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Apr 8, 2024
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if jamie dimon is being patient, saying 8%, you remember last year at this time, jamie dimon came out with some sort of commentary, during the lows in pandemic, when a lot of his, you know, peers, bank of america and some others were, like, buying treasuries at those yields and he said, we were not doing that. so, you think of the problems that a lot of them had in their held to maturity books, and the like here. who knows how they're doing right now. because rates are higher. when we had regional banks go under. when we were talking the losses -- the mark to market losses, mind you. so, if we get an environment where, you know, fed funds is going to 6%, 7%, possibly 8%, you think about, okay, all these companies that need to re-fi at some point, all the tighter lending regulations. we spend a lot of time talking about private credit and the like here. there will be some devastation here,okay? it just has to happen. like, i just don't know how you could push off all the negative effects of the pandemic and all the stuff that went into it and then just push it out, right? there's been
if jamie dimon is being patient, saying 8%, you remember last year at this time, jamie dimon came out with some sort of commentary, during the lows in pandemic, when a lot of his, you know, peers, bank of america and some others were, like, buying treasuries at those yields and he said, we were not doing that. so, you think of the problems that a lot of them had in their held to maturity books, and the like here. who knows how they're doing right now. because rates are higher. when we had...
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Apr 8, 2024
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. >> jamie dimon's warnings for investors. higher rates, and the profound implications of a.i. >>> we begin with news vonding a major supplier to nvidia. the white house announcing $6.6 billion for the company's arizona plants. under the commitment, tsmc is committed to adding a third complex. jim, we're talking some 20,000 construction jobs, there's money in here for workforce training. >> this is a big one, it's the ones that we really need. i don't know, we'll have to talk about how much they really feed. we don't have enough engineers to build these. david, you know that this is the most tenuous, we'll talk with sara about it, the most tenuous situation we have, which is we could lose access to this if china moves on taiwan. >> we could. >> that's a big threat. >> certainly important component of our concern if that were to occur. >> and supply chain. >> we've said so many times when it comes to high-end chips, tsmc is the de facto place to go. i heard your comments about intel on friday. >> we'll ask her about intel. the
. >> jamie dimon's warnings for investors. higher rates, and the profound implications of a.i. >>> we begin with news vonding a major supplier to nvidia. the white house announcing $6.6 billion for the company's arizona plants. under the commitment, tsmc is committed to adding a third complex. jim, we're talking some 20,000 construction jobs, there's money in here for workforce training. >> this is a big one, it's the ones that we really need. i don't know, we'll have to...
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Apr 9, 2024
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we hear from jpmorgan chase's ceo jamie dimon. he is looking to say inflation is deeper than expected. dimon said the growing need to increase spending in sectors and large amounts of deficit sending. jamie dimon said the bank has plans for rates as high as 8% and as low as 2%. we hear from the minneapolis fed president neel kashkari said they have to get back to 2% target warning the credibility is now at stake. >> we built up a lot of credibility going into the shock. we are seeing the high inflation, but we believe the fed is serious about getting it back down. that helped us get back down, but we have to go all the way. if we stop short, you will say they will stop short next time. >> and analysts are looking to cut bets. futures contracts for december now point to 60 basis points of cuts this year. that is down from 150 basis points slated at the start of the year. traders are split over when easing will split with the fmoc standing at 50% for the june meeting. the consumer inflation is s stabiliz stabilizing. concerns over d
we hear from jpmorgan chase's ceo jamie dimon. he is looking to say inflation is deeper than expected. dimon said the growing need to increase spending in sectors and large amounts of deficit sending. jamie dimon said the bank has plans for rates as high as 8% and as low as 2%. we hear from the minneapolis fed president neel kashkari said they have to get back to 2% target warning the credibility is now at stake. >> we built up a lot of credibility going into the shock. we are seeing the...
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Apr 16, 2024
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jamie dimon has been telegraphing this, and we've been talking about jamie dimon versus brian moynihan, going back to that situation, a storm is coming and all that sort of stuff and moynihan kind of clapping back at jamie. i think what's clear, if you are choosing your fighter, it's jamie dimon. i know you already chose it long ago. it's interesting to me, when i think about jpmorgan's stock and where it was just a couple m months ago, it was at $220 -- >> it got to 200. >> jpmorgan? >> yeah. >> okay, 200. so, 200 down here to 180. down 10%. excuse me, sorry. so, just think about that, it's taking out a little bit of the froth. so, when we think is about the economy, to answer your question, okay , so, with saw yields go to where they are right now. a half of a percent or so move. the outlook for the economy has been okay. all the data, that's part of the problem. one of the reasons why yields have moved the way they are. jamie dimon has said, you know, expect rates much higher than here, or possibly. and so, i think the stuff that he's doing and the cautious optimism that he has abou
jamie dimon has been telegraphing this, and we've been talking about jamie dimon versus brian moynihan, going back to that situation, a storm is coming and all that sort of stuff and moynihan kind of clapping back at jamie. i think what's clear, if you are choosing your fighter, it's jamie dimon. i know you already chose it long ago. it's interesting to me, when i think about jpmorgan's stock and where it was just a couple m months ago, it was at $220 -- >> it got to 200. >>...
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Apr 24, 2024
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and she directly reports to jamie dimon, and i think companies taking and doing things like that are going to start super hyping up the actual -- >> i don't think it is here yet. >> i don't think a.i. is part of this at all yet. that's my opinion. >> you know the only place, college students have more time, because they don't have to write any papers. >> absolutely true. >> i ask you, great interview with anthropic yesterday, what can i use it for and you racked your brain and said on draft kings i might be able to -- >> that's the most important question it is not just -- tell me about this whiz bang technology. tell me what it is used for, how it is going to work its way into the economy and how we live. >> i can tell you how to use it. jpmorgan is using it to some degree, but i don't think it is taking jobs away just yet. but we talked about actually in finance, anybody or in marketing or anybody who is making a deck, you know, a power point presentation. >> for a merger an acquisition. >> for any kind of time you make a presentation to anybody, you know if you're a marketing comp
and she directly reports to jamie dimon, and i think companies taking and doing things like that are going to start super hyping up the actual -- >> i don't think it is here yet. >> i don't think a.i. is part of this at all yet. that's my opinion. >> you know the only place, college students have more time, because they don't have to write any papers. >> absolutely true. >> i ask you, great interview with anthropic yesterday, what can i use it for and you racked...
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Apr 8, 2024
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i read the jamie dimon letter, and it was fantastic, and he said when we saw interest rates go up 2%, we saw the market come down 20%. does that suggest we will see rates at the ten-year go up by 50 basis points, and does that mean a 5% correction. we see it all the time when our clients are calling and asking, should i put money in bonds. if money is moving into bonds, you cannot justify a 21 times multiple on the s&p 500. i don't know if it goes from 21 to 19 or 21 to 18, and i don't know where it goes, but 4.80 on the ten-year, it's a great threat on equities. >> we have justified the higher multiple, compared to the ten-year averages across the entire major average spectrum. we are above the historical average for everything, okay? we justified it in large respect in part, new trends, ai, gop ones, and new rates are coming down and you say you can carry a higher multiple. if rates are not coming down and are backing up, then we need to question the multiple, don't we, unless they are blowing you out of the water, and they are not supposed to pblow you out of th water but be decent
i read the jamie dimon letter, and it was fantastic, and he said when we saw interest rates go up 2%, we saw the market come down 20%. does that suggest we will see rates at the ten-year go up by 50 basis points, and does that mean a 5% correction. we see it all the time when our clients are calling and asking, should i put money in bonds. if money is moving into bonds, you cannot justify a 21 times multiple on the s&p 500. i don't know if it goes from 21 to 19 or 21 to 18, and i don't know...
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Apr 26, 2024
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dimon reiterating the potential skepticism for the u.s. to hit the soft landing. >>> annd walmart's rob walton i stepping down. looking to replace him with john niccol. >>> and paramount global and skydance in a potential merger deal paramount shares are popping on the news, or they were popping down 2% after hours. >>> stocks looking to close out the week with the s&p and nasdaq looking to break the losing streak ahead of the pce inflation report you see the futures in the green across the board the dow hitting the highs of the morning opening up 60 points higher nasdaq is the big gainer with microsoft and alphabet up 1% for more on the trading day ahead, i'm joined by the global equity strategist from citi. good to see you in person. >> likewise. >> we have to look at the pce report at 8:30 a.m. in the u.s how important is it to the u.s. markets and global economy do you feel this could be a market moving event? >> it is going to be very important. all eyes are on it the view of our economists has been if it comes at 2.7, this is still t
dimon reiterating the potential skepticism for the u.s. to hit the soft landing. >>> annd walmart's rob walton i stepping down. looking to replace him with john niccol. >>> and paramount global and skydance in a potential merger deal paramount shares are popping on the news, or they were popping down 2% after hours. >>> stocks looking to close out the week with the s&p and nasdaq looking to break the losing streak ahead of the pce inflation report you see the...
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Apr 16, 2024
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now 78% soft landing, of course last week we heard jamie dimon say he thinks exactly that number. 70% is what the market thinks for a soft landing and he thinks it's way too high. josh made the point, about 5% from a fundalitial economy point of view, it doesn't change decisions any more than 6.3 does t. doesn't change the functioning of the economy. >> my point at the top of the program was not to say do you need a higher for longer playbook with the assuming that means you need to get all beared up and figure out what to do with your assets. can you look into the camera and give somebody actionable advice -- >> yes. >> -- when i could, six to eight weeks ago, can you look into that camera today and say i think you should still buy. >> that's fine. the reason when i say it's a good question, the answer is not known. let me answer the question. >> why is the russell down 3.5%? >> now you have two questions and i want to answer them both. you know me and you asked, doesn't the market tell you something? some people feel it does. i feel in the short run, the market is a lot of noise. it
now 78% soft landing, of course last week we heard jamie dimon say he thinks exactly that number. 70% is what the market thinks for a soft landing and he thinks it's way too high. josh made the point, about 5% from a fundalitial economy point of view, it doesn't change decisions any more than 6.3 does t. doesn't change the functioning of the economy. >> my point at the top of the program was not to say do you need a higher for longer playbook with the assuming that means you need to get...
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Apr 8, 2024
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he's optimistic and jamie dimon as someone else who talked about the economy recently. he tends to have a more pessimistic view and he kind of reiterated that again in the j.p. morgan annual shareholders letter. what is he seeing that perhaps fed members are not on the economy and the possibility of a soft landing? liz ann? >> well, so, i think that there are tiny little cracks in the labor market data. friday's report was pretty much positive across the board, but you can quibble with other indicators within the labor market outside of the jobs report like the increase in layoff announcements and the increase in multiple job holders. so i think the concern may be that those tiny little cracks start to widen out and that some of the leading indicators like layoff announcements work this time as a tale of what is yet to come down the pike. i haven't read the jamie dimon note and i don't know what he was focusing on and anyone who had a weaker economic outlook it's usually because they believe there will be a faltering in the labor market. >> can you give us the charles s
he's optimistic and jamie dimon as someone else who talked about the economy recently. he tends to have a more pessimistic view and he kind of reiterated that again in the j.p. morgan annual shareholders letter. what is he seeing that perhaps fed members are not on the economy and the possibility of a soft landing? liz ann? >> well, so, i think that there are tiny little cracks in the labor market data. friday's report was pretty much positive across the board, but you can quibble with...
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Apr 8, 2024
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jamie dimon, obviously, a huge one. warren buffett, jeff bezos wrote a very straight forward letter that you could tell was written by him with their voices. larry fink's letter was up there with the parents at the top of the letter. that's why these letters are so interesting. the tone in the markets is consistent for the last year. that is the important about the soft landing not necessarily being ascert certain as the mar expectation. >> tom has been the bull. tom, what do you think? >> um, i think jamie is doing his shareholders justice because they want to hear from him about all of the concerns out there. i think he does a great job of detailing all of the things that can go wrong. at the end up of the day, when it comes to markets, i think markets tend to price concerns quickly. i think that's really the concern for the last two years. that hard landing. now inflation pressure are easing at a time when consumers don't have a lot of leverage and $6 trillion of cash on the sidelines. inflation, we don't know how qu
jamie dimon, obviously, a huge one. warren buffett, jeff bezos wrote a very straight forward letter that you could tell was written by him with their voices. larry fink's letter was up there with the parents at the top of the letter. that's why these letters are so interesting. the tone in the markets is consistent for the last year. that is the important about the soft landing not necessarily being ascert certain as the mar expectation. >> tom has been the bull. tom, what do you think?...
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Apr 23, 2024
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jamie dimon speaking at the economic club of new york earlier today, saying the u.s. economy is unbelievable and booming, but warning the stagflation could re-enter the market and current geopolitical situation is more complicated than it's been since world war ii he had some advice for whoever wins the election in november. >> i want the next president, whoever it is, to put the other party in their cabinet that's what i'd like to see. so, if it's biden, he puts some republicans in his cabinet, if it's trump, he puts some democrats in his cabinet i would like to see practice fissioners go back to government, not me, but you -- you know, to go help, you know, and serve. >> karen, you were at the event. >> i was >> what did you think of the comments >> he was pretty feisty. it's interesting you don't get a lot of economists to clap, but they seemed to like that bipartisan, you know, which is something he's been talking about for a long time. more optimistic than his letter sounded. the economy is doing pretty well so -- you know, i love jpmorgan, love jamie dimon -- >>
jamie dimon speaking at the economic club of new york earlier today, saying the u.s. economy is unbelievable and booming, but warning the stagflation could re-enter the market and current geopolitical situation is more complicated than it's been since world war ii he had some advice for whoever wins the election in november. >> i want the next president, whoever it is, to put the other party in their cabinet that's what i'd like to see. so, if it's biden, he puts some republicans in his...
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Apr 12, 2024
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jamie dimon making comments, there appear to be a large number of persistent inflationary pressures which may likely continue in the future. we'll watch jpmorgan shares down 3.25%. turning to shares of wells fargo, out this morning, which are now down by 1.5%, that's off again premarket lows, down 3% half an hour ago, just around 20,000 shares of volume, 15 minutes ago, just when wells fargo reported. again, here, a beat for profits and revenues. this is america's third biggest bank by market value. net interest income concerns also percolating through some of these results as well. so, wells fargo and jpmorgan both kind of parsing through the numbers for the late breaking earnings news. and we'll cap things off with our third financial of the morning. not a big bank, but the world's biggest asset manager, is shares of blackrock higher by 2% right now. just over 7,000 shares of volume. this is the parent company of products like those ishares exchange traded funds and life path target date funds and others. they reported properties and revenues that both topped estimates. blackrock was he
jamie dimon making comments, there appear to be a large number of persistent inflationary pressures which may likely continue in the future. we'll watch jpmorgan shares down 3.25%. turning to shares of wells fargo, out this morning, which are now down by 1.5%, that's off again premarket lows, down 3% half an hour ago, just around 20,000 shares of volume, 15 minutes ago, just when wells fargo reported. again, here, a beat for profits and revenues. this is america's third biggest bank by market...
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Apr 8, 2024
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jamie dimon is talking about we have this foregone conclusion almost, that it's going to be a soft landing. he says markets are pricing in 70 to 80% chance of that. i believe he says, quote, the odds are a lot lower than that. >> i am still in the soft landing camp. i actually think that the last several weeks or months of data has really reinvigorated the no landing camp, and so we wrote this piece last week about an uptick in manufacturing. i actually think that's a really big story for the rest of the year is we're starting to see an up uptick in the u.s., china, global manufacturing, orders component is improving. but i think we're early innings of what is typically a nine-month uptick in manufacturing. if that's the case, and you can and a lot of cyclical momentum that develops in the economy. this used to be a one engine economy with the u.s. consumer really supporting the globe and supporting all the industries, but now if that broadens out and you can have industrials and materials and energy participate, i think that's what gives me confidence on the economic front. >> do we need
jamie dimon is talking about we have this foregone conclusion almost, that it's going to be a soft landing. he says markets are pricing in 70 to 80% chance of that. i believe he says, quote, the odds are a lot lower than that. >> i am still in the soft landing camp. i actually think that the last several weeks or months of data has really reinvigorated the no landing camp, and so we wrote this piece last week about an uptick in manufacturing. i actually think that's a really big story for...
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Apr 9, 2024
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you had jamie dimon talk about it as the steam engine. it's not a question of if, it's just when and how we're going to do it. >> chris, great to see you. thank you. chris harvey. julie, in small cap land, are we starting to see a.i. productivity gains? how are you thinking about how a.i. changes how companies operate, how productive they are? >> it's pretty mixed right now. part of it is thinking about how a.i. gets impacted by regulation and all of the reports of hallucinations and things like that. i don't think companies adopt broadly. but if you own a small cap software business, those coders, those engineers and those product engineers, they are using a lot of a.i. to generate their code, and they are sometimes 10, 20, 40% more productive. and that enables them to be more profitable, come to market, ipo, at better earnings multiples than they had been able to before. >> 5535, you can't -- you can't accept it. it doesn't sit well with you. >> maybe chris is totally right, and that push-back, you know, with the rates thing -- the last
you had jamie dimon talk about it as the steam engine. it's not a question of if, it's just when and how we're going to do it. >> chris, great to see you. thank you. chris harvey. julie, in small cap land, are we starting to see a.i. productivity gains? how are you thinking about how a.i. changes how companies operate, how productive they are? >> it's pretty mixed right now. part of it is thinking about how a.i. gets impacted by regulation and all of the reports of hallucinations...
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Apr 25, 2024
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. >> yeah, listen, we like the banking sector, obviously, with jamie dimon at the helm. and the stock trading at its close to all-time high jpmorgan has 2.6 trillion in assets, if the market stabilized and interest rates drop between their deal flow and lending business, we could be poised for some good returns. we picked up the stock during the dip in 2020 and i feel like jamie dimon is the right man to be leading that company. >> so before we go to tim to get his response here on jpmorgan, jillian, there was some inside talk here that the fitness instructor might go with a novo nordisk or an eli lilly. they had the big weight loss drugs. we thought maybe - >> bite your tongue. no >> could you be clearer? >> jill, tell them i suggested it and you shot me down >> giancarlo suggested it and i said i would end our partnership of 18 years if he did. >> why >> absolutely not. because you don't -- i don't invest in things like philip morris i don't invest in things like no norvo nordisk. it's against my personal ethics. i won't do it. >> jillian, the gop drug called it a revo
. >> yeah, listen, we like the banking sector, obviously, with jamie dimon at the helm. and the stock trading at its close to all-time high jpmorgan has 2.6 trillion in assets, if the market stabilized and interest rates drop between their deal flow and lending business, we could be poised for some good returns. we picked up the stock during the dip in 2020 and i feel like jamie dimon is the right man to be leading that company. >> so before we go to tim to get his response here on...
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Apr 11, 2024
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jamie dimon at the dinner. i raise it because there is a lot of conjecture since we did that interview with jamie in davos about his comments about politics and president biden. specifically president trump. a lot of people took the clips he said on air as if he was a supporter of president trump's. i thought that was misconstrued by the public and not his intention to suggest he was backing president trump, but saying you have to respect a group of people who want to support him. by democrata, godemaging him ma for society. every person that the default, is a supper of sorts of president biden. >> his comments at davos were not just respect people who voted for president trump, but his point was there is a reason they are voting for him because of the policies he thought were better from immigration to others. he named them beyond that. i don't think he came down on one side or the other saying he was supporting one candidate or the other. i think it was more than just saying you can't mock those people. he wa
jamie dimon at the dinner. i raise it because there is a lot of conjecture since we did that interview with jamie in davos about his comments about politics and president biden. specifically president trump. a lot of people took the clips he said on air as if he was a supporter of president trump's. i thought that was misconstrued by the public and not his intention to suggest he was backing president trump, but saying you have to respect a group of people who want to support him. by democrata,...
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Apr 12, 2024
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jamie dimon has also been saying sticky inflation, but fink early was talking about fiscal stimulus, just permeating the economy, no recession. i remember when he was on with us last year, talking about, i don't see a recession because we have had so much fiscal spending, and by the way, that's going to make inflation sticky. it's an interesting time to talk to him on a week where cpi surprised to the upside, and has made investors rethink the entire rate view. a number of wall street firms, today, mike, are saying it's not going to be until december that we get a rate cut. >> it could be. >> and that would be one cut for the year. >> exactly. and so, that -- i was sort of dangling that out there, starting a few weeks ago, about this whole, we're in the opposite version of 2015 where the fed wanted to get off zero, they wanted to punctuate a whole fed cycle, and they couldn't. the economic numbers were weak. inflation was low. they didn't have the basis to do the multiple cuts that year that they anticipated a year earlier, and finally, in december, without the economy telling them t
jamie dimon has also been saying sticky inflation, but fink early was talking about fiscal stimulus, just permeating the economy, no recession. i remember when he was on with us last year, talking about, i don't see a recession because we have had so much fiscal spending, and by the way, that's going to make inflation sticky. it's an interesting time to talk to him on a week where cpi surprised to the upside, and has made investors rethink the entire rate view. a number of wall street firms,...
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Apr 26, 2024
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dimon, i think? >> mr. dimon excuse me. >> dimon maybe it is jamie. i don't know. >> i was going to say, do you want to weigh in on what's going to happen if the federal reserve is no longer independent >> or have 15 supreme court justices what the other side looks to do. >> i thought you didn't like talking about politics >> anything that we read, we will take -- like it's fact. talk about it until we realize we'll never talk about it again. talk about it a lot today guaranty. >> sure. >> worried about independence of the fed or the 45% long-term capital gains rate which is worse >> oh, man probably the 45% capital gains rate, but there's always way to figure out how to navigate new changes. >> which is more likely? thank you. >>> coming up, former white house coordinator on the progress of the president's chips and science act. plus the inflation gauge at 8:30 investors watching pce data closely for any signs of what jay powell may do in the future. assuming he's still -- >>> "squawk box" will be right back. it's time to feed the dogs real food, not
dimon, i think? >> mr. dimon excuse me. >> dimon maybe it is jamie. i don't know. >> i was going to say, do you want to weigh in on what's going to happen if the federal reserve is no longer independent >> or have 15 supreme court justices what the other side looks to do. >> i thought you didn't like talking about politics >> anything that we read, we will take -- like it's fact. talk about it until we realize we'll never talk about it again. talk about it a...
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Apr 23, 2024
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on their strong results new 52-week high i want to end on jpmorgan, hitting an all time high today jamie dimon speaking, i want to listen to what you you said about the banks and regulation doesn't sound happy. >> it's got nothing to do with jpmorgan but what kind of financial system do you want if i make a loan here and have to put up 30% more capital than a european bank in america, is that right is that what we intended to do wasn't there supposed to be some kind of international standards here i'm done with regulations. >> jimmy, he's done. maybe he can be done, because, you know, what was feared, let's say in bozell, is clearly not happening in that form i mean, it's been so telegraphed at this point by the fed and others that maybe he doesn't have to worry at least about the most onerous of regulations on the banks. >> i'm excited about jp morgan and the report the regulation and the lack thereof is not maybe what is getting me so excited. i hope he's right. i hope he's absolutely right i hope what you said about bozell three losing its teeth is the case but if it isn't the case, y
on their strong results new 52-week high i want to end on jpmorgan, hitting an all time high today jamie dimon speaking, i want to listen to what you you said about the banks and regulation doesn't sound happy. >> it's got nothing to do with jpmorgan but what kind of financial system do you want if i make a loan here and have to put up 30% more capital than a european bank in america, is that right is that what we intended to do wasn't there supposed to be some kind of international...
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Apr 15, 2024
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dimon call on inflation which is tougher this year and the cuts that everybody expected is pushed further out. if that happens, that is not good for ceo confidence. you will have an issue with the mergers and the debt and equity issuance that would help goldman sachs. >> you mentioned that david solomon is facing a few issues. the pushback to the pay package and the brain drain with top people leaving the company at goldman. how big of an issue is that for investors compared to another thing like the fact that the rate cut picture has changed? in your notes, you pointed out six or seven cuts, but goldman sachs' stock took off. >> reporter: when it was all things go in november and up to the right, goldman sachs climbed 50%. i think people underappunder apd how linked they were to the numbers. i think the brain drain is bad for david solomon. the performance of the company is what matters. if that holds, they will be okay. i think the problem is if you see the results over the next year and call ita make or break year is hyperbole, but it is some with a true. if you see some decline in the
dimon call on inflation which is tougher this year and the cuts that everybody expected is pushed further out. if that happens, that is not good for ceo confidence. you will have an issue with the mergers and the debt and equity issuance that would help goldman sachs. >> you mentioned that david solomon is facing a few issues. the pushback to the pay package and the brain drain with top people leaving the company at goldman. how big of an issue is that for investors compared to another...
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Apr 24, 2024
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jpmorgan's ceo jamie dimon says the economy looks like it's headed for a soft landsing, but howard marks says investors should not expect a return to ultra low rates. >> my thesis is we're not going back to rates of 0 or a half or 1. i think that is an unnecessary stimulus, and i don't think permanent stimulus is a good thing. i think interest rates should most of the time be set by the free market. >>> welcome back to "street signs. we're just getting some flashes from ubs let me share those with you. the ceo has said there are difficult decisions ahead as we restructure credit suisse. he also said we'll need to part ways with some colleagues. let me just remind you earlier this week we had reports that ubs was preparing a couple of rounds of layoffs as they continue this reintegration process with credit suisse in other flashes that we're getting, the ubs ceo said 2024 is shaping up to be pavtal year, ubs to begin commissioning legacy platforms in the second half of the year the ceo also said the merger of the swiss bank enthe itys should occur before the end of the third quarter. so p
jpmorgan's ceo jamie dimon says the economy looks like it's headed for a soft landsing, but howard marks says investors should not expect a return to ultra low rates. >> my thesis is we're not going back to rates of 0 or a half or 1. i think that is an unnecessary stimulus, and i don't think permanent stimulus is a good thing. i think interest rates should most of the time be set by the free market. >>> welcome back to "street signs. we're just getting some flashes from ubs...
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Apr 10, 2024
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i am saying, it probably lasts a little bit, because we have to endure jamie dimon saying he's very concerned that rate -- that's tomorrow's business -- i mean, friday's business. >> we're getting jpmorgan. memos starting, earnings season begins at the end of the week. we're working off his comments from the annual letter in which he said that rates could hit as high as 8% as a risk. he didn't say it's going to happen. >> he'll, like, say something negative, and kill his own stock for a couple weeks, and you'll say, why'd you do that? he'll say, that's what i think. >> meanwhile, his stock is up over 52% in a year. >> yes. it sells at 12 times earnings, which is too low a multiple, but i think that when i look at -- i'm trying to pick dow stocks. i'm not being random here. you ditched me on disney, that was fine. i didn't care. but jpmorgan is at 12 times earnings, and he is going to say negative things because that's what he does. so, do you buy it or sell it after he said negative things? how about you wait four days, start the buyback of the company -- well, he's not going to buy that much
i am saying, it probably lasts a little bit, because we have to endure jamie dimon saying he's very concerned that rate -- that's tomorrow's business -- i mean, friday's business. >> we're getting jpmorgan. memos starting, earnings season begins at the end of the week. we're working off his comments from the annual letter in which he said that rates could hit as high as 8% as a risk. he didn't say it's going to happen. >> he'll, like, say something negative, and kill his own stock...
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Apr 8, 2024
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jpmorgan ceo jamie dimon highlighting ai as the first topic of his annual shareholder letter saying it's going to have as profound an impact on society as the printing press, electricity and computers. obviously time will tell here. i wouldn't bet against it. >> he says that they now have more than 2,000 ai and machine learning employees. those are not cheap. everyone's looking for those in silicon valley. >> nowhere will it be more important, maybe in medical and health care. >>> the white house announcing a new student debt relief program that aims to provide relief for millions of borrowers to finalize the proposal would mostly affect those with so-called runaway interests or balance that balloon due to unpaid interests as well as borrowers who have been paying down loans for 20 or more years. >> this is obviously one that's going to be interesting to watch legally because the prior attempts to get rid of student debt did not fly with the supreme court. >>> and south carolina winning the women's basketball title completing an undefeated season. it's been a process knocking off caitlin
jpmorgan ceo jamie dimon highlighting ai as the first topic of his annual shareholder letter saying it's going to have as profound an impact on society as the printing press, electricity and computers. obviously time will tell here. i wouldn't bet against it. >> he says that they now have more than 2,000 ai and machine learning employees. those are not cheap. everyone's looking for those in silicon valley. >> nowhere will it be more important, maybe in medical and health care....
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Apr 12, 2024
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dimon, larry fink, et cetera. inflation is not getting down to their level anytime soon. the entire bet, will the market continue to have the surprising resilience and will the economy have the surprising resilience to such a long and swift rate hiking cycle and wait it out? >> dimon says as participate of their earnings release, we remain alert to unsettling global landscape including terrible wars and violence. one such factor in jpm's business and the broader economy. rate cuts are not off the table. they've been pushed out, even the fed speakers are still talking about wanting to cut rates. you can't dismiss dimon's comments. we have the geopolitical concerns and the move in commodities is unsettling in and of itself in some respects. >> right. and to steve's point -- and this started last week. last week we got a lot of better economic data but the market wasn't up. i think that's a really interesting point because we're moving from this narrative we came into the year going to have a deflationary boom or dis
dimon, larry fink, et cetera. inflation is not getting down to their level anytime soon. the entire bet, will the market continue to have the surprising resilience and will the economy have the surprising resilience to such a long and swift rate hiking cycle and wait it out? >> dimon says as participate of their earnings release, we remain alert to unsettling global landscape including terrible wars and violence. one such factor in jpm's business and the broader economy. rate cuts are not...
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Apr 1, 2024
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dimon will say something like, hey, balance sheets are in great shape but watch out, and he says that every quarter. >> the capital markets are coming back in the narrative for some of the -- >> i feel comfortable saying some of the green chutes are there. >> we traded at or near one times book as long as we have been talking about book. >> that's not exactly true, and they have traded higher than that but the expectations are -- people are so skeptical about financials because you have not made a ton of money in the sector, especially in the last year, but i think the valuations are supportive and bank of america preannounced in the beginning of march and they talked about things basically in line with expectations, and on the margin you will have companies that do better on execution, and companies that do a little better on capital shares, and i don't think this next quarter will be the blow away breakout quarter for financials. >> and accelerating top line, cutting costs and freeing up capital through strategic divestments? >> this is citi's quarter to win, and they have to just n
dimon will say something like, hey, balance sheets are in great shape but watch out, and he says that every quarter. >> the capital markets are coming back in the narrative for some of the -- >> i feel comfortable saying some of the green chutes are there. >> we traded at or near one times book as long as we have been talking about book. >> that's not exactly true, and they have traded higher than that but the expectations are -- people are so skeptical about financials...
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Apr 22, 2024
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i sort of believe jamie dimon -- you saw jamie dimon's piece on the steam engine, electricity, internet, computing age. i believe this is one of those multigenerational changes that are going to be tremendously impactful. i don't think it's just producers and the consumers. it's -- and i don't cthink it's the chips and the vertical horizontal application laryer. we don't hear as much about how much power we need in this country. that implies ap upgrade to the grid, hundreds of billions around the world when you think about broader electrification centers or data or ev. this is tremendously impactful. idc says $500 billion plus spend big '27. something like $11 trillion over time economic impact. so i do think this is completely -- this really is in that special category of major change, and so what does that ultimately mean? if you think about the industrial age on, always when this massive change comes, they called it creative destruction, you're going to have major consolidation waves. i'm a little bit less sanguine on the prospects for this year and i do believe over the next two to
i sort of believe jamie dimon -- you saw jamie dimon's piece on the steam engine, electricity, internet, computing age. i believe this is one of those multigenerational changes that are going to be tremendously impactful. i don't think it's just producers and the consumers. it's -- and i don't cthink it's the chips and the vertical horizontal application laryer. we don't hear as much about how much power we need in this country. that implies ap upgrade to the grid, hundreds of billions around...
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Apr 12, 2024
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jpmorgan's ceo, jamie dimon warning of the triple threat, and larry fink saying the central bank may miss its inflation target. the kbe on track for its worst month. all of this as q1 earnings season gets started and investors embrace for an attack between israel and iran. tim, what do you say? >> it really is the geopolitical climate that is part of where we closed the week. and we've said this. those boxes you check when you're filling out the survey, what keeps you up most at night, it's not necessarily 21 times forward on the s&p. it's geopolitics. i'll leave aside the analysis politically and socially of iran potentially invading israel. what that means, look at the dollar move. the dollar has rallied in the last two days. the price in oil and -- and oil prices, iran and israel means oil higher for longer. we talk about interest rates higher for longer. it was as bad of a day as markets have seen since january. you brought up the vix. the fact it's up more year to date than semiconductors, and i'm sure carter has a view of semis. you look at a day like today and you look at wher
jpmorgan's ceo, jamie dimon warning of the triple threat, and larry fink saying the central bank may miss its inflation target. the kbe on track for its worst month. all of this as q1 earnings season gets started and investors embrace for an attack between israel and iran. tim, what do you say? >> it really is the geopolitical climate that is part of where we closed the week. and we've said this. those boxes you check when you're filling out the survey, what keeps you up most at night,...
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Apr 12, 2024
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and brin, when jamie dimon warns of all of these things that are out there as potential major risks, like he's been doing, suggesting that, you know, in the past couple weeks, that the economy or the market's outlook about the economy is too optimistic and there are a lot of variables out there that can upset the story >> right. i mean i think he's pragmatic and lays it out for everybody. with jpmorgan, mike hit it spot on. with earnings you have to look at individual companies. if you think about it, five names probably have an $11 trillion market cap collectively, if you look at apple, amazon, microsoft, meta, so i think that amazon, meta, microsoft, and nvidia, i think they're going to have great numbers. i think they're going to be solid. the calls will be very upbeat. we're not going to get to those numbers for a couple weeks, and, so i just think until we get to the big names that we're all excited about, you're going to have individual names. if you do not beat and raise this market will not suffer, and it will be dicey for these companies that just kind of have, you know, eh
and brin, when jamie dimon warns of all of these things that are out there as potential major risks, like he's been doing, suggesting that, you know, in the past couple weeks, that the economy or the market's outlook about the economy is too optimistic and there are a lot of variables out there that can upset the story >> right. i mean i think he's pragmatic and lays it out for everybody. with jpmorgan, mike hit it spot on. with earnings you have to look at individual companies. if you...
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Apr 25, 2024
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dimon of course came on and he had some negative things to say i've got to get that guy to cheer up he's got like a -- what's with him? but charlie scharf doesn't need cheering up. that's why i suggest you buy wells fargo, which is the exact right bank for this environment. the one that you -- and get me on that chat i'm very good. i mean, i have 2.1 million people who hate me on twitter, but it's all right kevin in my home state of new jersey kevin. >> caller: hi, mr. cramer. how are you? >> i'm good, kevin what are you up to what are you, on the garden state parkway? where are you? >> caller: yeah, i am. yeah i just got to pull over. is this still a good buy on arm semiconductor? >> i'm so glad you asked me that because renee hawes has told me periodically jim, you forget how good we are, you forget what we're doing. i'm going to throw arm in. i was waiting for it to get to 80 to rerecommend it it's at 97 so kevin, here's what to do. i would buy a quarter of a position here and every five down until it's finished that's how i would buy it i think arm's great. renee hawes is great
dimon of course came on and he had some negative things to say i've got to get that guy to cheer up he's got like a -- what's with him? but charlie scharf doesn't need cheering up. that's why i suggest you buy wells fargo, which is the exact right bank for this environment. the one that you -- and get me on that chat i'm very good. i mean, i have 2.1 million people who hate me on twitter, but it's all right kevin in my home state of new jersey kevin. >> caller: hi, mr. cramer. how are...
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Apr 2, 2024
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. >> we're in jamie dimon camp. he said this. everyone said he was crazy. >> the crazy thing is it will cause the fed to stay higher for longer to cause a recession. >> right. because of stronger than anticipated inflation. >> the reverse call. economy is so strong that we have a recession. >> i think jamie dimon's point is inflation is running strong. >> that's what it will be. can't cover inflation. >> it is not transitory. you have to stay high. maybe raise again. i'm thinking we can't guarantee. we argue with analysts. up 5% or 10%? what if it was down 5%? we sometimes think they will raise rates. >> it is possible. you are talking about the s&p performing up 10% in the first quarter. >> that's our attitude. up 5%, up 10%? we never talk about down. >> talk about up/down. >>> talk about the vote happening as we speak. disney pulling ahead now in the proxy battle against nelson peltz with more than half of all shares voted on according to the wall street journal. people familiar with the matter said blackrock is backing disney.
. >> we're in jamie dimon camp. he said this. everyone said he was crazy. >> the crazy thing is it will cause the fed to stay higher for longer to cause a recession. >> right. because of stronger than anticipated inflation. >> the reverse call. economy is so strong that we have a recession. >> i think jamie dimon's point is inflation is running strong. >> that's what it will be. can't cover inflation. >> it is not transitory. you have to stay high....
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Apr 19, 2024
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now, jamie dimon turned it into a referendum on the world. now, jamie is just too existential. i got to get to him. he's become too existential. >> when you did philly -- when was philly, your interview in philly with jamie? a year ago >> going to 6% interview it was a while ago two years ago? i don't know it was at the opening of a -- he still thinks like a banker i love jamie he used to think i hated him never true so did charlie he said, why do you hate me? i don't hate these guys. dimon's got to start thinking, listen, let me talk about how well the bank is doing, not let me tell you about the world. when you interview anyone about the world, they have a similar conclusion i don't need his view of the world. i mean, it's pretty much like everybody else's >> right jim, in autos, there's a lot to get to there's this -- the end of this vw uaw vote. we'll see what that means for the union. shawn fain on the time 100 list, as you saw, i'm sure >> maybe i'll sit with him >> the tesla recall. >> the tesla recall. look, all it is, it's acceleration, which could cause a horrible cra
now, jamie dimon turned it into a referendum on the world. now, jamie is just too existential. i got to get to him. he's become too existential. >> when you did philly -- when was philly, your interview in philly with jamie? a year ago >> going to 6% interview it was a while ago two years ago? i don't know it was at the opening of a -- he still thinks like a banker i love jamie he used to think i hated him never true so did charlie he said, why do you hate me? i don't hate these...
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Apr 24, 2024
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dimon said about how you can't say. i happened to be there it was a different kind of moment >> wow, really >> jamie didn't talk about, "i love capitalism. >> he's another one who doesn't suffer fools, either dimon or coaty. they don't suffer fools. >> no, no. when i was -- when dave lived next door to me, i shoveled his walk i didn't know it was his he said, you shoveled my walk? >> that's a good way to get on the right foot >> that's how i got on the right side of dave coaty i shoveled his walk. how do you like that >> i'm amazed. >> see, david? with an abundance of caution, he says he's amazed >>> quick reminder don't miss the next investing club monthly meeting, as jim says, happening at noon today, eastern time >> i'm so ready. >> you can join the club for members only access to jim's next big portfolio moves as we go to break. watch bonds as jim also says we'll keep an eye on the five-year at 1:00 p.m. eastern time durables came in, best since november this morning. and right now, the nasdaq, trying to put togethe
dimon said about how you can't say. i happened to be there it was a different kind of moment >> wow, really >> jamie didn't talk about, "i love capitalism. >> he's another one who doesn't suffer fools, either dimon or coaty. they don't suffer fools. >> no, no. when i was -- when dave lived next door to me, i shoveled his walk i didn't know it was his he said, you shoveled my walk? >> that's a good way to get on the right foot >> that's how i got on the...
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Apr 11, 2024
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jamie dimon will speak first. he will talk about how rates should be higher. that's going to cast a negative pall. bank of america will be positive. no one will care next week. wells fargo, i think charlie scharf will tell a darn good story, but people think he has commercial real estate problems. au contraire, mon frere. >> not with charlie. i don't believe you have an interview scheduled with him, do you? >> david, i'm a master of disguise. >> you are, but i don't believe it. there's nothing coming on that one. that said, i'm curious to see what you have to say about wells. i'm also curious to say what the earnings reports look like. when it comes to capital markets activity, there is a story emerging that some of the banks are trying to reclaim territory lost to private credit by coming in and undercutting on price. >> jonathan gray at the dinner last night? >> jonathan gray. >> was he great at the dinner last night with the president? >> i don't know, was he? >> i saw john gray. i saw judy marx from otis, the fed chief. >> john gray of blackstone, the pres
jamie dimon will speak first. he will talk about how rates should be higher. that's going to cast a negative pall. bank of america will be positive. no one will care next week. wells fargo, i think charlie scharf will tell a darn good story, but people think he has commercial real estate problems. au contraire, mon frere. >> not with charlie. i don't believe you have an interview scheduled with him, do you? >> david, i'm a master of disguise. >> you are, but i don't believe...
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Apr 17, 2024
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dimon. yesterday's earnings from bank of america, not well received. but then goldman-sachs and morgan stanley -- goldman-sachs, by the way, again, we don't need to go over stuff we've already discussed, but we'll keep an eye on the financials. just because you're not here, doesn't mean it didn't happen. >> the world ended because i'm not here, and i restarted the world. >> it is your world, and we're just living in it. >> thanks for that. >> you're welcome. >> david solomon delivered the quarter we've wanted from goldman for a long time. it was a great fee-based quarter. morgan stanley, ted pick, he came in hot. you either felt that james gorman had just tanked it so that he could come in hot, or he could say, listen, when he's ebullient about m&a, and about ipos, i mean, david, that's your world. >> it is. >> welcome to it. i'm back no your world now. >> the m&a world, i would not share that ebullience. there's a level of business that will continue to get done. as we get closer to the ele
dimon. yesterday's earnings from bank of america, not well received. but then goldman-sachs and morgan stanley -- goldman-sachs, by the way, again, we don't need to go over stuff we've already discussed, but we'll keep an eye on the financials. just because you're not here, doesn't mean it didn't happen. >> the world ended because i'm not here, and i restarted the world. >> it is your world, and we're just living in it. >> thanks for that. >> you're welcome. >>...
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Apr 16, 2024
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jamie dimon says we don't want to buy a lot back at these prices. costs when up when it wasn't expected. that's a dialing back of the enthusiasm. >> the stock at the end of the day yesterday did not end up sharply at all. >> meantime, still to come, exclusive with ecb president christine lagarde. what's her time terrible for cutting rates if any? ten-year well ak above 4.6 this morning. that may explain the lack of enthusiasm. powell at 1:15, williams 12:30, barkin at 1:00. s&p holding on to 50.50. stay with us. i have a business idea. and it just might change the world. but here's the thing, i can't do it... alone. so, are you in? i'm in. nothing else to do. yeah, i don't know... um, i need to speak to my agent. (snoring) i think creed's out. ♪ in any business, you ride the line between numbers and people. what's right for the business and what's best for everyone who depends on it. solving today's challenges while creating future opportunities. it takes balance. cla - cpas, consultants, and wealth advisors. we'll get you there. hi, my name is jo
jamie dimon says we don't want to buy a lot back at these prices. costs when up when it wasn't expected. that's a dialing back of the enthusiasm. >> the stock at the end of the day yesterday did not end up sharply at all. >> meantime, still to come, exclusive with ecb president christine lagarde. what's her time terrible for cutting rates if any? ten-year well ak above 4.6 this morning. that may explain the lack of enthusiasm. powell at 1:15, williams 12:30, barkin at 1:00. s&p...
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Apr 30, 2024
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. >> you disagree with the jamie dimon view that actually things will be tougher for longer, and you might even eat rate hikes? >> of i think rates will most likely by higher for a long period of time. that doesn't mean that the policy rate will stay at 5 to 5%, we think it represents value and where we think real rates are going to be. but rates will be higher than people thought six months ago. >> if you're right, what do you see about equities? >> i think rates higher for longer will put more pressure on the lower end and smaller companies. right now, if you think about first quarter earnings, you have lots of different trends underlying. you have technology companies up 30%, everything else down five. small caps will be expect to be down 20% earnings in the first quarter, down 14 in the fourth quarter. you see that pressure, where those large cap s&p 500 companies, pristine balance sheets, super hilg quality, globally competitive companies are doing very well in this environment. >> okay. we will see. joe, thank you for coming in this morning >>> coming up, house ways and means c
. >> you disagree with the jamie dimon view that actually things will be tougher for longer, and you might even eat rate hikes? >> of i think rates will most likely by higher for a long period of time. that doesn't mean that the policy rate will stay at 5 to 5%, we think it represents value and where we think real rates are going to be. but rates will be higher than people thought six months ago. >> if you're right, what do you see about equities? >> i think rates higher...
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Apr 22, 2024
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. >> what did jamie dimon say? 8%? >> he has been spot on. he has been consistent. >> he has. that seems like it would be significant. >>> news from washington. on saturday, the house passing the series of bills to provide aid to israel, ukraine and taiwan along with the bill that would force china's bytedance's tiktok. emily wilkins has more with us. do you clock in on saturday? >> reporter: you have to be paying attention. you have to stay on top of it. it was a working weekend for congress. you are not alone. the house passed that $95 billion foreign aid bill for ukraine, israel and indopacific and attached to that had a couple of things. most importantly, it could lead to tiktok being banned in the u.s. if they don't divest from parent company bytedance. they could finalize the bill on tuesday. the house has approved the foreign aid piece and the tiktok piece of the bill with the key endorsement from maria cantwell. the threat of the ouster of speaker mike johnson is still on the table. marjorie taylor greene called johnson a lame duck and said he should resign. johnson mi
. >> what did jamie dimon say? 8%? >> he has been spot on. he has been consistent. >> he has. that seems like it would be significant. >>> news from washington. on saturday, the house passing the series of bills to provide aid to israel, ukraine and taiwan along with the bill that would force china's bytedance's tiktok. emily wilkins has more with us. do you clock in on saturday? >> reporter: you have to be paying attention. you have to stay on top of it. it was...
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Apr 1, 2024
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jamie dimon. >> do you think that's real? >> i have no idea. >> if we stop talking about the fed -- if they really do -- the show's going to be cut to ab han hour, "squawk box," unless you're ready to do more sports and gambling. >> i'm ready. >> i think we're all ready. >> every time i think we're out of the fed controlling things, i change my mind because -- >> i would like to move on. do ai and tech. other stuff. >> i think we could do so much, especially focusing on earnings trends, industrial policy. >> there you go. >> i'm with her. >> ai, shifting supply chains. there's a lot of good stuff. >> she won't be on as much. >> i'm happy to be on more. >> okay, this is even better. >> you just think it's a one-hour show at 8:00, that's what you like. >> i'm also up for that. let me know. >> monday through thursday. >> through wednesday. monday through wednesday. >> dwabgabriella, thank you. >>> when we come backseat, crypto in the second quarter and beyond, we're going to talk digital assets prices. >>> and later this hour, t
jamie dimon. >> do you think that's real? >> i have no idea. >> if we stop talking about the fed -- if they really do -- the show's going to be cut to ab han hour, "squawk box," unless you're ready to do more sports and gambling. >> i'm ready. >> i think we're all ready. >> every time i think we're out of the fed controlling things, i change my mind because -- >> i would like to move on. do ai and tech. other stuff. >> i think we could...
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Apr 15, 2024
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. >> leslie picker spent time with jamie dimon and one of the things he said in the annual report two weeks ago was how much he felt like we were on the precipice in a way we hadn't been. you were right at the beginning of the war -- i go back to what happened on october 7th. >> yeah. >> it did. >> you still have three weeks where it was weak after that. it wasn't driven mostly by that. >> oil seemed to react this way. that begs the question to your point about jamie how the markets price in changing world order and can they do so despite the fact so many stocks driving the market are algorithm based. >> i go back to specifically tell me what the market is supposed to be pricing? the middle east is volatile and it is a hazardous place and awful things going on. what should the markets be taking from the events over the weekend today that is incremental to what we knew on friday? if you look at it that way and all of the other factors that we are dealing with like the re-priced fed and all the rest of of it. if it creates the supply jolt and oil going up -- >> and the flip side of how
. >> leslie picker spent time with jamie dimon and one of the things he said in the annual report two weeks ago was how much he felt like we were on the precipice in a way we hadn't been. you were right at the beginning of the war -- i go back to what happened on october 7th. >> yeah. >> it did. >> you still have three weeks where it was weak after that. it wasn't driven mostly by that. >> oil seemed to react this way. that begs the question to your point about...
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Apr 4, 2024
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dimon among others sounding the alarm about the rise in national debt that can reach $141 trillion, that's with a t, by 2054, according to the latest report. our next guest testified on the hill to talk about his scenario, unfortunately, that he believes could have the economy and if nothing is done to revert the course. joining us now is joao gomes from the wharton school. you think we have a real big problem ahead. i'm not disagreeing with you. lay out how bad the problem is and how quickly it becomes a problem. >> good morning, andrew. how quickly is hard to say. i think there is real urgency. i think people are not really appreciating that. i think real interest rates are high and they're going to have a momentous change relative to the last 15, 20 years. i think all the trends we see point toward higher rates. it is true, growth rates are higher. we'll see how long that lasts. that's the one thing that is a positive the last two or three years. some of that is demographic, immigration, so on. but real interest rates are significantly higher and i think all the projections that
dimon among others sounding the alarm about the rise in national debt that can reach $141 trillion, that's with a t, by 2054, according to the latest report. our next guest testified on the hill to talk about his scenario, unfortunately, that he believes could have the economy and if nothing is done to revert the course. joining us now is joao gomes from the wharton school. you think we have a real big problem ahead. i'm not disagreeing with you. lay out how bad the problem is and how quickly...
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Apr 5, 2024
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this has been the argument that a whole bunch of folks have made and also the folks like jamie dimon who have basically said that inflation is going to be stubbornly high. by the way, steve cohen -- >> certainly, i think the idea, what's the rush? my former colleague, chris waller, that was the title of his speech at one point. "what's the rush?" certainly with the economy performing pretty well, there probably isn't as much urgency to get a lower policy rate, but still, they're too high by most metrics. if you think the policy rate was at the right level last july when they made their last rate increase, why do you think that level is still the right level today, and core pce inflation is 200 basis points lower? you got to take that on board and bring the policy rate down. but there are other considerations because it's the first policy move, and you don't want to move on news where inflation is moving in the wrong direction. i think that's the tradeoff here right now. >> but as you know, we're in an election year, and there's always been a view that as you get closer to the electio
this has been the argument that a whole bunch of folks have made and also the folks like jamie dimon who have basically said that inflation is going to be stubbornly high. by the way, steve cohen -- >> certainly, i think the idea, what's the rush? my former colleague, chris waller, that was the title of his speech at one point. "what's the rush?" certainly with the economy performing pretty well, there probably isn't as much urgency to get a lower policy rate, but still, they're...