubs. we sho

word that jpmorgan chase or jamie dimon is taking a lead roll helping the bank evaluate its options.t, 2023. it is still in the 20s for the temperature. let's go unless it is the lion and the lamb is not here yet "squawk box" begins right now. >>> good morning welcome to "squawk box" here on cnbc we are live from the nasdaq site in times square. i'm becky quick with joe kernen and andrew ross sorkin here we are, guys. it's tuesday

led by jp morgan and jamie dimon. deposits being pumped into regional lenders. will it be enough? futures in the u.s., worth pointing out that the nasdaq closed, 2.7% for the week. the nasdaq, the tech heavy nasdaq is looking to post gains of a little over 5%. that is tying very much to what we are seeing of the re-rating of the rate trajectory. the terminal rate is expected and seen by these markets at the low 5%. some gains across asia. ai bought proving pretty effective. you have seen that from the tech stocks in asia. the baidu is gaining 14%. there is hstech. closing on to 4000 for that tech heavy in on kong it gains of her percent, is tied to the action of baidu. the reader cross, given the support coming through in terms of the drawdown from the fed. the 30 billion as well coming from the larger banks and regional lenders create a 0.7% is the gain when you can look at the topics bank. the safe haven bids for currencies remains in focus for us, this is a story we will delve into in more detail with our guest. currently gaining 0.5% for the japanese yen. the context is that i

now jpmorgan has been the past few months fighting in court to shield it ceo jamie dimon, but today a setback, fox news senior national correspondent is here with all the details. speak a very interesting story, i know from a legal perspective, let me share for the next few folks at home, and sharing jpmorgan chase to hand over more documents to the u.s. virgin islands concerning the ceo jamie dimon, that request is actually part of the territory's lawsuit against the bank accusing it of aiding jeffrey epstein and his sex trafficking ring. manhattan district judge has ordered the bank to turn over documents from 2015 to 2019. a period after jpmorgan had actually dropped clement dropped jeffrey epstein as a client, it said to be calling jamie dimon a likely source of relevant and unique information about why jpmorgan kept him on as long as it did. now the virgin islands are said to be seeking damages from jpmorgan chase, allegedly for aiding a sex trafficking by keeping him on as a client, and missing "red flags about his misconduct. now jeffrey epstein who had been at jpmorgan from ma

jp morgan ceo jamie dimon has a plan to aid first republic.g the biggest holders of the credit suisse bonds that have been wiped out after the takeover by ubs. pimco holds about $807 million of the so-called additional tier one bonds. invesco has around $370 million of them. the bonds offer attractive returns in good times but take a hit when the bank runs into trouble. the prime minister of japan is becoming the final leader from the group of seven nations to visit ukraine since the russian invasion. he is meeting with the ukrainian president volodymyr zelenskyy. japan sent nonlethal military equipment to the ukrainian forces. it has imposed sanctions on russia. in the u.k., where the half of this surveyed believe the conservative government has not fixed problems caused by the former prime minister liz truss's mini budget. that resulted in the drop in the pound and higher mortgage rates. the survey was conducted for bloomberg news. car sales in europe increased for a seventh month and, as of. the european automobile manufacturers association

. >>> plus jamie dimon headed to court to be questioned over his bank's ties with jeffrey epstein. >>> later, what chipmaker mike lawn said ahead of the opening it's wednesday, march 29th, 2023 you're watching "worldwide exchange" right here on cnbc ♪ >>> good wednesday morning welcome to "worldwide exchange." i'm frank holland. let's check on the u.s. stock futures after a modest day yesterday. futures right now as we can see solidly in the green the dow opened up 200 points higher at this very early part in the morning both the s&p and nasdaq three-quarters of a percent higher, again, at this early part of the morning. we're checking the bond market looking at the yields. the ten-year, 3.55 the twoe-year yield is above 2 crude, 73 bucks a barrel, 73.5, up a half a percent. brent crude up to about 79 bucks a barrel, a couple of pennies short, up almost half a percent. natural gas continues to slide down about a percent and a quarter. crypto, watching crypto especially with respect to the banking situation, back at 28, 5. xrp doing the best out of this whole crypto complex, up 8%. we'

45 s&p higher by 35 regional banks bank stocks rallying taking this market higher on news that jamie dimon, is leading an efforts the "the wall street journal" is reporting, jpmorgan ceo working with bank executives to rescue first republic bank after two bank collapsing government led takeover of credit suisse by ubs. >> first republic up 22%, european markets ft 100 in london, we are looking at gain 115, 1 1/2% cac quarante up 116, one and two-thirds percent dax higher by 265, 1 3/4, hong kong best performer japan was closed for holiday, but the hang seng up 1 and a third % day two of talks between xi jinping and vladimir putin in moscow, then that potential arrest of president trump on the hush more than case? sources tell fox news that law enforcement officials do not expect the former president to be arrested today, grand jury will vote on any charges that is expected on wednesday according to the journal, sources say arraignment could be possible next week, the house judiciary committee meanwhile, demanding new york d.a. alvin bragg testify before congress about his handling of this

we saw jamie dimon lead a group of bankers, the best and brightest, to sit down and create a shared publicvate solution. i think that is why the markets are pausing. they recognize that is going to be some adult discussion, not just political posturing. neil: all right. we'll watch closely. always good seeing you, dick grasso touched on that. dick touched on idea the regulators whether they can be instrumental working with the private sector here. it is not that quite plaque and white according to my next guest. he is very concerned that the some regulators can overdo it more harm than good. mike lawler, house financial services committee, talk about a crucial committees he joins us now. >> neil, thanks for having me. neil: let me ask about what the former big board chairman was talking about, cooler, calmer heads might have prevailed here, working in concert with jamie dimons, everyone wells, regulators, some bigger banks got us through, or that is at least the appearance right now. you're just concerned that regulators might go further, right? >> well i think, what is clear, and what we'

at first republic, news today it gets downgraded to b+ single b+ and it was a single b+ before jamie dimon could be looking at a possible rescue package for first republic and those shares off their lows down 29%. pacwest with the west coast tied to silicon valley and pacwest down 9 western down 4 and western bank and pnc financial getting a down play that some of the super regional could be beneficiaries from the turmoil as well and keep an eye on the big banks like u.s. bank and pnc financial. i'll send things back over to you. >> thank you i miss you my next guest says the fed should pause and it will be a minute by minute and market by market policy making week. chief economist and market strategist i did see the dog lift his head briefly and i want people to know he is centeent. >> interesting for fed chair powell going into the meeting this week. primarily because less than two weeks ago he came out with a very hawkish message and essentially signaled that the fed was not only going to go to a higher peak on the fed funds rate, but would be willing to consider moving more quickly to

that is what jamie dimon's involved in. larry fink is involved. they know there is a lull.007. i bear sterns hedge funds went under, people freaked out. known as a credit crunch. the market hit all-time high right after that 14,000 in november, october, 2007. within three months, bond matures went over, under, next couple months bear stearns went down. so the race was on. remember this stuff takes time, if it is going to happen. hopefully it doesn't happen. lauren: charlie gasparino. thank you. >> thank you. >> look at wall street. all stock market averages are up on the second to last day of the month and the quarter. the dow 140 points. the high of the session was 188. it was down 34 at one point. broad market is down 22 points. it has not been negative today. nasdaq up by 86. it was up 118 at one.so doing pretty good. take a look at bitcoin, down by $323 to 28,015. the token has been on a run month to date popping over 20% which got it past 28,000. if it hits 29-k our "countdown" closer says buy it. cloning me is the closer,$.5 billion under management. sanders morris ch

news this morning that jp morgan ceo jamie dimon will be working with other big bank executives to craftor first republic bank. one option on the table, a capital raise. this as u.s. officials are now studying ways that the fdic could expand and cover all deposits lost in the banking crisis. joining me is anderson capital management chief investment officer, peter anderson. it's great to have you this morning. is the that doable that the fdic would secure all a deposits? >> that is quite an enormous step, maria, and it just focuses on the whole psychology of this market right now. i love to say we are all analytical in the market but when it comes to banks, there are inherently unstable, really and so psychology is playing a main role right now in the recovery out of this ridiculous mess we've gotten ourselves into right now. maria: yeah. i mean, you're not kidding. but what are markets doing? the fed's two day meeting kicks off today. you've got the futures market pricing in 25% chance of no rate hike tomorrow, peter, but yesterday the dow industrials were up 382. right now we're up ano

-- jamie dimon?well, you know, jamie dimon's been talking about a hurricane coming, and what he meant was a recession coming. and i just saw a little bit of irony in the situation over the past couple days, well, dimon's been leading for the economy to cause problems for the banks. here we have a situation where people are suddenly worried that the banks cause troubles for the economy. but probably speaking they're well capitalized. i think some of these banks that have been sold off presents a pretty good buying opportunity. so, as i said, i think jamie's argument that a recession's coming and that might in turn require the banks to stash some more loan loss reserves i think kind of got reversed the past couple days, and the problem now is the banks. but i think a that in the, too, shall pass. charles:less than a minute to go, you kind of referred to the fed. i did a lot of research this week on the humphrey hawkins act, and i'm really surprised that so many things the fed is supposed to be doing vi

neil: looking at first republic all this interest, jamie dimon personally involved to see if they can find a suitor for the bank. it came back today. at its high it was up 40% after losing 50% yesterday. i believe it's down still more than 80% from where it was a little more than a week ago. where do you see this going? >> so, listen, i think first republic was a fine bank. there was nothing wrong with first republic. had a great bank, great reputation. i once again think the flame throwers lit it on fire, tried to drag it down with everything, that is interesting because i like to see their trading accounts, how they were set up but that is another conversation. i do think they will end up saving first republic, whether like jamie dimon put it together, whether the bank gets sold, whether or not they recapitalize, raise some cash i think they will. neil: yeah. got it, my friend. you know what kind of oomph you have, kenny, wear a shirt like that, gorgeous shirt like that, i point out, defy conventional wall street protocol at the same time. that is power my friend. that is florida. >

liz: okay. >> what he tells me and he reminded me is remember what jamie dimon said about six months on the timing, there's a storm out there. it's coming. i'm not sure when it's coming, when it comes, it's going to be nasty. liz: he kid the say that. >> why did he say that? he said that because the last three years we've cone unprecedented amount of spending from the fiscal side, on the monoair the side -- monetary side by printing money, and you don't do that without creating bubbles. it's the reason why -- it's the same reason why crypto went through the roof and then crashed. it's the same reason why amc was trading at $72 a share and now it's around 5. that's what i'm telling you. this stuff does happen. the banking system now is in its own corrective mode. first you had crypto, meme stocks, now you have banking. and, you know, how far it goes is anyone's guess. my guess is that this is not 2008, but what the hell do i know? when 2008 was happening, i was covering it like baseball. i could never imagine bear stearns went under, but then id admit -- it did. liz: at moment we have

haslinda: that was jp morgan ceo jamie dimon speaking exclusively to bloomberg. guest robert hoffman, head of investment counsel for south asia at citi private bank. that was your old boss, i believe. all eyes on powell and what he says. i think he is unlikely to say anything. the messaging has been the same time and time again, higher for longer. robert: this week he will speak but before the jobs released friday so it is unlikely he will go out on a limb to say anything that would change markets. could be a short relief rally just because the worst fears have probably been overblown during the short-term but by friday we'll get a much better picture for the path of interest rates. every data point will drive markets. haslinda: how much of a game changer candy jobs data be? robert: it would be one more drop in an otherwise overflowing bucket. it will continue to make the picture muddier. if you see a blowout number, 300,000 or a -- or above, that will change. less than that, the same data dependency. haslinda: when you look at price action in the bond market, it

virgin islands concerning its ceo, jamie dimon.virgin i ceo jamie dimon, that request is actually part of the ter now, that request is actually part of the territory's lawsuit against the bank, accusing ity t of aiding jeffrey epstein inei his sex trafficking ring. n di manhattan district judge jed rakoff has ordered the bank to turn over documents from 2015 to twenty nineteen , a period after jpmorgan had actually dropped. eppstein as a client. the u.s. vij is also said to be calling jamie dimon a likelyy source of relevant and uniqueiqi informationfn about why jp morgn kept eppstein on as long as it did. now the islands are alsoe se said to be seeking damages fromm jpmorgan chase, allegedly for aiding and epstein's sex trafficking by keeping him on as a clientepin and saying, quote, red flags about his misconduct. at now, epstein, who had been at jpmorgan from 20 , make that twenty to 2013 as a client, allegedly killed himself inll bc a jail cell back in august oft w 2019 while awaiting trial.ha if that is what you believe,s wh that is what we have been told.l now, jy p morgan has pr

riddle me this, mike, what the heck, jp morgan ceo jamie dimon working with big bank ceo's to craft rescue plan, studying way that is the fdic could expand to cover all deposits lost in banking crisis, mike, and then, of course, you have worries about the federal reserve rate hikes that are continuing to slow the economy and we are expecting another anyone tomorrow and what do we have on wall street, a market that's up 300 plus and 250 right now. mike: maria, i think this banking crisis is one of confidence more so than structural issues. i think it's unique issues at silicon valley bank that have bled across into a few other banks that were in this venture lending space but beyond that, there's a lot of structural changes that have happened since 2008. okay. obviously credit swiss has been in credit for a long time and existed as trading operation and requirements and the trading environment made it difficult to exist going forward whereas a lot of the large mega banks don't lend unsecuredly to other banks the way they used to because of the capital requirements. most of the lending that'

and spanish stock markets out pacing zurich stocks up .18% >>> elsewhere, jpmorgan chase's ceo jamie dimon is leading talks with wall street executives on the plan to stabilize first republic the financial sometimes reported u.s. banks are considering making investments in the lender such as converting some or all of the $30 billion of deposits made last week into a capital infusion meanwhile, cnbc learned that jpmorgan chase is advertising first republic on the capital raise or sale of the bank. this is the frankfurt listing at 8.4% higher. a different trade from yesterday. we are seeing upside early in europe today let's look elsewhere around ubs. the trade is 3% higher credit suisse with bond holders considering legal action after the takeover of the tier 1 bonds being written down holders of the bonds will get nothing and shareholders, who usually rank below bondholders, in terms of who gets paid when the bank collapses, they will receive $3.2 billion a quick look at ubs. up less than 3%. not holding all of the upper gains. you are seeing mostly a positive trade. deutsche bank is up 3%

futures mirroring as brian moynahan and jamie dimon is cautious on the outlook for the u.s. economy >>> china ratchets up the rhetoric on the u.s. and blaming the west for the country's development and a top diplomat warns both countries could be on a course for conflict. >> firmly oppose a cold war mentality and confrontation and acts to contain and hold back other country's development. >>> chinese imports and exports slump as slowdown fears and price snarls shadow the country's exit from zero covid. >>> last order as the carlsberg trades low as the ceo steps down at the end of the third quarter. >>> meta is set to layoff thousands more employees according to bloomberg citing people familiar with the matter. meta ceo mark zuckerberg has been pitching 2023 and the year of efficiency and presviously announced 13% layoffs and limiting projects. >>> tesla cut prices on the cars model s and x for the second time this year the price cuts come after musk said they saw a small price changing with a big effect on demand tesla shares climbed higher after plunging in 2022 arabile is

alix: is the conversation for jamie dimon to talk about solvency versus liquidity? hard to say. stemming the bleeding is the most important part of the equation. a secret in the market is how much that deposit run has been and how much has been on first republic. we had action taken last week, but is it enough? there's a 120 day timeline on those deposits that it's unclear what happens on their. it's clear that more needs to be done but will that result in a sale? does it need to be that? not necessarily and that's what you see through the drastic actions being taken today. guy: how will the regional bank sector react tomorrow if the fed hikes 25 basis points? >> remember there other pressures they are feeling. one is there exposure to other types of things like commercial real estate. and another is a profitability problem. this pressure could be slow bleeding and could last for some time. nobody is out of the woods and all of these problems at the end of the day tend to relate to each other. alix: thank you, we love your reporting. this is bloomberg. ♪ it's easy t

that is scarily close to that 6% level that jamie dimon was talking about. that is going to be the macro story. it does, however, drive the equity market. we are going to find out. in the macro to the micro, because today when the equity market trade is being put under the magnifying glass, it is names like macy's, best buy, some of the retail names that reported today. macy coming out strong with a positive full-year outlook. best buy on the other hand missing estimates. consumers retreating from electronics and other discretionary goods. a mixed picture from -- for the retail space. jon, let's start there. macy's talking about a strong consumer and a bullish outlook for the full year. best buy, not so confident. why the divergence? >> it continues this trend of the high-end holding up well. that is what is supporting macy's. bloomingdale's and blue mercury chains were really the drivers of their same-store sales, and the mid-level macy's chain was more of a drag for them. for best buy we see there is, it is part of this trend away from discretionary items

jamie dimon coming up with a plan to bolster first republic. those shares up 40%. our conversation with cathie wood is coming up in a few minutes, but first i want to bring in sonali basak. for a look at what's happening with the banking crisis and also the risk sentiment in the market. sonali: we have to talk about a few things. first public shares are up on the day as the u.s. is considering measures that could backstop depositors as well as the banking leaders getting together thinking about what they could do to stave the pain. i don't want to discount the volatility not just in that stock, but what it's done to the capital markets. without svb to commute -- to support the community of innovators and entrepreneurs, with the uncertainty in lending in the regional banks, you are seeing the capital markets largely freezing up. with that said, not as all that in the markets. we live in an upside down world where you have a bank like first republic downgraded with a credit rating that is looking at an opposite trajectory of a firm like tesla where the moody's rating

jamie dimon is involved in those discussions but important income of bloomberg news and reporting asl that officials are considering at least temporary guarantee of all deposits. you are seeing a rally on the back of the news premarket. first republic up 14% premarket. they are the big lenders. jp morgan up .3%. bank of america up .7%. citigroup at the bottom gaining .5%. a bit of a relief on the report the deposits could be temporarily guaranteed by the u.s. officials. francine: bill ackman says the fed should not raise the benchmark rate this week. he called for a pause citing recent tracks the global banking system including the closure of three u.s. lenders. elon musk meanwhile has suggested that the fed should cut rate by at least 50 basis point tomorrow writing in response to his post. rob is here. if you're going to get investments right, one thing you need to get right is a fed policy. what are you expecting from the fed? robert: i think it is fair to say that the fed will be more cautious going forward. what we have seen in the banks has effectively tightened money terry --

31.7% charging higher and not the only major two day conclave happening in dc and jp morgan and jamie dimon and bank of america ceo brian moynihan are in dc gathering with bank ceos in what was a previously scheduled financial services form and in the wake of silicon bank and silicon valley banking collapse earlier in monk and they've lost 80% of its month that'll be discussed and the consortium of the bank. last week they plowed 30 billion into first republic last thursday and despite that the situation swirling around the california based bank and it does remain fluid. financial names leading not just the s&p but dow jones industrial as well and at the top, there's american express in the poll position up three and a quarter percent and jp morgan chase number three best performer here up 2.7% goldman up the same amount and as strong as financials are, energy is the best performing sector right now. you saw chevron, no. 2, biggest leader in the dow jones industrials and it is moving higher by about 3%. you can see crude oil up after pluming to a 15 -- plummeting to a 15-year low and tradin

. >> what is your take on this trio jamie dimon, janet yellin, jay powell - we have all seen as a jami dimon having to go befor congress in these hearings and get -- specifically, a lot of democratic lawmakers hate hi guts >> but the leading banker an most important banker on the planet and the most importan bank and the world as to tak that leadership role obviously, janet yellin, w understand her role. it makes sense - we can argue or not if that is a great triumphant or unholy term front they did what they needed to do i can tell you in the aftermat of that news, first republic the stock, went down about 1 so percent the volatility continues >> nobody here wants to hear you talk about volatility an the underlying equities. what they want to know is, how scared should we be? we are clearly not and 2000 a, but it's not like we're in a awesome situation. we had a long period of free money. we raised interest rates the government pumps money int the system during all these years, we get the crypto craze, the system i fragile. >> extraordinarily fragile, an the system is fragile for numb

specifically, the teaming up a jp morgan's jamie dimon in janet yellen, the treasury secretary to provide the deposit support for first report -- republic. to what sense will that ring fenced the contagion risk? the ftse 100 currently gaining .5% adding 36 points. spanish ibex up .5%. madame lagarde coming in with 50 basis points. that was the hike from the ecb, but dropping the messaging around forward guidance for rate hikes. pointing to high inflation but also saying they have the tools at their disposal to address any risks around the banking sector. games are strengthening now you can see that reflecting in the cap for 1% gain in the front next, 67 points as the upside. the ftse 100 gaining .8%. let's switch over to cross asset. reminding you of what happened in the asia session because you saw decent upside for asian banks on the back of the action that we saw out of the u.s.. also, tech sector rallied on the back of some intelligence -- artificial intelligence enthusiasm -- linked to baidu. inning 4.5%. nasdaq futures pointing to further upside. you are looking at gains of more tha

shares down almost 70% this week. >> the intense work by jamie dimon is one of fascinating behind the scenes of this. >>> breaking news just hours ago, while the international -- why the international criminal court has issued a arrest warrant for russian president putin >>> chaos across france, protesters rally against raising the retirement age >>> major announcement with huge implications for those who depend on insulin to stay alive. all of that coming up ahead. you're watching "chris jansing reports" only on msnbc aww. [ audience cheers ] maybe try switching your car insurance to progressive. you could save hundreds. [ audience laughter ] thanks, tv dad. we'll think about it, okay? look what i found. -a puppy! -a puppy! oh, no, no. i wish tv dad was always in charge. [ dog barks, audience laughter ] listen to your tv dad. drivers who switch and save with progressive save nearly $700 on average. ♪♪ hey dad, i'm almost out. i got you. any questions, chris? all good, thanks maura! there you go, one new inhaler! nice did you get my refill too? maybe [door bell] here you go, sir. you'

word that jpmorgan chase or jamie dimon is taking a lead roll helping the bank evaluate its options. it is tuesday, march 21st, 2023. it is still in the 20s for the temperature. let's go unless it is the lion and the lamb is not here yet "squawk box" begins right now. >>> good morning welcome to "squawk box" here on cnbc we are live from the nasdaq site in times square. i'm becky quick with joe kernen and andrew ross sorkin here we are, guys. it's tuesday take a look at the equity futures. after the gains yesterday, you are looking at continued green arrows this morning. dow futures are indicated up 220. s&p futures up 24. nasdaq indicated up 41 that comes after the dow was up by 383 points in yesterday's session. the s&p was up .90 f nasdaq up .40% first republic shares down, but all 11 sectors did close higher. first republic suffered. those shares are up though morning. >>> the treasury yields with the 10-year treasury yielding 3.56%. 2-year treasury is back above 4% 4.053% andrew >>> let's talk about first republic that stock is up sharply, but context is context this after the 4

running the bank he ran during the 2008 financial crisis, went to jamie dimon at jp morgan and said couldnd dimon said there is potential it could be. >> wow. >> yeah. >> look, there is nuance. we're saying this is the internet. basically, svb is -- has the most responsibility. >> yes. yes. >> oh, yeah. wait, can i just say, your money is safe in your bank much moody's investors services made the point that banking system is strong. the banking system is stronger today than it was in 2008. if you go to your bank to withdraw your money, it will be there. you can rest assured about that. >> interesting that they went to the big banks, treasury, to say do we need to step in here and then what can happen? thank you he very much. >> you're welcome. >> tune in tonight. cnn prime time to see bank bust. what is next for america's money? we're going to talk to experts about how this happened, what it means for you, your bank, all ahead tonight. >> my favorite is christine romans little piggy bank. >> it's a great graphic. >> i don't think romans created that herself. >> i'll take credit for it. >>

yellen and jp morgan ceo jamie dimon worked closely together, talking earlier in the week, and meeting hours before the plan was announced. as for the plan, the 11 banks have pledged a total of $30 billion upfront cash in the form of deposits. according to a person close to the matter, those are committed for at least 120 days. jp morgan, big of america, citibank, and wells fargo contribute in $5 billion each. and morgan stanley and goldman are kicking in. a group of additional banks are kicking in one billion each. u.s. financial authorities applauded the effort and again, bloomberg has learned that treasury secretary janet yellen have proposed the idea of a group effort on tuesday. this was during a call with officials including fed chair jay powell and the head of the fbi see. -- fbi c. fdic they both agreed the stock would demonstrate confidence in the banging system and we are told that jamie dimon took the lead in getting together other banks. they finalize the deal. quickly to the after hours, new details came out that first republic would be suspending its dividend. we saw shar

as i said, by 2024 jamie dimon says that will be over.t back to silicon valley comey take a look at the fact that these come -- and you take a look at the fact that these companies spend other their time and money on building consumer technology products they have had it, too. you see layoffs in large amounts coming out of every consumer tech company in the united states. certainly all the ones in silicon valley, silicon valley vanke, that is their customers. if their customers are hurt like that the bank will get hurt also. that is exactly what is happening right now. it is not a national bank issue. it is an issue for silicon valley and silicon valley bank. haidi: i think when it comes to broader financials, i'm quite keen to get your view on this chart. we look at it internally quite a bit, people call it quite scary, it seems to me it hits up against accounting instruments that have been quite a verbal for a lot of banks -- favorable for a lot of banks if you have a liquidity crisis or liquidity needs. this looks at the significant ex

well, the producers chose that because of this: jamie jamie dimon, america's top banker, revealed hisorry. what's he worried about? lauren: it's russia and china. they keep him up at night. the war in ukraine lasting more than a year, it has roiled the stock and commodity markets with no end in sight, so this is what jamie dimon told bloomberg. the thing i worry the most about the ukraine, oil and gas, the leadership of the world, our relationship with china. i mean, that is much more serious than the economic vibrations we all have to deal with on a day-to-day basis. i interpreted that china, coupled with russia and decoupled with the u.s. stuart: that's a perfectly reasonable explanation going forward, for sure. i want to bring in scott shellady to this debate. there are calls to stop u.s. businesses doing business over there, banning tiktok. do you think maybe this is getting out of hand? >> well, it for sure is marching very slowly in the wrong direction, and you feel like you could make it stop. but every morning it still taxes another step in that -- takes another step in that d

charles: by the way, you have set up perfectly with jamie dimon, number one last year banks saw outflows50 billion first since 1948, that was huge red flag no one talked about no one would admit brush it off talk about cds things like that but bank industry themselves had some serious problems and dragging their feet with respect to sort of sharing wealth if you will higher interest rates. as far as svb, this is an trillion, one hand this a bank, that was focused on super growth became 16th largest bank in this country, portfolio -- their -- asset is a portfolio investment portfolio was significantly larger than loan the portfolio a red flag in and of itself now bonds, bond gt got crushed lost at least 15 billion dollars on that now a good old-fashioned run on bank indictment of management i don't think contagion per se maybe regional banks tried to compete for regional business but vc community have should be warning shot a cushy live a long time, should not be bileout of svb no, not a bailout of the vvc's we've come to understand epiphany they've abused america a couple decades created

jamie dimon the ceo of jpmorgan was down in d.c.or work anyway this week, you had the treasury, fdic and fed all working together to create this public/private partnership we haven't seen in decades in terms of coming together for the banks. as of 24 hours ago they didn't even have enough money to put in as much as they want jamie dimon was literally hitting the phones trying to get people to put the money in and by the end of the day yesterday they had a deal, but as we saw last night, shares of first republic after first spiking on news of the deal fell when they announced they were can you get their dividends. i think this was a nice band-aid, it's unclear if it's going to be enough. >> is the sense now that first republic is stabilized or could there be further issues in the days ahead >> i think short-term emergency to accept there was an emergency, yes one of the things that people keep stress to go me is first republic wasn't necessarily face ago liquidity crisis, probably fine, probably had enough money to cover its deposits

does this accelerate and turn into the economic hurricane that jamie dimon was talking about a year ago. >> we're not going to have it. the fed put the fed put on. we know that all deposits are basically insured. they have a credit facility that's open. maria: how can you ensure every deposit. that doesn't make sense. >> you can't. but it's implied. and the fact is, you don't need to worry about insuring deposits at jp morgan or bank of america. that's where all the money has gone. $15 billion has flowed into bank of america in the past week because it's come out of the smaller regionals. >> i think the bigger problem is what happens with smaller banks here. because money's going to flow away from smaller banks and the bigger banks just get bigger and i think that's a problem when you think about monopolies, when you think about there's not fair competition so i think that's the bigger issue here. i would stay away from regional banks. 11 trillion uninsured he deboss unin-uninsureddeposits are in t. where are they going to go. maria: it's not just a regional bank problem in a vacuum. th

the latest is that "the wall street journal" is reporting that jpmorgan's ceo jamie dimon and other ceosnother potential rescue for first republic bank and "the journal" says the talks are preliminary and none of the banks are commenting yet but we should stay tuned for that. >> is this going to change, any of this, the fed's approach? >> reporter: well, that is definitely a huge question right now. what is the fed going to do? investors don't know what the fed is going to do. even though the decision is coming in just 48 hours, about a one in three chance the fed doesn't do anything at all because they're worried about the banking system. two in three chance they raise rates anyway to try to get inflation under control by raising them by a quarter of a point. here's why all of this really matters. it's because the more nervous bankers are, the more difficult it's going to be and more expensive to borrow for everyone. right? we're talking about mortgage rate, credit card, auto loan, student loans, all of them are going to get more expensive the longest this lasts and that is going to slo