inflation strategy at jp morgan securities. work ahead of her with the fed decision in about one hour and five minutes. the market continues to oscillate less around the fed but more around the disappointing earnings we got over the last 24 hours. the nasdaq composite is down more than 1% on the day in the s&p down about 0.8%. the dow is one of the few bright spots, up by about one -- 0.1%. people are keeping an eye on yields of the 10 year yield is back below the 4% level. that's more about the treasury and its more about the earnings we got out of new york community bancorp. the dollar is in a holding pattern as is the vix. we are counting you down to that fed meeting. this is bloomberg markets and that does it for me for now but i will be back. i will pass the baton over in half an hour's time to team surveillance with lisa abramowicz, annmarie hordern and jonathan ferro will have full coverage starting at 1:30 p.m. from new york, a huge slate of guess they have lined up. -- of guests they have lined up. a great lineup to br

ed: microsoft's cyber practice is a $20 billion a year security practice. jp morganhad a note out saying that this could be an example of some of microsoft's competitors getting a leg up and offering their services. you are now in the investment world. how do you apply the events of the weekend to your thesis going forward and which startups you want to target? george: number one, we have many companies buying cybersecurity services. we have all our companies that are globally tribute in and providing services around the world. cybersecurity is something that is going to be a continuous struggle for our society, not something we can fix and be done. so my effort here will be looking at areas that have been underserved or unappreciated, where are combination punches we can deliver with new companies but also new companies joined up with existing companies to bring extra differentiating horsepower to problems that continue to manifest with every passing day. ed: there are many start ups working on all sorts of tools. the common message i get is the threat actors have t

yes, we have issued an rfp in the past to secure a participating bank who is our current participating bank? jp morgan. got it. thank you. um, and that is for $150 million. yeah so the authority is for up to 150 million, but we actually haven't entered into an agreement for that much capacity . we, um, to date, uh, the largest facility or bank agreement that we've entered into has been for 75 million. we recently reduced somewhat recently, maybe two years ago, uh, reduced the capacity under the agreement to 20 million. um however, we're also waiting on another california puc decision that is going to change the financial security requirement that i spent a little bit of time talking about. um, and we are anticipating that that change is going to significantly increase our posting requirements. um, we don't know exactly by how much we have kind of a range, but on the upper end of that range, it starts to get up near $100 million. so so, um, you know, having the flexibility in, in, in sort of establishing that credit, um, facility cap is, is helpful for us so that we can respond to these kinds of regula

madeline securities global head andy brenner here to tackle the banking issues and what we're seeing with treasury yields and jp morgan chief strategist gabriella santos is here on the big market picture. gabrielle, i'll start with you. your fed got reaction. >> they tried to be as noncommittal as possible and it they can't have growth and next move is a rate cut and data is good enough but better than expected and they don't need to rush into that start of the easing psychoand will it was a slightly more hawkish tone than we expected in terms of the statement as well as press conference really pushing back against march as first hike. first cut and really, really focused on continued the progress on inflation. getting a bit more data to really confirm we're moving towards the 2% inflation target and we expect will happen and laser focused on core services. liz: gabriella, they don't watch the market and today we're very close to record highs for the s&p and dow. >> absolutely, it's been quite a run since late october and they peaked and charged by the fed's holiday gift there, the december meeting. we're up 19% in th

jp morgan jamie dimon is becoming increasingly outspoken and if you do not control the border, you're going to destroy the country. even democrat senator john fetterman says secure the border. shouldn't be controversial he says. listen to former president trump here. i want your reaction to this, watch. >> day one i will terminate every open border policy of crooked joe biden is the buyen administration. elizabeth: he's going to get rid of all of biden's border policies. what's your reaction? >> i hope he does. we did it before and it's not complicated. it's against the law to strioand sneak into our country. if you're caught, you ought to be deported. it's against the law to claim asylum and lie. if you're caught, you ought to be deported. if you do that, implement a remain in mexico program, a safe third country agreement, and finish the wall. all you have to do is enforce the law. we could have this border secure in two months. max. president biden could do it all by executive order but doesn't want to so we're trying to pass a bill. he's obstructed us at every step of the way. the man believes in open boarders. it's clear. elizabeth: got it. senator kennedy,