francine: we speak to the goldman sachs economist jari stehn.lar strength putting pressure on asian policymakers to step up efforts to curtail currency weakness. this is bloomberg. ♪ an xfinity rewards special offer. xfinity customers join xfinity rewards and get an early access code to play the open beta. early access begins september 16th, first on playstation. visit xfinity.com/rewards. francine: welcome back to the open, 30 minutes into the european trading day. show time. the brink of a jumbo 75 basis point hike as recession risks arise. eu leaders are readying emergency energy measures. lael brainard joins a chorus of fed is -- speakers vowing to do whatever it takes to fight inflation. liz truss lays out her plan to tackle soaring gas prices today. european stoxx gaining .3%, investors preparing for unprecedented old monetary policy tightening by the ecb. the question is, is it 75 or 50, we will have a conversation with jari stehn of goldman sachs. the dollar erasing losses after japanese officials arranged a meeting to discuss internatio

she has been at goldman sachs for 20 years.ho worked in the asset area for that long, it's not a surprise. when she becomes a rare woman to lead a firm of this size, it comes at an interesting time in the asset management industry overall where there has been a lot of movement across and among firms. kriti: four tcw in particular, why is it pivotal time? sonali: we mentioned david lipman said he would be stepping down but you have one of his top bond managers saying he would step down, so you have a change in talent, a lot of new executives at the firm and assets, while it is $220 billion, it's one of the largest mutual funds, certainly in the fixed income world. but assets are down just a bit from their peak. she will be looking to grow assets once again. she ran a $300 billion equity portfolio and then some at goldman sachs, so her growing tcw will be an interesting time ahead. john: speaking of goldman, this is not the only big news we are hearing. there top recruiter is also on the move. sonali: there were two announced arc

liz: you have at goldman sachs asset management about 200 trillion in assets. we'd love to know what areas you see as opportunities? first you say what, stay in cash till things get worse or better depending on how you see it and then what? >> well, in this kind of situation, cash is king because you need to keep dry powder but there are going to be a lot of opportunities going forward so what we want to be is we want to be opportunistic and nimble because every time you have this big transitions from one state of the world to the other, you're getting a lot of dislocations and that means a lot of mispricing in the market as well. so investors need to be ready to step in and scoop up those opportunities. liz: okay, dislocations where? >> well, they will be across the different sectors. i think what i would be looking for is good operators. this is going to be key. i'm going to be looking for sectors that are going to do well in this new economy that we're going to be facing. liz: such as? i'm thinking high-tech or semiconductors. i mean, the new economy will ve

goldman sachs planned a slow hiring to reinstate those annual performance reviews.foreshadow the job cuts for later this year. this is the resumption of the annual calling cycle. that is where the lowest performers are typically eliminated and it is a process the bank largely had put on hold during the pandemic. gold has been hurt by the slowdown in banking. the volatility has also been weighing heavily on asset management. while goldman's trading operation had a 32% surge in revenue, this is also showing a sharp drop. its stock has been underperforming this year. that is why many believe that goldman sachs is a bellwether for the industry and this is the end of one euro and all of that. >> tell us about hsbc. we are talked about the need to stop the costs. >> going in 2023 versus 2022. it is raising the cost of everything. they have to materially step up. this was almost unimaginable a year or two ago on eye-popping profits. this is the difference that the raises at hsbc are talking about. >> let's get a quick check of the latest business flash headlines. >> elon m

. >> does that make sense that both bank of america and goldman sachs have raised their expectationsor the next fed policy meeting, now expecting a 75 basis point rate hike versus the 50 they had initially been estimating. >> they still seem intent on raising 75 but we're now -- whether it's 50 or 75 and whether they raise 25 or 50 at the meetings thereafter, we're getting into treacherous territory with these rate hikes keep in mind, it was the fourth quarter when the fed funds rate got to 2.25, 2.5 we're about to take it above that level it will be only the second time in 40 years that the fed funds rate is going to go above the previous peak in the fed funds rate there's a game of chicken that the fed is playing with economic activity and them believing that they're not going to slow it too much and the markets are worried that they will. >> so, peter, i assume that what i'm hearing you say is that you disagree with cathy woods who says the surprise could be deflation in the cpi by year end. i assume you disagree with that. she says the leading indicators of that, declines in gold

goldman sachs and hsbc among economic uncertainty.his as ubs share repurchases are set to exceed $5 billion this year. we have a feast of breaking news on banks. ubs upping the dividend, and going for a confirmation in terms of the size of the share buyback which will be $5 billion. a little bit shorter and quicker than we thought. dani: that is right. just earlier this month, they had to abandon the deal to buy the general manager. it seems like scrapping this deal, they will be using the extra capital to exceed that target of $5 billion for this year, manus. manus: certainly, that wealth business -- putting his hand down on that and saying this is my deal. this was to buy the robo advisor. that was a deal he hung his hat on as being the way forward. accessing and building the presence in the united states of america. there is no doubt about it. why hold credit suisse stock when you can hold something that can give you $.55 come upping the dividend and buyback? dani: something that will weigh on credit suisse' mind. that is the story

-- at goldman sachs. you both for joining us. you couldn't been a better position to tell us what the deal is. obviously we are heading into a significant economic downturn, there's been a slowdown in m&a. is there rebound before the end of the year was that a long ways off? --or is that a long ways off? >> just to level setting give your perspective on last year versus this year, last year was extraordinary. we saw about 4 trillion of activity overall in the m&a market. this year it is about 3 trillion. think about 30%, 40% down, but also from a transaction level. many of the foundation pieces that drove the m&a market are intact. we think about equity capital looking for opportunities, private equity, you're looking about -- at corporations looking to position themselves strategically for the long terms, something we saw very strong and last year coming out of covid. there's reasons to think about drivers of strategic and corporate and private equity m&a activity. you need to be balanced and guarded, th

goldman sachs is the coordinator for the porsche ipo. a lot of people are focused on this coming to market. the biggest ipo in europe this are year or poised to be a target valuation range of 75 billion euro can you give us insight why you chose that range >> in general, i would say this is a landmark transaction. it would be the first ipo in germany this year. as you say, it would be a landmark for europe as well. now in the run-up to this, we have seen very strong and constructive engagement with investors and i would say it is a testimony to the company and the brand that in particular in challenging times in the markets that we're experiencing this potential ipo. we are a global coordinator as you said and we will be committed to make this a success in away it would be a great testimony that companies with very strong propositions come to market in challenging times like the ones we are just experiencing >> what is the pipeline look like should the ipo go ahead and go smoothly there is a lot of hope within the banking community that

goldman sachs by the way saying they see another 75 basis points at the next fomc meeting. they downgraded their forecast for the s&p. the pound is 1.11 amid increasing concerns you could see a currency crisis in the day spending and tax cuts tying into that view from some, down .6%. the blitz of interest rate hikes is unlikely to be the end of central-bank efforts to crush inflation. >> we have got to get inflation behind his. i wish there were a painless way to do that, there isn't. >> inflation has been higher than projected, it has increased rapidly the past few months. that's also why a large policy hike was warranted at this time. >> we cannot exclude that further interest rate hikes are necessary. we are not specific when exactly and to what extent. >> with price pressures broadening, we continue to urge timely nonmonetary government interventions to mitigate the impact of supply-side pressures. tom: now fabiana fedeli cio at m&g equities, and kristine aquino from our life team, as we work around recession risks. the central-bank action we saw yesterday, 50 basis poi

that is sharon bell, goldman sachs managing director of equity strategy. coming up, upgrading ethereum's a blockchain system to a more sustainable level. we will have more in that next. this is bloomberg. ♪ francine: welcome back to the open. 25 minutes into european trading day. we are seeing more green than we did yesterday. quite a lot of stories we are watching, including out of the u.k. we start understanding how the new policies are of the new chancellor. tom: we will see if 50 gets put into play. some corporate stories to bring to your attention, shell, we have some reporting out of their ceo, ben van beurden, who is stepping down. he is stepping down as the head of gas and renewables at shell. h&m was a mix of sales. they had a weak start to the quarter but things are looking up. and kier group is up 0.4% despite the fact they missed on the justice revenue. this is just to the inflation environment in the u.k. coming up, europe's winter energy plan. we will bring you the details next. stay with us. this is bloomberg. ♪ francine: welcome back to the

jeffrey sachs that's recent come out in the journal of, the american academy of science. all right. the thing now happens. it's 1219 december. a doctor discovers it. he puts it on the internet. he says there's a new virus here in wuhan. and you know what they do they put him in jail for disclosing secrets and he dies shortly. they release him and they say, oh, he died of the covid 19 virus, which kills one and a half percent of people his age. all the other guys mostly die. all the samples are destroyed, all the early forensics are destroyed by the chinese military command, which immediately goes into wuhan. there is no doctor fallacy in wuhan. these are all general such and such, so on. and they go in and shut down the city of wuhan, destroy all evidence of what actually happened in wuhan. the world health organization doesn't their search for an entire year afterwards? of course, everything has been destroyed, as john mentioned, the people in charge of the search are all appointed by. the chinese communist party of the in law we used to receive arrest the local winter the thing sp

goldman sachs employed $47000.00 people at the end of the 2nd quarter this year. a majority of twitter shareholders have voted in favor of the companies $44000000000.00 sale to you on must accepting an offer that's a 3rd higher than the current stock value mosque, however, maintains he won't go ahead with the acquisition, arguing he was misled over the spam accounts, the german government is vowing rapid cash assistance for small and mid sized companies facing massive energy bills this winter. on tuesday, the german economy minister met with industry industry groups from across the country. they've been pressuring berlin for help, as energy prices soar to record heights to, to hyped to high, to pass along to consumers. some firms are already lowering production industry leaders are meanwhile warning of growing insolvency as well. earlier we spoke to economists, katarina whitmore, she told us that this winter will be tougher businesses and households alike. well, let's just say the burden on governments is probably even greater than doing it. and i think on the one

that's bring in -- let's bring in peter oppenheimer from goldman sachs. we are looking at 500 basis points of rate hikes from global central banks this week. how do you expect global equities to react? peter: i think that the markets are now tightening as we have just been hearing. we need to put this is in some perspective that it was a little over a year ago that the markets were pricing one or two basis point hikes in the u.s. for this year, so we have traveled a long way and over the course of that, stocks have not fallen that far yet. financial conditions have got further to tighten. i think the risk is that as we get those greater rate rises delivered, the market moves the price even further in the coming months, even if we do not eventually get there. eventually get to pricing those rates in growth, and the mix is probably still negative at least is the short-term. tom: that journey continues as equities readjust to that. in terms of the valuations rate, you have been clear about this. you say that valuations still need to come lower. do you hold t

>> goldman sachs wouldn't comment on the twitter situation.n general we have seen institutional investors and boards plotting their management teams from doing strategic transactions and looking to put in place foundations on for the next year but for the next 5, 20, 30 years. they have very much supported that. we have not seen widespread buyer's remorse for any large transactions that have been announced in the several years. >> talk to us a bit about the regulatory environment. as it relates to traditional antitrust and a big tech. i wonder what your clients are saying to you about that and what it has done to their appetite and what advice you can give them in terms of pulling the trigger on some of these more complex deals. >> regulatory has been a factor in every administration for many decades. it's one of many factors we have spent with our clients and boards on. it is one of many factors. there has been larger tech activity. so, it's not stopping tech boards from thinking about what is the right strategic visioning. is it relevant? su

in today's session, we had some big news coming from goldman sachs. we could be saying several hundred jobs being eliminated starting this month. this could be the biggest round of job cuts -- job cuts since the start of the pandemic. more people going back to the office as well. we are now hearing that the bank is calling this a challenge in operating environment. we have had that revenue slot. >> we could materially increase pay. we have heard from the cfo. we have seen pretty broad cost inflation. that is a bit of a double-edged sword here. there have been brutal cuts. for more on the situation with the banks, let's bring in more here. do we know where the x is going to fall? question number we are reporting is expected to be global. we always have this process of what is called weeding out the bottom 5%, extended into the year most recently. now, we will exceed the earnings year. >> a very competitive environment for the banking sector. they are expanding their wealth management. how is that going to help? >> with bank of america, the comments are

just go out and buy goldman sachs and let it ride?yes, calls are coming in, but that's part of the gig i think there are a few things that you can do in this situation. obviously, breaking down different industries, looking at the banks, there is opportunity in the banks goldman sachs, they're trading well they're trading at something that is valuable to track 17.5 times earnings if you look at how they perform over the course of the year, it's relatively in like this obviously, still down 20% from its november 2021 peak but one of the big attractive areas for investors when you look at goldman sachs is the stronger-pushing consumer banks is relatively newer for them and that may be undervalued. obviously, with rates still going up and probably aggressive fed continuing, this could be hedge for investors. >> also, we were just talking about market cap losses and i was talking about how microsoft has lost more in market cap than the market value of all but seven companies. i mean, it's down $100 a share you like that, though? you want

goldman sachs according to the new york times stopping the process of dealmaking.s is bloomberg. alix: goldman sachs delivering the largest round of job cuts since the pandemic started. this month, dealmaking is slowing. how steve could these cuts be? >> this is the return of that strategic review that tends to happen at the end of the year. it is not going to be humongous. there might be a modest decrease, but this definitely causes a lot of anxiety because very tangibly into the end of the year, a lot of people in the performance space. what we will see is at the end of the year, what is the goldman sachs headcount look like? they have added acquisitions and added talent. so what does this mean for the headcount? guy: will others follow? >> that is the million-dollar question. the expectation is yes, they have followed. remember, in normal times this was a very traditional investment banking move. this happens every year. the reason it is such a big deal this year is it hasn't happened since the pandemic. not only because of the pandemic but because activity was

the federal reserve is looking into goldman sachs' online banking platform. been questioning management about the operation of the six-year-old is next which goldman calls "market." there is no indication of wrongdoing. apple is counting on upscale shoppers to make the latest iphone is hit when it goes on sale today. . the iphone 14 line-up reserves the best features for the higher end models. based on preorder sales, that strategy is working. consumers have turned the most expensive new iphone into the most popular version. and shares of fedex fail at the open by the most in more than four decades. the company withdrew its earnings forecast due to worsening business conditions. fedex is taking immediate steps to cut costs including parking some aircraft, cutting worker hours and closing more than 90 fedex locations. that is your business flash. alix: jonathan chapelle, evercore isi senior managing director. he has an outperform rating on the fedex stock, but he just lowered the price target. what really struck me here was the speed at which they see the down

back to china, goldman sachs persisting with its -- china persisting with its covid zero policy.he ability will be the prevailing narrative as president xi jinping seeks to secure a third term. freya beamish, head of macro-research, ts lombard is still with us. is the party congress, is this a market event for you? how do you position around this? freya: there is always some very important political event, but this is really important in china. it has been a watershed moment for us, and we have been calling that all this year in terms of the renminbis but at the fundamentals is when they can move on the zero covid policy, when they can move on getting past this event is when they can really address the property market problem in a deeper sense. after they get through this party congress, we start to see really important watershed moments coming for china. francine: what kind of watershed moments? it is not a change in leadership? freya: we are not expecting a change in leadership, but going into next year what we are looking for is to start to deal with those problems in the prop

goldman sachs out with a basket of quality stocks to own among the names are home depot, united healthy more. joe, i'm going to start off with you. one of those stocks is alphabet, another one eog resources. the criteria is sample sheet, do you believe in this environment there's a such thing as quality or is it all just a wild card? >> no, i think there is in this environment a leaning towards quality and having companies in your portfolio that represent that how is it exactly you look at quality, frank, i think is very important. obviously i introduced an index called the quality momentum index. so it's got those two factors and identifying quality itself what's important and integral to me and looking at goldman sachs discussed things like return on equity, debt to equity and annualized sales growth. you invest in quality, you probably trade a bit more on momentum that's what i do you combine the two factors together and i believe over the long-term you're going to improve your performance but the environment you're in right now you without question need to lean towards quality, and

and goldman sachs is embarking on its biggest job cuts of the pandemic, well hsbc flags neutral cost controls. rishaad: we are getting a tailwind from the s&p 500, the fourth day of gains, and the iphone effect, helping to boost the index because of its weighting over all. we have people taking risk-on right now, not necessarily in support of the global rally. speculation about the cpi print we will be getting tomorrow morning new york time. japan, australia and hong kong, japan is nearly 0.5% to the upside, playing catch up as monday was a public holiday. on the currency front, the euro has been holding onto its recent gains, as indeed has sterling. but unmoved is the yen. more on this from yvonne. yvonne: we will see some strength in the yen, but we are past the 145 levels we saw last week. here is how the euro charts are suggesting that maybe we could see a bit more legs in the euro-dollar rally. we broke out of the bottom. we could be looking to rise above the 7-month downtrend channel. the dollar has been down three straight days, the biggest drop in the bloomberg dollar index s

goldman sachs colleagues have a good supply chain constraint index.s worst it was a 10 and it went down to 4, but because of the covid policy in china it has come back up 5, and that will contribute to lower inflation. not low enough for the fed target but enough to shift the direction. we are seeing that and benefits in terms of housing slowly coming down. if you look at u.s. rental rate, those are coming down. it takes a while to make its way through, so renting in the u.s. is a big part of the cpi, both headline and 40% of core. it is coming down. our view is inflation will be 2% lower next year. that is important. tom: how are you thinking about emerging markets and the vulnerability around those nations? sharmin: we wrote about china a few years ago, and we call it china's great dilemma. the report was done in early 2016, and now all these years later china is even more walled in. when we think of china in terms of world growth and impact, demand for commodities from emerging markets, we think that is overall a negative for emerging markets. we h

>> this is part of the regular oversight overseeing goldman sachs.his goes beyond that where they are drilling into the business and making sure that the business and a and leaders have complete control over what is going on since the business is still losing money. it was supposed to break even but it has lost billing -- $4 billion. that could explain some of the heightened interest from the fed in this case. lisa: the heightened interest in terms of stability or something else? >> i think it is fair to say when you have company like goldman. it has never really been with consumers. it is growing rapidly and hopes to have $4 billion in revenue. that is incredible growth. they will want to make sure they are doing it in the right fashion and manner. jonathan: how much support does leadership have? sridhar: the stock has not really done close to jp morgan and morgan stanley. the price is still where it was or years ago. that is not a good picture especially when you have a rival like morgan stanley. also, other parts of the division and senior leaders

overall, we are hearing from goldman sachs that we not be -- might not be there yet when it comes toositioning, valuations. we are not at extreme levels yet. looking at the 10 year yield, we had it fall today halting the gains. the price of oil falling lessening inflation expectations. look at this chart on the bloomberg. given the rally in oil prices, the energy sector has outperformed any other sector. continue? all this is in question when you have recession fears. can you continue the narrative that energy stocks will outperform? that is a key question. that narrative may be starting to change. we are seeing those stocks starting to fall. tom: we had a pretty awful day in the asian yesterday. up 1.4%. it looks like that will turn around today. we are seeing gains to the tune of 4%, some 1% futures here. about .25 percent of training now. the yen almost touching 145 again. dollar strength continuing to be one of the most dominant markers at the moment. the yen a -- easing back to 14375. we are hearing ever louder drumbeats for the potential of intervention into that. shery: we con

investor calls the company under valued >>> explosive allegations from 1,400 former female goldman sachs employees have been unredacted in the sex discrimination lawsuit against the bank the public documents detail 75 reported instances of sexual misconduct by male managers as well as seven criminal complaints alleging felonies, including rape, attempted rape and sexual assault in response, goldman sachs says many of the complaints are more than two decades old and have been presented inaccurately or incomplete adding harassment and mistreatment in any form are unacceptable to goldman sachs. when identified, termination is taken. >>> and tesla is counter suing the california agency that is accusing the ev maker of tolerating race discrimination at the assembly plant in freemont, california the counter suit alleges the state's civil rights department adopted underground regulations allowing it to file the lawsuit without notifying tesla of the claims or giving the company a chance to settle >> silvana henao, thank you very much >>> to washington, d.c., house republicans set to lay the age

goldman sachs later in the day raises its forecast for bank of england. rate hikes.to 75 basis points. this is something happening all over the world, except japan, and china, but that's another one, a different boat. but everybody else is looking at inflation or a weakening currency, if you are in an emerging market nation. sometimes raising rates more than expected. >> when it comes to intervention, it works somewhat to flush out the speculative bets. but we are looking like we are needing to change the underlying fundamental forces and it's just not happening. >> as kathleen was saying, the bank of japan made it pretty clear during yesterday's press conference, they are in no hurry to change anything. talking about a two to three year time horizon. they don't see the need for a change in japan. of course he won't be around himself. he would've retired before them. but it shows you they sound very committed to their policy, with no indication they were willing to change. i think it's the right thing for the japanese economy. keeping the negative short-term rates an

see, was it the head of goldman sachs, his shin, to so much said, sometimes we must do the work. oh, it is another one, is it the man who xum, who lockheed martin, who own those those institutions? do you think that these guys are e, for example of the prison fiction would see that i will, i will stop the new investments in fossil fuel extraction to address is a gray market change. the next day she would be in prison assassinated or in a month house, the they are they out of the, of the world. but in reality, they are rude to them shows by, by all those corporate machines that have been created. and i can't, can i ask you here or something? i think that is very pertinent to this question because you've written a lot about the cult oh, i'm limited. individual isn't received any social, national, religious or ideological identity as an integral to itself. and i would add that it also sounds to people the, their rhetoric of freedom while enslaving them to all sorts of dependencies. now, carts times always bring people together and there is a tendency on the part that by human humans

both i goldman sachs and jp morgan. -- at goldman sachs and jp morgan.dwinds are now building. that is one of the factors across a lot of different asset classes. pressure on commodity margins as well. these are the bigger backers they are looking at. haidi: let's get to first word news with vonnie quinn. vonnie: the u.s. will release 10 million barrels of reserve. ahead of eight eu ban on those russian oils. they are due by september 27. it will be made no later than october 7. this comes as global oil prices retreat to levels seen before russia's ukraine invasion. with opec discovering possible production cuts. hurricane fiona is republic. the national hurricane center says catastrophic and life-threatening flooding continues in puerto rico where fiona struck on saturday and sunday. the storm knocked out the island's entire power grid. officials say the damage could top $2 billion. the magnitude 7.5 earthquake has struck southwestern mexico, killing one person and prompting evacuations. the u.s. geological survey tremor hit around 470 kilometers west o

if you're apple, you want goldman sachs to approve as many of your customers as possible.rstanding is quite often between the brands and issuers you have this ongoing friction which is, hey, you guys are rejecting too many of our customers, cut that out. so there is that one element, they want it to be as broad as possible if you take it to issuers, you look at what's happened in the industry since the 2008 financial crisis, you have everybody basically with the exception of capital one going up the fico range and saying, we're only going to deal with the people who are already well-off because these people have the best credit, they spend the most, they're the best customers, the least likely to default. to your point, yes, this is by design i do think, however, it exposes them to potentially greater downside if the economy turns south, jon >> they need the apple card pro max, i suppose, hugh hugh, thank you. >>> we're keeping our eye on org oracle this morning, outperforming the s&p. stay with us >>> let's turn to amazon this morning. the everything store having a rocky

president john is here with whitney's the economy and with the federal reserve will do now and goldman sachs predicting the housing market downturn could be even worse next year and realtor .com, is daniel will tell us with the buyers and sellers can expect going into the fall but first, president biden slam for the dramatic print times beach like the u.s. marines and intense red lighting and builds a battle for the soul of the nation. biden: for a long time, solar cells in american democracy is guaranteed but it is not, we have to defend it, we the people will not let anyone or anything tear us apart. maria: he dishes message of unity to incidents happen president trump and mega republicans. ma.biden: donald trump the mega republicans were there printed present stream is gone the mega forces are determined it to take this country backwards mega failures and mega republicans be stream mega ideology, mega republicans have made their choice and mega republicans and mega republicans mega republicans look at american seek carnage and darkness and they believe that for them to succeed, everybody

do you think that your workforce is the appropriate size or do you like the peer goldman sachs expect to potentially see some cuts >> we feel good. we are a disciplined management team we think about expenses all the time same holds true for the capital deployment right now in this environment we are -- we have no immediate plans for layoffs. we'll always tweak along the way but right now we feel pretty good. >> can't let you go without asking about succession plans. you are one of two candidates rumored to be in running for the top job. anything to share with us? >> i don't know. what i can say is i'm a fortunate person i love what i do i love morgan stanley. james is an amazing leader management team is some of my greatest friends we push each other and been together a long time and had a lot of success together and the culture here is we know we have a job to do and get it done. >> first interview and hopefully will see you again soon. join us again. thank you very much. >> thank you look forward to it. >> back to you. >> thank you. >>> we are near session lows the dow off 1,000 po

the biggest drags are boeing, goldman sachs and chevron. adding on these weak days to some of your favorite positions what's the strategy for you? >> it's to add to the names that are most below intrinsic value we're finding that clustering in housing-related names and in finals goldman sachs adding to trading right at that one times book level. some of the home related names that we love, mohawk carpets, anything related to housing has gotten very cheap here financials, northern trust getting very cheap here. >> you're adding to housing stocks as mortgage rates go above 6% and the fed continues it's not stopping any time soon? >> because everybody hates them right now. we have names like mohawk trading at 8 times earnings. this is going to be -- this, too, shall pass. when it does, the consumer is in very good shape. the consumer still has a lot of equity in his or her home. they'll do remodeling, add new carp carpeting, new vinyl files >> home depot down 33.5% for the year charlie, thank you very much always good to chat with you >>> as w

goldman sachs was among those companies pursuing a somewhat-similar agenda, although that might be ass is such, given the economic conditions, that goldman is the first major investment firm to look at, well some layoffs, maybe hundreds of them, in the weeks ahead, beginning as soon as next week. goldman is one of those firms that has this sort of headcount they review every year. they've stopped doing that the last couple years with the pandemic but part of this program is involving sort of performance review on workers and in that period, if past is prologue here, they tend to weed out 1% to 5% of workers or those deemed not performing. we're told right now, that this lay off strategy might be on the lower range of that, so maybe closer to 1% to 2% but no matter how you slice it at least a few hundred workers will be going. the irony of course with this , is that it occurs at the time goldman and so many other financial firms are telling, demanding, actually, out right ordering their workers to return to the new york offices. the irony will also be that many will, and find out they

some recent ones, former goldman sachs executive jamie fiore. higgins is out with her exposÉ on the culture of finance and corporate america. her book is titled bully market my story of money and misogyny at goldman sachs. speaking of wall street. former wall street journal banking reporter greg steinmetz released his book about one of the wealthiest gilded age millionaires. it's titled american rascal how jay gould built wall street's biggest fortune. and freelance journalist mike mariani released his book on what happens when humans experience life changing events. the book is called what doesn't kill us makes us who we become after tragedy and trauma. well, along with new books being released every week, reviews are written by national publications as well. here's a sampling of some recent reviews. the national review magazine describes noah rothman's new book, which is entitled the rise of the new puritans fighting back against progressives war on fun. as a quote, master class showing that progressives puritanical crusades manifest as a kind