still ahead on the show we discussed comments from citigroup ceo jane frazier as she weighs in on theanking crisis. >> the banking system is pretty sound we are talking about a few banks, you heard it from sherman powell today, this is not a spread across the entire banking system. this is not like it was last time. this is not a credit crisis. this is a situation where it is a few banks. ♪ - i'm nervous. i'm excited. (paper ripping) - [speaker off camera] okay, let's see it. let's see it. - oh my gosh! - jesus g suarez. i did it and it's here. - [speaker off camera] yeah! ♪ - [narrator] next term starts soon. visit snhu.edu. go. go brain. no, not that one. go this one. 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. >> they could be smaller institutions that have similar issues in terms of being called without managing the balance sheets as ably as others have done. it is likely there may be a few of them. we certainly hope there will be fewer of them

lisa: i love that you are the one that was interviewing jane frazier. nt of so many prognostications at this point from your vantage point the discussion with jane do you get the sense that there truly is a mass wave of credit tightening that is coming upon us that is going to become clear in the second half of this year? >> interest rates have been going up steadily as we know this year and as a result one is supposed to be slowing down the economy but one of the other consequences is some banks are hurt by this the general requirements as it probably usually helps banks as they can charge more. this k, -- this case some pigs have a lot of securities which become worth a lot less when is transfer -- interest rates go up. that produced a credit whole in silicon valley bank and some of these other banks have modest credit holes. raising rates has not been a good thing for the banks. when interest rates go up it's not that big a problem but right now the bank system is in reasonably good shape. tom: there's going to be a house committee meeting today going

but citi group ceo jane frazier told the economic club of washington, d.c.hat regional banks are, quote, well capitalized, and fitch rating agency odd the said large french banks are resilient to current market stress. they have e liquidity that is sound, buffers are strong, and they are well positioned to absorb short-term negative impacts of higher interest rates. for now the broader market doesn't seem to be too concerned at the moment. sure, the dow is down 71 right now, but let's see what our floor show team says. joining me now, our trader, teddy weisberg and bnp paris baa' chief economist. teddy doty, what happened? 40 minutes ago we were roaring ahead in the stock market, and hose the regions -- hose the regionals started to the fall again. >> well, that's right because there's still so much uncertainty out there. it's a very, very difficult environment for investors. the message is so mixeded, and behind the curtain with the financial issues with some of these regional banks, what's real, what isn't real, every day we have somebody else in a positio

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tune in tonight for citigroup ceo jane frazier on a conversation with david rubenstein.. this is bloomberg. guy: earlier today the ecb president who has been prolific in terms of the speeches she has delivered recently, christine lagarde, topped about financial stability. this is what she said. pres. lagarde: while the european banking sector is resilient, in view of recent financial market volatility, we are ready to act and provide liquidity support to the financial system if needed and preserve the smooth transmission of our monetary policy. it should be clear there is no trade-off between price stability and financial stability. guy: joining us to discuss is the bank of portugal deputy governor. very nice to see you this afternoon. thank you for joining us at bloomberg. the president talked about there being no trade-off between financial and price stability. how the two interact. they are going to have an impact on one another? >> thank you for having me here. these are days of excitement because of the recent turmoil in the u.s. and in switzerland and is very natur

like everything else, it's a -- do we have that sound from jane frazier?not something that is spread across the entire banking system. this isn't like it was last time. this is not a credit crisis. this is a situation where it's a this is a situation where it's a few banks that have some make sure thatt( we ni the bud. >> all right, that was not what we were lookingko■ for. she also spoke about whahú<=u were xdsaying, Ñisara, which wa >> the danger of digital. >> this is what distinguished @r(t&háhp &hc% have continued on that mondayt( had theyv over svb. >> still, "this is not a credit crisis" is a good headline from one of the biggest bank'se1çó c. if you are looking for assurance these are one-off, mismanaged interest rate -- which, by the way, people are piling on to that idea. why weren't theyçó hedging? why weren't they using the cme group of products? >> all offá it. thereçó sooner? rates areçó moving up. >> i'll tell you why they weren't hedging. banking, when the fed was lifting rates was, what's your net interest margin going on? investors houndi

jane frazier is the not seeing a credit crisis.alling each other rock stars? you're a rock star. you are a rock star. no more calling co-workers rock stars. look, it's great that you use workday to transform your business. but it still doesn't make you a rock star. so unless you work with an actual rock star. hi, i'm ozwald. hello ozwald. pam, you are a rock- i wasn't going to say it. ♪♪ the hiring process used to be the death of me. but with upwork... with upwork the hiring process is fast and flexible. behold... all that talent! ♪ this is how we work now ♪ i screwed up. mhm. behold... all that talent! i got us t-mobile home internet. now cell phone users have priority over us. and your marriage survived that? you can almost feel the drag when people walk by with their phones. oh i can't hear you... you're froze-- ladies, please! you put it on airplane mode when you pass our house. i was trying to work. we're workin' it too. yeah! work it girl! woo! i want to hear you say it out loud. well, i could switch us to xfinity. those smil

jane frazier saying the this is a new terrain given at which the speed that silicon valley failed. jonathan: extra regulation is guaranteed? lisa: you would think so but i do not think people will be gung ho about this because this is the bundesbanks in germany. jonathan: that is a nice comparison. where did you read that? lisa: i just made it up. you just -- jonathan: you just made it up on the spot. lisa: let us move on. it is true. jonathan: that is a good start to the morning. we have not slept for a week. futures positive .4%. lisa will make things up for the next two hours. yields 3.48 54 basis points. ♪ >> keeping you up-to-date from news around the world with the first word. jerome powell made it clear that inflation is still the top concern of the central bank. less than two weeks after the second biggest bank failure in u.s. history powell advised that more fed tightening might be in-store following the quarter-point rate hike. they are betting that the bank turmoil will not turn into a broader meltdown. the bank of england is likely to continue the quickest set of intere