for example, that has neel kashkari a little hesitant at the moment. there is no reason at the moment for the rba to be pausing. so, i would expect to see those pricings pulled out a little bit with a little more positive -- volatility on the aussie front and aussie bond front as well. haidi: matt burgess are asia fx and rates reporter setting up another hectic week for currency traders. a lot of this will be on expectations of continued banking turmoil. credit suisse is facing the threat of a possible investigation and disciplinary action over how top managers ran the bank in the lead up to its collapse. let's bring bloomberg finance editor adam haigh. what are the details that emerged in terms of how we know the top management personnel, what were they doing in their decision-making leading in to those last weeks and days? adam: this has hung over credit suisse not only over the turmoil of the last two weeks but the past two years, how people evaluated how they would redo strategy at the bank, how they would bring back franchises that had really lost

we hear neel kashkari and others spell that out. what sectors are you looking at? hike, i'm not saying we have, but the last rate hike and first cut, the sectors that out perform are consumer staples. sometimes materials and utilities. when i look right now at the market, i look at companies that maybe have been oversold. i really like infrastructure. i like the rails. particularly in canada. i like canadian pacific. the company that just completed their merger with kansas city southern. if you think about the world that will continue to deglobalize and there is some indigestion that goes along with that as well. i'm interested in canadian pacific. >> the re-shoring play? the assets they bought from ksu, kansas city southern, bringing them to mexico where we expect more production there. >> that's correct. i see that as a re-shoring play. having now rail lines going from canada to mexico. they have a hold on the north american rail system. >> something to watch. patrick fruzzetti, thank you. >> thank you, frank. >>> one more look at futures. hitting the highs of th

tom: that was minneapolis fed chief neel kashkari speaking to cbs.et's check in on european markets. the relief from the banking sector continues 12 minutes into the session. you are seeing gains of 2.7% class banking actor. the cac 40 and france gaining 1.2%. deutsche bank the stand out in the banking sector after selloff on friday gaining a little over 5% in the session. francine: joining us now to talk markets and possible risks of recession in the u.s. is caroline simmons, she is from ubs global wealth management. there's so much going on at the moment with the repricing of bonds and neel kashkari saying they are monitoring a possible credit crunch. do you feel uneasy about the next six months or do you feel comforted by the fact that it has been a violent two weeks but things have held up pretty much? caroline: it's a continuation of where we were headed which is a slow down and debate about whether we are heading into a recession or not. what has happened in the banking sector has exacerbated potential risks of the recession through potentially

minneapolis fed president neel kashkari says recent bank turmoil is boosting odds of u.s.ecession. plus, credit suisse facing investigation over how top managers ran the bank in the lead up to its collapse. breaking news for you. the banking crisis. it looks like citizens bank is now set to near a deal for silicon valley bank that has been going on for a couple weeks now. it is very difficult to find a fire -- was very difficult to find a buyer right for this. authorities finally nailed it down this way. there was early reports one of the big banks was ready to buy svb but regulators passed on that and it now after more than two weeks of prices turmoil spurred by what happened to svb, it looks like another step is being taken that may be will continue to help restore investor confidence, not just in these banks, but banking more broadly. of course it was, as you know, annabelle, the financial regulators held out friday for u.s. stocks. how do you think this is failing -- fading three to asian markets now? annabelle: we saw futures for a lot of asia lower a couple hours ago

fed officials coming through the route to bostick and neel kashkari singh at least about 5% to cross -- crush inflation. the ftse 100 down .4%. 33 points for the main u.k. index. spanish ibex down .6%. let's have a look yields and the u.s. dollar. the dollar is back today after the softness that we have seen. bloomberg u.s. dollar gaining point 3%. the u.s. dollar is 1.06. futures losses of .7% after the s&p closed yesterday at the lowest level in six weeks. here's the yield story. the 10 year at 4%. it is across the 4% level. is that looking like it has value in the tenant year? for basis point move. the two-year and germany, since the start of february in about 30 days, you have seen a move higher in terms of yields of 70 basis points at the front and of the curve and germany. 323 now on the german two-year and a move higher of three basis points. francine? francine: a couple of news stories that we are following. we found out that china is planning to put around $1.9 billion into its top chip memory maker. overall, we are seeing pressure. if you look at the 20 groups that make up

we do not have that today. >> neel kashkari, i look forward to talking to you again about this.re going to have to leave it there and we'll be back in a moment. fair, freckled or melanated we are appreciated ultra hydrated glazed and glowing confidence overflowing new vaseline lotions 90% more moisture for my one-of-a-kind skin and there's no other skin i want to be in. hi, i'm darlene and i lost 40 pounds with golo for my one-of-a-kind skin in just eight months. i gained an enormous amount of weight due to a medication i was put on. when i started the golo plan and taking release, i was surprised at how easy it was for the weight to come off. i've never done anything better in my life. do you struggle with occasional nerve aches in your hands or feet? try nervivenerve relief from the world's #1 selling nerve care company. nervive contains alpha lipoic acid to relieve occasional nerve aches, weakness and discomfort. try nervivenerve relief. >>> that's it for us today. thank you all for watching. until next week, for "face the nation," i'm margaret brennan. welcome to alaska airl

in between, and honestly, listening to these three fed officials speak, perhaps with the xepg of kashkarigine all three of them going either way dependling on what the data say come may >> yeah, fair enough, steve. thank you very much. we appreciate it >>> all right, my next guest pretty much agreed with neel kashkari greg says that despite depositors and institutions easy access to money, they should be ready for protracted stress. i think i said reporter for the "wall street journal," good to see you again. welcome, and i think there's sort of a meshing of multinarratives here, which i know probably bothers you as much as anybody, but i think what kayla just said is important. until there's some movement on the fdic front to clarify what the rules are, we're probably going to see the market push this to a kries point again. >> yeah, i think there's a comthings going on a policy aspect. on the policy aspect, i think the fed and fdic have bought time, so long as there's this assumption they'll declare systemic risk, then i think it sort of stabilized the mid-sized and smaller banks. i thi

kashkari says to wait on how this plays out.al banks are aware of liquidity problems, so they are trying to maintain swap lines for dollar liquidity and trying to keep liquidity at a good level to try and ease concerns. of course, that does not mean these concerns will subside suddenly overnight. the next two weeks will be keen indeed, but if the banks are fine the next two weeks, may be the markets will say we are not -- will say we are overdone on u.s. rate cuts, but certainly the banking fears are not going to disappear anytime soon. haslinda: emerging asian bonds have done well. will they continue to do so? david: i think so at the moment. with u.s. yields falling, it is attractive for emerging bonds. the catch is therefore, do u.s. yields remain low and push higher as fed pricing is repriced? if that happens, the dollar goes higher, so you see this reversal of fortunes. flows will have gone back to the dollar bonds, but at the moment there is certainty and they look a better haven than other assets. haslinda: volatility is

neel kashkari has also said the turmoil has increased the risk of a recession. what is he most concerned about? russell: basically he is concerned about a credit crunch and the risk a credit crunch could slow the economy. he is not saying there's any policy impacts at this point, it's still a month away from the next policy meeting, but he is concerned there could be a slowdown in bank lending that could reduce the need for more aggressive rate increases. interesting comments coming from kashkari, who has been quite an inflation hawk so far. market observers and participants are looking closely for comments by the likes of kashkari to see if there's any way the banking crisis will shift their outlook on interest rate policy going forward. we still got a month to go, and a lot could happen. everyone is hanging on every policymaker's words and there will be policymakers speaking this week. dani: if anything this sale shows how fast things can move, just two weeks after the f dic seized silicon valley bank. russell, thank you. silicon valley bank has been sold to f

kashkari talked about this today, that he's tired of talking about what the stock market does.said he doesn't care. if it's going to go up, it's going to go down i'm watching bond yields and financial conditions i think the market is starting to react to this more and more exists that i talk to are talking about 6%. so i think that's where we're heading. rick made a very good point about the prices paid index, going up in the manufacturing index. >> but let's think about what you just said there. you're saying it would have been worse if not for the fact that the bad thing rose that's not a great thing for equity investors >> no. there's more money floating out there. the feds are trying to pound the table more and more. officials like kashkari, austin goulsby, chris waller talked about head fakes with inflation data we saw that in november and december soft inflation data, starts to turn around now in january that's what they were worried about. so yeah, that four-point move in the ten-year is telling you that the market is starting to brace now for higher policy rates. >> are

neel kashkari is a voting member this year to set monetary policy.his is a big deal that the bank failures could move us closer to recession. then he added this. listen. >> on one hand such strains could bring down inflation so we have to do less work with the federal funds rate to bring the economy into balance but right now it's unclear how much of an imprint these banking stresses will have on the economy but it is something to watch very carefully. >> reporter: so the uncertainly remains for the banking system, the over all economy. for citizens bank, meanwhile, buying silicon valley bank for $72 billion. that is a discount that triggers a 20 billion-dollar hit to the fdic insurance which covers insured, uninsured depositors at the banks. fed chairman jay powell said the failures at banks will not spread to banks specializing in commercial real estate for example, as that market softens. >> the banking system is strong, it is sound, it is resilient, it is well-capitalized and i really don't see that as at all analogous to this. >> reporter: messa

. >>> stateside, neel kashkari has signalled he may back a 50 basis point rise given the hotter thanxpected data last month the personal con ssumption index rose 5.4% in january kashkari hasn't ruled out additional rate hikes this spring >> given the data in the last month, which has been a strong jobs report and higher inflation that we expected and these are concerning data points suggesting we are not making the best progress as we would like to me, whether 25 or 50 is less important than the dots. i have not decided at this point what my do it is -- dot is going to look like i will push up my policy path. >> adam cole joins me from rbc capital markets. ad adam, thanks for joining the show this morning. all eyes on the eurozone inflation print today. if i look back at what we heard at a country level, we have spain and france and now germany surprising to the upside on inflation. is it fair to say the persistent inflation narrative is not just about one country. this is a eurozone wide phenomenal >> that was certainly the case in february, yes given the consistency of the upside s

. >> neel kashkari, from minnesota, made comments over the weekend. he said it could be a much bigger threat for the potential of something slowing down because -- landing in a recession because of concerns. >> recession. right. >> interesting. >> i wonder -- >> go ahead, steve. >> go ahead. >> no, i was going to say interesting piece in the journal. almost as if the san francisco fed and bank were on the same page in terms of which risks they were really looking at here or had their eye on. no risk, per se, the dei manager. the san francisco fed has been trumpeting efforts of climate change risk and inclusion and community reinvestment. the bank and regulators were on the same page. according to the journal. that is the journal's take on a lot of thing. i don't know about the mandate. they seem to be exclusive. we seem to be price stability and bank stability. let the private sector take care of full employment by getting out of the way. you know, don't put that onus on the fed to where they have to be all things to all people. some of the -- right n

haidi: neel kashkari and boston's fed president on the fight against inflation that is ongoing.ur next guest says earnings recession is already upon us, so now is the time to be selective. you look at some segments of the market, especially for the rotation away from value back into growth, a rebound in tech, the bull market for the nasdaq, and you think those risks are in the rearview mirror. do you think that is the case? >> i don't think that that is the case. certainly, investors have shifted gear quickly, and we did see this rally in the nasdaq. it is up putting percent since december lows, which is almost remarkable when the s&p is up only 6.5%. you do have this bifurcated outperformance of the nasdaq, but i think it is also because that is what was taken -- that was the part of the market that took such a big hit last year. that's where you saw multiple compression and some earnings compression but not necessarily as much earnings compression as multiple compression. what i think we are into right now is the earnings compression cycle across the board, and we have had alr

i mean, neel kashkari told me... >> yep?job is a great asset. >> (chuckles) >> jacoby: that, that when i... >> his, his may be. i'm not so sure that's, that's true for e folks working three jobs behind the counter at the supermarket. sorry, neel, i think that is an elitist assumption of what labor income is good for. >> jacoby: karen petrou is an unlikely critic of the central bank. we've got, we've got pete here. >> go lie down. >> jacoby: she spent her career inside the financial system... >> down! >> jacoby: ...advising banks and big investors. there we go. >> interview here, take five marker. >> jacoby: 2015 to 2020 was actually considered a time of recovery. unemployment was getting to record lows and there was kind of a conventional wisdom that the economy was in a good place at that point in time. so you disagreed with that. >> i did because most americans disagreed with that. the majority of americans said they were economically anxious. significant percentages of people who were in the statistical middle class were

. >>> plus, the fed's neel kashkari looking to calm concerns around the health of the banking system.

points as a possibility, kashkari being a voter.have to do more. they're coded to to get the meeting by meeting and see what happens. right now, they would not argue perhaps with people that are raising their bets in the markets. if you are betting on higher interest rates in u.s. treasuries today, you are doing that based on information for the most part from a month ago. the numbers are new, but everything else, productivity and labor force numbers are for the fourth quarter. lisa: you have some people who might question the data, say that this area when anybody hangs up when a call to give them a survey, it is not as accurate. do you ascribe to the lack of accuracy of this data based on modern technology and the way these surveys have been collected? michael: they do a good enough job at the bureau of statistics that the jobs numbers are pretty good. the bureau of labor statistics is doing a good job of changing the way it gives the data for the cpi numbers. they're going to private sector providers because sometimes they cannot

. >> that's kashkari on xdcbs sayg it's brought recession closei to the u.s. >> i've been continuing same time, you havekb ll these looking atfá what just happened and ko■saying, okay, l, we have a path. we know there's a path, both for the losers and winners. the losers don't want tor but i'm not veryçó heartened, a i think that is at( little too negative out of this framework. >> let'sçó see what happens tod at least.e1+■ let's get the openingr f1 o the big board, it's con u. celebrating its 200thlpçó anniversary today. and at the nasdaq, two sigma ventures, recognizing leading women in5a■ a.i. jim, it does raise the question, ■ 100 having raise the question, its best quarter in over a decade. >> it is incredible. the nasdaq 100 is a combination of nvidia,e1 becoming a differe company, i xdthink, mega, seein much more oriented towardt( may a tiktok versus reel. advertising. we'll hear that from snap andxd pinterest. but then there's just a belieft that apple, we were worried very much about apple just literally four weeks ago, the supplies, and then david, you know, the pressure se

guest: neil kashkari is the president of the minneapolis federal reserve bank.ng members, they sometimes vote on policy but they are all very actively involved in poly and setting interest rates and emergency measures and things of this nature. president kashkari, to his credit, has been very willing to sit down with me to answer questions, to sit for an hour or hour and a half interviews to answer questions that i think the public has about what the fed has been doing. host:ould you say that he agrees with chair powell's decision not only an interest rates but also pulling back on the balance sheet? guest: yes, i think what is interesting about kashkari's he was what was called a dog for a long time. basically saying he was all in favor easy money policies, low interest rates, quantitative easing, in order to try and stimulate economic growth and fulfill the fed mandate. the fed has two mandates that it has been given by congress. one is to basically keep inflation under control. two, it is to try and create full employment in this country. that the full employ

. >>> the renewed focus on the federal reserve with the minneapolis fed neel kashkari.t's all just ahead on "face the nation." ♪ >>> good morning and welcome to "face the nation." we've got a lot of news to get to today, but we want to start with the devastating tornadoes in the south that are likely to continue through the weekend. there have been at least 26 fatalities reported, all but one in mississippi, plus there are dozens of injuries. one massive storm tore through several towns in the mississippi delta, an area that's among the poorest in the country. that tornado's path was reportedly a mile wide and lasted for more than an hour. president biden declared a state of emergency today in mississippi and vowed to deliver federal assistance as quickly as possible to impacted areas. department of homeland security secretary alejandro mayor ki and fema administrator criswell will visit later today. the national weather service predicting more severe weather in the south later today. there are reports this morning of a tornado touching down in georgia. >>> we find ours

face the nation," margaret brennan's guests including mark warner, federal reserve chairman, neil kashkaripokesperson, john kirby. i'm adriana diaz in chicago. good night. . >> from cbs nes bay area, this is the evening edition. >> brian: now at 6:00, a break in the rain, but the clean-up continues. at least two bay area highways >> andrea: and small busi blow after their power was shut off for four days. some say they may not recover. >> brian: and a levee breach drowned their town. now the people of pajaro are asking for help, and they're ing that request all the way livefromcbs studios insan franco, i'm julie hackett. >> andrea: and i i e-mail an a andrea.@>> brian: 1101 shut d m frommed:00. caltrans will be working on gas lines. that closure will last until tomorrow morning. drivers being asked to take h highways 116 and 37 instead. >> andrea: highway 84 in san mateo county is closed due a landde in the area. the slide damaged the roadway. caltrans says the slide is stil considered active. they will be keeping an eye on it over the weekend. no estimated time of reopening. darren saying

neel kashkari, says we have to slow inflation and so for the rate hikes have not done enough. here's what else he said. >> i'm open-minded at this point about whether it's 25 or 50 basis points. to me what is much more important is what we signal in what's called the dot plot. >> that is certainly true because if you think about it, every three months you get the updated summary of economic projections. that's where the 19 fed officials put in their forecast where they think the funds rate should be to get there. will get higher? the consensus., that's really important question. our economics team is pointing out in today's purchasing manager survey manufacturing is you can see disinflation and goods is slowing. this is not what the fed wants to see. it's the green bar that is prices paid. it's going up again in fact it jumped from 42.5 to 47. the fed does not want to see it moving in that direction. shery: does it make sense that we're going to be topping the 4% level very soon? we briefly did it today. >> the argument is higher for longer in terms of interest rates and that

veronica: the more leading voices of hawkish policy has been bullard or kashkari. not hear a change of message from them. if they see the tools they used over the weekend to stem financial issues. that's a separate issue in their mind but rates need to still rise because inflation is still strong. alix: i am wondering when you look at the system and leverage, where are you worried about the cracks that might derail the fed? veronica: it's always hard to know what will break ahead of it breaking. in terms of a household balance sheets, their very much improved. sensitivity to rates is still not quite there. households are not quiet as sensitive to rates. what would make a crack in what the fed needs to loosen his of labor market which would bring inflation down. alix: the leverage part won't cut it in certain areas. veronica thank you very much from citibank. more on private equity and interest in svb assets. this is bloomberg. ♪ ♪ turbines. go gorgeous reliable grid. go emerson software. go science people. go breakthrough meds and safe science. go space age welds f

as neel kashkari said, it typically takes a longer time than what we have given it for the strains toe through in the system. is there still a risk of a credit crunch that perhaps markets are starting to downplay? >> the question is really about the idea of a credit crunch. you don't necessarily need to see more stress or broader bank failures or something like that to still see tanks pullback on credit availability in light of what has happened. that is the key thing we watching an terms of the economic outlook for this year. does the recent stress that we have seen cause banks to become more cautious? to cause them to pull back on credit availability west mark the question for economic growth, we would argue that credit growth is fundamental and that's important to monitor beyond watching the stress of individual banks. haidi: before the banking stb and everything that followed even before that situation rose, there were lots of questions about whether they should pause because is this the monetary policy leg? do we still need to work out why the data was coming in so strong? >> tha

. >>> fed officials neel kashkari and susan collins indicated the u.s. central bank could stick to the hiking path as inflation is above 2% collins and barkin said the turmoil in the banking sector is expected to lead to a tighter lending environment. it could help the fed with prices faster than expected. collins said it may be too soon to weigh the impact of the policy measures. >> the recent data shows signs of more underlining strength in the economy certainly than i anticipated and unemployment rate is at historic lows and spending indicators through september that were stronger than expected. this strength might reflect the fact the policy did not enter restrictive territory until the second half in 2022. it may simply be too soon to see the full effects of real activity >> i'm taking you to overtight data >>> chinese factory data growth above expectations the manufacturing significant focuses on construction hit a 12-year high >>> coming up on "street signs," we will speak to the former prime minister live on the shores of lake como. we'll be righ

dani: minneapolis fed president neel kashkari speaking about the impact of the collapse of silicon valleyank. as investors prepared to close out a very volatile first quarter. one that has seen stocks rise. let's get to mads pedersen human edge investment technology cio and founder. the score is on the door, the front end this month has fallen 75 basis points, u.s. equities have rallied to .5% to the point where michael burry is congratulating debt buyers, i know it is not --in the aftermath of all of this, what is most mispriced as we head to april? mads: high yield is still suffering from what happens. that is a buyers opportunity. if you look at the fixed income space, we have a repricing. government bonds now are very volatile at the moment of course but they are not so far from fair value. but the spread has widened and the possibility of the fed over tightening is probably over now, which is devastating for credit, so the most mispriced of traditional asset classes is probably european and u.s. high-yield. dani: i presume you are buying at this moment then. is there not some fear th

kashkari has always been in favor of trying to get full employment when inflatio started to creep up, hthought itas transitory. to say it was basically temporary. supply chain problems by the pandem and other problems they hoped would just go away. along with the federal government tryinto stimulate growth and demand and make up for shortfalls of the pandemic it proved not just to be trantory inflation but much higher for longer. he basically turned from a dove to a hawk now. he is saying we need to keep up the rate hike in order to ke inflation down. inflation is indeed so painful for everyone. yet the bind right now is whether they can continue to raise rates to get inflation under control given the fact there seems to be concerns about financial stability and economic stability. host james jacoby, frontline producer and pbs. first up for our guestjohn in ohio. go ahead. caller: a bunch of bankers run the show. i am 87 years old. i used to be in banking. it affects low income people more than anybody. over the years no tax cut has pay for itself in the history of human beings. and t

of central bank speakers on tap susan collins and tom barkin and minneapolis fed president neel kashkario the markets and two trading days left for the quarter. dow in the red the s&p up 5%. tech coming back in a big way with the nasdaq up 14% amid the performance, the next guest is holding firm on the view that the markets in 2023 will largely be range bound. jenny harrington of gilman hill is with us great to see you. >> thank you, frank. >> do you think the markets are range bound? the markets are above 4,000. at one point this year, they were down to 3860. are we dipping back or staying close to 4,000 >> i think maybe dip down. i think we are on the range bound bandwagon since june i thought an love th lot of stu gone on. that takes time to get through it we moved at the range bound since june to now and you see the range consolidaticonsolidat. i think what it says from the fundamental perspective is we digested a ton of information. i was having a debate with my partner the other day. he said i can make a bullish case for the market. he went through all of the things that could go r

maria: yeah all great, analysis we got federal reserve president of minneapolis neel kashkari saying bringing u.s. kellogg to recession imf chief warning of increased risks to financial stability what are thoughts there because i spoke with judy shelton former federal reserve board nominee on impact on friday here is what she said. >> there's a crisis of confidence, and so the risk of contagion is definitely there. what concerns me is the level of derivatives is just is just -- almost mind-boggling 600 trillion in nominal val of derivatives when you sea changes in interest rates rapid those drifts are set up to hedge various institutions, from interest rate risk and from currency risk but fed keeps up ratcheting of rates going to break something. maria: yeah. and things are breaking all over the place it feels like what does this mean for upcoming year, in terms of the economy, and the markets, she is taking about derivatives stephanie pomboy talking about a trillion-dollar in debt corporate debt on balance sheet will roll over what is that going to mean paying a higher rate than exp

to hear minneapolis fed president neel kashkari this increased the economy falling back.e wor

others like neel kashkari minneapolis is open minded about it >> i warrant to talk about your book howedex expanded? >> i think viewers will be familiar with they are buying so many assets during times of crisis we saw qe explode. it is really becoming a regular part of the tool kit we saw them interviewing bond markets. name a market, they were in it in 2020. it is really interesting we haven't had a full discussion of what it meant for the markets and what it means for the future there is an expectation that it will happen again if we ever have a big financial crisis. the system is complex enough to think we could likely have another financial crisis. >> perhaps loaning money to state and local governments. jeanna smialek, thank you for being here author the "limitless. >>> coming up on "worldwide exch exchange," the showdown that may spell trouble for elon musk. >>> and fire tv with the oscars hub. movies all in one place and casting predictions in seven categories during interactive voting experience. >>> alex gibney naming the subject of the latest project. elon musk. he says the

tom arkin saying it inflation process, the fed can raise rates further and neel kashkari singh inflationigh but wages not keeping up. we will see the market continued to digest those fed speakers. for more insight in how the fed moves are affecting the credit markets, let's bring in the global head of credit strategy at credit sites and someone who sees some opportunity at a time of uncertainty. it's always great to have you with us. let's address the potential cracks in the credit market in the system now given this lingering uncertainty, what's your best assessment? >> thank you so much for having me this afternoon. my best assessment of the cracks in the credit market go to what amanda was speaking to. the lower rated, highly leveraged parts of the credit market absolutely are showing cracks. we saw that last july when saw a spike in the distressed ratio. it came down but it never fully recovered which i think is interesting. we saw a pretty strong rally across the board and credit in december of last year into january and early february of this year. during that time, the ccc's the m

we had kashkari saying 50 basis points on the table.kets absorbed this as reality. >> real quick point on snowflake, stock based comp continues to result in a significant increase in the share count, which, obviously, can then be offset by the buyback. but it's worth mentioning it was up more than 13 million shares over the prior period. >> salesforce overall adding about 130 points to the dow, so fair to say without it, the dow would also be in the red meantime elon musk unveiling his master plan 3 for tesla, the company's investor day that said, clearly didn't impress a lot of shareholders this morning let's get to phil lebeau with some of the highlights hi again, phil. >> hey, carl they were not impressed. analysts look at their reaction and notes they liked what they heard in terms of the vision they didn't like they didn't get many details what's coming up near term. dan ives writing ev stage is set. no $25,000 car yet referencing the fact that people expected some type of announcement about a $25,000 or $30,000 vehicle. bernstein

he said it's possible to reach the target without a major turn turn also kneel kashkari said he's opening but what's more important is what the dots look like leaning towards continue to raise further. he says i'm conscious if we declare too soon, there's this flood of exuberance and then we have to do more work to bring that back down so we'll continue to doing what we're doing until we finish the job. echos of the early part of the year. >> and seems to dismiss the stock market in most ways. it's funny this institutional culture exuberance at any moment looking for any excuse to get excited. we can identify that. >> we've seen it firsthand as jim said earlier, the data is not helping here, in europe, certainly china. it's been across the board the last couple days. >> a lot of talk about reopening of the chinese economy and refuelling of the chinese economy perhaps meeting if not exceeding their 5.5% growth targets. >> let's discuss further let me ask if you 24i think 5 and 5.25 is enough we've had a couple firms break out the 6 handle in terms of a terminal rate. >> we'll see how fa

charles: ed, we have neel kashkari talking somewhere. susan collins already spoken.ls like they're trying to nudge the market back, corral the market a little bit here, maybe think we're getting out ahead of our skis. is it okay if there is one more rate hike? does that change your thinking at all? >> i come around to brief there might not be anymore rate hikes. look, the, i think the banking crisis we've had so far demonstrates that they got to where they wanted to get to, to a restrictive level of the federal funds rate. i think 5% is it. if they do another quarter, not going to make a big difference one way or the other but i think we're where they wanted to be and i think the economy is going to show economic growth but slow. i think inflation is going to continue to moderate. charles: ed, thank you so much. i appreciate you. i really love that you're an independent thinker. it makes this show a lot more fun to do as well. thank you. >> my pleasure, their, charles. charles: bring in wells fargo ceo of wealth investment management. darrell, let me start with the i

min yap lis federal reserve president neel kashkari says the banking sector stress could last longer than many expect when it comes to the rates, tom barkin says he's comfortable with the 25 the basis point ooh hikes, and boss on the fed president susan collins is leaning to one more interest rate increase. charles schwab is the worst performer on the s&p 500 odd. morgan stanley down graded the financial services company to equal weight from overweight. the firm cites an uncertain earnings outlook due to less visibility for customer moss it out-- deposit outflows. the collapse of silicon valley bank earlier this month is weighing on shares of the spanks including -- banks including schwab shares, down 33% in march. and we have one day left. all of this as markets eye the pce inflation report tomorrow. that's what the federal reserve looks at too. and with that we bring in jpmorgan asset management chief global strategist david kelly. david, thank you for coming on. good to sew you. >> glad to be here. lauren: all of this banking stress, what is the fed going to do stress the, and you

just last week we got word that kashkari is considering 50 basis point hike while others are lookinget to come out on thursday. >>> according to a moody analytics report, the gender pay gap could cost the world economy $7 trillion. what's happening here? explain that for us. >> yeah, so that's going to cost quite a bit. it's really based off ensuring that equality takes place. it could take 150 years for the gender pay gap to reach that point of equality even if it's just a little bit close for that matter. moody's is using what could be the best possible figure for this number. it's absolutely appalling at this stage what that number has gone to, and the hope is that there's hope for more and senior leadership roles, that will get better. >> prices have risen for just about everything in the last couple of years, but the cost for one item is getting out of control and generating a lot of business. tell us about it. >> yeah, so that's eggs, in fact, right? what used to cost around $40 for 120 eggs, now costs over $120. eggs going up over 70% in the last year or so, all of the back of

financial markets will spill over into economic stress , and the minneapolis fed president neel kashkarie weekend was specifically asked on cbs. yes, whether he thought that the stress in the financial markets could tip the u. s into a recession. take a listen to what he had to say. definitely brings us closer right now. what's unclear for us is how much of these banking stresses are leading to a widespread credit crunch. and then that credit crunch. you're right, just as you said, would then slow down the economy. this is something we are monitoring very, very closely. now. on one hand, such strained could then bring down inflation, so we have to do less work. with the federal funds rate to bring the economy in the balance, but right now it's unclear how much of an imprint these banking stresses are going to have on the economy. i mean, a lot of people are saying this rosemary, it does bring us closer. we're just not sure how much it's just jarring. i think for the markets to hear that from a fed official and one that has previously been in favor of rate hikes, so that is causing some j

just mary daly of the san francisco fed, it's also the minneapolis federal reserve, president neel kashkari had on the program, atlanta fed chief, raphael bostb bostic. do you think the fed will need to increase rates more than expected, maybe 50 basis points at the meeting next month? >> look, i don't think there's any question, poppy, that we do not yet have inflation on a secure glide path anywhere near down to the 2% level. and until the fed can be confident of that, it's going to have to be tightening rather than easing. so my guess is that rates are going to reach a higher level than the market is now expecting. that it's going to certainly reach a much higher level than the fed was expecting last december. and that once again, the data will record that the fed underestimated inflation and underestimated how much policy was going to be necessary. that's a risky thing, because historically, we don't tend to be able to engineer soft landings from significant inflation. and so, my guess is that at some point, the fed will push and push. we will not get inflation accelerate and skyrocket

up 6.33%, it even snagged a buy rating from citi today even as minneapolis fed president neel kashkari is now warning9 that the recent bank turmoil could bring the u.s. closer to recession. treasury yields are rising once again. take a look at the 2-year, rebounding from a 6-month low over the weekend. up now about 23 basis points to 4% even, and the 10-year is up 4.7 basis points -- 4.7, to 3.52%. so is this it? is that it? fifteen days after two bank collapses and warnings that a couple of regional banks have the same balance sheet problems that silicon valley bank had, that a bunch of them could actually be insolvent, is the sun now shining and money flowing again, or will ripples urn into a tsunami-style credit crunch? let's get to the floor show. investment. s co-cio dana dorr ya and kenny polcari. kenny, are investors in the clear, and are we back to fretting about, i don't know, core pce inflation data and quarterly gdpsome. >> well, listen, we are going to be fighting about the inflation data, i think, for a while to come. but i do think today is much better for the banks altho

we will hear from kashkari. in a time of incredibly elevated uncertainty, we will see markets as underpricing the level of policy races here, they've maintained a base case for policy rates. here's the number. wait for this. 550 to 570 five. despite an undeniably dovish march fomc meeting with the 25 basis point hike it andrew, the man behind the note is joining us here new york. good morning. >> it makes sense. 575 on fed funds that are facing this. >> i think it is not hard to make sense of this as you follow the inflation data, but the big question is, are we going to have a fed focused on financial stability issues or price stability issues. i think that is what we are talking about in the note in terms of the incredible uncertainty. it looks quite uncertain, relative to whether we are going to get this focus on financial stability or focus on price stability which is more hawkish. last few days, things have stabilized and we've had inflation data later in the week. we moved and ate it -- and her defective p

tom: neel kashkari showing the strength of the federal reserve system. of michigan and her stirring academics at harvard and m.i.t.. michael mckee plunging into the federal reserve of boston. mike: we have the boston fed president here with us and we would like to thank you for joining us here at bloomberg and to our audience around the world. thank you for joining us. let's start with the numbers because they just came out. personal income .3, .3 for the pce for the headline. what does this tell you about the state of the economy and where the fed is? susan: i'm absolutely delighted to be here with you. i haven't had a chance to dig deeply into the numbers yet. sometimes the details are important when trying to understand the story. starting with pce inflation, that was about what was expected. that is some positive news. let me say two things about that. one month of a move in a helpful direction is not something that indicates a sustained change. the other thing i will say, recognizing the elevated numbers we saw in december and january, this bit lowe

it was stunning how people would listen to neel kashkari two on sunday afternoon.now what market moving people have to say. sunday talk shows give you a sense going forward. tom: that is true. we did that with our ncaa bracket as well. let's digress here from a second. i know there has never been a year like this. does the gambling industry -- is this a profit opportunity for them that march madness is so mad or is it a losing opportunity? >> i thought we were going to talk about emerging markets! tom: we are getting there. >> it has been fantastic for the sport. all of the number ones are out. it could be south beach versus boca raton in the championship! the championship from houston to south florida, basically to accommodate the mass demand. tom: you and michael bar with bloomberg business of sports, the dry norma's -- the ginormousness of this, does it get better when everyone's bracket is as bad as mine? >> 2006 was the quintessential upset year. here we are seeing much the same thing. the huskies look pretty dominant out there. tom: i wish he would get as exc

tom: does neel kashkari way in? -- weigh in? jonathan: let me give him a shadow. stay there and forget the rate cut stuff. what did we start pricing in the last week? 540 and pushing out rate cuts. and his tone has been correct. -- not lisa: and his tone has been correct. he has been right in that narrative as well. tom: the narrative at goldman sachs, thanks to sonali basak. now we speak to devin ryan with years following the travails of wall street. i know you memorized all one hundred 18 pages, i went to the money chart on page 68. enterprise partnerships disciplined growth and see hope and a prayer two years on the consumer area, the net revenue goes up and change in net reserves comes down. the hope and a prayer is a two year path to a better consumer bank. were you sold on that? were you convinced yesterday? devin: good morning, tom. so yeah. it is a road that is going to be complicated on the consumer. but you have to give them some credit. had the first investor day three years ago. hit all of their targets they laid out there at least in terms of borrowin