jpmorgan chase ceo jamie dimon annual letter to shareholders is out. well read letter about the world of the economy and banking. especially what he is saying now. very, very important let's talk about what he is talking about. it looks like he is talking about inflation. if we have higher inflation for longer, the fed may be forced to increase rates higher than people expect despite the recent bank crisis. note, by the way, he is calling it a bank crisis he is describing the economic or banking situation as a crisis. meantime, on the current economy, dimon writes, quote, pretty good, but storm clouds ahead. he addresses the turmoil and role of banks given everybody with svb and signature and first republic, the failures of svb and credit suisse have changed the market's expectations. the market's odds of recession increased and this is nothing like 2008, it is not clear when this current crisis will end again, using the word crisis on regulatory response, dimon warns, quote, it is extremely important we avoid knee jerk or whack-a-mole response in the

paul: we heard from jamie dimon, what did he say?s saying that even though this current crisis seems to be overcome a that repercussions will be felt for years to come. he had a go at regulators and said they need to improve stress testing, but he warned against politically motivated responses. she did say that -- he did say that the risks were hiding in plain sight, but he said management was also to blame. shery: we have the latest prepared remarks coming from the cleveland fed president loretta mester. she says policymakers should move above 5% this year and whole rights on restricted levels for some time 12 inflation. -- to quell inflation. she says policy needs to move further into restrictive territory this year with the real fed funds rate stain in positive territory for some time. be sure to tune into bloomberg radio to hear more from newsmakers. listen through the app or bloomberg radio.com. plenty more ahead. stay with us. ♪ shery: taken a look at the day ahead. in australia, we are due to get final readings at the top of t

jamie dimon nailed home that point. the air of concern that was still lingering over, especially since the bond market remains certain that yields will not go up, they are more likely to go down. bond investors are looking at indicators like the jobs once, they are looking at the banking stresses and saying the good times for the economy are limited. that means it is worth buying bonds. we have a lot of people saying they are staying on the sidelines when it comes to equities. jamie dimon acted as a timely reminder that one of those headwinds you need to factor in is the banking sector. it is a shock to any banking system to have many large banks domestically go under so rapidly . that shakes the confidence of investors, depositors, companies. there are a lot of companies not going ahead with some of the business activities they had planned because of all of the concerns about what is going on in the banking sector. do i want to expose myself to the turmoil? yvonne: garfield reynolds with our top market story today. we

tom: jane fraser and jamie dimon their thoughts on the economic outlook.anus: our guest this morning is sonia martin from dz bank. lines from jamie dimon -- good to see you -- no credit crunch, clouds on the horizon, the dollar down 10% from its high. if we fade to a softer, because i hard landing, would you want to be a seller of the dollar? sonia: i definitely think the dollar has some downside. this is for the size of the mood. we will see more volatility before we get to that final level. the problem, there are sony different elements in play right now that are very difficult for investors to judge. we have higher than expected inflation expectations on friday, it will scare people a little bit. stronger retail sales, and some other data suggests sweeteners. the market is trying to figure out if there will be a recession and how people will be. the more likely scenario is a relatively shallow recession and that will put pressure on the dollar. i think not as much as maybe some people are anticipating especially because in that scenario, there's no reas

maria: what about with jamie dimon said in annual letter yesterday he wrote in annual letter currentlynot over even when behind there will be repercussions from it this morning ubs chairman seeking at general meeting saying ubs credit suisse integration will take up to four years your thoughts as this market 135? >> 145 is number on adp crossing 145,000 jobs, created in month of march that is below expectations, the estimate was 200 to 210,000 we got 145,000 jobs. market is digesting this how do you read this report. like i said there is holes in the boat and boat is starting to go down, so going back to what jamie dimon said maria jamie dimon is a very smart man, and if you didn't have fdic the treasury the fed department save svb, right as swell as signature bank i think things would be a lot worst like emt you see a junkie on side of the road give him narcan to bring to life how many more do we have for the rest of the banks i think more cracks you see futures going down a little bit more, were flat slightly green this morning i think we could have more volatility ahead. maria: expe

two guests earlier said jamie dimon's comments are important if he continues with the same narrative impact where you put money today? >> jamie dimon is always one of those that the markets hinge on his every word the headlines will get ripped on anything he may say that is positive or negative keep an eye out for what jamie dimon is saying. the markets are looking at that. the larger banks, jpmorgan chase and jamie dimon will be in a betters position people will extrapolate what it means for the regional banks what will it mean when they report i think you will see investors shifting in or out of the regional banks as you see what the larger banks are saying. listen to what they are saying >> courtney, we just found the united health crossed the wire we will go to bertha coombs. >> frank, united health with first quarter topping and estimates. the health care giant is raising full-year outlook. adjusted earnings per share of $6.26. up 16% from a year ago more than 10 cents above the consensus. on the top line, total revenue near $92 billion the ceo noting the company saw enterprise

can i point out something about this jamie dimon letter. dimon not only blend regulators are missing the issues in plain sight with respect to silicon valley bank, but they blamed regulations that forced banks to hold huge portfolios of treasuries on their balance sheets as a ballast, a safety point, and then had policies that caused yields to go up and the price to go and create a huge liability on a market to market basis. it's irony that the crises always happen with instruments you deem safe. that is what we deemed safe when it came to the regional banks whether huge holdings of u.s. government debt -- with their huge holdings of u.s. government debt. tom: i would call it david goldman 101. everyone focuses on the garbage of the given derivative instrument. it's on the quality instruments, the quality trenches where we see the pain. we will dive into the annual report with the succession plans of jp morgan with sonali basak and 30 minutes. economic data. a poignant tuesday, wednesday, thursday. the jobs report on friday. we will have fu

jamie dimon talking about the storm clouds. when do we know if the reserve build starts to reflect that versus normalization? sonali: that is interesting because when you are looking at the net interest income of of a lot of that is coming from the card business. but the question too, people are spending but how much on their cards? jp morgan is saying consumers are overleveraged but they also are saying the consumer is going to hit a cliff at the end of the year. i think it is difficult to understand just how stretched the consumers are. we are seeing them shore up their portfolios but it is difficult to sense how much they are spending on their cards and willing to spend on their cards and feeling they are comfortable enough with the rate of employment, the wage growth they have had, the ability to keep a job into next year to be spending more at scale. such that these banks can keep earning money the way they say they will. dani: i want to pause on the macro takeaways. one number stood out to me from citi. they added 8000 pe

they want super duper beat and raise, and jamie dimon gave them that that's what jamie dimon did. amie >> let's get to the opening bell in the cnbc realtime exchange. at the big board today, it is the cast and creators of "the marv "marvelous mrs. maisel." three episodes dropped today we're going to talk to show runners and rachel brosnahan later on this morning. we talk a lot about streaming and amazon strategy. >> look, otherwise, our friend nathan >> yeah. >> talking about maybe there's a lot of -- >> just a great cast >> oh, i'm sorry i didn't mean to bring it back to business. go ahead >> no, i just -- >> they are great. number one in the country is "beef." >> amazon has an interesting approach, because they're not really -- it's not central to the business model of the company. >> they talked about thursday night football they gave them some games worth watching can i just tell you, the real announcers always say the same thing. these guys are real tired when they play on thursday nights >> i know, i know. >> but david, i do -- i do want to point out the nathanson piece, it's

david: jamie dimon. [laughter] well regarded. [applause] david: but, why do you think it is the case that he is calling around and doing this and not the secretary treasury, the chairman of 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: because when people in washington do something good they usually have the press know about it. [laughter] maybe she was calling around. jamie seems to be getting all the credit, if credit is the right word. or is it not fair to give him the credit? jane: jamie played a role. i think we all played a role. there was a very active discussion over that weekend. david: would citi consider buying first republic? jane: no. [laughter] david: another bank called credit suisse. credit suisse seemed to dissolve very quickly. were you surprised at how quickly that bank went away after about 100 years of being around? jane: we

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did it and they're benefitting now the smaller regional banks, it waits to be seen and i asked jamie dimon today, i said your ceo letter said there's a banking crisis what are you taurking about, jamie? >> and he said you know what, it is really just a handful of banks that were caught offsides and you can count them on your fingers. so it is not the industry. >> but last week, he said something to the effect of, well, we haven't seen the end of the crisis, or something to that degree. >> well, i got clarification today. he is saying it is like, you know, less than 10 banks that are called offsides, that there are issues, and it sounds like they're resolvable, but that's what waits to be seen. so we don't know which -- if jamie dimon says there is handful of banks caught offsides, we don't know which banks they are. >> dan greenhouse, solis asset management and brin hawkington, and we have mayo sitting here, and most of the banks having a good day, led by jpm and i showed you citi. are you feeling better about the space given what they delivered today? >> well, i mean it's goliath who is w

jamie dimon today says they have record revenues.eport they also have record expenses having said that, these are lesser issues compared to the strength and stability of the larger banks one reece job is they've had so much regulation their stronger the change in regulation ahead for citigroup, jpmorgan, and the others will be not much compared to the -- you know, after the top ten bafrnks, the next dozen. as to the liquidation that's tan place, the government has turned things around in 3 1/2 weeks you said up a fed back stop, credit suisse is resolved, you had debates the house and senate the white house came out with something. they're all doing it with an eye to the future without upsetting near-term markets. the white house statement from last week, the fact sheet said, you know, we think banks should have more capital after a considerable transition period so jamie dimon's letter said regulators don't have a knee jerk reaction. he is probably more concerned about that, more afraid of what might come do not make big changes, was

i want to quote jamie dimon in his letter that says i hope everything turns out ok. we to be prepared for the outcome. he also says we need to be prepared for a new and uncertain future. he could be a economist because he has the two-handed view. guy: micah must have a fantastic book of quotes -- mike must have a fantastic book of quotes. tech seemed to already priced in the cuts that the bull market are signaling our coming. just a comeback of this issue of where we are with the data and what is going to be enough to get the fed to move, the market is already saying, you're going to have to do this. normally the market gets what it wants. how long can the fed resist if current pricing stays where it is. mike: what is it that the market really wants. a month ago i was looking at a chart of the forecast for the fed. at the beginning of march there were looking at 6% to fed funds rate going up with no sign of going down. now they're pricing in three or four rate cuts. the market is very volatile these days and it turns on a dime on every data point that comes out. the

jamie dimon says no way and the repercussions will be felt for years. >>> but we'll speak to an analyst who is upgrading one regional bank saying there's value there. >> it took the best way to get laid off in person in the office or from the comfort of your home mean, most of us who have been through it before how about not. our panel will discuss that and several other hot topics of the day. first, let's get a check on the markets. stocks mostly lower, a weak adp number on jobs raising concerns about the economy. the dow has a small gain up.02% and the nasdaq and s&p are off and in the red as is the russell 2000 tyler. >> speaking of the nads lack, let's go there and kristina partsinevelos pass more. >> an earnings report from adp shows a sector downturn. utilities, health care and higher are the best performing and tech and discretionaries are the worst group which leads me to what's going on the concerns about the economy are hitting high growth names like zscaler, crowdstrike, down 7% and these are the biggest losers on the nasdaq even named like palantir are saying they are expand

the table where he is putting money to work overseas plus, apple's ceo tim bcook wil talk, and jamie dimon says ai is critical to jpmorgan's success in the annual shareholder letter we'll tackle that and how to position in mega technology after its major run. and we are monitoring former president donald trump's arraignment in new york city we'll bring you relevant headlines as we know more, you'll know it when we do here but that's the look outside in new york city right now. >>> before we get to all that, let's check on the market action today. it's taken a decided turn to the downside the jobs number, jolts, or job opening labor survey, the dow down 258 points. and the s&p 500 is below 4100. again, down 28 points. at the lows of the session, we were down 38 at the highs, up about nine points that's the trading range in the s&p so far today the nasdaq composite down 2/3 of 1% 72 points, 12,017 is the last trade there. one place where we are keeping a close eye on, that is the reversal we're seeing in the energy market. if you look at marathon oil, exxonmobil and eog, these are three of t

citigroup pays more interest but jamie dimon is adding to its deposit base.n jamie dimon is cautious saying the economy is healthy but storm clouds we have been monitoring remain on the horizon in the banking industry turmoil adds to these risks. more of those are in the regional banks. pnc, strong result, stock is down and the other two highlighted down. if you think of the real story, future of banking, these regional banks report their own results. stuart: thanks. carlton english is with barron's magazine. what are these bank magazines telling us? >> we are seeing safety of the economy. adding to the reserves, jpmorgan to the tune of 1 billion. they are such soured loans but banks are bracing themselves for what is ahead. stuart: they have a recession down the road, watch out. that is what they are saying. >> recession, no one wants to see it happen but magnitude of it, nothing to the magnitude of what it is today and it does hurt. stuart: the market is pointing towards a soft landing. elon musk is warning, quote, tough sledding for the economy until sprin

you have jamie dimon telling you, expect -- to be flat for the year.t is not like you are going to see jp morgan go on a hiring spree, though headcount did increase a bit in the quarter which is a welcome sign for wall street that is largely worried about profitability and worried about jobs. kriti: how long before that deposit success if you will, that is pushing the sheriff's higher, is reversed? sonali: you cannot bake this success into the deposits. jp morgan has told you it will not be that sticky. they can come out as they have come in. it is the fact they are making money in this higher interest rate environment that is not necessarily how big the regional banks. if you take a look at large, pnc was one of the worst performers then other banks in the kbw banking index. if you look at the difference between the original banks in the big commercial banks that have big investment banks, even though investment banking has come down a lot, you are looking at jp morgan and citigroup meeting on fixed income trading. these volatile markets and the fact

david: jamie dimon, well-regarded. why do you think it is the case that he's calling around and doing this and not the secretary of treasury the head of the fdic why is it a nongovernment person doing this? i thought a government person would do this. jane: do you believe everything you read in the newspapers? david: when people in washington do something good they let the press know about it. jamie seems to be getting all the credit if credit is the right word or is that not fair to give him the credit? jane: i think we all played a road and it was a very active discussion over that weekend. david: did citi consider buying first republic? jane: no. david: credit suisse, it seemed to dissolve very quickly. review surprised at how quickly that bank went away after 100 years of being around? jane: we are talking about three or four set of the thousands here in the states. so let's put that in perspective. credit suisse, i don't think anyone was surprised it ended up where it did it was a question of time. it's been a tro

jamie dimon warning about the potential for things to slow down also jamie dimon saying higher interestates expose vulnerabilities in the system. you have to see what is happening with the regional banks. the interesting one is the regional banks this week. >> you have charles schwab shares down 30% since svb collapse potential to get into the stock. >> for more on the bank earnings stat stateside, check out cnbc.com. >>> and merck will buy prometheus bio-sciences. merck is expected to pay $200 per share for the firm a 75% premium to the friday closing price. i believe we have a pre-market indication for prometheus. this is a huge deal around $11 billion. merck market cap is $300 billion. it is a huge deal. we knew merck was out there looking for a target they were trying to diversify the portfolio in losing the cancer drug coming up. this was expected by the market. we didn't know where they would land >> it is building on growth. >> exactly. >>> we have more deal news to highlight. video game company sega offered to buy rovio entertainment the company behind angry birds it would help

we hear from the likes of jamie dimon in his annual letter. we hear the two year yield coming up significantly. we are seeing some weakness finally in the job market with that data showing openings are coming back a little bit. investors seem to be moving away from tech stocks even though bitcoin is moving up. ed: we turned the corner on the nasdaq 100 in the last hour with few movers moving to the upside. tesla is on track for his first dishes worst a drop this year. virgin orbit is down 22%. it has now filed for bankruptcy which we will dig into later. the bullfrog might be a new name, up 25% and had been up more than a hundred percent on a licensing pact with johns hopkins. we will dig into that later in the program. and we are tracking the special-purpose acquisition company which is due to go public. the social media platform backed by trump markedly higher as the attention has been on former president trump. we will cover that story in a moment. it is sharply lower in the session and has failed to file its accounting work. the focus on c

and when that water comes up, the third step animal. >> get my house to jamie dimon.h, i don't doubt that they want to do this.they i mean, they wan want are comin they're coming for everything. they think it's it is is whate h they did with covid. >> they just force the issuee . yes. exactly. i think that private property rights were just decimated during covid. i mean, nothing woulring cd surv me at this point. i mean, why not the climatee we because of a virus. you were told this building that you don't you can't actually not evict this person who's not paying and then maybe the person who couldn't pay wasl because you also told themd th t their restaurant was illegal and they couldn't. i mean, in places like new york , i don't know how anyp business survived. and there's a lot that haven'ten i mean, a lot of the things that made new york so speciale, were these small businesses, these little restaurantsyork, . and it's mostly chains that can really afford that. i mean, it was really hard to stay open. that a restaurant became an illegal operation and they were abl

to put this off and see -- yellen, and jamie dimon to put this off.they are trying -- they're going to receivership, they are trying to avoid the word since svb, bailout, it is much difficult for them if it goes into receivership. joe biden is raising a lot of trouble on the economic front. we did not hear a lot about it in his announcement last tuesday because his poll numbers are not as strong as administration would like to be. this is an area where people did not feel covered about joe biden's presidency and leadership. a huge challenge for them, very much in mind with what they are facing last year it was inflation in a couple that with this going into an election season, a tough battle for them when the economy is a number one issue for voters. >> not a good headline if you are the president watching this obviously the white house did not want to see another bank bail. reluctant to use the word bailout. are they praying for a successful bid on first republic? >> that is probably the top priority but the damage is already done. today's nude has b

you look at citi, jpmorgan, they have enormous credit card businesses what jamie dimon or anyone else says about the health of the consumer there matters a lot obviously there have been inflows to the big banks at the expense of the small banks i'm not sure that jamie dimon or jane frazier or anyone else will address their competitors like that to the extent they give any hints to the health of the regional banking system i would like to hear that. >> you own jpm >> and wells there's something really important happening here could we be entering a time of peak net interest margin spreads? that's the question. >> because you raise your deposit rates to keep money from flight, right? >> correct and you've seen this massive rotation out of deposits and into treasuries, into money funds, into securities where customers feel safe. that's something that anybody that's a financial adviser is wrestling with today they're making those moves and there's an impact on banks in that regard. and then watch for loan growth and what they're doing that's really a lagging indicator, so we're not going

i don't disagree with jamie dimon. i think there's a huge wall of worry to be looking at here.have gone through a fiscal and monetary experiment and keeping interest rates at zero and, of course, the pandemic and all that's happened since then. it's hard to imagine that there isn't calamity in -- looking forward. investors just have to prepare for that in portfolios and for us we are telling people you just have to neglect what you own and figure out what's in your portfolio and make sure that you're comfortable with it. maria: what are you comfortable with? are you comfortable with owning growth or are you comfortable owning value or staying on the sidelines right now? >> you know, for our clients it depends on what their risk tolerances are but for the most part we are telling people to stick with the large cap growth that they have, those are high-quality names, they are all very focused on efficiencies which is great from an investment standpoint. we love dividend paying stocks but it's hard not to like treasuries here. it's difficult that the year on the s&p 500 was 1.3 an

and we don't talk about most of them because most are just small. >> do we need to take what jamie dimon is saying in his letter more seriously when he made the hurricane comment people ridiculed him and made fun of it for weeks and weeks if not months. i don't care what he was talking about, that he was talking about a hurricane, the aftershocks are not over >> the fed is still continuing to talk, directly increases their cost of deposits which is a force that moves people out of bank deposits and into treasuries i'm seeing that's what will lead to solvency issues average hourly earnings on fr friday we can put the pause back on but with oil going up, that's the thesis the fed will raise >> your cyclical leaning today >> i am becoming more worried. >> you have to be. >> just to put a bow on this, we have a cash system, five banks that can get away with paying almost nothing for deposits and then we have another 1,000 banks that really have to figure out what they're going to do to keep their deposits in this environment. it becomes an issue, 4%, 5%, and we're not done living through tha

i think it is important we focus on what jamie dimon said.e do focus on letting this banking crisis, look, that cycle, news cycle story about banks came in with a big storm and left just as quickly and i kind of agree with him in a lot of ways i still think there is still a lot more to this story we don't know. look how it is unfolding within the credit suisse story and ubs. neil: right. >> how ubs needed a 100 billion-dollar backstop from the government to do a take-under of credit suisse, the exposure, the colate collateral damage we may see in the regional banks in the coming months. i think that story should be front and center what is happening with the dollar and treasurys and yields' opposed to the focus on the motorcade. neil: maybe we'll split screen, peter, show the selloff and show the motorcade. get your opinion, peter, what jamie dimon find interesting, that this bank situation is years long type of phenomenon. it is not going away. the dollar alternative thing countries are rallying around, is it like a boy who cried wolf. we to

. >> i had an aggressive interview with jamie dimon and i said you can't do what you're doing your jamiebank in the tone is set from the top, there going to do whatever they could do to get away with selling 1.4 billion people. these rules need to come from the administration, isn't that right. >> were not having leadership from the white house on this. janet yellen into speech last week which i do think was the most fortunate regions it was a landmark on china relations it demonstrated we don't have a real grand strategy for dealing with china there's a world in which companies in the u.s. and china challenge each other in our economies can grow in living can rise in new innovation can bear fruit. that's not the world were living in china is converting economic power into military power and human rights atrocities based surveillance system and the likes of which the world has ever seen. for the administration to tell business it is still okay, that is going to create serious challenges previous time for shareholders to go to the awakening that the congress has in the national security c

jamie dimon was asked this about a potential credit crunch. he said, we aren't going to, you know, drastically pull back on credit he did, however, hint that there is a risk that the banking system as a whole pulls back because, as we get closer to recession, people are going to be risk-off. >> finally, any read-throughs on goldman, morgan stanley next week when we start paying a little more attention to capital markets activity >> i'm going to say they're looking pretty good today. as you saw the results out of fixed income at both jpmorgan and some of the other banks, they look really good. they actually outperformed, jpmorgan, did, by roughly $400 million, exceeding expectations on fixed income. as you know, goldman and morgan stanley both have sizeable trading operations they're going to look pretty good there, carl >> hugh, appreciate it a good wrap-up there's a look at what's coming our way in the next five sessions >>> so, from commentary on the banks to a resilient customer, jpmorgan says u.s. consumers and small businesses both contin

jamie dimon this morning said consumer spending held up.price. gasoline sales down 5.5% during the month. there certainly a price impacted their. food prices down .1%. not so bad there. for else did we see movement? clothing stores down 1.7%. yet to be careful with the easter affect this time of year. general merchandise down 3%. department stores down 2.5%. there are negatives in their but may have to do with falling energy prices as well. jonathan: good point. mike mckee on the latest retail sales. i think the point you made is important. at first look you got headline which delivers a mess. you look to the market and you see yields higher on two-year by six basis points. north of 4%. go through it for everyone. lisa: you have the headline number drop of 1% versus the expectation of 0.5% and then if you take a look at a piece components you step out autos, he stripped out gas and it is only at of 0.3%. this is why people are taking a look at this and saying it's not nearly as weak as expected. how long when we paid -- play narrative let,

but i want the know what jamie dimon's saying. susan: yeah.urrent crisis isn't over just yet and even when it is de-- behind us he says in the his annual letter to shareholders, there will be repercussions for years to come. and he says market odds of a recession have now increased. and while this is nothing like 2008, he says it is not clear when this current crisis will end. you also have hundreds of billions of dollars of deposits shifting from these smaller regional banks now to these larger banks like jpmorgan chase. now, i will caution that first republic is one of the most heavily traded stocks in the premarket this morning. first republic very similar many terms of assets to the failed silicon valley bank, right, in terms of high net worth individuals, a lot of venture exposure and, of course, a lot of rich individuals and also commercial real estate many that portfolio. so i think first republic, they're down 90% last month because of the svb failure, so there might be some more pain to come especially if they can't raise money in thi

some feared a bank contagion, and still jamie dimon has been saying of late that because of this bank the odds have climbed. i hope i'm paraphrasing him correctly, for a recession. what do you think? >> so what i would say, as i've said about the fed, for example, and i have great respect for jamie dimon, but what i would say is watch what jpmorgan does, not what jamie dimon says, and the fact is loan growth isn't imploding. as long as loan growth isn't imploding we're not going to get to that recession. neil: so, we're not going to get to more bumpy banks? >> oh, let me be clear. you got 4,000 banks. you got foreign banks. there's always some banks that have done stupid stuff. the svb was stupid stuff. signature was stupid stuff. a few stupid stuffs don't make a real banking crisis, and the fear of it is fear of a false factor. fear of a false factors always bullish. the fact is fear of false factor creates the bricks that build the wall of worry that bull markets love to climb and make that wall solid and the fact of the matter, we have bull market that started end of september, beg

lauren: you know, jamie dimon was even talking about that potentially happening so is credit tightening or not? >> well credit is tightening, i think, you know and i know what jamie dimon pushed back on was the terminology of credit crunch and we don't know whether we're heading into something that might be termed a true recessionary-type credit crunch but we have seen a contraction in credit, or at least a move down from fairly high levels and we have to remember that the senior loan officer opinion survey, which is an opinion survey. the most recent one that came out unfortunately it's only quarterly so it was really only data through the end of last year, maybe slightly into the beginning of this year, showed tightening of availability a kin to what we've seen in past recessions so this is not a brand new phenomenon. this was underway even pre-svb and arguably the needle probably moves a little bit more in the aftermath of that. it is the case that the fed will get to see this data, which won't be officially and publicly reported until a few days after the fed meeting, but they have

and so, it is interesting to me that, you know, jamie dimon -- >> they would do that. >> not really, but like, much worse terms. and that was the promise of the silicon valley bank. keep it here and we're going to be able to get a better look at what you guys are doing and be able to compete better than you would if you were to go to -- >> it doesn't necessarily go to a jpmorgan >> and there's a lot of private players moving in. but it just means that the cost of capital for a lot of these companies are going to be higher and their valuations are going to be lower and that's the thing that is seeping in, i think, into the public market, thus the small cap index that we just mentioned. >>> coming up, an ai audit shares of c 3-ai falling what the company had to say next. >>> and indnvidia rising. should you embrace the chip? that's coming up when "fast that's coming up when "fast money" returnsd, helping you discover untapped possibilities and relentlessly working with you to make them real. old school grit. new world ideas. morgan stanley. >>> welcome back to "fast money. c3.ai plumme

jamie dimon's sounding more optimistic but his letter more an ode to globalism than americans left behind. more signs that the economy is heading into free fall except for oil after president biden misplayed his hand. climate scientists are asking president biden to tone it down. i'm asking president biden to tone it up over the surge that will hit every single american family, the drug overdose crisis. all that and so much more on "making money." charles: breaking right now we're moments away from president trump being a rained in a manhattan courtroom. the first former american president to be indicted on charges. lydia hu outside of the courthouse with the very latest. lydia. >> reporter: hey there, charles, former president donald trump arrived at manhattan criminal court little more than 30 minutes ago. as he was making his way from trump tower downtown to court he shared a little insight on truth social posting this, heading to lower manhattan, the courthouse seems so surreal. wow, they are going to arrest me. can't believe this is happening in america. just shared that insight beca

certainly, jamie dimon thinks it's delayed in its way.et's get back to the world bank and imf meetings. >> we are joined by the man himself. i want to get your perspective on the macro picture. the imf sounded gloomy. a lot of things could go wrong are u.s. pessimistic or do you feel is not as bad? >> was a difference between an optimist and the pessimist? we look in the same class of watered the pessimist see a half-empty glass and optimist a half-full glass. the glass is not full i see very similarly this of the economy. low economic growth this year is going to be slower than last year. much of this comes from overflow. they sustain economic shocks, they rose twice from the ecb from 0.5 to 1%. simone: i assume that you trust your in-house projections better than the imf? gediminas: i am a projections show similar picture, zero and growth. the economy could prove to be more resilient but growth will be slower this year. sonali: the glass half joke, half-empty, what are the implications? the ecb will continue to hike should they continue

. >>> jamie dimon dialed back his tone on an impending recession remember how dour he was six months ago now he says he thinks the economy is in pretty good shape. listen to what billionaire investor barry sternlicht told cnbc today. >> i think jamie is wrong. i think we're going into a serious recession and the government has a huge problem. they have a massive deficit and keep feeding the deficit. >> so what can we expect from the economy this year? we're always happy to see mario gabelli. mario, great to have you with us so who's right here? or who's more right here is it jamie dimon or barry sternlicht. >> great question, good way to start. basically from my point of view, the economy over the next couple of months is going to have a challenge. clearly the banks with regards to accounting, with regards to what's going on in the commercial real estate, what's going on with regards to funds flowing out i challenge. we've gone through bank crises this is my seventh since i've been investing in business but the banks are stronger so jamie is right about that and we'll figure this one

jamie dimon moved the markets when it comes to the markets, where he sees of these banking crisis go,e do they have to say? adam: he did. one of the key things that dimon was making, a lot of what happened was hiding in plain sight. the regulators, investors knew a lot about the problems that were happening at some of these banks. one of the main drivers was this massive increase in interest rates over short period of time that it is the value of many of these bond holdings, fixed income instruments that many of these companies owned the change the balance of these companies quickly. when customer started to withdraw deposits, you had this huge clash between what was going on inside these companies, that was what jamie dimon was making a point of. he has a legacy at the top of u.s. banking for many years, he doesn't want regulators to come in and tighten things up too much. he's trying to make the point that, there was a certain amount of transparency going on. these are not things that happen in secret. indeed you don't need a strong rig -- regulatory backlash to help solve the probl

maria: well, i am not sure jamie dimon agrees with you he is out with a wide-ranging annual letter tohat letter worried about inflation says current crisis not over and there will repercussions for years to go take talking about regulation regulators not finest hour in terms of overseeing silicon valley bank. your thoughts what on jamie dimon is saying in his annual letter this morning, john. >> yes, i read the letter as well i think that you know he is right, obviously, saying a failure of it is a failure of the regulators but, you know, the stress test did not anticipate, they anticipated rates going lower they never stressed tests going from zero to 500 basis points affected so many parts of the economy redeeming banks not just regional banks any company, any you know talking about real estate investment trusts who ever has that trade wrong, again, you know back in september, october, when bank of england had their problem with almost blew up had to reverse course should have been a warning to kind of everybody that from nasdaq the market action, after that, prices, the fact fed co

this as jamie dimon really said the banking turmoil would have lasting implications for years.was a risk off session today and perhaps something that might continue into the asian session, as we saw the japanese yen jumping. with the dollar also jumping, given those haven demands, the japanese trading at about 1.2134. wti also seeing pressure toward the $80 a barrel level, causing the biggest rally. the eco-data did not help. crude stockpiles in the u.s. fell less than expected last week. plenty more to come. ♪ shery: a closely watched gauge of strength in the u.s. services sector lost steam in march. what may be a red flag for the economy. kathleen hays is here with the latest. how important is this report? >> i know the federal reserve is watching it because of its impact on growth. the u.s. services sector accounts for more than half of u.s. output and 80% of u.s. jobs. so that is a big driver for the economy. what happened in march is a deceleration. let me tell you the numbers. i want to list them so you can get the drama. any number above 50 means expansion in the ism ind

even got a shut out from the one and only jamie dimon. this is bloomberg. ♪ ♪ go. go brain.ot that one. go this one. go. go optimizing data. go efficiency. go results. emerson's plantweb digital ecosystem is the brain for smarter, safer and more sustainable performance. go plant go. go boldly. emerson. >> this is an incredibly disruptive new technology. >> i think we are seeing opportunity and potential platform shift that we have not seen in a long time. >> regulation can put us where we need to be if we have the strength to put in place. >> i do think it is just impossible to regulate. >> all the leading ai labs know they are creating something dangerous, but they don't want to stop it. >> the way chinese companies go about the ai space is completely different. they don't have the same approach toward the morality of these technologies that we do in the u.s. >> the impact on jobs is real, but it does not have the super intelligence that will have a mind of its own. >> it's on all of us, particularly investors, to think about the potential falls as well as opportunities and

we have things to get through and i think jamie dimon is right.tuart: all right, always good to have you on the show especially since you are used to being in chicago, thanks for joining us, all good stuff. we have c-3 ai moving down to the tune of 13 -- lauren: isn't that amazing? a rare selloff, it is early april. bill gates said this call to temporarily pause the element of ai is hard to achieve and won't solve any challenges. i would imagine that would help ai. it didn't. give them back their huge gains. blue when i agree, don't know how you organize a pause has got to get big tech companies to agree altogether. boeing. what's the story? down again? lauren: they don't think boeing can increase output of their commercial jets because of supply chain constraints, specifically engine supplies. stuart: they've got the orders but don't have the engines. down goes the stock. lauren: piper sandler says they think it will go to $140, they think the core market strength are all the buzzwords for genesee, sustainability, intention, personalization. it w

best banks in country maybe bank of america, but they got a lot of deposit inflows executed well jamie dimon of very highly makes sense put up a great quarter, and beat and deserve that, premium valuation, if you look at rest of the space, there are companies geographically challenged market, companies in markets might have exposure to office buildings, but not seeing a ton of failure not a lot of credit go you know, upside down right away. but at the end of the day they have to add reserves for loans, slower growth some markets i am not sure i want to be a lender in big coastal cities in this country other than southeast, what i think you still have a bought trend glow. >> credit is tightening right now. >> well it is. janet yellen talked about it, you know when banks cost of funds go up, this was very forced quick people panicked we talked about calm, thank goodness one bank ceo told me if i have to may more for deposits going to charge more on loans when you charge more on loans less people are going to be likely to qualify for those loans because you've got to be able to carry the cost o