. >> call him the jp morgan of crypto; right. jowski yeah, the michael jordan of crypto if you will. >> why should we care about a floppy haired vegan fidget spinning cryptobillionaire that sleeps on a bean bag chair during the so called crypto winter. the 30-year-old ceo has been referred to as crypto's white knight. >> jp morgan of this generation, sam bankman-fried's ftx. is he the jp morgan or warren buffet? >> it's yet to be determined? >> is he vanderbilt? >> he can be. >> is he a credit scandal? >> is he carnegie? >> if he gives a lot of libraries he is. >> tucker: he's the jp morgan of finance, of crypto. he's the michael jordan of crypto. wait a second, michael jordan is not in crypto. he played basketball. well, sam bankman-fried is not really in crypto either. how we all getting rich the jp morgan he'll be a trillion their. why were all these people pushing a scam that any normal person, even a person with no background in finance and sort of an elementary understanding of profit loss equations could have seen and coul

jp morgan was one of our earliest investors.o i think given the traction and what we largely know is that fintech is starting to heat up on the corporate side. if you look at the last 10 years, you have not really had to sharpen your toolkit. what we do is we are bringing out, automating the cash forecasting. i think because of those things, it feels like we are heating up. caroline: dig into that. how much do you depend on innovations such as blockchain in any way? is that something you continue to depend upon? >> there is no really dependence. we have been watching it. we are curious what happens. one of our largest customers, we actually could accommodate that so they could see their bitcoin holdings which is pretty cool. most corporate's are not, i do not think it was a real thing. most everybody is watching. when i started my career it was in the late 90's. i think we will probably see things getting ironed out when it comes. caroline: i am interested, where are you seeing the most opportunities in terms of further partners

kriti: kelsey berro of jp morgan joining me on set. thank you as always. day one of the ftx bankruptcy hearing is underway in delaware with lawyers saying a substantial amount of assets are stolen or missing. this is bloomberg. ♪ kriti: this is "bloomberg markets." the ftx chapter 11 bankruptcy case began in delaware and ended. it got off to a dramatic start. an attorney for ftx saying a tremendous amount of assets have been stolen or missing. joining us is sonali basak. let's start with the hearing itself. a pretty wild day in court. sonali: a large point of contention was whether they kept the creditor names private. right now, they will not reveal the name of the creditors for privacy purposes. however, that is something they may revisit later. i will also say an interesting part is that a lawyer for ftx mentioned of the venture investments made by ftx, those are assets. those are assets they could sell the stakes to or find value in. of course, that is an ax backed of the bankruptcy that -- an aspect that touches banks far and wide. amber: this has bee

he's a jp morgan. he'll be a billionaire.e so why were all these people pushing a scam that any normal person, even a person with nogrd background i in finance and is sort of an elementaryt lo understanding ofss profit loss equations could have seen was probably going to collapse in the now we're not sure. whupidity clearly plays a role . so does the herd instinct.o so all wise can ask really is wo is benefiting from all of this? well, we know that the democratic party benefited, as we told you, sam embankmentes freed donated forty million dollars to democrats. toe. ycl that's more than any other donor apart from soros. then he pledged another billione for the next election, a billion dollars in one election, because that's democracy. i he wasn't doing this inut private. he was braggin it g about it. and then he was going on inpolii public about how politicians, democratic politicians were begging him for money. watch this. >> howu findhow do you find political fundraisers? they come to you directly. i

you have jp morgan saying that if that inflation print comes hot, you could see a 6% drop for u.s. stocks. just wanted to reflect what was happening in hong kong. that has drawn our attention as well. hs tech currently down the percent. the euro-dollar now back below parity. recently -- briefly checking in on crypto for the likes of bitcoin and ethereum. bitcoin is above 16,000 700 -- 16,700, but many within the sector saying that volatility is likely to continue. within the context, there has been significant selloff to date. let's get to mark cudmore. you have been looking at the fed and the question of core inflation, the stickiness or not of that inflation print. mark: yes, good morning. it is the stickiness i am worried about. many of people are focusing on the idea that we might have seen peak inflation. that is consensus and i would not argue that. headline inflation is likely to be lower very soon. unfortunately, we are not out of the woods for the inflation problem. in fact, the details are likely much worse, so this is a break of the core inflation print to the goods comp

david kelly and john bilton of jp morgan asset management. coming up, u.s.are deciding the control of congress , state capitals across the country. we are going to break down the odds and what they mean for markets. kim wallace, 22v research head of policy strategy joining us next. this is bloomberg. ♪ if shannon's thinking about retirement, she'll get some help from fidelity. with one-on-one financial coaching, shannon feels so good about her plan, she can enjoy more of right now. that's the planning effect, from fidelity. ritika: this is bloomberg markets. you are looking at a live shot of the principal room. coming up, tony rice -- toby rice 2:30 p.m. new york time. this is bloomberg. keeping you up-to-date with news from around the world, here is the first word. when it comes to its future sources of energy ireland is banking on the wind. prime minister michael martin spoke to bloomberg at the u.n. climate change summit in egypt. >> we have a great asset. it is wind. wind in ireland is particularly strong. we are in a position by 2030 to have 80% of our

toe they would us he was the next jp morgan. >> jp morgan of this generation.am bankman-fried. >> we talk about him a lot. >> sam bankman-fried. >> is he the jay cool of our era or jp morgan of our era? is he vanderbilt. >> he could be. >> is he. >> is he carnegie? >> brian: or is he the bernie madoff or al capone? what else is the media highlanding from us. what are we going to find out now that the election is over. bring in former democrat keith ellison gabbard. former presidential candidate all this stuff comes out after people voted? >> yeah, you know, brian, i was reading through these articles, and the thing that dawned on me, it reminded me of the 8 years that i served in congress and how very quickly after getting there i saw how this permanent washington establishment is a a whole will the like high school. there is a lot of immature self-serving people gossipping and clicks and who is getting invited to what party. and cool kids sitting in one area and the outcast sitting in another. and, yet, these are the people who are supposed to be the most seri

look at bank of america since the -- bank of america and jp morgan are huge winners along with wells.he last ten years. >> no. but bank of america, everybody who is levered to rate hikes is crushing it. >> that's not bad actually it's better than i thought. >> it's all right. >> i know. >> neither one is as good as costco look at a ten year, tesla is going to crush those by so much. but today the stock is down about a percent and a half. >> what is that? >> i don't know. do you think there's any concern amongst tesla shareholders all the twitter stuff? for all the twitter -- just the focus that it's requiring of elon musk. he says he is working 120 hours a week seems virtually impossible but he's upped it from 80. added another 40 hours of work largely on twitter obviously space x, tesla, neuro link, other things he deals with as well. then there's this question the journal raises as to whether or not, for example, china is very important part of their business the manufacturing plant in shanghai, do you as a result of being the owner of twitter face certain pressures for not banning

maybe if you own these now after the collapse of the jp morgan of crypto, you might want to take thisty to cash out i bet jp morgan or bank of america would accept the proceeds in dollars if you made the money in things so important that we see them all the time. cardano and salata or maybe, maybe, the hilarious dogecoin. cash them in before it's too late and don't look back i like to say there is always a bull market somewhere and i prom face to help you findsomewhere i'm jim cramer see you monday >>> on the morning of august 2nd, 2016, bitcoin investors woke up to news of a shocking digital heist. >> nearly 100,000 bitcoins have been stolen. >> i logged into my account and noticed that my entire account had been drained i was crying and sweating. >> the word started spreading on social media everyone was freaking out. >> it was gut wrenching. >> bitcoin prices plummeted. bit fin exhalted trading. >> the

as jp morgan removed russia from its esg sweet? >> probably. >> can you get back to us with a definitive answer on that? >> i'm going to do it. >> we clearly have sanctions on russia and belarus, there's a loophole in those sanctions that we don't have an iran or north korea sanctions. that is that the subsidiaries of u.s. corporations are not legally bound. i hope is that the institutions here wouldn't be exploiting that loophole. this house of representatives and may passed my bill, the russian and belarusian financial sanctions act. which would block that loophole. unfortunately, the senate remained somewhat phil dysfunctional. the question is, are you going to exploit that loophole? but i'll be more specific. mr. dimon, has jpmorgan cut its ties with gazprom and vital? >> first of all, i wouldn't call them loopholes. the american government, secretary of treasury -- >> i did ask you to respond to my editorialize asian. just a specific question, have you cut the ties to gas bomb and vital? >> we are following the instructions of

jp morgan's kalanovich says you will need to see a cut before risk assets rally significantly. futures stateside after modest losses yesterday. fed officials saying look, we still expect hiking that has to come through and a terminal rate about 5% but we could start to marguerite -- moderate. futures stateside currently range bound. euro-dollar, supported, upside on the backup software dollar, -- back of software dollar. -- softer dollar. the pound down across the treasury curve, 4.50 on your two-year. the inversion of 2's and 10's still pronounced. brent $88 a barrel, a gain of 1% , reporting from the wall street journal around a potential increased output, but the saudi strongly saying not so fast, we will give ourselves optionality as to whether we even consider a cut. china absolutely a factor, francine. francine: out of the 23 sectors, half are gaining and have her losing. it goes back to the idea that it is a mixed bag. utilities, basic resources some of the biggest gainers. real estate, auto parts and construction on the way down. the rest is some of them coming out with

we are joined by christyan malek from jp morgan.k about how you think about pricing the china unrest to the crude market. there seems to be a huge amount of uncertainty. how are you thinking about it? christyan: china has been concern for several years. you have the trade war, covid, reopening that could potentially the a risk. as china continues to move and stops and starts, that will leave you bearish on the short-term and where it to recognize ultimately supply in a peak year. we will be well above hundred dollars for the next few years but we are having and flowing around the short-term supply demand particularly around china being difficult in terms of recovery as we hadn't expected. alix: if you take a look at global stockpiles, they are still quite depleted. chronic stockpiles are depleted yet the sentiment has been bearish. this is a dumb question, why is crude so much lower? christyan malek you are not --christyan: you are not dumb to ask the question. close from russia, iran, sanctions taken on quickly the start of the war

you're seeins moving from china to vietnam to india and 25% in the next three years according to jp morganstu: reportedly, it's rumored and speculation they've got a committee together to see how they can get out of zero covid policy. the result of that is that china tech stocks, straight up. lauren: soaring. stu: ali bb aba up 10%. that's huge news. lauren: it's not what we heard from president xi jinping at the congress a few weeks ago. stu: that was before the walk out at foxconn with hundreds of thousands of people. that's a big deal. back to the markets and check futures. we've got 20 minutes to go till the open. 200 up for the dow, 150 up for the nasdaq. and then there's this, cdc director rochelle walensky tested positive for covid again even after taking the antiviral pill paxlovid. dr. marc siegel will be here. what's the point of the president visiting the sunshine state? i'll ask congressman mike waltz after this. ♪ d yois xfinity rewards is a program whose sole purpose is to say "thank you" with experiences big, small and once-in-a-lifetime. sometimes it's about cheering hard e

christyan malek, jp morgan head, emea equity research. you will be catching up with tom gould later on. he is their chief energy economist. coming up shortly, recession and corporate debt. ubs, preferring u.k. and european credit in the front half of 2023. you didn't switch in the back half, focusing on the united states. we are going to speak to the strategist who led that call next. looking forward to that. this is bloomberg. ♪ >> everyone is now starting to look at an environment where central banks are -- i'm not going to use the word pivot, but may be looking at pausing. at least slowing down the pace of hikes. have seen a good inflation print, although still very high. a good direction last week out of the u.s.. now people are thinking given this repricing, is it start -- is a time to start buying back into bonds? 2023 is a good opportunity to be earning fixed income. guy: i'm not quite sure why they were lowering the blinds during that process, but it was not distracting at all. he was bullish on the outlook for fixed income. joini

tom: jp morgan is a moonshot. jonathan: up 20%, that's a monster move. tom: billy.ughter] jonathan: grandma went there. lisa: all right. [laughter] tom: saving us right now. lisa: i don't like it, it's just fun to say the name billy billy. say it, it's fun. [laughter] tom: they are laughing at us. lisa: please, let's move on. tom: royal dutch shell, fun to say. james foley, they did a fancy log study on the bloomberg and china. if you extrapolate it out on the moonshot of weakness, you get the eight you on in the summer of next year -- yuan in the summer of next year. can you extrapolate out some of these beleaguered currencies? ticket lily china. jane: on the news you were just referring to, will they pull out of covid zero or not? that's been leaning on the market expectations for growth in china and therefore on the value of what we remember because we know that chinese growth this year is really disappointing and a weakened economy means a weekend -- we akened exchange rate. it really depends on whether we are talking about commodities exporters or importers. ce

that's the consensus building of jp morgan. each see the fed signaling that the pace of hiking will slow ahead of rates speaking in 2023's of the economy has a chance to catch up to the hikes which of heard it already. joining us the cohead of swiss on global equity. good morning and thanks for joining us. we start there then with the fed head of the fomc decision. do you align with this view that a pivot is now looking far more likely from the fed as it weighs up the hikes being pushed through. >> i think it will depend on what data we see coming through certainly the united states does seem to be slightly ahead of europe in terms of dealing with their inflationary pressures, they were hiking faster earlier and probably had negative language in terms of hawkish language from the fed peaking in august so it would make sense now we see another 75 basis ranged hike and perhaps slightly smaller incremental hikes into next year. tom: is it too early to start positioning for that scenario and allocate around that outcome? >> i think

we had the trading desk at jp morgan say that if we were to get a surprise events this week, we could see equities rally 10%. that would be a monster move in the equity market. we have seasonality on our side, the first of november. november is typically a better month for this equity market. the yen is stronger this morning after mof spent ¥6 trillion on supporting their currency. that is a record month of october for them. that is the picture in the u.s. on the yen for you. we have seen a rebound in chinese shares hoping to help asian markets for the second session paid a we also had the rba signaling more hikes to go. on top of it is juliette saly. juliette: certainly a rebound in hong kong. the hang seng tech index is now up 6%. also seeing those chinese stocks listed in hong kong that wept there holding at 2005 levels of rebound too. we did have disappointing export data out of tough korea but the kospi is rising today and a turnaround in the offshore yuan as well who had its lowest level since 2005 as well after we saw weaker than expected fix coming through from the pboc. it on

jp morgan coming out this morning with that. it is all going to be data-dependent. the biggest thing is the consumer is not one of the fed's mandates. the fed is looking at inflation and looking at employment. this tells a story. we heard esther georgia say in her 40 years she is not seen rates this fast without causing pain, and other words, without raising the unemployment rate. you have a lousy quarter for target and they said they are doing a restructuring but they lying anybody off. guy: that is the point, isn't it? you look back at the consumer, the consumer and unemployment have to be linked? people are prepared to spend money on credit which means they are confident about their employment situation. this all hinges around employment. michael: it does. the way the fed does this is just for the economy and implement rate goes up. jp morgan note says they expect one million people to lose their jobs in 2023. does that happen? or is there something different this time? it was so hard to find workers after the pandemic. our company is going to holland onto worker

michael feroli, jp morgan economist. you have to wonder what the fed is thinking.y they don't look at it. i don't believe it. we are going to take a look at where the jobs are. we are going to speak to the ceo of a top engineering and design firm. as is bloomberg. -- this is bloomberg. ♪ ♪ ♪ we all have a purpose in life - a “why.” maybe it's perfecting that special place that you want to keep in the family or passing down the family business or giving back to the places that inspire you. no matter your purpose, at pnc private bank, we will work with you every step of the way to help you achieve it. so let us focus on the how. just tell us - what's your why? >> this is bloomberg markets. you are looking at the principal run. coming up, ubs managing director and private wealth advisor joins bloomberg tv at 3:30 p.m. new york time. this is bloomberg. keeping you up-to-date with news from around the world. i'm lisa mateo. there is a report that donald trump's team is looking at november 14 for the launch of his presidential campaign. the book -- axios says an announce

strategically important russian companies, according to bloomber cone. this is not advertised, but jp morgannd citibank have already received similar requests. we are talking about providing basic services to gazprom, as well as to fertilizer producers uralkali and phosagro. they still have the opportunity to settle in dollars, make transfers and receive trade financing. in addition, the bank was directly banned from blocking phosagro assets, and was reminded that trade in medical and agricultural products is not subject to restrictions. according to bloomberg, washington is taking such measures to reduce the negative the effect of anti-russian sanctions and avoid a global economic catastrophe. the indian state petroleum corporation will retain a 20% stake in the sakhalin-1 project, according to reuters. she has already sent the necessary application to the operator , let me remind you that the project finally changed jurisdiction to russian in mid-october, while the participants were given a month to accept a similar share in the new operator. the supply of electricity to moldova has risen

what's weird is i received emails, it's not public, it's only for internal jp morgan employees. somebody he was reading these emails felt super uncomfortable with some of the emails. those were the ones that describe black customers walking in to a chase branch. after they describe what the person look like, they did not ask when what they did wrong. it was in sharp contrast with this person came in and presented in id and a card that had already been reported stolen. we already talked to the customer on the phone. no. it said african-american man tried to cash a check from a business from texas. i don't know what is wrong with that. it's not explained in the email. there's another email that described a very young african-american male, with blond dread to comes in with a check and wants to cash the check. the teller does not believe it was issued to him. he gets upset and leaves in the teller calls the person who wrote the check. the person said, yes i wrote this check to the sky. also, why is that please use caution? that should be please don't treat that guy like that. i rea

jonathan: jp morgan potentially talking about a cascade of margin calls.h leverage is there, how much contagion can we expect perhaps across traditional asset classes? tom: i'm going to editorialize and say there is way too much focus on billionaires, or less than billionaires and far let's focus on people getting run over by this event. jonathan: couldn't agree more. there is going be so much pain for individuals across this country and beyond. that is the point, where the billionaires use to -- they were not billionaires, how much hot water are they going to find themselves in over this? tom: i have seen the ballet of davos. the billionaire adoration, it is gone. jonathan: i like that. price action with single names. lisa: let's talk about the bitcoin space. with these companies tied so intimately to the crypto story, including coinbase. i'm watching today yesterday and the day before, huge losses up now 1.2 percent. how much to build on this idea of the ramifications, the broader acceptance of crypto. investment in it. how much does that rebound into ot

remember we used to say sam bankman-fried was jp morgan.ou know what? i would have done better to leave my money in draftkings here is the bottom line. crypto enthusiasts love to argument that the u.s. debt is a con, the euro is a con, the treasuries are con right now crypto is a con that's collapsing on itself that's worse than the promoters that used to get your dollars and win with them while you probably lost everything i like to say there is always a bull market somewhere. i programs to try to find it right here on "mad money." i'm jim cramer i'll see you tomorrow. of the wot successful consumer products, joins the tank. the key to this game is buzz building and distribution -- two areas that i can bring to bear better than anybody else here. healthy food is a human right. you're coming across as so scattered. -and what are your total sales? -$1,000. we're at a crossroads here. there's a real demand for this. -i'm gonna make you an offer. -whoo! robert has to give you that deal because he doesn't have the distribution network to help y

>> same. >> jp morgan? >> i think of the united states government credit for working closely with the banks. we expected a lob we've not seen a lot, very little bit but that doesn't mean it's over. >> city group? >> we have not seen that in the united states. >> bank of america? >> we haven't seen a major increase, but the question is what happens next. >> truist? >> we have not seen a major increase specifically related to that. >> wells fargo? >> same answer as my colleagues. >> i'm just curious, what's the size of your budget for cybersecurity in each of your bank's? pnc? >> i don't know if the top of my head, i would assume it's close to the sides of u.s. banks. >> jp morgan? >> $700 million directly, a lot more indirectly. >> citigroup? >> same, almost $800 million. >> bank of america? >> roughly one billion dollars and a lot indirectly with our partners. >> truist? >> several hundred million dollars, directly ended directly. >> wells fargo? >> partly seven or $800 million. >> my time is better expired

nor jp morgan of this gn sam bank man freed. >> we talk about him a lot.of this area or the j.p. morgan of our era. >> i think it's yet to be determined. >> is he vanderbilt. >> he could be. >> steve possibly. >> is he carnegie? >> jp morgan or vanderbilt goat hang out at a party with bill clinton or katy perry? i don't think they did. they let bernie madoff wear his basketball short on stage with bill. is he like crypto fetterman. i guess they will let you wear whatever you want when you can buy red wave insurance for democrats. >> how do you find political depend raisers they come to you directly? is it easy to get to you and say we need this money for this candidate and what kind of candidates do you tend to support. >> well, if i pulled out my phone here and just looked at my last 10 text messages about half of them are going to be people asking for, you know, politician asking for a contribution. i have got a few people on the ground in d.c. who are sort of actually running the operation. >> jesse: this operation helped democrats keep the senate and b

that's contessa brewer up next new from jp morgan about what a hot cpi would mean for stocks the note i mentioned at the top he show, we got our hands on it don't miss this next at ameriprise financial, our advice is personalized. based on your goals, whatever they may be. all that planning has paid off. looks like you can make this work. we can make this work. and the feeling of confidence that comes from our advice? i can make this work. that seems to be universal. i can make this work. i can make this work. no wonder more than 9 out of 10 clients are likely to recommend us. because advice worth listening to is advice worth talking about. ameriprise financial. ♪♪ the only thing i regret about my life was hiring local talent. if i knew about upwork. i would have hired actually talented people from all over the world. instead of talentless people from all over my house. >>> we're back i mentioned at the top of the program a note was making the rounds trying to game out cpi and what it means for the stock market in either direction, whether it's a hot report, cool report and what the s

for the record, sam bankman free or sbf is no longer the jp morgan and crypto and the days he said he gets so rich from crypto he would buy goldman sachs, i'm putting that plan on hold forget acquiring anything, man he can't even sell his own company. of course, crypto is just the most egregious example from an investor base addicted to gambling but speculators were alienated including the mmeme stock of amc and unhinged from what is happening at the underlying company that has very little going for it. if you say anything negative about game stop like i called from my hospital bed to sell it back when it was 400, well, i didn't want anyone to lose money. the investor base will hound you to death i don't blame anyone for wanting to stay off their radar. they are vicious they wrecked my mentions column on twitter, just destroyed it. maybe i shouldn't have been looking at my mentions to begin with but i used to like to interact with people because i'm a friendly people but got bad when the memesters coming after me i don't see that getting better under elon musk. what is really disheart

means less regulation the biden administration is considered incredibly anti bank so buy the major jp morgan of wells fargo, the latter a big position in the travel trust these stocks are moving up, up, up because of the feds increase in rates and in anticipation of big gop victories tomorrow night. finally, we can expect the mergers would thaw immediately upon the election of the republican president the only deals with private equity firms taking down privately traded companies it rare two publicly traded companies try to merge and when they do, it's hard for them to survive the gauntlet however, and in many ways this is more important and we talked about it all, there is a bear case here too. first, if we get a divided government, the non-elected executive agencies may really double down the criticism of big businesses that's especially true if they sense biden's reelection may be in danger. i expect the ftc to fight kroger's attempt of acre quisit of albertsons. big win. so the next years could be incredibly negative for m&a, not good for gold man sachs with serious out performance. thes

sticking with -- jp organ sent -- jp morgan think it is the calm before the storm. >> we are third through high-yield. high-yield and recessions, credit spreads don't peak until the middle of the recession. jp get around 800 to 1000 basis points all the time. there's another 300 basis points to go. katie: matt hornbach, maureen o'connor and3 are still with us --ashok bhatia are still with us. 300 basis points, is that your call as well? maureen: we would agree. we do see some more material underperformance and high-yield as we push later in the cycle. that is consistent with what you see with stronger recessionary headwinds. i think when you watch yields, eels might not calibrate that much higher. we are likely looking at a wider spread environment for investment grade and high-yield against a picture of lower treasury yields. we do believe there is probably another shoe to drop and high-yield market. as you noted earlier, some material compression across high-yield. this racial be to double be basis -- the triple b the double b. katie: another shoe to drop in the high-yield market. view t

all right, george, to check with jp morgan so much more.'d love to ask you, but we've working family worth. morgan stanley, morgan morgan, we those guys. we love morgan stanley. all ship with morgan use me. >> my heart is there. joe, and morgan stanley. we appreciate your insight. and we look forward to our next conversation with you. all right, stephanie, thanks much to tucson. all right. take care now. all right. well, control of congress remains up in the air. we know last night's elections produced his story, quinn's in several races across the country. >> both democrats and republicans made strides diversifying their parties. our washington correspondent trevor shirley has that story for us. >> we'll both parties say there's a need for more diversity in their ranks, both in terms of representation and age. and at this point it would appear that both republicans and democrats had some success in those efforts during these elections amid calls for more diverse representation in congress, along with the younger bench and politicians, both

stephanie roth is a senior markets analyst at jp morgan bank. it is nice to have you with us. you have the uncertainty tied to the china story. cameron was talking about the potential for more corporate weakness on the profit side. in terms of the bigger question that a lot of market participants are wondering now, do we have a recession, what kind of recession could we potentially be looking at? how are you navigating those right now? stephanie: toward the end of the year, as we are looking at our outlooks, we expect a recession in the middle part of next year. we do not think it will be a financial crisis, but a run-of-the-mill type of recession. we are starting to see signs of layoffs, but we believe that could be a bigger trend. it is looking ok for the holiday season, but we do see heavy discounting. companies are worried about excess inventories. they are trying to get rid of what they have because of concerns of what is looming ahead. we think tougher times might be in the beginning part of next year and especially toward the middle part, then toward your end. we will p

this year jp morgan bank is going to spend $12 billion on technology, 12 billion. that's about the same as the entire irs budget, not the technology budget, the entire budget. and jp morgan is a big organization, but it doesn't have as many customers as the irs has taxpayers. it's the scale. and where the irs has had funding, it's been uneven and john koskinen, with the experience, you can have a technology project start and then it ends at the fiscal year and the next year it doesn't get funded until the middle of the year. it's almost impossible. it's very, very difficult to manage any kind of technology project with that kind of unevenness. so, that's why i'm saying i don't really agree with the premise of your question in many cases. however, there is that perception and that, oh, the irs has failed in its modernization. i think that that is said not to have been specific failures, but the bigger point it's been fed by the irs itself and treasury and others that cite that the irs depends on the so-called master files, the cobalt master files through the process

the axe is basically equivalent like a jp morgan of the crypto sector. sam gorgie editor at koin telegraph has been covering the crypto world since 2012. >> just 3 years after bitcoin was born, the demise of ftx, a seemingly unimaginable collapse went from 30 billion dollars. plus to 0 in the span of really of days. the vast majority of the money invested on ftx exchange gone. the company's now former c e o 30 year-old stanford native sam bankman-fried who took to twitter saying, quote, i f up, i should have done better as for where everyone's money went more. she says much of it appears to have been transferred to an ftx sister company. that deposit has now looks like it went to all my research to investor traded to some high leverage, high risk trading. was it all a loss to i do. it looks like that right now leaving those who invested taking to twitter, some pleading with bankman-fried to give their money back. others expressing anger. one person writing, quote, i lost my life saving. thanks to you. i have never wish for a person to rot in jail more th

jp morgan chief economist a little bit later.d 87-year-old man's covid related death in beijing is re-creating fears of lockdown spewed reports of two deaths and cases added. we get more on what the officials are calling a grim situation, next. this is bloomberg. ♪ and it's easier than ever to■ get your projects done right. inside, outside, big or small, angi helps you find the right so for whatever you need done. with angi, you can connect with and see ratings and reviews. just search or scroll to see upf on hundreds of projects. and when you book and pay throug you're covered by our happiness it's easy to make your home an a check out angi.com today. angi... and done. haidi: let's get you the latest when it comes to covid-19 in beijing. of course, we had the first covid related death in almost six months and we are just getting the latest numbers when it comes to almost 1000 new cases being added. the covid death toll now rising to two people as of sunday. 950 people with local covid cases as well. in hong kong, the leader test

strategically important russian companies, according to bloomberg, they are they do not advertise, but jp morganibank have already received similar requests. we are talking about providing basic services to gazprom, as well as to fertilizer producers ural-potassium and phosagro. they retain the ability to settle in dollars, make transfers and receive trade financing. in addition, the bank was directly banned from blocking sagra assets and reminded that trade in medical and agricultural products is not subject to restrictions. according to bloomberg , washington is taking such measures to reduce the negative effect of anti-russian sanctions . avoid a global economic disaster. restrictions on the export of rice and rice groats can be extended for the next year, the ministry of agriculture of russia plans to take such an initiative. for some items, there is a lag behind last year's pace, in particular , the gross paris, the collection of which is expected at the level of 950,000 t, this volume corresponds to the threshold of domestic consumption. in this connection, the ministry of agriculture plan

jp morgan's trading desk had a know it we were to get a 50 basis point rate hike we would see the s&p 500 surge 10% on wednesday. that is not their base case. we are more likely to see a stock trading flat after the decision or maybe a little bit positive or lower. they do not have a clear idea. they are expecting the fed will do what the bond market is already pricing in. haidi: does the jobs data complicate or frustrate the downshift plan for the fed? >> complicate for sure. several officials were a little bit relieved in the previous report when they saw that drop openings were coming down. what we are learning is that they are backup, we have 1.9 openings for every unemployed person. or that suggests is continued strong demand for workers, more persistent wage pressures, and definitely more pressure on the fed to stay at rest with the writings. -- ratings. kathleen: their terminal rate is 4.5%, some have even opened the door to 5%. that was suggested that whether the effect of 75 and 50, 50 and 25, they will keep raising rates. >> tomorrow we will be looking to see from powell if

jonathan: bruce cashman joins us now, chief economist at jp morgan. his divided government the best outcome as far as you are concerned -- is divided government the best outcome as far as you are concerned? bruce: it means you're not going to get a strong action in terms of things like fiscal policy, like the context of how much our deficit is and how much we have already done, that is a good thing. if you have a need for action because of a recession or other prices, it is going to the heart to see government mobilized. -- hard to see government mobilized. tom: we blame politicians for inflation. can politicians cure high inflation? bruce: inflation is always an interaction between things happening in the global economy which are not in the hands of politicians, also what the political economy and not only the central banks do in response to that. i think what we can say of the spike the last year and a half, it is not primarily the central bank phenomenon, not a political phenomenon. how this is going to play out the next couple of years is going to

manus: if we have a tight cpi print jp morgan says bonds could trade under 4%. what is the risk?t just dreaming? >> the risk comes from services and shelter, rent prices. look there if there is a risk of stickiness. manus: we keep an eye on those elements. short and synced. you can come back. enda curran in hong kong on the hot button issue of cpi. let's get dug into crypto. binance coin was only up 72%, now 140%. this is the backlash in bitcoin. whether it is a crypto asphyxiation moment because you are going to possibly see ftx go into an organized bankruptcy, that seems to be the top line, but does that create bigger opportunity for other cryptocurrencies? this is three days of bitcoin down 20% and that has rocked the cross as that concern about liquidity event. dani: let me show you the board that has by finance -- that has binance on it. i lied. this is not binance. this is bitcoin and ether. both up a lot. up over 100% for binance at the moment, tron another coin is up 600%. i know these are liquid but perhaps it is a market trying to find a home, trying to find what is tru

coming up, jp morgan asset management sees better opportunities in credit and equities present.tegist joins us shortly. we are counting down to the bank of korea pot rate decision. we will be joined by bank of america later on. don't miss our interview with by finance's ceo as fts continues to rockribbed though. 5:00 p.m. sydney. market opens up next. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts. saving you up to 60% a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities. shery: counting down to major market opens as we await market reaction to renewed covid restrictions across china. beijing now reporting 1611 new cases wednesday. shanghai reporting 67 new local covid cases. of course

jp morgan trace -- j.p.n chase and deutsche bank are being sued for turning a blind eye to jeffrey epstein's activities. they threaten to return the spotlight to the nature of wall street's links to epstein. paul: still to come, malaysia's leader is set to test his leadership with a confidence vote. this is bloomberg. ♪ >> we will have to talk about the future. a new economic agenda focusing on the real fundamentals including -- not to focus on the activities and the interest of the big conglomerates. so there is achievable policy. parks that is malaysians new prime minister speaking at a bloomberg interview a one week before the elections. he says he plans to test lawmakers support for his leadership with a confidence vote december 19. he seeks to prove that he does command a parliamentary majority. finally, after a week of political deadlock. >> the almost man of militia politics realizing his dream at age 75 and telling the press his grandson asked him how long it took to become prime minister and he said

lisa: the reason why you saw morgan stanley and jp morgan shifting into top rated credit.t like we heard just from george, the idea that you will see default pick up the growth story and the growth trajectory will highlight itself and the underperformance of certain aspects of the market that have held in more securely. how much have we already seen that, downward revisions and how much more can we see before all of the sudden we think the other collateral damage from this? it is being said that the fed will raise rates until something breaks. what does that look like in the cycle? jonathan: did you see the outlook on 2020 34 inflation on goldman? down from 5%. the easing in supply chain constraints, a peak in inflation reopening and the unveil sing of the labor market -- the rebalancing of the labor market. what actually do they mean? lisa: they means millions of jobs lost. if you have perhaps more jobs but you also have perhaps more workers or you have fewer jobs and more workers, you have to pay them less, basically. jonathan: breaking news cnn, jeff bezos planning to g

it's always jp morgan or goldman. he thinks that they are going to slow down by the beginning of next year, they will pause. his message to me is a little bit mixed, because he says a pivot to slower rate hikes is coming. he must be counting on inflation to start to slide substantially by early next year while the federal reserve is adjusting to what you are saying, mostly we will push our rates up and were not going to pivot to bring them down. one guest said it's not like we are going to go up like this and then down. we will keep it steady while we wait to see if we have done enough. interesting that mike wilson said the inverted yield curve is a great indicator of recession. he thinks by early next year -- that the end of tightening is near but not necessarily rate cutting. one thing leads to another, markets discount the future, so maybe early next year that could give stocks some of the boost they want. david: if only we knew what would happen. mark, lance into the future, for example. some level of cuts are bei

jonathan: jp morgan talking about international. i think that is the international story in the u.k.. equities look like this on election day in america. lyft equity features, up. yields are lower by a basis point. it feels like that is how it is meant to be now. lisa: this turn and a lack of conviction one way of another is just flatlined. midterm elections. i'm curious about which seats are up for grabs. tom, what did you say, 60? jonathan: the real ones in the middle. tom: i think your number was more of the real ones in the middle. david westin will be looking at it too. it is going to be a long night. lisa: torture perhaps will be the 33 basis that the political report is a tossup. we do have auctions today, 40 billion dollars. i am curious about what we are going to see with perspective yields. it it comes at a time where it is this growing expectation of pressure of the federal reserve and how much pushback it is going to be to take off with yields climbing back going back to 2007. the earnings do triple to -- trickled to a c

it is different if you are a barclays or jp morgan. nigel: we can't mention specific stocks, but we are going for the higher-quality end of the banking sector. those that can provide share buybacks and strong given the -- strong dividends. interest rates will remain higher for longer, those banks will benefit in that environment. tom: you're not overly concerned about recession risk when it comes to the banking sector. health care has been a big pick, it has been almost consensus amongst guests we get on the show. in terms of the opportunity to get into health care, how wide is that window open at this point? is that opportunity starting to slip? nigel: with health care, it's a longer term duration type of play. you are looking for copies that have products and services focused towards aging demographics across the world. there are opportunities that i wouldn't go bonker portfolios, but we still see that sector having positive opportunities, just as we do in the industrial sector. we have quite a broad spread of different sectors in th

coming up, jp morgan asset management global market strategist. this is bloomberg.ou up to date with the news from around the world, here's the first word. in chesapeake, virginia lycee the man who opened fire was a company employee. six people were killed tuesday night and for others are in the hospital. the suspected gunman is believed to have killed himself. bloomberg has learned the european union is discussing capping the price of russian oil between 65 and $75 a barrel. they are also involved in the talks. eu ambassadors looking to aim the cap on the mechanism. other american insurers retreating from europe. bloomberg has learned the company is exploring sales of its business in spain, portugal and ireland. assets could fetch more than one -- $1 billion paid -- $1 billion. i'm ritika gupta, this is bloomberg. guy: talking of assets that could be on the block, the owners of manchester united football club are exploring options for a sale of one of the biggest football clubs. alex webb joins us now. you have the rinaldo exit which is a factor. interest united po

he was not doing it to be jp morgan or save anybody, he literally was just protecting his own ass.zed. who could have more risk in their balance sheet that we know of? by finance. a lot of people want to believe they are a good actor, but they are thinly regulated just like ftx. they don't even have a --. it is hard to hold them accountable for anything. in certain ways they are engaging in certain activities in the back end. that would be the -- that would be the ultimate blowup. caroline: we will go to binance to get their take and to defend themselves. there's an interesting take. that this is decentralization of what is wanting to be decentralized. is there a way you could have centralization other than a company that is public and regulated? how do you regulate non-us domiciled companies? is there a way we can bring transparency? the promise of real transparency that so excited many about this space, can we ensure this is happening when you do have deep pockets and a level of hiding behind certain arbitrageurs? >> there's two ways. one, stick with a safe, regulated onshore exc