j.p. morgan no dividend increase. maybe these are the models you do not want to be in, and this economic time. >> well, that may be two very different things. do you want to be in them? do want to be? clearly it has not worked so far. i think that i wouldn't read too much into the dividend thing. i think they telegraphed it. if we see rates move lower, they will have the flipside and build additional capital. i think j.p. morgan has laid out very clearly, they are going to spend a lot of money. they will look to do acquisitions. and they are going to, they are going to do buybacks. i don't see them increasing the dividend analyst they have more clarity. which i do not think they will have in the near two quarters. >> check out energy leaving the market jumping 3%. trying to stage a rebound after a rough couple of weeks. our next guest is the recent drop could be a good sign. what are you looking at? >> reporter: i'm looking at the selloff we have seen in the sector in recent weeks. is telling the bear cycle has now co

j.p. morgan is uncertain about this. the reason is how the central banks and up -- central banks end up responding. j.p. morgan is suggesting that the language we are hearing from jerome powell and his colleagues also suggests that the bank needs to engineer a rise in the u.s. unemployment rate. the aggressive actions we are seeing from the fed and other central banks means that we could see a tightening in financial conditions sharper than what was expected here. the concern for jp morgan is that it ends up being too heavy a load for the private sector, that they say is otherwise in a healthy position. so that could lead to a u.s. or global recession, which j.p. morgan defines when we see the employment rate rising by 14% -- as when we see the unemployment rate rising by one percentage point. and they are expecting a rebound from china. haidi: take a look at bitcoin. it is heading towards the $30,000 range. annabelle: some technical indicators saying that we could see a drop down to $12,500. bitcoin not moving to the up

j.p. morgan emerged as the largest counterparty to a chinese company. walgreens has abandoned the sale of its goods pharmacy chain. the deal was expected to bring in more than $6 billion. bloomberg has learned the goldman sachs is going to celebrate to more than $1.2 billion. it forces the firm to take more lending loss provisions. goldman originally said the market would break even this year. 2310 -- 23 time grand slam winner serena williams the first round at wimbledon. she was beaten by 116th ranked player from france. when asked if this is her last match, she said who knows. global news 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. manus: thank you very much. a little later, the world most powerful central banks in an exclusive conversation at the ecb form in sintra, :00 london time. dani: in this hour, france cuts its economic growth forecast. macron faces his first challenge in parliament. since the elections. this is bloomberg. ♪ manus: dani:

what is j.p. morgan saying? >> j.p. morgan is saying valuations are really attractive and regulators are helping ease off on the crackdowns that have been going on over the past year or so. that is helping them make more bullish bets in the chinese tech sector, buying j.d..com and alibaba according to their latest filings. we are seeing more investment houses and wall street banks piling into bullish bets. turning more bullish on chinese stocks, goldman sachs continuing to be bullish, that is when you need to stop and think whether the rally is overdone, as peter who appeared earlier was talking about how venture capital investors are not thinking the same, they are thinking the easing of the crackdown is maybe temporary, just because xi jinping is having a big election in the later part of the year and also, the economy is devastated by covid right now. so, this could be a temporary pause. shery: especially when you are talking about the rally perhaps being overdone. you look at this chart on bloomberg showing the gold

we now have a j.p. morgan strategist saying the s&p 500 implies an 85% chance of arrest session. there are fears we could see i policy ever after the biggest hike since 1994. the nasdaq 100 moving more than 2% and the two year yield around the 3% level. tenure about the 3.2% level. the asian session is under a little pressure after a rally. no matter the risk off sentiment we saw, supply concerns are still moving the market. we also have the dollar plunging by the most since march 2020. this is to do with what is happening in europe. look at these currencies in europe. we are seeing a little move in the asian session after a huge jump against the u.s. dollar. the swiss franc father biggest rally since january 2015 with the swiss bank removes to a currency cap at a time when inflation is high. we saw the first swiss rate hike in years. that really made a big difference, the first rate hike in 15 years. after that, there were bets the ecb would move. the president came out and talked about not wanting irregular moves -- in the market. we also had the boe thinking rights this consec

still jamie dimon the see of the largest bank, j.p. morgan, is out with a warning about the economy. >> it is a hurricane. right now it's kind of sunny, everyone thanks the fed can handle this. that hurricane is right out there down the road coming our way. we just don't know if it is a minor one or a super storm sandy. so you've got to brace yourself. >> he also said the bank will be much more conservative in the face of this than there is elon musk saying he has a super bad feeling about the economy as well as he looks to lay off 10% of staff at tesla prejudgment right out of foxbusiness exclusive reagan economist art laffer. art good to see you thank you so much for being here. a lot of really were reading comments from the ceos then he got the jobs numbers on friday where wages were up five-point to percent but still not enough to offset the sting of inflation which is running 8.3%, your reaction very. >> i think jamie died on elon musk are completely correct for that job support was not a great jobs report if you look at it from a

michael bell, global market strategist at j.p. morgan joining us. what is your view? will we see a persistency to the rally or a relationship between bonds and stocks from here on out? michael: i think bonds have become more a lot -- a lot more attractive. the housing market cannot really handle mortgage rates going up much more than they have already. to me that suggest that we are probably nearing the peaks. we could probably go a little bit higher. they will not move materially higher than where they are at the moment. i think that will cause problems for the housing market and that caps out how high they can go. tom: in the fractious debate of j.p. morgan, compare and contrast housing in england from housing in america. do you people combine them together or are they truly distinct? michael: i think they are quite different because in the u.s. you have 95% of people on relatively long-term fixed rate mortgages whereas in the u.k., about 17% of people are on track mortgages and another about one third are at two years a l ess. the u.k. will feel the interest rates

why are we hearing these two different things from j.p. morgan? >> i think j.p. morgan and other banks like bank of america, they also do see the u.s. consumer in pretty good health. jamie dimon said today they still have six to nine months of spending power and thanks to stimulus that patted their pockets, they could have 2 trillion of sort of excess money to put to work. bank of america's american retail banking president said something similar. perhaps there is a way to go in terms of consumer health. haidi: china is doubling down on xi jinping's call for more infrastructure spending to counter its economic slowdown, urging policy banks to lend more to projects to boost consumption. for more, let's bring in our chief north asia correspondent, stephen engle, in hong kong. it feels like we have been here before. stephen: we have. this is the type of economic cycle we see in china, pullback that, fuel debt, pullback debt, fuel debt. their off balance sheet liabilities grow when they are told to produce growth, and then they go through a crackdown and there has be

let's get back to james sullivan, head of equity research at j.p. morgan. larry summers has come out and said the u.s. needs a jobless rate in excess of 5% for a sustained period to curb inflation. of course that harks back to the old phillips curve, which was defunct at some point. is he talking out of his hat, or does he have some basis in fact with this? james: with all the respect to larry, i do think it is the wrong number to focus on. this is not just an issue with the recent comments, it is an issue with the press more generally. we focus on the unemployment rate because it is easy to focus on and everyone thinks the understand it. the challenge is the definition of the unemployment rate is the percentage of jobseekers that are out of work. that is a critical definitional issue. the number that makes more sense is the total number of employed people in a particular country. that takes away, are you actively seeking a job or not. we have talked in prior segments about the importance of the participation rate in the broader employment base. the partici

hurricane warning is come from jamie dimon of j.p. morgan chase as he considers potential conseq

from j.p. morgan securities there on the path forward, the road ahead for this oil market. tom: can't say enough of the report. get the report. we protect the copyright of all of our guests. get it from j.p. morgan. whether you agree or disagree, it is the thought-provoking report. it created a hurricane. jonathan: we turn now to our royal correspondent tom keene for the latest on the parade. tom: it is really interesting, the imagery we've got of the parade, but the queen has been alone on the balcony. we will try to get that shot for you here. all by herself. it really speaks volumes about the generational shift here that you and your family have lived. jonathan: lisa, what are you laughing at? it is an important moment. lisa: is it? the queen's alone on the back any. they are wearing hats on horses. tom: she will be joined by the minions in a moment. jonathan: the minions? it's a celebration, guys. lisa: she's not alone. she's actually with someone on that balcony, just letting you know. jonathan: this is where it's at for this coverage, isn't it? the duke of kent with t

j.p. morgan is laying off hundreds of u.s. staff who work on mortgage lending and reassigning hundreds more this week. the total will be more than 1000 workers. rapidly rising u.s. mortgage rates have driven down demand and what had been a red-hot housing market. global news 24 hours a day, on-air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dani: coming up, chinese president xi jinping, kicking off this week's summit. this is bloomberg. ♪ manus: manus cranny and divide, dani burger in london. we been criticizing sanctions for stroking economic pain in speech kicking off this year's bric summit. >> weaponizing the world economy using a dominant position in the global financial system to wantonly impose sanctions will only hurt others as well as oneself. leaving people around the world suffering. dani: i know we are both enthusiastic to hear from tom mackenzie. what did we learn from his speech about growth in the wider geopolitical story? >> the

. >> j.p. morgan out with a note forecasting the s&p could end 28% higher than it closed yesterday. and saying they see inflation moderating in the second half of the year, leading to that so called soft landing. what else do you think needs to happen this is the note here. what else do you think needs to happen to kind of create this so called soft landing and avoid a recession and make stocks increasingly attractive in the second half? >> i think we need to see that the economy hangs in there and the consumers need to keep spending in order to facilitate ongoing economic growth because the consumer is an important piece of that. as long as the job market remains healthy, even if the froth comes out of it and inflation does come down, and that alleviates some of the pressure the consumer is feeling and causing them to have to dig into the safings that they saved the last couple of years, i think in that dynamic we could have the soft landing scenario but the consumer is an important piece of our economy and looking at where sentiment is today, it's low no one is happy paying higher

of j.p. morgan chase saying there is an economic hurricane heading our way. neil cavuto just wrapped up "coast to coast" on fox business and new rushing to join us in a moment. looks like he's ready. >> sandra: the warning moved markets yesterday, but fox news and fox business with every angle covered. >> john: jacqui heinrich on the north lawn of the white house. >> when the c.e.o. of j.p. morgan chase hopes we'll be ok but who the hell knows, his words, it's not exactly confidence inspiring and hopefully to getting a light at the end of the tunnel, left empty handed. >> a lot going on right now but the idea we'll be able to click a switch, bring down the cost of gasoline is not likely in the near term, more with regard to food. >> jacqui: the white house maintains the president's actions have kept it from going higher but it's out of his hands because of the war in ukraine. surprisingly, the white house took no credit in a statement, they did give credit to the saudis. instead reporters are asking what levers to pull to bring it down, more spending to bring

>> so this one is from j.p. morgan committed to the healthy economy, and j.p. morgan are basically saying u.s. consumers have held up these rate rates we have been seeing since the start of covid. j.p. morgan saying it expects a slowdown in freight traffic, and that will weigh on the sector in the u.s. we are seeing drops particularly in japanese names at the open here as well. shery: a senior economist joins us to discuss china's slowing growth as we look ahead. oecd sounding the alarm on the food crisis caused by the war in ukraine. we will have more on how that is playing into global inflation worries next. this is bloomberg. ♪ >> we have seen low employment and high inflation. remove monetary policy accommodation. it will signal they will target this, and in those countries where there is obvious demand monetary policy should be tighter. shery: the oecd chief economist and director on monetary policy tightening. we heard from the world bank, we have been seeing stronger inflation as well, all of those calls really being felt the market, the nikkei giving

morgan, and bank of america for instance? >> wells fargo i think more than some others, i think it is not a gigantic part of the business for j.p. morgan but i do think that we talked about this a couple times, i do think that it is not that the fed wants this to happen but there is a necessary byproduct of them doing what they need to do to squash inflation, and so i am not optimistic in the short term. >> can you believe katie holmes sticking by the forecast? >> i can because i think the housing market hasn't fallen apart yet. if you look at the numbers that we got earlier in the week on headlines, they were down a bit but we were at record prices, they are up 23%. there is a backlog that grew to 12,300 something houses. i am not worried about 22. i think the stock obviously down 41%, priced in a lot of that. they gave a second-quarter guide, which missed some of the stock traded down on that, we know the interest rate story, what is meant for mortgage rates, it has been almost a 1 to 1 correlation to homebuilders. i think

from j.p. morgan's ceo. >>> plus, what's next for meta, facebook's parent company, now that a long-time executive is stenning down? "way too early" will be right back. is stenning down? "way too early" will be right back ♪ ♪ what do you think healthier looks like? ♪ ♪ with a little help from cvs... ...you can support your nutrition, sleep, immune system, energy...even skin. and before you know it, healthier can look a lot like...you. ♪ ♪ cvs. healthier happens together. ♪♪ making friends again, billy? i like to keep my enemies close. guys, excuse me. i didn't quite get that. i'm hard of hearing. ♪♪ oh hey, don't forget about the tense music too. would you say tense? i'd say suspenseful. aren't they the same thing? can we move on guys, please? alexa, turn on the subtitles. and dim the lights. ok, dimming the lights. my a1c stayed here, alexa, turn on the subtitles. it needed to be here. ruby's a1c is down with rybelsus®. my a1c wasn't at goal, now i'm down with rybelsus®. m

laura: j.p. morgan has laid off staff who work on mortgage lending and reassigning more. the total affected will be more than 1000 workers. rising u.s. mortgage rates have driven down demand in a red hot housing market. china is planning to promote healthy development of the fintech sector. a move by xi jinping backing enhanced regulation of major payment platforms. beijing has promised a sweeping crackdown on tech companies that ensnared sectors from education to gaming. tom: tesla burns money, as elon musk says, the company's new plans in berlin and austin are losing billions. this is bloomberg. ♪ tom: welcome back to the open. 23 minutes into your european trading day. week pmi data out of france pushing the benchmark lower, by almost over 1%. the cac 40 down 62 points. euro-dollar under pressure, seeing a move in sovereign bunds . on the back of that weaker than expected french data. elon musk says the company's new plants are losing billions of dollars as the electric vehicle maker tries to ramp up production. let's bring in craig trudell. what are investors making

tom: the fortress balance sheet of j.p. morgan. do you get there by the end of the year? we have concerns of recession. richard: it is a problem price target. it is somewhat of a binary outcast. if we do have some economic downturn of any noticeable amount in the u.s., that could get to that price level. you get this almost entirely just by the interest rate hikes we are expecting in the u.s. and to the loan growth. we think with jp morgan, they have been having a very attractive long-term story. there are investing heavily in terms of expanding their franchises in the u.s. they're also investing heavily in parts of europe as well and they have consumer offerings in the u.k., building up a middle-market offering in europe, so we think that over the next few years, there are considerable up sizes. francine: what a pleasure to have you on tv today. richard ramsden, head of u.s. financials research from goldman sachs. get more of the bloomberg first word news with alice atkins. >> -- the first major move since restrictions to exit a two month shutdown at the end of this mont

j.p. morgan chase bank for bank transactions to do with hunter biden, jim -and two of others business partners, devon and eric schwerin and anything to do with the bank of china. i know from bobalinski's material a lot of that money slot through tens of billions of dollars so they're getting that now. one of the names, one of the suspicious activity reports from j.p. morgan chase that i've seen is a woman called zoe kasten. and she was an x, i don't know if you call her a girlfriend but a woman who spent a lot t of time with hunter at chcteau marmont in hollywood when he went on one of his months long crack anderson 20 after he got a big payout from china a. he was there and she was in a lot of photographs and videos . they had as he always had with all the women in his life a rocky relationship but she is named on one of those suspicious activity reports because quite a lot of money had gone into her bank account. and she testified before d the grand jury and apparently talk about his wil

attorney in delaware subpoenaed j.p. morgan chase bank for bank transactions to deal with hunter biden, jim bidens and two of the business partners. and specifically they offered anything to do with the bank of china. i know from the laptop and from the material a lot of that money sloshed through tens of millions of dollars. so, they are getting that now. one of the names on one of the suspicious activity reports from j.p. morgan chase that i've seen is a woman a called zoe, and she was an ex- i don't know if you would call her girlfriend about a woman that had spent a long time with hunter in hollywood when he went on one of his month-long crack vendors after he got a payout from china. so she was there and in a load of photographs and videos. so they had as you always have with of the women in his life, a rocky relationship. but she is named on one of those suspicious activity reports because quite a lot of money had gone into her bank account and she testified before the grand jury and apparently talked about his wil

joining us a j.p. morgan asset management, seems like recession is building, the first ignores me from jay powell that maybe it is imminent -- first acknowledgment from jay powell that it may be imminent. how much way does that have? >> given the elevated inflation and the fact that the fed needs to 10 further to contain it we definitely see -- to contain -- the fed needs to tighten further to contain it, the household balance sheets could contain some of those risks more paypal -- problem next year. >> you have equities, where you seeing opportunities elsewhere? >> giving our expectation of growth being subdued at the start of next year and inflation being elevated think there is more downside risks to both earnings and margins. we have moved underweight to equities, currently we have overweight cash and within the current environment is a defensive position. >> you say that may not be a inflation -- recession this year, but in an earnings recession is very much in focus. >> even though a full-blown e

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morgan said fund outflows have left big banks with an estimated $2 billion in losses according to j.p. morgan bank of america and citi group are the two with the largest exposure to so called hung note deals. leverage loan funds have seen their steepest outflow since 2020 with $3 billion exiting in may, and another $2 billion through mid june for more on this story head to cnbc.com the international energy agency is warning europe must prepare immediately for a complete shutdown of russian gas exports as soon as this winter speaking with the financial times, the head of the iea said governments must take measures to cut demands and keep nuclear stations open as russia looks to leverage in the marketplace as temperatures drop. >>> fossil fuel discussions front and center all over the world. >> yes. >>> and as we come back, fed chairman jay powell facing off against lawmakers in what's likely to be a tense hearing on capitol hill former fed, roger ferguson set to break it down. >>> and getting comfortable with one stock ahead of the open today, up 8% already >>> later on sorry spotify,

j.p. morgan chase, both up and apple and amazon, when it comes to big-tech reelated type companies, up two-thirds of 1% and amazon has been hit especially hard during the latest down turn in the nasdaq perhaps a catch up ahead of the big rate decision. >> thank you very much >>> the fed is debating what to do as they continue to point to an economy slowing but not enoughf to bring down inflationary pressures even with the huge spike in mortgage rates, we learned applications rebounded from a 22-week low. we got the empire state index showing a drop overall and the labor market reads we're all very strong. these are parts of the economy the fed is trying to cool. retail sales dropped for the first time in five months. they're sharing a growing share of their dollars and the price index jumped to the highshest reading in four decades. where does this leave the fed and its decision on how much to hike rates today joining me is at city wealth management and the chief fixed income strategist at

morgan hundreds of employees just got shown the door. we got that story plus the ceo of alliant credit what of the nations largest federal credit unions in the nation. he is here in a fox business exclusive as his copy reach out the best rates for home loan, car loans and credit cards will ask how hard that task has become. the closing bell 29 minutes away, the s&p is up about six points. the dow is gaining 34 were well off the highs and we have the nasdaq still higher by 13 points. we're coming right back on "the claman countdown". (vo) while you may not be running an architectural firm, tending hives of honeybees, and mentoring a teenager — your life is just as unique. your raymond james financial advisor gets to know you, your passions, and the way you help others. so you can live your life. that's life well planned. lemons. lemons, lemons, lemons. look how nice they are. the moment you become an expedia member, you can instantly start saving on your travels. so you can go and see all those, lovely, lemony, lemons. ♪ and never won

economic hurricane apparently coming of the head of the largest banks j.p. morgan ceo jamie dimon's scary prediction followed by elon musk bad feeling about the economy amid his plans to cut 10% of tesla's workforce. >> it is a hurricane. right now but sunny, things are fine. everyone thanks the fed can handle this. that hurricane is right out there down the road coming our way. i >> coming up the democrat agenda and its impact sprayed white leading ceos are expecting layoffs to spike as a recession looms after years of trillions of new spending. new climate regulations and expenses setting inflation to 40 years hi. this week joe biden said it's not something he can do anything about. >> the idea we are going to feel the click a switch and bring down the cost ofne gasoline, is not likely in the near term. nor is it in regard to food. spit coming up the economic predictions ahead of janet yellen's testimony and front of his committee this tuesday. with inflation already edit 40 your heart why is chuck schumer still negotiating a climate spending reconciliatio

turning negative after j.p. morgan's jamie died in warned of economic issues. the jobless claims, the productivity and labor costs and factory orders. the united airlines ceo is playing down three fax. they say that is returning to normal. they say there is no evidence that rising airfares are hurting consumer demand. >>> the biden administration will forgive all remaining federal student debt for former students of the corinthian college for-profit chain. they will get the debt automatically cancel. that amounts to $5.8 billion for more than 560,000 borrows. thousands of other students were already eligible, but had to go through a process that was confusing and not widely publicized. >> i think that impacts some students in the bay area. >>> it is 4:44. >>> is life in space sustainable? coming up, the tool nasa is using to help expand the space exploration. stick around. since i left for college, my dad has gotten back into some of his old hobbies. and now he's taking trulicity, and it looks like he's gotten into some new healthier habits, too. what changes a

morgan. you will have less in risk weighted assets for these risky activities and bring that down, and so certainly traders hate that because then they can make less money and the p & l goes down and what you would say is in a rising interest rate environment a lot of these businesses will make less money and therefore there will be less of a bonus pool to spread around to the bodies that they need to. >> that's a great point, hugh. thank you for bringing us that story and you remember in the lead of 2008, 2009 and 2010 the reaction to the great financial recession in lower manhattan was, not only did you get a bunch of layoffs at the banks and there was this trickle down effect and it affected the mom and pop shop and we're seeing the mayor of new york city trying to combat the work from home culture because he wants the thriving economy. >> now here's an idea, the more that there are layoffs and the more power employees have and the more they have to come back to the office and it could be

morgan those analysts saying they have confidence that snowflake is reaching an inflection point, in their words -- in terms of generating a free cash flow. those shares up 8% right now and netflix, that stock headed towards session lows after saying it began a second round of layoffs that included 300 employees. the company said job cuts are to adjust for costs in line with their slower revenue growth profile right now. >>> now to tyler mathson with a news update. >> within the last hour the senate voted 65 to 34 to bypass -- my microphone just fell down, let me find it. here we go this happens sometimes bipartisan gun bill we're talking about, including help for states to implement red flag laws final passage is expected no later than tomorrow. >>> president biden said he's disappointed with today's landmark supreme court decision that americans have a constitutional right to carry a handgun outside their homes. the high court struck down new york's gun licensing law a decision the state's governor is calling reckless and reprehensible. >> as governor of the state of new york my nu

jamie dimon, the ceo of j.p. morgan chase, says there will be an economic hurricane. mothers will be able to find baby formula. we also have a jobs report looking better. break down where we are in the economy and horizon. >> the state of the economy is in a delicate place. there are a lot of bright spots. looking at the labor market, a solid jobs report today. if you look at the balance sheets, those are some of the positive signs in the economy. inflation at a four decade high, it is hitting families hard. you look at polling data and consumer sentiment data, families are concerned about the higher prices at grocery stores, gas pumps, it is a big problem. you also have the federal reserve mounting this very aggressive campaign to lower inflation. raising interest rates, shrinking the balance sheet. they are tapping the brakes on the economy. that is giving corporate leaders and economists some pause. the fear is the federal reserve will not bring down inflation without launching us into a recession. people are hopeful the federal reserve will be able to do it, but t

according to one man from j.p. morgan, we can. even if oil prices get to 150 bucks we can handle it, because inflation adjusted, that is where we were in the middle of the last decade. i'm afraid to say with gasoline prices up 4.919 dollars, it's going higher can we handle it according to jp we can >>> up next, she's bringing the heat michelle is tracking your midweek weather forecast >>> and ahead, chrisley knows jail i'm saying farewell to my expensive gym membership. so you're getting rid of all your workout gear? honoring it. don't give up the things you love! state farm has options to personalize your policy, so you get a rate that fits your budget. amazing! [raft deflating] be right back. for surprisingly great rates that fit any budget... like a good neighbor, state farm is there. call or click to get a quote today. dawn is flipping the way america does dishes. new dawn platinum ez-squeeze. it's an upside-down bottle... with no cap. just grab, squeeze and platinum's upgraded formula breaks down grease faster. tackle grease

morgan or i think meta, disney said something as well. tina: it is going to be the larger companies that can afford to take on this extra amount of cost. in an era like we have now ready on employment is so low and there is such a battle for the workforce, this might be another thing you could use to make yourself attractive to workers. david: thank you for your work on this today, which is not finished. coming up, we are going to talk with a professor of constitutional law at harvard law school and consider one of the nation's leading constitutional scholars. this is a special edition of "balance of power." ♪ at fidelity, your dedicated advisor will help you create a comprehensive wealth plan for your full financial picture. with the right balance of risk and reward. so you can enjoy more of...this. this is the planning effect. ♪ david: this is a special edition of "balance of power" on bloomberg television and on radio. i am david westin. nice time to get a look at the markets. >> the s&p 500 is here session highs, up two point 4%.

j.p. morgan ceo jamie dimon says he's prepared for an economic hurricane on the horizon he pointed to a pair of issues, the fed's plan to shrink its balance sheet and fight inflation and the war in ukraine on commodities and fuel. the oil could hit $175 a barrel. it could all add up to turbulent times ahead for the u.s. economy, which is a major concern for the administration and for americans. >> it feels pretty turbulent already. thank you. >>> drivers just aren't catching a break. the national average hit a new high of 4$4.67 a gallon at one shchevron station in los angeles t hit a whopping $8.05 for a gallon of unleaded four states, including georgia, maryland and new york have suspen suspended state gas taxes hoping to give drivers some relief. >>> nbc meteorologist michelle gross grossmann is here with the forecast >> tracking the tropics. so we have what's left over from agatha that's going to fuel a disturbance that could become a tropical depression in the next day that could beco

hurricane warning is come from jamie dimon of j.p. morgan chase as he considers potential consequences of the were ukraine and the u.s. federal reserve effort to tame inflation. so what is the good news? friday brought other solid jobs report and at least the people running washington now acknowledge that inflation is a problem but remember last year when they acted like the spending and money creation party could go on forever? >> these investments interest rates are at historic lows will generate more growth, higher incomes, a stronger economy. >> do not expect that we will be in a situation where inflation rises to troubling levels. >> is there a risk? i think there is a small risk. i think it is manageable. >> don't you just love and politicians pouring your money into federal programs call them investments? do not expect a finance router and the result of washington 2021 blowout is financial pain including inflation. at least one pillar of official washington is acknowledging failure even if she is still trying to redirect the bl

citigroup, j.p. morgan chase, netflix and amazon had already pledged to offer similar benefits. from overseas leaders weighed in the ruling. british prime minister boris johnson. >> i think it is a big step backwards. i have always believed in a woman's right to choose. and i stick to that view. that is why the u.k. has the laws that it does. >> canadian prime minister justin trudeau tweeted it was horrific. a million macron wrote -- emmanuel macron wrote abortion is a fundamental right. the court outside the supreme court crew and across the country in detroit, boston and new york, protesters spilled into the streets to decry the end of a long-standing constitutional right. i am john yang. judy: to unpack today's opinion, including its conservative majority and the liberal dissent we turn to marcia coyle of the national law journal. this is a big one at put this in context in the pantheon of major supreme court decisions, where does this one fit? >> this is huge. it's been, i can't even remember when the supreme court last revoted a right that an american citizen held. so, this

jonathan: bruce katzman there with j.p. morgan. .8% the s&p 500, nasdaq is down --. are we in for a slowdown? the outlook for the second time in three weeks, that stock is down 9%. if you ask an airline right now, they will give you a different answer. tom: lax just starting to creep down a little bit. i am watching that everyday. it is out there and cabana said in his note, every shot has a different view on this coming slowdown. we will have to see. the watching target -- watching target with some good perspective. right now, this is a joy. -- achieve a common -- chief economist about the monahan. i want to talk about the communication at the beginning of dependent -- the beginning of the pandemic. he wrote the mother of all essays on this pandemic. you said then, the global economy will never be the same. can you expand on that? and tell us how this global economy will never be the same as we are now somewhat out of this pandemic? >> we first admit we were wrong. back then, a long and dramatic output. tom: the policy showed up? vincent: worrying about the policy a

morgan said if china doesn't step up their buying of russia oil, it could peak at a monthly average of $136 in june do. you see a similar scenario in carole: in economics, everything else being the same, if demand, we don't see a demand destruction, we don't see a slowdown in economic growth, we don't see an aggressive monetary policy. if everything stays the same and of course there's no increase in demand dpr -- from china and for russian oil and opec does not put more oil in the market, then the scenario is not, you know, impossible. everything possible. there are so many other dynamics coming into the picture that question now, you're also difficult proto the predict by the summer. manus: carole, thank you very much. great conversation as you say, a number of nuclear options which can possibly put into play into the game theory. let's get back to jules in singapore. juliette. juliette: russia has been judged to have tbleached terms on a bond after missing a $1.9 million interest payment. this triggered an insurance payout potentially worth billions of dollars. the credit derif tyes

the global market strategist at j.p. morgan. get around up of all of the stories we have been discussing today. jd go is the function on bloomberg, customize your settings so you only get the news on the industries and assets you care about. this is bloomberg. ♪ shery: we're counting down to the start of trade. some stories are watching. in japan, we are getting cash earnings. we will break those numbers. we are watching the yen, slid to a 20 year low. way down, widening gap between yields. on the corporate front, we already in six g. i am just getting used to 5g. haidi: i might still be on 3g. quick check of the latest business flash headlines. sources say the ftc is investigating whether binance broke security rules. we are told the regulator is looking into whether it was a security sale. binance faces multiple investigations in washington. it's the fifth biggest crypto. paramount is being sued over top gun maverick. they are accused of releasing the blockbuster without securing a license from the estate of the writer whose

the wall street journal report that you have a series of banks like j.p. morgan coming in saying yes, we can see 75 basis points this week even going as far as to say 100 basis points a possibility this week. the outlook is harder, faster, more aggressive hikes. if you are a tech investor, you are worried about that. emily: mark said that there is nowhere to hide. ed: nowhere. the biggest points movers on monday, the likes of apple, nvidia -- when we talk about higher rates, we talk about higher rates discounting the present value of future profits. but it is usually pre-revenue. even some of the creme de la cre me names like apple are feeling the pain. the fed, can it tackle inflation without causing a recession? the skepticism of the market that they can, recessions are not friendly. emily: he did say amazon long-term still a good play and meta better than google. ed: despite being down 75% today, in the long run, all those innovation names will be winners. emily: time will tell. thank you for that update. all right. to the box office. "top gun: maverick