goldman sachs boosting their payout by 60%, jp morgan goes to a dollar.gan stanley doubles the dividend. that is the bank story and the premarket more on that through the next couple of hours on tv and radio. here is the bond market. you need the bond market to come with the banks call. how many time of people said that? 1.4799. tom keene, how the bank pulls would like the jp morgan version of the world to materialize. jp morgan still looking for 1.95 on 10. tom: even breaking up to 1.70. i think it is a rich story. the bank stock story, the flows of money, the way they adapt their business. jonathan: we can get to 1.95 even with all of the news you would expect to take to 1.95 in the first quarter. where did it get us? just south of 1.80. they talked about the reaction function at the fed. that was true at the start of the year. tom: of group the other way. jonathan: 1.95 on the one end, hsbc down 1%. right now in between. tom: a rich market and all of this colliding with the data. housing data today. i looked carefully at the housing data. it is not too

jp morgan is way head but they are probably derveed of that and we bring that up all of the time so the first number i go to is tangible book value. >> take a look at the the action in the after-hours session which is a fraction of a percent move. brian kelly is in fact on the phone. what did you call these? a nonevent, a nothing burger, i can't remember. >> nonsense. nonsense [ inaudible ] the bank fails so what is -- i don't understand we're wasting and of all people because -- >> b.k our connection is horrendous dy hear the word nonsense. you called it absolutely nonsense and the banks lived through a real life stress test and then somewhat it comes to the unemployment number and the drop in gdp et cetera. we saw this in realtime. the banks were there for the economy when the economy needs the banks most and they performed. but for investors at this point, will the banks perform given the outlook for interest rates, et cetera. >> there is railing after the financial crisis about banks and look at what happened. we had a black swan event. and let me tell you something, banks got hit h

jp morgan have announced they would buy a fintech platform. so far, investors are biting. u see morgan stanley stock almost 3%, about 2.7%. citigroup the one major exception, because they held their dividend study while the rest of them raised their dividend. wells fargo is the other interesting one to note because even though they doubled their dividend to $0.20 per share, that's less than half of what it was before the pandemic hit and they had to grapple with a lot of these legal and litigation issues. the question plaguing investors, is this as good as it gets? are the banks playing catch-up? today it looks like generally, investors can hold onto the story, but we will see in two weeks whether they will keep putting onto that story once those new trading and net interest figures come to light. guy: one of my top stories today, jp morgan hiking entry-level banker pay to help combat burnout. i want to separate those two issues out. they are hiking entry-level pay. is that because there struggling to attract people? is this really about an out or the war for talent -- i do

if 20/20 was the decade where jp morgan really -- if 2020 was the decade where jp morgan really becamet u.s. banks, there is hope that goldman will be able to rediscover its pre-financial crisis form. how they do it would most likely have to be quite different than before 2008. tom: do you see evidence that goldman sachs can pick it up and outperform as they did for 10 years before 2017? sridhar: if you can judge a banks performances by the number of people in the office, they goldman sachs stands to do well because they have been more aggressive and out there then any of their peers in bringing people back. but i don't think that is what is going to determine it. will that give them the runway to also carry out their consumer operations? we will have to see on that one. tom: thank you very much. lisa, it is going to be fascinating to see what wall street does. we go into the summer, and then we got to shape up for bonus season and the retention of p employees. lisa: and the competition with big tech that is getting more into financial services. tom: it is going to be interesting to se

emmanuel macron certainly loving what is happening at jp morgan.am has been a big winner out of this as well. it is interesting. you are seeing london losing some of the trading. that is undeniable. we are picking up some business in the u.k. from the emerging-market story. the other thing i think worth focusing on, that story that riddick a was talking about -- that ritika in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can deliver gig speeds to the most businesses and advanced cybersecurity to protect every device on it— all backed by a dedicated team, 24/7. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. guy: ramping up the tuesday session in europe. something familiar about what is happening. a pickup in the delta variant. that concern is being passed into a pickup and hospitalizations. people are looking at the data. looking at

we will be live from the jp morgan china conference over the next two days with big interviews.will be speaking to the jp morgan asia-pacific ceo and the vice chair all in the coming hours. here is a quick check of the latest business headlines. zoom sees robust sales, signaling its ability to attract more customers even as demand created by the pandemic eases. the company's profit forecast for the second quarter topped analyst estimates. first quarter sales nearly tripled on a rise in corporate clients. investors have raised concerns over whether zoom's growth can continue as vaccinations ramp-up. tsmc is moving forward with plans to build a $12 chip plant in phoenix, arizona. its ceo says construction is well underway months after the city approved financial incentives for the project. jk are is -- jkr is taking a private software firm private. a 24% premium. the can he has struggled to sustain growth against larger rivals like amazon. up next, australia is expected to report modest growth in their first quarter after the rba kept its qe door open. an tension to victoria's loc

juliette: jp morgan says it may require its employees to be vaccinated against the covid-19 virus.e is part of efforts to get staff back into office while making sure it is safe. let's get more in sydney. this is quite an interesting move coming through from one of wall street's big banks. tell us the latest. >> the first question jp morgan is asking its employees is are you vaccinated or not? it's saying that you have to let the bank know by the end of the month what your status is. jp morgan has already said it wants all of its staff back in the office in new york and across the u.s. by about july 5th. now it is saying you have to tell us what your vaccination status is and if you do not, your managers will follow up and keep following up until you tell us. yvonne: certainly a strong man date. the bank stress tests are coming up later on today. what does this mean for the u.s. banks? >> these tests were put in place of the fed could check whether banks can withstand any economic turmoil. there'd been testing going on to the pandemic. this time around, the annual tests looks the 2

we cross over to the jp morgan global china summit.he event brings together investors and industry leaders. stephen engle is in hong kong standing by with our next guest. >> that is right. we are going to have a full slate of interviews this morning and tomorrow including later, we will have the asia-pacific ceo of jp morgan. coming up in the 9:00 hour hong kong time. we are kicking things off with the president and vice chairman of a chinese ev maker. he joins us now. good to see you again. good numbers for may. 5687 deliveries in may. that is on top of another 5000 plus in april. this is coming off a record first quarter were you had 13,340. you know them deep down. what does this tell you about demand and how you're going to fair the rest of the year? >> [indiscernible] shery: it seems we are losing our guest but we will try to go back and hear about their business performance. we will have more guests from the jp morgan global china summit. will be speaking to the bank's asia-pacific ceo and the vice chairman of global banking. thi

jp morgan, they are expected to return the most in dividends. caroline: is it all about dividends? what about buybacks? sonali: they do have buybacks as well. it is a great question because it is more in terms of pure funds. it is the bulk of the capital return plan. the net in the story is there are a lot of homemakers saying your ratios are low. we want to see you return this money in the form of loans. joe: under the current regulatory regime, flying colors, buybacks, dividends, all that. obviously, there are still politics in the world. there is still a potential for new regulation. what is the next thing that banking vectors need to be water? sonali: i would be watching loan ratios. how much are they lending relative to their balance sheets? they are going to have to justify to regulators if that is love and why. is it because of the rights they are charging? is it something else? i am not sure the data around that has been clear enough to give regulators an answer to be happy with. caroline: interest rates are taking up ever so slightly above 3%. how much are they lending out

diamond, at this hearing in 2019 you acknowledged that jp morgan had accepted slaves as collateral. according to the bank's own analysis. let's strike that. in addition i would say citizens bank and canal bank in louisiana both now a part of jp morgan served plantations from the 1830s until the american civil war. these banks sometimes took ownership of slaves when the plantation owners defaulted on loans. between 1831 and 1865, these two banks accepted approximately 13,000 slaves as collateral and ended up owning about 1,250 slaves. mr. diamond, there can be no -- there can be no redemption without recompense. mr. diamond, will you atone -- will your bank atone for the ownership of human beings? madam chair, i cannot hear mr. diamond. >> i cannot hear him either. would you try again, mr. diamond? >> you're muted, mr. diamond. >> mr. greene? >> yes, ma'am? >> we're going to try and work this out. staff, can you help me to find out what is happening? mr. diamond is indicating that he is not muted but we can't hear him. >> can you hear me now? >> i can hear you now. >> okay, i said th

20% and jp morgan increasing the dividend from 90 cents a share to 1 cents a share with no changes in its buyback it will be interesting how these will settle overnight. morgan stanley key in terms of the movers. >> second best performer year-to-date, this should continue to provide fuel. >> that is going to do do it for us on "closing bell. "fast money" begins right now. >>> live in the nasdaq market site overlooking times square this is "fast money. i'm melissa lee. tonight karen fiberman and tim and guy and we're all over the after hours action after announcing changes to the dividends and buybacks we're breaking down the action straight ahead. >>> plus we're trading the software serve, the igbtef, hitting an all-time high but is there trouble for this group and boeing headline that took $5 billion off the company's market cap today but we start off with a macive late day soars for facebook after a judge dismissed the ftc anti-trust complaint against the company. julia boorstin joins us with the latest. >> reporter: a federal judge dismissed the state's attorney general case filed

coming up, citi joins jp morgan. are we through the pandemic induced volatility that has paid off for some of the banking names? we will get details, next. this is bloomberg. ♪ >> investment banking revenues are likely to be down in the low to mid single digit range. we see strong m&a performance and we do feel good about the pipeline and the dialogue that we are having in investment banking. anna: that was mark mason, citigroup's cfo, speaking about the slowdown in pandemic trading. let's get to dani burger, who is following the banking story for us and there are many threads to that story this morning. good morning to you. this is not the first morning we have had this week from a u.s. bank about what happens to trading revenue from here. dani: yes, definitely not and it probably will not be the last either. they have already warned about in their past earnings results and what citi is saying, a 30% decline, reflects what jp morgan said yesterday, 38%. it is important to record guys that this is more or less return

his bank has legacy systems that have hurt them when it comes to rolling out new technology plus jp morganquidity requirements, no insurance requirements end quote and hosts of other regulatory interests that are inescapable when you run the largest bank in the world when you consider j.p. morgan has $2.2 trillion, maybe it's a good thing they aren't doing anything conventional but i keep circling back to jamie, quote, we didn't have the imagi imagination. end quote. here is the thing. if j.p. morgan couldn't dream up this business, well, then how come american express could? remember yesterday we talked to the ceo steve and he gave us chapter and verse how amex is coming after square. thanks to the recent acquisition of cabbage, they have a host of products that will be incredibly helpful to small business, makes sense. a long history of promoting small business now, i'm not trying to be too critical here. the best bank of the world is j.p. morgan. i hold jamie diamond and j.p. morgan in high esteem. they have been my banker for most of my adult life and i can choose any bank i want it's

we spend a lot of time and effort thinking about that at jp morgan.ally defines the purpose for the company, and that is important for an asset manager. we act in clients interests first. culture is incredibly important to what we do. it covers many things, not just pay but development, recognition, mobility. incredibly important part of what we offer to employees here. putting employee welfare at the top of the list, and making sure all the resources are available to look after employees. it is an important part of what we have offered to employees during covid. anna: what are the return to office plans? we have a story overnight talking about jp morgan warning employees they may need to get vaccinated. that may be u.s. story at this point. it must be difficult to manage global businesses with different vaccine rollouts in different parts of the world. patrick: it is challenging for all businesses. our view is we look at government guidance first, that is different in each country. the u.k. has a potential change in stance on july 19. that is differe

we checked in with your p -- with jp morgan earlier. be the buybacks story the drives that differentiation. u.s. banks are so far ahead, relative to their european peers and their u.k. peers. this is driven, we were so over positioned, so well provisioned. the most well provisioned since 2008. dani: that is right. that gap between that european in the u.s. banks, the dividend picture is going to make a difference, but there is a difference. also in loan growth, we will seek businesses and banks taking out loans. people will drop their money in the bank, pa high and let them sit there. -- pile high and let them sit there, much to the chagrin of the banks. manus: yes, prices are up 23%-20 4%. -- 24%. let's get a quick sweep of the markets. yen is poised to bite some pandemic driven gains. we have the dollar in there. i like the ongoing hawkish tilt at that bank of england. you'll take a bit of a hawkish narrative to get back to those heights where we were five years ago. you have that bond yields, my favorite line is from the bank this mo

jp morgan going up about 10% on its dividend. tank of america going up 70 and. g surprise i think was morgan stanley and wells fargo. morgan stanley doubling its dividend for the quarter and announcing that buyback plan about $12 billion. also late yesterday after the bell, we got earnings out of jeffries. they pretty much beat on all of the main metrics that investment acting backlog right now at a record level. tom: thank you so much. really interesting to see with the banks are this afternoon as well. moments ago, ira jersey, who i love on overnight repose and all of the fancy short-term, just took his midcourse correction 2022 out to 3.6%. jonathan: if we get a steeper curve and a higher 10 year yield, the bank bulls get what they want to see. we haven't seen that since the end of the first quarter. tom: we talked to one analyst and go right to another analyst where we can link them together. ira jersey on yield, and now david george on the outcome for the equity market and the banks, his expertise at robert w baird. if we get an ira jersey 10 year yield, 2.2

: i want question for you, up to with covid-19 in the celebrity millennium i guess as a test run jp morgand that the protocols were executed flawlessly, there's no interruption in service but you got high marks for that pretty also another test chris, eight crewmembers tested positive, is our threshold beyond which suddenly have to change things such as a lockdown on or agent. >> yes but anything could happen but i think actually but these particles do they work. our objective is not to prevent anybody from ever getting sick, you can have that anywhere in society. we want to do with escapement so a couple of people get sick, but not everybody will every that he on the business. so, people get sick, there isolated in their close contacts are isolated and everybody else moves on pretty that is actually better and you have on chart targeted so our objective from the beginning was they are safer on board his crew ship and you are main street usa. the examples that you gave, show it works pretty soon when have a better view as well. looking beyond the covid-19 of the one of the challenges and o

i've always been surprised a monster like jp morgan has never stepped out of its comfort zone in thealix: you think it will be tough to compete there? guy: it will be digitally only, so the cost base should be low, but the k has a high degree of digital penetration. -- the u.k. has a high degree of digital penetration. they have such a strong backing in the form of jp morgan -- there has been a challenge to have competition in u.k. banking . there needs to be more of it. a lot of people would agree with that. chase will be a huge rock in a relatively small pond. alix: interesting to point out you are already steeped in the digital banking world. jamie dimon said earlier that we do not have the innovation or the imagination to do what square is doing. they have to make these acquisitions. why wouldn't they do it in a place that has a lot of digital banking? guy: because there is an acceptance of it. you will go into the market. that is a tricky thing to do. coming in with additional back, and you see goldman sachs trying to do this -- with a digital back, and you see goldman sachs try

kelsey berro, jp morgan investment management. apparently it's time for a deal.nezuelan president nicolas maduro has told bloomberg. we will hear part of that interview, next. we will also get reaction from patrick duddy, the former u.s. ambassador to venezuela. i think he was the last one on the ground. that's coming up. this is bloomberg. ♪ ritika: this is "bloomberg markets." coming up, and exclusive interview with the pfizer chairman and ceo at 12:00 p.m. in new york, 5:00 p.m. in london. this is bloomberg. ♪ alix: live from new york, i'm alix steel, with guy johnson in london. this is "bloomberg markets." we want to talk about venezuela for a moment. president nicolas maduro has seen his country crushed by sanctions. he spoke to bloomberg's erik schatzker and ask what changes in policy he would be willing to make in exchange for relief from the sanctions. >> i believe that the sanctions are immoral. that is the first thing. they are cruel, very cruel for a country. i think that at a roundtable of conversation, even if it is private, the united states of amer

jp morgan's private bank in the u.s.double its advisor headcount over the next five years. that will bring the business's total number of divisors to about 3000. about half of these staffers will be based in california and florida. the rest will be in existing hubs such as new york and chicago, and in growth areas including las vegas and nashville. royal dutch shell look separate its carbon emission cuts following adept court ruling that said the energy company's climate pans -- following a dutch court ruling that said the energy company's climate plans were not sufficient enough. bloomberg has learned that amazon may replace jp morgan as the issuer on its popular cobranded credit card. american express and synchrony are amongst those bidding on the portfolio which is more than $15 billion in loans. jp morgan is willing to lose the amazon business. in recent years, banks have loaded up their cards with rich perks, backing it harder for -- rich perks, making it harder for lenders to turn a profit. alix: here's a story tha

joining us is david kelly, jp morgan asset management chief global strategist.ou buying tech right now? do you by growth -- do you buy growth? david: i don't think interest rates stop here. we are at 1.50% at the treasury, but we still have a lot of momentum in this economy. i looked at the numbers that came out at 8:30 today. i am still looking at more than 10% real gdp growth in the second quarter, about 7.5% year-over-year by the fourth quarter, with inflation staying pretty strong. i would want to be overweight value versus growth. guy: but this is pete growth, isn't it -- peak growth, isn't it? with but to be close -- we got to be close. the data are starting to indicate that we may be nearing the near-term top. buckets armenta be a discounting mechanism. are meant to be a discounting mechanism. i am looking six months ahead. what does the picture look like? david: because only half a year's worth are going to be paid out in july, that means there's another big payday coming early next year. even without any further stimulus. so you've got a lot of stimulus

we are live at his coat -- 22 of the jp morgan summit. guest gives his outlook on the chinese farming sector. this is bloomberg. ♪ shery: a scuba now, president biden plans to amend a u.s. ban on investments in companies linked to china's military listing of specific names that we face penalties after the trump era policy left investors confused about the extent of the reach to firms. our executive editor. what kind of changes could we see? >> what do we know it so far is the scope of what companies go onto this blacklist look like it is going to be changed with 12 entities connected to surveillance technology segment. that could be a widening of the scope because under the trump administration the definition was companies controlled by the chinese military. we do not have all of the details and a lot of this will depend on how the biden administration implements these rules, but there is a potential for that lift to be much broader. haidi: that -- does that give us further clarity or investors further clarity when it comes to out subsidi

firmer for the likes of jp morgan, bank of america and citigroup.s, a green light to pay out a whole lot more. taylor: we will get specific numbers after the bell on monday. certainly the markets excited for not only some of the buybacks but a dividend boost as well. jonathan: maybe. some excitement out there finally. i have seen none whatsoever in this bond market off the back of that deal in d.c. lisa: jeff mortimer said it is resiliency is the new boring. i think that will be the catchphrase. jonathan: well behaved by markets. professor, fantastic to catch up with you. the big story is the delta variant. several studies being done. what are you learning about it? >> first and foremost, if you are vaccinated, you should have good protection against this variant. some studies from england and ongoing studies from other countries are showing that. if you were unvaccinated, the story is very different. the virus is spreading much faster than even the alpha variant, which was the big concern during the winter months in the u.s.. it is showing signs of

. ♪ >> we have breaking from jp morgan.is warning its employees it may require them to get vaccinated, saying requirements would have religious as well as medical exceptions but that they are giving staff until a deadline of june 30 to report their vaccination status, according to a returning to work memo. it currently still expects all staff to be back in the office in july and this is a number of wall street firms and employers where we have seen expectations of vaccinations as a condition of returning to the office. morgan stanley planning to bar employees who are not vaccinated from entering its offices in the new york area and we have also heard bank of america planning to prioritize returning workers that have been fully vaccinated into their offices later on this summer as well and we are hearing jp morgan morning employees that it may require them to get vaccinated. shery. shery: we are counting down to the start of trade in tokyo and seoul. the ok governor -- will hold a press conference at 10:00 a.m. local time af

i look at jp morgan in terms of price to book value.ank i know everybody lovers it jamie dimon has done an unbelievable job but i think there are less expensive plays. wells fargo would be one of those. capital one would be another one of those names but there are multiple other layers within that i think the financials really do still have room to run to the upside. i liked these a long period of time i think there are specific names i'd rather be in options because i think they are tapping towards the higher end and there are other names where i own the stock and the options. so i think there is a lot of different ways that somebody could play it. but i don't think this is it for the financials i think today just gives one more recent to want to be long as many financials as you can find. >> mr. wonderful, record year for buybacks for s&p 500 companies after the stress test banks expected to increase buybacks is that an encouraging sign for you? >> i'm not as big a fan of buybacks dividend increases .. i'll tell you why. a company can

this is something that the jp morgan asia ceo told me, that he was worried hong kong and other partsre being left behind as other parts of the world open up. hong kong is significantly, after a bash -- after a backlash, some frustration that had welled up, is going to relax this. the 14 day quarantine. up to 21 day quarantine. can be reduced down to seven days for vaccinated hong kong resident returnees. they also must attest positive for antibodies. we also note -- we do not know what the threshold is. is it just a little bit? is it a medium amount? there are still a bunch of variables to be worked out. but there are going to -- but they are going to allow this seven day quarantine in a hotel, even from high-risk places such as the u.s., u.k. u.k., and also medium risk, which includes the u.s., canada, japan, and to singapore, key destinations for hong kong people and returnees. but extreme a high risk and very high risk destinations like result, india, nepal, pakistan, the philippines, ireland, and indonesia will not be included in this current relaxation. as i said, yvonne, there

jp morgan still calling for a selloff in the bond markets. i think eric is back with us. why don't you start the conversation? annmarie: very gracious of you. eric lonergan, co-portfolio manager, m&g still with us. he did not get his guitar. what are your first thoughts after yesterday's surprise meeting and that massive hawkish tilt? eric: i think manus hit the nail on the head, which is it has changed at every meeting, it will be game on. this is the very beginning of the process of the market repricing its expectations and beliefs about the fed. do we really think we will wait until 2023? it is highly likely there are rate increases next year. it is an entirely reasonable thing for the fed to be doing, and i agree that the markets need it to happen. for me, the big question is one of the features of the last decade has been that markets are a lot more sensitive to monetary policy than the real economy. markets are priced for perfection currently across the major asset classes. i am anticipating opportunities. we have been patient this year. we have the view that market

for what it is worth, by the way, jp morgan is making a lot of headlines today when it comes to pay, as offices. it was first reported bank -- the bank has increased pay for juniors, $100 per year before bonuses as they compete to retain staff. then we heard that the main trading center in the eu. previously, jp morgan had voiced concerns about taxes and the way -- as well as regulations change so frequently in france, but now they have 250 people working full-time in paris and they plan to boost that by 800 i the end of 2022. -- by the end of 2022, and maybe it is going to help by paying more people. amber: paris, france continues to grow. waste marked -- we marked the five-year anniversary since the vote on brexit. all of these bankers leaving, unlikely to change anybody's mind on whether brexit was a good or a bad idea. if you're outside, you say you didn't care about them in the first place. matt: that is true. if you look at any of the populace issues we have had, the actual evidence doesn't change people's minds. very good observation there. coming up, the communist party -- xi

jp morgan has been at the front of the pack here, too.heard james gorman say at a conference today that he will be disappointed if people are not back in the office by labor day. on the other hand, you have bank of america, wells fargo, who are not expecting broad returns until the fall, and citi is offering more flexibility as well. there's a lot of different methods going on right now. kathleen: thank you so much. bloomberg finance reporter hannah levitt. the bitcoin rebound continues to gain traction. it may soon be back above $50,000. positive comments from a hedge fund billionaire added support today and earlier last week, su keenan joins us. -- and earlier last week. su keenan joins us. he said he wants to have a certain amount of that coin and wants to diversify -- bitcoin and wants to diversify. is the trend in place regardless? su: finally, someone else decides yuan most is -- elon musk is moving bitcoin. after a volatile weekend, bitcoin back above the 40,000 marked dang. at one point, it was about 41,000, a 9% rally since frida

jp morgan set a date when it wants its people back in the office. the risk is you lose your staff.s a survey of u.s. workers who say that 39% of people would rather quit than come back to an office where people are being forced to be in an office environment. and among younger people, that is even a higher rate than that. that is the risk for bank losses. yvonne: tell us more about these incentives. we have heard pushing forward for banks to get back to work. they are asking people to submit lists in two weeks time. even regulators are getting involved. do you think government and companies are doing enough? nabila: i think the thing about asia is that asia had been a leader in dealing with the vaccine compared with other markets like the u.s. and the u.k. but, asia does risk losing that advantage. in australia, for example, the vaccination rates are very low. and finance chiefs in particular are very worried about that because you do lose your supply of workers from overseas if you can't open the borders. somewhere like hong kong, which is thought of as a financial hub and likes t

tom: bruce kaz meant, jp morgan -- bruce kasman, jp morgan, their chief economist.welcome all of you this morning. romaine bostick and for jon ferro. lisa abramowicz and john key -- bostick in for jon ferro. lisa abramowicz and tom keene. jack fitzpatrick joins from bloomberg government. buried in the news flow is the basic idea of how the democrats regroup. how do the democrats regroup? jack: on infrastructure and on their big legislative priorities right now, it is unclear what their path forward is. there is still an attempt for president biden to work something out with senate republicans directly, and there's going to be a meeting with senator capito today, although senator capito as of late yesterday was not sounding very optimistic. she said she didn't have a new offer to give the president, and the president still wants more money from senate republicans, so we may potentially see a senate bipartisan approach where a bipartisan group of lawmakers start working together, but there really is some frustration among democrats, and it is possible we will see them

you get jp morgan saying they are underpricing the rate hikes out there. we have pivoted to extreme achieved, i.e. 1.75%, to extreme the rich. we had a guest with us yesterday, martin malone, he said actually, the repricing in the bond market is due to supply shock because janet yellen's fed -- treasury bank account has plummeted. it is a supply shock back to repricing in the bond market. >> there certainly a heated side debate on what is going on in the bond market. why it has rallied. again, when you see such a high u.s. cpi print i think that will be also subject to debate. liquidity, different quirks in the bond market are becoming a different issue. i would point to roberto pearly, a former fed official who has been chasing this and running some numbers around why that might be the case. he is more in the camp of this is all bonds reacting to -- playing along with the fed and being more transitory than they believe or leading them to believe day-to-day with their inflation warnings. that is certainly something that is throwing a wrench in easy data an

jp morgan strategists saying concerns about money funds are starting to surface again.: watching the bond markets. we are watching the crypto space. the international banking regulator decision to classify bitcoin as the riskiest of assets has dragged cryptocurrencies further into the mainstream financial world. the committee on banking supervision also made it extremely costly for banks to hold general tokens on their balance sheet. joining us with more details is our cross-asset editor, joanna also sure. -- joanna. what does this actually mean for the asset? joanna: this brings crypto further into both financial mainstream. it's not like it is good and bitcoin did rally initially, but it does make it costly. it looks like it might be good news, but then it is actually not that great logistically in terms of, you know, in terms of the capital requirements that are needed. haidi: where are we had in terms of the bitcoin narratives? it seems we have come down-to-earth somewhat, and the same issues of regulatory overhang, institutional adoption, still seems to be the majo

jp morgan reportedly is boosting its pay for junior bankers.ccording to the uk's financial news, the bank is offering first-year analysts salaries of $100,000. younger bankers have complained of longer hours due to the boom in m&a. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> i just don't think the inflation we are seeing and the policy growth we are seeing today is sustainable. and that perspective, i think the future doesn't look quite as bright as what we have seen in the past. jonathan: from new york city this morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market this tuesday morning, all-time highs, just pulling back 0.25 points. we are off by 0.01%. in the bond market, 1.4917%. dollar strength the story through g10. euro-dollar, a break of $1.19 to the downside. we are negative there 0.3%. tom: this goes to an important economic data in the july jobs rep

the next decade, when you want to have the financial statements that tell you as in the case of jp morgan, they show you why they have fortresslike balance sheets, what the prospects are for your trading revenues having been so great. there's a gold mine of information in those financial statements, and that is part of why i've been able to survive myself by paying attention to things. those are kind of immutable things. lisa: there's a spectrum of risk and return, and the idea of there are times to go hard into risk for that return, and there are times to accept very little return for not being very risky. where are you right now on that spectrum? michael: a perfect question because centuries ago, a very successful investor named rothschild said buy when there's blood in the streets. we are certainly not seeing blood in the streets right now. we are seeing a federal reserve that is giving a pass to anyone who wants to see assets of any kind go up, so it is time to have some cash. in the risk spectrum, we are seeing some caution for sure. romaine: let's say you don't want to necessarily g

jp morgan predicting that lower rates flattening to the end of the year 21 28 from 127. shery: the key question is what happens to market volatility in the meantime. we are also watching bitcoin. in focus after the latest regulatory hit. the u.k. betting crypto exchange of operating there. the company says it not -- has not operated in the u.k. yet. let's bring in drama, we continue to see diverging views when it comes to cryptocurrencies. this latest on the crypto crackdown, at the same time, and mexican billionaire now endorsing the asset. >> right. anytime you have something or somebody says they are looking to further adoption of crypto, that does chair the sector. regulation is not necessarily bad for it. it can encourage more people to get in. we have this notice will the u.k. this weekend, and japan is also caught it -- is also cautioning as well. regulators are looking at the system at this point. haidi: this is kind of incremental, what does it mean to the broader regulatory outlook of the crypto industry? >> it could be beneficial in the long term. if you have

we have been hearing from a number of other companies, jp morgan roosting its dividend to.omaine: coming up, we are going to demystify with the ceo from dragonfly capital right after the rake. -- after the break. this is bloomberg. ♪ romaine: welcome back to the program. it coin cryptocurrencies rising despite a crackdown in the u.k. by the country's financial watchdog. i need you to demystify. joe: i still can't. i believe our guest can. ethereum was hot for a while and then cooled off. having a nice bounce, over 2100. here for more is the -- people are trying to figure out what all of the stuff is about an ac some acronyms or tickers and whatever. how can a typical person even begin to identify with what a good project is in this space? stocks, bonds, it setter at -- how do someone even begin to think about this? tom: i think that is what is cool about defi. all of the data and activity is occurring on chain, so if i want to see if something like compound finance, i can see how many others they have with their l btb ratio and actually go and see what they are doing with t

interesting report from jp morgan that says amazon could overtake walmart as the u.s.'biggest retailer essman as this year. amazon has a lot of strings to its bow. aws cloud services, entertainment with prime video. but lots of growth coming from the pandemic. part of jp morgan's study saying the pandemic has full three years worth of e-commerce growth, and amazon is set to benefit. the stock has not done much today. amazon is a little bit lower. but look how they have moved in lockstep so far year-to-date. emily: all right, ed ludlow and kriti gupta, thanks so much. a big day on capitol hill. in washington, apple back on the hill as government officials raised practices about government privacy practices. the iphone maker is facing scrutiny over compliance with a trump-era subpoena which requested information on more than 100 -- 100 lawmakers. apple turned over that eta the justice department under gag order, highlighting the bind tech companies face when summoned by law enforcement. and in more regulatory news, the house antitrust subcommittee unveiled a slew of new b

jp morgan sinking to session lows, down 1.6%, as jamie dimon says that the banking system is going toe in tough shape, and jp morgan is going to have to fight really hard against tough competition from things like square, saying banking is just not inventive enough to come up with something like that. guy: this is not the first time he's said something like this. jamie dimon pointing to what is happening in terms of the threat coming from fintech. the last time he did it, it felt like he was pushing for more regulation. now i think this is clear, he's basically making the point that we are in a real fight there. alix: also talking about net interest income for the year. seems to be right in line with estimates. we will follow that story as well. now let's get some market reaction here. eleanor taylor jolidon, ubp cohead of double equities, the story in the u.s. is going to be looking ahead to the fed meetings. the story in europe is still are going to see inflation in europe and para back -- and para back -- and pare back pepp. how do you prefer that? eleanor: i think we are getting l

christyan malek, jp morgan head of oil and gas, thank you. coming through from robert kaplan, putting a bid back into the bond market in some ways, thing be strong bid for treasuries will stay there. he's also saying that the treasury market in the united states, this is kind of the yin to the yang of what lagarde was saying, that we cannot ignore -- we cannot ignore the low yields we are seeing europe and japan. the gravitational effect of those markets will obviously continue to manifest in terms of where treasuries are. it is interesting to hear, within 10 minutes, christine lagarde talking about that and bullard making those comments. bullard and kaplan talking about similar things. alix: it is interesting with the kaplan part because you are still seeing the 30 year and can europe about six basis points. the idea is you're going to have a bid no matter what that is going to anchor yields at some point. that has been the case for a long time. that has been the buyer's market narrative. that there's always going to be a natural cap because

will we see a 40% decline in trading revenue and jp morgan? we have the details ahead.is bloomberg. ♪ >> this quarter -- last quarter was exceptional. this quarter is more normal. something a little bit north of -- which is still pretty good. but last time we said 2019, the number one, a little bit north of that. >> jp morgan ceo jamie dimon with a warning for wall street. the pandemic era trading boom may be drawing to a close. he signal light trading revenue at the largest u.s. bank will drop 30% to $6 billion in the second quarter in a panel at the morgan stanley conference. let's bring in our finance report. is this a surprise to those of you who follow the banking industry so closely? >> yeah, they've been saying the 2021 is going to look a little bit different than 2020, which was basically gangbusters year. we have not had a year like that in a very long time. i think we were ready for it to come back to normal. this was a little bit faster than what analysts anticipated. it was a little bit bigger of a job. a little bit more of a kind of come back to earth momen

we have already seen goldman sachs my jp morgan come out and boost their dividend.dman sachs is going to $2 a share, basically lifting their dividend by 60%. jp morgan is going to $1 from $0 .90. they say they will continue their existing buyback plan. then you have wells fargo which boosted dividends and announced $18 billion in buybacks. basically what it is showing is u.s. banks are very well-capitalized, and this is a great day for the banks because they are showing this is the first time they are lifting buyouts in a couple of years. it shows they are better off than they have been in a long time. shery: what does this mean for banks in other regions? nabila: shery, in europe of the banks are still not allowed to say what their dividend and buyback plans will be. remember that during the pandemic last year all around the world, regulators curbed buybacks and dividends. the european banks are still under that order for a couple more months yet. here in asia, the australian banks are certainly gearing up to pay out, to announced capital management plans. and we a

jp morgan, marco pallotta bench not giving up on -- at jp morgan, -- some strategists warned that theseolatility to return to markets. ubs's representatives saying brace for that. the spread of variants lists the chance for a -- lifts the chance for a black swan event. haidi: another high-profile oil player is expecting oil price volatility ahead. he was asked to simply speaking to bloomberg, saying u.s. shale producers are waiting patiently for opec to return supply before opening their chance. ryan: the demand is recovering, which is good. and the opec group has got discipline in terms of returning some of that spare capacity back into the market. u.s. companies have exercised discipline as well and that it's very helpful. the real question is, when demand recovers to pre-pandemic levels, excess supply comes back into the market, what is the price of crude at that point in time? so while i am optimistic, the other thing i say is you better get prepared for $50. if $100 comes and that the price of oil, drilling will pick right back up in the u.s. and all that apply is going to come bac

the sale will be led by old, morgan stanley, and jp morgan -- by goldman, morgan stanley, and jp morganmberg sources. amc gave its retail shea are -- shareholders popcorn, and it gave the company a path to stability. it has led to a credit upgrade from s&p. the company cashed in on gains to raise about 1.25 billion dollars through equity offerings. that combined with the improving outlook for movies moved s&p to upgrade amc's rating to triple ccc+ from ccc-. still, the fund is deep in junk territory. anna: coming up in this program, a nation's race to return to normal. various variants threatened to prolong the pandemic. the delta strain is responsible for the majority of the u.k.'s covid cases and is rising rapidly elsewhere. we discuss next. this is bloomberg. ♪ anna: welcome back to the european market open. 21 minutes into your trading session and this is the picture for you. seeing surprising levels of movement on these equity markets, up by 0.2%. the ftse 100 getting the best of the gains. the dax more held back. we have a few stocks to mention for you. i will do these in reverse