36 Burst results for "Jpmorgan Chase"
The Breakdown
A highlight from Chokepoint Across the Pond: Chase UK Says No Crypto Transactions
"We've got election season coming up, remember? And if the Dems win and Gensler comes back to the same office, he doesn't care because he has the wind at his sails. And if he loses, he also doesn't care because he's out of the job. I would expect, in other words, for every court decision that goes against the SEC to be answered not with a rational shift in policy and approach, but instead two blazing middle fingers from a bureaucrat potentially on his way out the door. Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Wednesday, September 27th, and today we are talking about this crazy, strange Chase UK letter banning people from accessing crypto from their bank accounts. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find the link in the show notes or go to bit .ly slash breakdown pod. Well, friends, I have to start the show by eating some crow. In the morning yesterday, a letter started going around that people were, of course, breathlessly posting as fact long before it was confirmed, and it just did not read right to me. So much so that as more and more people started tweeting about it, I actually posted it saying, I think this letter is fake. Let me just read the whole thing to you. So it's not long, so you have a sense of why I was skeptical. The header says Chase, and it says our policy around crypto is changing. Here's what it means for you. Hi. To help keep your money safe from fraud and scams, we're changing the type of payments you can make from Chase. From 16th of October, 2023, if we think you're making a payment related to crypto assets, we'll decline it. If you'd still like to invest in crypto assets, you can try using a different bank or provider instead, but please be cautious as you may not be able to get the money back if the payment ends up being related to fraud or a scam. Please head to our website for more info about how to protect your money. We've made this decision because fraudsters are increasingly using crypto assets to steal large sums of money from people. Declining these payments is one of the ways we're help keeping you and your money safe. All the best, the Chase team. So a couple of things that really stood out to me. One was the tone in general non -professionalism of the letter. The use of the word fraudsters seemed very, very strange from an official corporate communication. This is obviously quite a colloquialism and so the idea that it was being used as a formal explanation for why a bank would be denying an entire category of payments options to its users seemed a little crazy. Continuing that questionable tone was the ending, all the best. That's how I sign off my emails. That's not how a major bank signs off its emails. Now, of course, there was also the general grossness of the policy if it were to become real, but that really wasn't even what I was thinking about initially. And yet, shockingly, it was confirmed to be real. I was wrong and somehow a bank associated with Chase had sent out that letter. Now, later in the day, it became clear that the policy was for Chase UK rather than the broader US or international banks. But even if it was only a domestic UK policy, the aggressive move still rubbed many people, perhaps most people, I would say, in the industry the wrong way. Coinbase CEO Brian Armstrong tweeted, Now, Andrew Griffith is the UK Economic Secretary to the Treasury and Minister for the City of London and Rishi Sunak is, of course, the Prime Minister who was formerly the Chancellor of the Exchequer who said while he was at that post that he wanted to make the UK a crypto hub. LightSpark CEO and former head of the Libra project at Meta, David Marcus, added, Now, UK commenters were surprisingly quiet and that's perhaps because Chase is a relatively minor player in the UK despite being a major global banking brand. Chase has, in fact, only had a presence in the UK for around two years and has less than two million customers. They're also limited to offering online services, so are, in practice, a lot closer to a fintech platform than a traditional bank. Just by way of comparison, relative to the population, Chase UK has a similar footprint to Huntington National Bank in the US. Now, if Huntington banned crypto transactions in the US, you can bet we would be chattering about it, but it wouldn't ultimately be seen as that big of a deal which perhaps explains the lack of outrage from UK crypto investors. That said, of course, Chase isn't Huntington. Regardless of whether they have a large customer base, Chase UK is still a subsidiary of the largest western bank in the world and because of that, the important part of the policy change is unpacking whether this is an idiosyncratic decision of an insignificant bank or speaks to a broader policy outlook at JPMorgan Chase. Now, the reason given in the letter for this policy change was, of course, to prevent fraud. When fielding questions from media throughout the day, a Chase spokesperson doubled down, saying, Austin Campbell rightly points out, quote, Bitcoin attorney Crypto Hat responded, Austin, eminently reasonable as he always is, responded, and other financial institutions to fight said fraud, not turtling. Now, of course, even if this policy change only affects a couple of million Brits, it still matters in the broader fight to ensure crypto investors and firms have fair access to banking services. This has, of course, been one of the biggest themes throughout this year. The pushback from the US crypto community matters in order to ensure that banks can see that these sort of blanket bans are simply not an acceptable way to deal with issues around fraudulent transactions. And for a place that said it wants to be a crypto hub, the UK in particular has had a string of larger banks rejecting crypto payments over the past year. In February, a group of CEOs from major UK banks appeared at a parliamentary hearing. Multiple CEOs said their banks were blocking crypto payments, and although they listed fraud as a major concern, they also mentioned the volatility of crypto investments. The problem became so large that the UK's Financial Conduct Authority published a report on de -banking earlier this month. The report stated that the regulator had facilitated conversations between banks and crypto firms to ensure that they would be able to open and maintain accounts. Still, some large UK banks, including NatWest, are currently refusing to service crypto firms across the board. Now, one alternative opinion came from Francis Pulio, the founder at Bull Bitcoin. He said, via video chat, and essentially interrogate them to make sure they aren't being sucked into a yield, cloud mining, or other crypto ponzis. Still, as you might imagine, even among Bitcoiners who share Francis's disgust with crypto scams, this wasn't the primary opinion out there. Indeed, by and large, the sentiment was, and this is the end -then -they -fight -you phase. So what to do? Well, some, like dGen Spartan, basically say vote with your feet. They write, but getting banks to open accounts for crypto individuals and companies is another. Just vote with your money. My crypto -friendly banks get my highest share of account. The others? Meh. Now, another response is the entrepreneurial opportunity. Rama Lawalia, the CEO of Lumida Wealth, said, Although, indeed, later he tweeted, I don't know, man. All in all, it feels a little choke pointy to me. Remember, the whole point of Operation Choke Point and why it's problematic is that it creates a scenario where government and regulators don't have to ban anything because they just make it so economically untenable and politically risky for big service providers like banks to work with crypto companies that a de facto ban is the natural response. And speaking of de facto bans, let's turn now to the intransigent SEC, a bipartisan group of House Financial Service Committee members have written to SEC chair Gary Gensler calling for the regulator to immediately approve spot Bitcoin ETF applications. Mike Flood, Tom Emmer, Willie Nickel and Richie Torres penned the letter, which asserted that, The SEC's current posture is untenable moving forward. Following the Court of Appeals decision, there is no reason to continue to deny such applications under inconsistent and discriminatory standards.
The Breakdown
Fresh update on "jpmorgan chase" discussed on The Breakdown
"We've got election season coming up, remember? And if the Dems win and Gensler comes back to the same office, he doesn't care because he has the wind at his sails. And if he loses, he also doesn't care because he's out of the job. I would expect, in other words, for every court decision that goes against the SEC to be answered not with a rational shift in policy and approach, but instead two blazing middle fingers from a bureaucrat potentially on his way out the door. Welcome back to The Breakdown with me, NLW. It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. What's going on, guys? It is Wednesday, September 27th, and today we are talking about this crazy, strange Chase UK letter banning people from accessing crypto from their bank accounts. Before we get into that, however, if you are enjoying The Breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find the link in the show notes or go to bit.ly slash breakdown pod. Well, friends, I have to start the show by eating some crow. In the morning yesterday, a letter started going around that people were, of course, breathlessly posting as fact long before it was confirmed, and it just did not read right to me. So much so that as more and more people started tweeting about it, I actually posted it saying, I think this letter is fake. Let me just read the whole thing to you. So it's not long, so you have a sense of why I was skeptical. The header says Chase, and it says our policy around crypto is changing. Here's what it means for you. Hi. To help keep your money safe from fraud and scams, we're changing the type of payments you can make from Chase. From 16th of October, 2023, if we think you're making a payment related to crypto assets, we'll decline it. If you'd still like to invest in crypto assets, you can try using a different bank or provider instead, but please be cautious as you may not be able to get the money back if the payment ends up being related to fraud or a scam. Please head to our website for more info about how to protect your money. We've made this decision because fraudsters are increasingly using crypto assets to steal large sums of money from people. Declining these payments is one of the ways we're help keeping you and your money safe. All the best, the Chase team. So a couple of things that really stood out to me. One was the tone in general non-professionalism of the letter. The use of the word fraudsters seemed very, very strange from an official corporate communication. This is obviously quite a colloquialism and so the idea that it was being used as a formal explanation for why a bank would be denying an entire category of payments options to its users seemed a little crazy. Continuing that questionable tone was the ending, all the best. That's how I sign off my emails. That's not how a major bank signs off its emails. Now, of course, there was also the general grossness of the policy if it were to become real, but that really wasn't even what I was thinking about initially. And yet, shockingly, it was confirmed to be real. I was wrong and somehow a bank associated with Chase had sent out that letter. Now, later in the day, it became clear that the policy was for Chase UK rather than the broader US or international banks. But even if it was only a domestic UK policy, the aggressive move still rubbed many people, perhaps most people, I would say, in the industry the wrong way. Coinbase CEO Brian Armstrong tweeted, Now, Andrew Griffith is the UK Economic Secretary to the Treasury and Minister for the City of London and Rishi Sunak is, of course, the Prime Minister who was formerly the Chancellor of the Exchequer who said while he was at that post that he wanted to make the UK a crypto hub. LightSpark CEO and former head of the Libra project at Meta, David Marcus, added, Now, UK commenters were surprisingly quiet and that's perhaps because Chase is a relatively minor player in the UK despite being a major global banking brand. Chase has, in fact, only had a presence in the UK for around two years and has less than two million customers. They're also limited to offering online services, so are, in practice, a lot closer to a fintech platform than a traditional bank. Just by way of comparison, relative to the population, Chase UK has a similar footprint to Huntington National Bank in the US. Now, if Huntington banned crypto transactions in the US, you can bet we would be chattering about it, but it wouldn't ultimately be seen as that big of a deal which perhaps explains the lack of outrage from UK crypto investors. That said, of course, Chase isn't Huntington. Regardless of whether they have a large customer base, Chase UK is still a subsidiary of the largest western bank in the world and because of that, the important part of the policy change is unpacking whether this is an idiosyncratic decision of an insignificant bank or speaks to a broader policy outlook at JPMorgan Chase. Now, the reason given in the letter for this policy change was, of course, to prevent fraud. When fielding questions from media throughout the day, a Chase spokesperson doubled down, saying, Austin Campbell rightly points out, quote, Bitcoin attorney Crypto Hat responded, Austin, eminently reasonable as he always is, responded, and other financial institutions to fight said fraud, not turtling. Now, of course, even if this policy change only affects a couple of million Brits, it still matters in the broader fight to ensure crypto investors and firms have fair access to banking services. This has, of course, been one of the biggest themes throughout this year. The pushback from the US crypto community matters in order to ensure that banks can see that these sort of blanket bans are simply not an acceptable way to deal with issues around fraudulent transactions. And for a place that said it wants to be a crypto hub, the UK in particular has had a string of larger banks rejecting crypto payments over the past year. In February, a group of CEOs from major UK banks appeared at a parliamentary hearing. Multiple CEOs said their banks were blocking crypto payments, and although they listed fraud as a major concern, they also mentioned the volatility of crypto investments. The problem became so large that the UK's Financial Conduct Authority published a report on de-banking earlier this month. The report stated that the regulator had facilitated conversations between banks and crypto firms to ensure that they would be able to open and maintain accounts. Still, some large UK banks, including NatWest, are currently refusing to service crypto firms across the board. Now, one alternative opinion came from Francis Pulio, the founder at Bull Bitcoin. He said, via video chat, and essentially interrogate them to make sure they aren't being sucked into a yield, cloud mining, or other crypto ponzis. Still, as you might imagine, even among Bitcoiners who share Francis's disgust with crypto scams, this wasn't the primary opinion out there. Indeed, by and large, the sentiment was, and this is the end-then-they-fight-you phase. So what to do? Well, some, like dGen Spartan, basically say vote with your feet. They write, but getting banks to open accounts for crypto individuals and companies is another. Just vote with your money. My crypto-friendly banks get my highest share of account. The others? Meh. Now, another response is the entrepreneurial opportunity. Rama Lawalia, the CEO of Lumida Wealth, said, Although, indeed, later he tweeted, I don't know, man. All in all, it feels a little choke pointy to me. Remember, the whole point of Operation Choke Point and why it's problematic is that it creates a scenario where government and regulators don't have to ban anything because they just make it so economically untenable and politically risky for big service providers like banks to work with crypto companies that a de facto ban is the natural response. And speaking of de facto bans, let's turn now to the intransigent SEC, a bipartisan group of House Financial Service Committee members have written to SEC chair Gary Gensler calling for the regulator to immediately approve spot Bitcoin ETF applications. Mike Flood, Tom Emmer, Willie Nickel and Richie Torres penned the letter, which asserted that, The SEC's current posture is untenable moving forward. Following the Court of Appeals decision, there is no reason to continue to deny such applications under inconsistent and discriminatory standards.
Thinking Crypto News & Interviews
"jpmorgan chase" Discussed on Thinking Crypto News & Interviews
"Welcome back to the Thinking Crypto podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google, please leave a five star rating and review. It supports the podcast and it doesn't cost you anything. Well, folks, tomorrow's scumbag regulator, Gary Gensler, will be testifying before the House Financial Services Committee at 10 a.m. Eastern. So I definitely will be watching that. I'm hoping that he gets grilled, that he comes down on this clown because he has not been abiding by the law. He has made the SEC political. And there's many different topics that I hope the members of the financial committee go after him on. First, of course, the loss to Ripple in the XRP lawsuit, right where XRP was declared intrinsically not a security. So that is a total contrast to what Gary has been saying, that the rules are clear in 1933-34 how we test for stocks and bonds. But it's like you buffoon digital assets exist on decentralized blockchains distributed globally. This is not a U.S. market. This thing is global and it's decentralized. So we need updated rules for this. And I'm not saying that every crypto asset is not a security. There are some that are. But how do we differentiate? That's the need for the updated rules. So the other aspect is Gary and the SEC took a big loss in the grayscale lawsuit. And the three judges went against the SEC and they said the denial of the grayscale Bitcoin's bond ETF was arbitrary and capricious. Gary's taking big losses in court here. Right. And obviously, Gary, going after the Coinbase folks is really bad, given that they greenlighted Coinbase to go public. The other aspect is Promethean, because since Gary was before this committee, a lot of stuff came out of a Promethean that they had they got the license, but they weren't even selling crypto and that this guy is clearly a plant by Gary Gensler and Elizabeth Warren. So I'm hoping they bring the heat on this buffoon and expose him. Last time they did a great job, but they got to keep the pressure on and expose him. Now, ahead of the hearing, Gary released his testimony. But it's the same old bullshit. Right. There's nothing new here. I don't even want to read anything. He just brings up the securities laws of 1933 and so on and so forth. Now, what also happened was a bunch of letters were sent to Gary Gensler and some other folks as well. So the first is a bipartisan letter was sent to Gary Gensler by GOP members and Democrats. So this is really great that it's bipartisan and they're urging the SEC to approve a Bitcoin spot ETF. The GOP members included Tom Emmer and Representative Mike Flood. The Democrats included Ritchie Torres and Representative Wiley Nickel. So this is really good. You know, they highlighted the grayscale lawsuit and how the court of appeals sided with grayscale. So I'm hoping that these folks bring the heat on Gary tomorrow. In addition, there was a letter sent to Gary Gensler and FINRA from Congressman Blaine stating his concern over the SEC's insufficient scrutiny of registered broker dealers with ties to the Chinese Communist Party, such as Prometheum, Webull and Moomoo app. Honestly, never heard of Moomoo app, but certainly Prometheum. We know, guys, that is a shady business and we will see what happens tomorrow. So they got to bring the heat and they got to keep putting the pressure. We have to use social media to our advantage. Folks, I want you all to be tweeting, sending emails to your representatives, making phone calls. We got to use the hashtag fire Gary Gensler. That stuff matters because I've said many times, optics play a big part in politics. I know we're not there in the capital, you know, forcing these folks to sign the bill or to fire Gary Gensler, but we can make our voices heard and we can amplify the facts and the truth and expose Gary Gensler for the corrupt scumbag that he is. And here, folks, the SEC has delayed the ARK Invest slash 21 shares Bitcoin spot ETF filing. They also delayed the global ex ETF application, which was due October 7th. So, you know, James Seyford is essentially saying, you know, will this mean that BlackRock, Bitwise, VanEck, all these folks are going to be delayed, too? You know, it wouldn't surprise me, Gary, I don't know what he's up to, but I hope the members tomorrow call him out on this. What are you doing? The courts clearly are saying you're not doing the right thing and they're siding with the crypto industry. So we once again, guys, are dealing with a corrupt scumbag regulator. He's a puppet on strings doing the bidding of his tradfi buddies and trying to slow this industry down, trying to kill crypto startups. So let's see what happens tomorrow. Now, speaking of Gary Gensler's tradfi puppet masters, Chase UK, yes, JP Morgan, Chase in the UK to block crypto payments, citing fraud and scams. Unbelievable, unbelievable, folks. And I'm going to give you the context of this. But let me give you the details of what they're trying to block. Banking giant Chase is banning crypto linked payments via debit card or by outgoing bank transfer for UK clients starting October 16th, according to an email to customers. If we think you're making a payment related to crypto assets will decline it, the email said, adding that the customers are free to use a different bank or provider to invest in crypto. However, finding a crypto friendly bank in the country may not be the easiest thing as UK credit institutions have a history of blocking or limited limiting customer access to crypto. The local financial watchdog, the Financial Conduct Authority, recently said it had facilitated discussions between banks and crypto firms because lenders have shown a reluctance to offer services to that industry. The fact that JP Morgan Chase is doing this is despicable. Why? Just today, just today, folks, JP Morgan agrees to pay seventy five million dollars settlement over ties to who? Jeffrey Epstein. Do I even need to say anything else about that name? Right, folks? These banks themselves are participating in a whole bunch of criminal scumbag activity, right? We've seen over the years. How many fines has JP Morgan gotten here? Kyle Schnapps, he highlighted this. He said JP Morgan Chase has paid nearly 40 billion dollars in fines for financial fraud and predatory practices since 2000.
Thinking Crypto News & Interviews
A highlight from JPMORGAN CHASE BLOCKS CRYPTO IN UK! SEC GARY GENSLER DELAYS BITCOIN SPOT ETF & HEARING!
"Welcome back to the Thinking Crypto podcast, your home for cryptocurrency news and interviews. If you are new here, please hit that subscribe button as well as the thumbs up button and leave a comment below. If you're listening on a podcast platform such as Spotify, Apple or Google, please leave a five star rating and review. It supports the podcast and it doesn't cost you anything. Well, folks, tomorrow's scumbag regulator, Gary Gensler, will be testifying before the House Financial Services Committee at 10 a .m. Eastern. So I definitely will be watching that. I'm hoping that he gets grilled, that he comes down on this clown because he has not been abiding by the law. He has made the SEC political. And there's many different topics that I hope the members of the financial committee go after him on. First, of course, the loss to Ripple in the XRP lawsuit, right where XRP was declared intrinsically not a security. So that is a total contrast to what Gary has been saying, that the rules are clear in 1933 -34 how we test for stocks and bonds. But it's like you buffoon digital assets exist on decentralized blockchains distributed globally. This is not a U .S. market. This thing is global and it's decentralized. So we need updated rules for this. And I'm not saying that every crypto asset is not a security. There are some that are. But how do we differentiate? That's the need for the updated rules. So the other aspect is Gary and the SEC took a big loss in the grayscale lawsuit. And the three judges went against the SEC and they said the denial of the grayscale Bitcoin's bond ETF was arbitrary and capricious. Gary's taking big losses in court here. Right. And obviously, Gary, going after the Coinbase folks is really bad, given that they greenlighted Coinbase to go public. The other aspect is Promethean, because since Gary was before this committee, a lot of stuff came out of a Promethean that they had they got the license, but they weren't even selling crypto and that this guy is clearly a plant by Gary Gensler and Elizabeth Warren. So I'm hoping they bring the heat on this buffoon and expose him. Last time they did a great job, but they got to keep the pressure on and expose him. Now, ahead of the hearing, Gary released his testimony. But it's the same old bullshit. Right. There's nothing new here. I don't even want to read anything. He just brings up the securities laws of 1933 and so on and so forth. Now, what also happened was a bunch of letters were sent to Gary Gensler and some other folks as well. So the first is a bipartisan letter was sent to Gary Gensler by GOP members and Democrats. So this is really great that it's bipartisan and they're urging the SEC to approve a Bitcoin spot ETF. The GOP members included Tom Emmer and Representative Mike Flood. The Democrats included Ritchie Torres and Representative Wiley Nickel. So this is really good. You know, they highlighted the grayscale lawsuit and how the court of appeals sided with grayscale. So I'm hoping that these folks bring the heat on Gary tomorrow. In addition, there was a letter sent to Gary Gensler and FINRA from Congressman Blaine stating his concern over the SEC's insufficient scrutiny of registered broker dealers with ties to the Chinese Communist Party, such as Prometheum, Webull and Moomoo app. Honestly, never heard of Moomoo app, but certainly Prometheum. We know, guys, that is a shady business and we will see what happens tomorrow. So they got to bring the heat and they got to keep putting the pressure. We have to use social media to our advantage. Folks, I want you all to be tweeting, sending emails to your representatives, making phone calls. We got to use the hashtag fire Gary Gensler. That stuff matters because I've said many times, optics play a big part in politics. I know we're not there in the capital, you know, forcing these folks to sign the bill or to fire Gary Gensler, but we can make our voices heard and we can amplify the facts and the truth and expose Gary Gensler for the corrupt scumbag that he is. And here, folks, the SEC has delayed the ARK Invest slash 21 shares Bitcoin spot ETF filing. They also delayed the global ex ETF application, which was due October 7th. So, you know, James Seyford is essentially saying, you know, will this mean that BlackRock, Bitwise, VanEck, all these folks are going to be delayed, too? You know, it wouldn't surprise me, Gary, I don't know what he's up to, but I hope the members call tomorrow him out on this. What are you doing? The courts clearly are saying you're not doing the right thing and they're siding with the crypto industry. So we once again, guys, are dealing with a corrupt scumbag regulator. He's a puppet on strings doing the bidding of his tradfi buddies and trying to slow this industry down, trying to kill crypto startups. So let's see what happens tomorrow. Now, speaking of Gary Gensler's tradfi puppet masters, Chase UK, yes, JP Morgan, Chase in the UK to block crypto payments, citing fraud and scams. Unbelievable, unbelievable, folks. And I'm going to give you the context of this. But let me give you the details of what they're trying to block. Banking giant Chase is banning crypto linked payments via debit card or by outgoing bank transfer for UK clients starting October 16th, according to an email to customers. If we think you're making a payment related to crypto assets will decline it, the email said, adding that the customers are free to use a different bank or provider to invest in crypto. However, finding a crypto friendly bank in the country may not be the easiest thing as UK credit institutions have a history of blocking or limited limiting customer access to crypto. The local financial watchdog, the Financial Conduct Authority, recently said it had facilitated discussions between banks and crypto firms because lenders have shown a reluctance to offer services to that industry. The fact that JP Morgan Chase is doing this is despicable. Why? Just today, just today, folks, JP Morgan agrees to pay seventy five million dollars settlement over ties to who? Jeffrey Epstein. Do I even need to say anything else about that name? Right, folks? These banks themselves are participating in a whole bunch of criminal scumbag activity, right? We've seen over the years. How many fines has JP Morgan gotten here? Kyle Schnapps, he highlighted this. He said JP Morgan Chase has paid nearly 40 billion dollars in fines for financial fraud and predatory practices since 2000.
Thinking Crypto News & Interviews
A highlight from Diogo Monica Interview - Anchorage Digital on Rise of Institutional Crypto & Providing Custody to EDX Markets
"This content is brought to you by Link2, which makes private equity investment easy. Link2 is a great platform that allows you to get equity in companies before they go public, before they do an IPO. Within their portfolio includes crypto companies, AI companies, and fintech companies. Some of the crypto companies you may recognize include Circle, Ripple, Chainalysis, Ledger, Dapper Labs, and many more. If you'd like to learn more about Link2, please visit the link in the description. Welcome back to the Thinking Crypto podcast, your home for cryptocurrency news and interviews. With me today is Diogo Monica, who's the co -founder and president of Anchorage Digital. Diogo, it's great to have you back on the show. Thank you for having me again. Diogo, I followed Anchorage for a long time. We spoke about two years ago. You guys are certainly one of the regulated institutions out there building some great things for the crypto market. There are some folks who may not have heard of Anchorage. Give us an overview of the company and some of the services that you provide. Yeah, at its most basic level, Anchorage Digital allows institutions to participate in the digital asset ecosystem. What that means is that we offer services such as custody, staking, governance, trading, to allow institutions to build products in crypto, or just simply invest in the market. So at the most high level, that's what we do for them. One thing that is unique about Anchorage is the fact that we were the first and are still the only federally chartered crypto bank. What that means is that we actually have a charter by the OCC, the oldest banking regulator in the United States, which is the same charter as JPMorgan Chase and BNY Mellon and all these other funds. So that's pretty unique to have a charter that allows you to do crypto at the highest level of regulatory scrutiny. And if I'm not mistaken, that OCC charter, was that under Brian Brooks when that was passed, where you folks benefit from that? That is exactly right. There was a set of companies that tried to go into the OCC when the OCC requested the participation and offered to actually look at charges like this. And we were the only ones that were actually able to get through. And so it's been pretty fantastic. Over two years, that has been a pretty key for Anchorage and really has proven to be such a great decision for us, the strategy that we took and the fact that we really took the time, took the effort, which is, as you'd imagine, a very, very cumbersome and hard process to get a banking license. People don't know, but even traditional banking licenses, there's very fewer years, sometimes all the way down to like one new banking license, two conversions. So that's to get a charter that actually does under charter crypto custody, staking, that's incredibly unique. And it was a big step function for crypto in terms of regulatory clarity. So we're very proud of it. Yeah, that's awesome. I'm sure you guys are like the first of your kind, so to speak, if I'm articulating that well, because that's right. This asset class is still fairly young. There's still a lot of regulations that need to be ironed out, but the fact that you're not a traditional bank in a sense, a JP Morgan has a hundred years of history, but you are a crypto startup. Would that be right? Yeah, that's right. I mean, at this point, I think people would call us sort of a scale up, but yeah, six year in, I think we still identify with the startup mentality and with the technology background. Sometimes you say that Anchorage has a bank, but we're really a technology company that has a bank more than we're a bank that does technology. I think that's how it would actually describe us. And it's been pretty great to be able to push the industry forward in this way. And in many ways, by having technology, they're superior by adding support for so many assets and by allowing these very large institutions, all the crypto funds, all the large hedge funds, we have sovereign wealth funds. We have pension funds. We have had very large banks in corporates. So all of these very large capitalized institutions now are users of Anchorage and users to participate in the space.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1391: Bitcoin Will Skyrocket 100x or More - Max Keiser
"In today's show, we're going to be discussing the Bitcoin chart. And check it out, Andrew Tate says the first thing on his brain right now is estimating the SEC approval of a Bitcoin ETF. Also breaking news just in, JPMorgan Chase says the SEC will likely approve the grayscale spot Bitcoin ETF. Send it and let's go. We'll also be discussing Bitcoin's largest accounts. I'm going to be peering into the top 10 wallets on the Bitcoin rich list. We'll also be discussing Binance CEO CZ forecast DeFi outgrowing CeFi over the next bull run. I'll also be sharing Bitcoin continuing to outperform Warren Buffett's portfolio. And the gap is set to widen as well as Cathie Wood of ARK Invest is bullish on Bitcoin as well as AI convergence. And quoting Max Keiser, one Bitcoin equals one Bitcoin. Nothing is more stable. The volatility is caused by the unstable fiat money world collapsing in real time. Understand the difference. He also says that Bitcoin is the currency of the resistance. It's a peaceful revolution and no one will benefit more from Bitcoin than the poor. I'm also going to be sharing with you his multi seven figure price prediction for the king crypto. As he says, the Bitcoin price will continue to outperform everything else by a factor of 100X. We'll also be taking a look at the overall crypto market. All this plus so much more in today's show.
Bloomberg Radio New York - Recording Feed
Monitor Show 18:00 09-01-2023 18:00
"Video, they're coming for you, Stanovec. And you've got the Cities issue, the double issue of Bloomberg Business Week magazine. Be sure to check that one out. It's on newsstands now. We take it to all corners of the world. This was fun. This was really fun. It's going to be good next year. I love doing it with you because you like the game. You play the game. Can I say the game? Yeah, you can say the game. Really good, fun stuff. If you missed anything, check out our podcast, The Ford, Tim Stanovec, and the whole Bloomberg Business Week team. Thank you so much for watching and listening. That does it for us. Wall Street Week. Start. Broadcasting 24 hours a day at Bloomberg .com and the Bloomberg Business Act. This is Bloomberg Radio. This is a Bloomberg Money Minute. Wall Street heads into a long weekend on a mixed note. The Dow finishing up less than one half of a percent. The S &P 500 gaining less than one quarter of a percent. The NASDAQ went the other way, falling less than one tenth of a percent. The Labor Department reports the U .S. added 187 ,000 jobs last month. Wages continue to grow, but unemployment did as well. The jobless rate climbing to 3 .8 percent. Open AI wants chat GPT to be used in classrooms. The generative chat system is adding special tutor prompts to help students and teachers use AI to enhance learning, though educators have raised concerns about plagiarism and cheating. Several big banks and Wall Street firms plan to toughen their return to office directives once we get past Labor Day. Citigroup, JPMorgan Chase, Goldman Sachs, BlackRock, Bank of America, and others have been reminding employees they'll have to work from their offices at least some of the time. That's not enough, though, for some firms that want employees back on site five days a week. Steve Rapoport, Bloomberg Radio.
Khaled Abo El Dahab
'Jeans' CEO vs. 'Suit and Tie' CEO: A Closer Look at Leadership Styles
"In the world of business leadership, the way a CEO presents themselves can say a lot about their management style and company culture. Two distinct camps have emerged over the years, the Jeans CEO and the Suit and Tie CEO. Let's dive into the contrasts and similarities of these two approaches to leadership. The Jeans CEO, casual and innovative the Jeans CEO represents a new age of leadership, often linked with tech startups and creative industries. This style symbolizes a more relaxed, open and approachable leadership. Dress code, casual attire like jeans and t -shirts. Management style, often more collaborative, encouraging open communication. Company culture, promotes creativity and flexibility. Famous examples, Mark Zuckerberg of Facebook, Steve Jobs of Apple. The Jeans CEO promotes a flat organizational hierarchy where employees feel empowered to share ideas without rigid barriers. The Suit and Tie CEO, formal and structured in contrast. The Suit and Tie CEO stands for tradition, formality and a more hierarchical approach. Dress code, formal business attire including suits, ties and dress shoes. Management style, more structured with clearly defined roles and responsibilities. Company culture, often more formal and focused on established business practices. Famous examples, Jamie Dimon of JPMorgan Chase, Mary Barra of General Motors. The Suit and Tie CEO can symbolize stability, experience and a tried and true business model that values protocol and procedure. Finding a middle ground while these two styles may seem at odds, many modern leaders find a balance, adopting elements from both approaches. The choice between jeans and a suit may not be merely a fashion statement, but a reflection of the CEO's values, the industry and the company's stage of growth. Conclusion The Jeans CEO and the Suit and Tie CEO represent more than just clothing choices. They are indicative of underlying philosophies and approaches to leadership and business culture. Whether a CEO dons jeans or a tailored suit, what ultimately matters is the authenticity and effectiveness of their leadership. Embracing a style that aligns with the company's mission and values will resonate more profoundly with employees and stakeholders than merely following a trend.
Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News
A highlight from 1373: BlackRock Bitcoin ETF Will Send Bitcoin to $180K by THIS Date
"In today's show, I'll be breaking down the latest technical analysis, as well as Bitcoin speculators are now saying that at least 69 ,000 all time high in play. But right now is the least amount owned by hodlers. We have to keep this in mind. We're also going to be discussing Max Kaiser's Congress speech about disarming the banksters along with their financial weapons of mass destruction, as well as Bitcoin friendly El Salvador sees bonds return soar to 70 percent thus far this year. In twenty twenty three, we're also going to be discussing a crypto analyst who forecast the big Bitcoin price move to forty thousand. I'll be breaking down his timeline, as well as rich dad Robert Kiyosaki doubles down on his hundred thousand dollar Bitcoin price call and says he shares a common enemy with BTC, quoting him right here, Bitcoin to one hundred thousand dollars, saying for years gold and silver is God's money. Bitcoin is the people's money. Bad news. If the stock and bond markets crash, gold and silver will skyrocket. The worst news is if the economy crashes Bitcoin to a million dollars, gold to seventy five thousand and silver to sixty thousand savers of fake US are F debt is too high. Mom, pop and kids are in trouble. I hope I'm wrong. Please take care. We're also going to be discussing breaking news. Fundstrats Thomas Lee on live TV, quoting him here. If the spot Bitcoin ETF gets approved, the clearing price of Bitcoin is one hundred and fifty to one hundred eighty thousand dollars. We'll also be taking a look at the overall crypto market, all this plus so much more in today's show. Yo, what's good, crypto fam? This is first and foremost, a video show. So if you want the full premium experience with video, visit my rumble channel at Cryptonewsalerts .net. Again, that's Cryptonewsalerts .net and welcome y 'all just tuning in. This is Pod episode number thirteen hundred and seventy three. This is August 16th, twenty twenty three. I'm your host, JV. We do have lots to cover. So let's dive in with our market watch for the day. As you can see here in your screen, got Bitcoin price maintaining that critical twenty nine thousand dollars support while ether also correcting but maintaining and holding on to eighteen hundred dollars and checking out coin market cap dot com. The current crypto market cap sits at just one point one five trillion with thirty one billion in volume at the past twenty four hours. Bitcoin dominance back on the rise at forty nine point two percent, with the ether dominance at 19 percent even and checking out the top one hundred crypto gainers for the past twenty four hours. Bone Shiba swap up 13 percent trading at a dollar fifty four, followed by say up eleven percent trading at 19 cents, followed by rocket pool up three percent trading just under twenty seven dollars and checking out next. As you can see here on your screen, we have crypto bubbles. We can see the top gainers for the past week. Bone leading the pack, pun intended, up fifteen percent, but massive losses for the overall altcoin market and checking out the crypto greed and fear index, which you can see here. We're currently rated at fifty two, which is neutral. Yesterday, a fifty three last week, a fifty neutral and last month, a fifty four, which is neutral. And welcome to those just joining us in today's live stream. So much to cover. Next up, we're going to dive into our Bitcoin technical analysis. Check out some of the charts, as well as some interesting facts with some hodlers as well. Bitcoin speculators are leading a period of exhaustion and apathy across the market. In the latest edition of the weekly newsletter, the week on chain analytics firm Glassnode wrote about waning conviction about Bitcoin's short term hodlers. Now, where are my long term hodlers at? Make some noise. And after several months of stagnant Bitcoin price action, frustration amongst market participants has led to predictions of deeper downside to come. The bulls remain unable to break the resistance, while the sellers likewise face multiple support zones in the form of trend lines between the current twenty nine thousand and twenty five thousand dollar levels. And amongst these is the short term hodler cost basis, or better known as the realized price. Short term hodlers are defined by Glassnode as entities hodling coins for one hundred and fifty five days or less and correspond to the more speculative end of the Bitcoin spectrum. investor Now, the short term hodler cost basis has function as support throughout twenty twenty three, but is rapidly rising and currently sits at twenty eight thousand six hundred dollars. Now, by contrast, the long term hodler cost basis reflects the aggregate purchase price of the most stubborn hodlers and thus far lower at twenty thousand three hundred. Quitting Glassnode, the separation between these two cost basis is an indicator that many recent buyers have a relatively equated acquisition price and continuing, researchers describe the market as being potentially top heavy with even a modest Bitcoin price come down now apt to send the short term hodler cohort back into the red. Quoting Glassnode again, on the macro scale, the supply distribution does resemble similar periods during the bear market recoveries of the past. However, a shorter time frame, it could be argued to be slightly top heavy market with many price sensitive investors at risk of falling into unrealized losses. Now, despite this, it appears that speculators have already started to reconsider their market exposure. Let me know if you have or if you're continuing to stack stats as you should. Quoting them here, we note that the supply held by the long term hodlers continues to increase, hitting an all time high of fourteen point six million BTC. So in direct contrast, short term hodler supply declined to multiyear lows at two point five six million BTC the week on chain added. So overall, this suggests that conviction of Bitcoin investors does remain impressively high and few are willing to liquidate their holdings. Are you one of them? Let me know in the comments right down below. Now, the last time the short term hodlers had such little market presence was in October of twenty twenty one, just before the all time high of sixty nine thousand dollars. And it is very interesting as we see the short term hodlers continue to sell and the long term hodlers continue to stack stats as they should. I say the smart money are the whales and the long term hodlers. Would you agree? Let me know your honest opinion. Let me know your honest thoughts in the comments right down below. And now let's discuss our next story of the day. And that's Max Keiser's rant when he spoke in Congress back in January of two thousand and nine, talking about disarming the bankers and their financial weapons, a mass destruction, a very powerful speech given by Max. If you've got to hear this, let me know. I posted and transcribed it on what was formerly known as Twitter, now known as X this morning, quoting Max Keiser. This is an important day as we review the situation with respect to disarming bankers. After the first Great Depression, Congress passed the Glass -Steagall Act. The purpose of the resolution was to disarm bankers as well as brokers. Now, never again would they be allowed to destroy the global financial system. I'm here to warn you that they have, in fact, rearm themselves with a deadly toxic debt instrument known as a derivative. I asked for this session today to support the core assessment made by FAME investor Warren Buffett. He said derivatives are financial weapons of mass destruction and that have apparently been devised by madmen. These instruments pose a mega catastrophic risk. Ladies and gentlemen, don't wait for the mushroom cloud of bad debts to explode over our financial system. Let's disarm the bankers before it's too late. Very powerful words coming from Max Keiser. And again, this is circa January of two thousand and nine, right around the time of the Bitcoin Genesis block, which was released after the 2008 financial crisis. And lo and behold, you can consider him a prophet because everything he was talking about is exactly what's been going on. Financial terrorism as it continues as the central bankers of the world continue to print money until the wheels fall off. Massive shout out to Max Keiser and Stacey Herbert. As you know, I'm huge fans of them both via the Kaiser report as they were the first one to cover Bitcoin with international coverage back when it was trading between a dollar to ten dollars. This is going all the way back in 2011, so literally was at 14 or 13 years ago. So much respect to the high priest of Bitcoin. And with that being shared, fam, now let's discuss our next story of the day. Now that we covered Max versus the banksters and that is El Salvador and their success with their bonds, which have been released as returns soar to 70 percent thus far this year. Check it out. El Salvador, which adopted Bitcoin as the legal tender back in 2021, has seen its dollar bound outperform the majority of the emerging markets with a 70 percent return thus far this year. The massive rally of the bond has now drawn interest from several institutional giants, which include JPMorgan Chase. Take that tapeworm Jamie Dimon, as well as Eaton Vance and PGIM Fix, promoting President Najib Okele to say, I told you so. Now, apart from the institutional giants, the likes of Lord and EBIT and also Neuberger German or I'm sorry, Berman Group LLC and UBS Group AG have also added debt security since April, according to Bloomberg. And also, Paolo, the chief technology officer of Bitfinex, told Cointelegraph that the performance of El Salvador bonds is a clear signal that the investors are supportive of the financial policies of the El Salvadoran government and demonstrates the renewed interest in investing in the El Salvador story while adding the following as the first company to receive a digital asset license, we are seeing significant interest in digital asset issuance and renewable energy investments, which the country has in abundance and is being used for Bitcoin mining and to provide more energy for the country's electrical grid. Now, the growing demand of El Salvador's debt security in 2023 is a quite contrast to its performance a couple of years ago when it first adopted Bitcoin as the legal tender. That's right. They've come a long way. The Bitcoin adoption created uncertainty amongst investors who bet against the country's bonds with several financial agencies, casting a shadow of doubt on the country's financial future. In February of 2022, the American Credit Agency agency Fitch lowered the country's long term issuer default rating from a B minus to CCC, inciting policy uncertainty in the Bitcoin adoption, along with an eight hundred million dollar debt payment due for January of twenty twenty three. Now, keep in mind, El Salvador did pay that eight hundred million dollar debt in full within the due maturing time to start off the year, raising confidence in the country's bonds yet again. And the president, Bukele, at the time noted that they had proven every finance pundit wrong, who doubted whether they would be able to pay their debts in a time after Bitcoin adoption, quoting Bukele here. He actually shared this in January of twenty twenty three in the past year. Almost every legacy international news outlet said that because of our Bitcoin bet, El Salvador was going to default on its debt by January of twenty twenty three, since we had an eight hundred million dollar bond maturing today, literally hundreds of articles. Never forget that. Now, the rise in confidence of investors is visible from the bonds performance throughout the year. And during the same time, El Salvador also passed a landmark crypto bill paving the way for the infamous Bitcoin backed volcano bonds. Let's freaking go. Now, El Salvador and its president have been at the receiving end of criticism every single day since they first adopted Bitcoin in September of twenty twenty one as legal tender, along with the United States dollar financial pundits predicted that the Bitcoin adoption will further strain El Salvador's financial conditions. However, to the contrary, within two years, the debt security of the state has become a hot cake amongst institutional giants, the same that once advised against buying it. So I'll say it for Bukele. I told you so. So there you have it. Let's go El Salvador mass adoption. Bring it. In which country do you think will likely be next to adopt Bitcoin as a legal tender and follow in the footsteps of Bukele and El Salvador? Let me know your honest thoughts in the comments right down below. Now, let's discuss a forty thousand dollar Bitcoin price prediction, as well as a timeline, which I'm going to be sharing with you right here. If you think Bitcoin is likely to hit this forty thousand target, let me know. Now, while he followed analyst Pizzino is bullish on Bitcoin as the flagship crypto asset trades in a narrow range for the past few days or we could say for the past few weeks in a new video, he tells his three hundred thousand YouTube subs the Bitcoin can climb by over 40 percent from the current level between now and September of twenty twenty four. Considering September is only two weeks away, that would be pretty enticing winning it. The crypto analyst says that his upside target of forty two thousand is the range midpoint or the 50 percent level between the Bitcoin all time high of sixty nine thousand and Bitcoin's twenty twenty two low of around fifteen five. Quitting him here, it is possible that we see a test of forty two thousand happen within the period between now and September of twenty twenty four. So in basically twelve, thirteen months, a test of the 50 percent level of forty two thousand two hundred and then a retreat. Do you think we're likely to rise on up to that forty thousand mark? Let me know. And after appreciating to over forty thousand Bitcoin could thereafter correct either mildly or substantially, according to the analyst quoting him again, it could be a small retreat like back here, June to August of twenty sixteen, where it tested seven hundred and then came back to five hundred. Or it could be a deep retreat where it tested all the way up to fourteen thousand in June of twenty nineteen, when the 50 percent level was only eleven thousand five hundred. And then it came all the way back down to four thousand in March of twenty twenty, thanks to no vid. And to watch this video with the analyst predicting Bitcoin can rise to one hundred and sixty one thousand, check the show notes below the video in the description. And please do let me know if you agree or disagree with the crypto analyst. And now let's discuss our next story of the day, and that's the one hundred thousand dollar Bitcoin price prediction from Rich Dad author Robert Kiyosaki. In fact, he even claims that Bitcoin can now go to a million dollars. So let's break this down and then we'll dive into our feature story of the day with the BlackRock ETF, which can send the Bitcoin price parabolic over six hundred percent, surpassing a whopping price target of one hundred and eighty thousand dollars. But first, Robert Kiyosaki, he stands behind his call that the Bitcoin price will put a new all time high and run all the way up to one hundred thousand. Let me know if you agree or disagree with the author. Now, Kiyosaki refers to Bitcoin as the people's money very commonly and says that those who save in U .S. dollars are likely screwed. And that was the nice way of putting it. Reading his tweet here, Bitcoin to one hundred thousand dollars, saying for years gold and silver is God's money. Bitcoin is the people's money preach bad news if the stocks and bond market crash gold and silver to skyrocket the worst news if the economy crashes Bitcoin to a million dollars. Now, that doesn't sound like so such bad news to me. That would be extremely brilliant news for the Bitcoin price to go to a million. But I understand an economy crash is not good. But he continues gold to seventy five thousand and silver to sixty thousand. I do not see those precious metals rising like that, especially considering they're controlled by the central bankers and the cartels have been controlling precious metal markets for a very long time. But nonetheless, I digress. He continues, savers of fake U .S. dollars are effed. Debt is too high. Mom, pops and kids are in trouble. And I hope I am wrong, but please take care. I mean, very bold words coming from Kiyosaki. Also, in an interview he did with Stansberry Research's Daniela Cambone, he warned up the idea of Bitcoin as he has lost all trust in institutions running the country, quitting him here. I like Bitcoin because we have an enemy in common breach. It's called the federal government breach, the Treasury and the Fed and Wall Street breach. I don't trust them. If you trust them, save dollars and get yourself a nice bond. I do not trust those guys. How many can relate with Rich Dad earlier in the year? Kiyosaki also predicted Bitcoin would eventually skyrocket to one hundred thousand per coin, highlighting that the king crypto does not need the intervention of the government to sustain its value. So there you have it. Come in directly from Rich Dad. Let me know if you agree or disagree with the Rich Dad, Poor Dad author. And with that being shared, now let's dive into our featured story of the day. That's everything surrounding the BlackRock ETF, a spot Bitcoin ETF being approved in the United States. Tom Lee was just recently interviewed and says he believes it will automatically send the Bitcoin price somewhere between one hundred and fifty and one hundred and eighty thousand dollars. So let's break this down, shall we? And here this is on this interview. I also already transcribed it for your benefit here. And I'm going to start reading so we don't have to play that sound clip because it's copyrighted. Anyways, he's asked, I always like hearing your price targets. Because you are always so fearless. When are you or where are you on Bitcoin by the end of next year? Let's say. And he responded, well, it's a spot Bitcoin gets approved, referring to the spot Bitcoin ETF. I think the demand will be greater than the daily supply of Bitcoin. So the clearing price, which is done by Sean Farrell, who is our crypto digital strategist, is over one hundred and fifty thousand dollars. In fact, it could even be one hundred and eighty thousand per Bitcoin. And then when asked, that's only if the spot ETF gets approved. Tom Lee responded, yes, a spot US because a spot Bitcoin ETF is approved already outside the US, which is a fact. And then asked, but if it's not approved, then are we just lingering at around twenty nine thousand in which he responded? There is still upside cast because of the halving next year. So you'll have a drop in supply again. And so the clearing price has to increase, but it won't be six figures. So he's ultimately saying the approval of the spot Bitcoin ETF, regardless if it's BlackRock or any of the others, such as Fidelity or ARK Invest, 21 shares, etc., will absolutely send the Bitcoin price to a minimal of one hundred and fifty thousand. And that target could even be as high as one hundred and eighty thousand. But he's also saying in the same token, if Gary Gensler and the SEC does not approve it by the time of the halving, do not expect a six figure Bitcoin price, but expect the price to go up because of the drop in supply as well as the gain and demand. I think the analyst makes a very great point. Now, he was also interviewed a few weeks ago and he discussed this price action occurring within nine months. So I wanted to give you that time frame because the Bitcoin ETF is scheduled to be released sometime. Not the ETF, but the halving is scheduled to be in April of twenty twenty four. So anyways, here's what he had to share in this interview. Current Bitcoin market is in balance with twenty five million in daily block rewards and twenty five million in daily demand, incremental ETF demand. Sean Farrell, their analyst, believes that twenty five billion dollars of demand is possible within the first year. So this is how they come to these numbers. This is one hundred million dollars in daily demand. This would bring the daily demand to one hundred and twenty five million while the daily supply is only twenty five million. So the implied equilibrium price would need to rise so that the daily supply matches the daily demand. Equilibrium analysis suggests that a clearing price is one hundred and forty to one hundred and eighty thousand per Bitcoin before the April twenty twenty four halving. Now, if you'd like to see that come to fruition, make some noise in the live chat. Now he continues. Generally, this idea of higher equilibrium price is consistent. Sean Farrell estimates that the flow multiplier for Bitcoin is four to five X and on the odds of a spot Bitcoin ETF finally getting approved in the United States after numerous rejections of the past year. Here's what we had to share. Bitcoin ETF could finally get approved. Sean Farrell sees the BlackRock effect, making it this far more likely today. Now, BlackRock, we all know, is the world's largest asset manager, and they say they have roughly 10 trillion or more in assets under management. So there you have it. Very bullish predictions coming from Tom Lee and on regards to this BlackRock ETF being approved. But I'd love to know your thoughts. Do you think that the BlackRock Bitcoin ETF will be approved within the next nine months before the Bitcoin halving scheduled to be in April of twenty twenty four? Let me know why or why not. And I'm going to start reading all of your comments out loud. And don't forget to check out CryptoNewsAlerts .net for the full premium experience with video and to participate in the live Q &A. And I look forward to seeing you on tomorrow's episode. HODL.
AP News Radio
US Virgin Islands seeks to subpoena Elon Musk in Jeffrey Epstein lawsuit
"The U.S. Virgin Islands wants to subpoena Elon Musk in a Jeffrey Epstein lawsuit. The government of the U.S. Virgin Islands is asking a federal judgment to help it serve billionaire Elon Musk with a subpoena for documents in its lawsuit seeking to hold JPMorgan Chase liable for sex trafficking acts committed by businessman Jeffrey Epstein. Lawyers asked a judgment to let them serve the subpoena on Tesla because they have not been able to give the papers to Musk or his lawyers. The government of the U.S. Virgin Islands said it believes Epstein may have referred or tried to refer Musk to JPMorgan, something Musk has denied, Musk has never been publicly accused of any wrongdoing related to Epstein, who killed himself in 2019 as he awaited sex trafficking charges in a federal jail in Manhattan. I'm Julie Walker
CoinDesk Podcast Network
First Republic Bank Seized and Sold to JPMorgan Chase
"JPMorgan bought almost all of first republic's assets. After that bank fell now, rewind a little bit. Remember this banking crisis that the U.S. financial system was going through, spooked a lot of people. We saw Silicon Valley bank fail. We saw signature bank, be taken over by regulators. Now we're seeing something similar from first republic, which also found itself in Dire Straits after the fed rapidly raised interest rates, and they had a bunch of bad stuff on their books. So we're going to talk about this. Jamie Dimon says, hey, this chapter of the banking crisis is over. We've stepped in. We've got this thing, got it under control, don't worry, everybody. But I don't know. I don't know if everybody is fully on that page just yet. There could be more shoes to fall. But Jamie Dimon says, no, there's only so many banks, maybe three that we're doing this shady business. And we're going to be A-okay. So anyway, I'm going to talk this straight to Jen. What do you think? Do you think this phase of the banking crisis is indeed over or do you think more stuff is about to happen? No, imagine I said yes, I think it's over. I think the two of you would just limp best me. It's worrying. That Jamie Dimon is saying, you know, this is all over. It's all under control now with and with no other information to back that statement up and I was reading this story. I just thought about, you know, how we're calling for more proof of reserves, more transparency when it comes to crypto and crypto exchanges and it's becoming more and more prevalent that we should be calling for the same thing in the traditional financial sector. I think that the banks and customers would really benefit from this.
AP News Radio
FDIC recommends overhauling US insurance deposit system
"The federal deposit insurance corporation is recommending an overhaul of the U.S. insurance deposit system. I Norman hall. The FDIC says there should be a rethinking of its decades old policy of ensuring up to $250,000 in bank deposits. Instead, an overhaul would allow regulators to cover higher amounts on a targeted basis. The proposed change appears to open Lake knowledge that the FDIC is looking for ways to calm both depositors and markets as the organization contends with the third U.S. bank failure this year. First republic bank became the second largest failure in history money when regulators seized it and JPMorgan Chase stepped up as a buyer. Norman hall, Washington
AP News Radio
First Republic Bank seized, sold to JPMorgan Chase
"Failed bank first republic was seized by the government Monday and sold to JPMorgan Chase. First republic is the third midsize bank to fail in two months and JPMorgan Chase CEO Jamie Dimon says it won't be the last. There may be no smaller one, but it's pretty much resolves them all. But this part of the crisis is over. That does not down the road. There are rates going way up, real estate, recession. That's a whole different issue, but for now it was just take a deep breath. JPMorgan Chase CFO Jeremy barnum says first republic clients can bank as usual at branches. Feel confident that their deposits are backed by the strength and security of JPMorgan Chase. Following the failure of Silicon Valley and signature bank, customers rushed withdraw money from first republic creating a run on the bank. The FDIC estimated its deposit insurance fund paid for by banks would take a $13 billion hit. Julie Walker, New York
AP News Radio
Regulators seize First Republic Bank, sell to JPMorgan Chase
"Regulators say JPMorgan Chase will take over the assets of struggling first republic bank. The federal deposit insurance corporation announced early Monday that California regulators had seized control of first republic bank and sold it to JPMorgan Chase Bank. Their locations will reopen today as JPMorgan Chase Bank branches, the company will assume all of first republic's deposits and substantially all of the bank assets, regulators worked late into the night Sunday after a midday deadline for bids passed, San Francisco based first republic has been seen as the most likely to fail since the collapses of Silicon Valley bank and signature bank in early March, due in part to its high amount of uninsured deposits in exposure to low interest rate loans, depositors pulled more than $100 billion out of the bank during the crisis. I am Jennifer King
The Breakdown
First Republic Bank Shares Sink to Another Record Low
"All right, Friends, another day, another set of serious updates around the global banking crisis. We start with first republic, which had another shocking day on Monday with the stock price plummeting 47% to an all time low. The stock was halted 9 times during its freefall and has now lost 90% of its equity value since the beginning of March. First Republicans experienced a massive $70 billion in deposit outflows over the month, as customers grow concerned about the safety of the bank afflicted with the same duration mismatch impairment that took down Silicon Valley bank alongside signature. Now on Friday, a consortium of major banks led by JPMorgan Chase, agreed to offer first republic 30 billion in deposits, consisting of the deposits which would float out of the troubled community bank. Ratings agency S&P said this package may not be enough to solve the quote substantial challenges facing the bank even if it does ease short term pressures on liquidity. On Monday, JPMorgan CEO Jamie Dimon was back in talks to discuss converting the $30 billion in deposits into a capital infusion in an attempt to calm the panic around the already shaky bank. JPMorgan investment bankers have also been hired by first republic to explore options with a sale also being in the cards. Unfortunately, right now it's not clear how likely that is. Now that said, first republic doesn't necessarily represent the entire banking industry, with some time having passed since the collapse of Silicon Valley bank and the introduction of the fed's emergency liquidity program, the bank term funding program or BTF, regional banks actually saw a broad rally on Monday. This was led by New York community Bancorp, which we'll discuss in just a moment with a record 30% daily gain. Zero X makes he says, if you're in crypto and not following what's happening on community bank Twitter right now, you should be. Regardless of intent, the effect of both choke .2 and our two tier deposit insurance double standard is the same. To centralized resource allocation decisions in D.C. and New York.
The Breakdown
Bitcoin Was Created for Times Like These...
"All right, well, when the storybooks are written, I think it's pretty clear that these last few weeks will have been a seminal moment in our discourse about banks and Bitcoin. And so today for long read Sunday, I'm going to read three different pieces that all have a little part of that story. And we're going to start with one that comes directly on the nose of it. Should I keep my money in Bitcoin or a bank? It's by coindesk writer Daniel Kuhn. Daniel writes three banks have failed in less than a week. U.S. government officials have stepped up to backstop losses in a bid to prevent further panic. There are genuine concerns about whether that was the right move, effectively bailing out two poorly run institutions facing highly irregular problems and letting the third collapse, as well as the risk that more banks will fail. So should you take your money out of your bank and keep it safe under the mattress or in Bitcoin? The answer is, if you're anything like me, whatever money you have in a checking account is insured by the federal deposit insurance corporation, up to 250,000. So no, it's improbable that JPMorgan Chase will rug you. Still, many are moving their money into crypto like Tatiana Kaufman, who described this move Monday in coin desk as an act of protest. Putting aside stablecoins, crypto is volatile, making these assets less than ideal currencies. If you want to preserve your wealth. But they offer quote unquote root ownership, meaning no one can make a run for your deposits.
CoinDesk Podcast Network
11 Big Banks Create $30 Billion Rescue Package for First Republic
"11 big banks, including JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, and more announced last night that they would take these somewhat theatrical step of depositing $30 billion worth of uninsured deposits into the troubled first republic bank. But even that move, along with the introduction of the fed's latest bailout window, it might still not be enough to quiet concerns about just how stable and safe the U.S. banking system really is, just this morning as we go to air, even with yesterday's rescue still in the headlines, we're seeing first republic stock trading down nearly 25%. Zach, we've had a backstop, a lending facility that lets banks basically exchange their get their cash back for bad investments made and essentially the best terms. And now the big banks are throwing cash at the problem also. What do you think it will take for the regulators to restore confidence in the banking system or is that something that we're not even really expecting at this point? Well, you know at first republic bank doesn't have the taint of crypto attached to it. That's the thing that stands out to me as it relates to its ability to survive while we see signature be wound down. Obviously this crisis is one of confidence. If you look at people who are researching this issue, pretty much all midsize banks are having this issue, right? They bought bonds that are now worth far less than what they were marked as on their books, right? So clearly, I think people are worried that this could spread to other banks across the country, not just those in California who service, tech firms, but again, those who have customers who are looking to find yields and who are realizing that in this interest rate environment, they can go elsewhere to get yield and they can take that money out of a bank quickly in the palm of their hand and deposit it in a money market account, but they can deposit it with treasuries at their own will, right? So I think clearly what we're seeing is a response to sort of this systemic reality in which we now find ourselves in where money is moving as fast as it ever has. Faster than ever indeed. And all of a sudden, billions and billions of dollars are being drawn out of these banks in hours time. It's quite remarkable and I think that's why we're seeing these remarkable steps.
The Breakdown
Apparently, U.S. Regulated Banks Are Riskier Than Stablecoins
"All right Friends, well, today we are going to discuss the delicious irony of why, despite all the teeth gnashing of politicians, it wasn't stablecoins that disrupted the regulated financial system, but the regulated financial system that disrupted a stablecoin. First though, I want to do a few follow-ups from things we've discussed over the last few days. Yesterday we talked about Credit Suisse. You'll remember that markets were freaking out about it and pricing in a huge chance of default. After their biggest investor said absolutely not to further investment. As we discussed, despite the fact that its problems were quite different than Silicon Valley banks, having another bank in peril so close to last week's dramatic events inherently connected the two. Well, today, Credit Suisse has posted a record surge of as much as 40% and has seen major drops in their default swaps. The big update is that they were able to open up a CHF 50 billion credit line with the Swiss national bank, which is about $54 billion U.S.. They also announced plans to purchase some senior debt to the tune of about CHF 3 billion. So seems like the European banking crisis is over, right? Well, enough so that the ECB hiked rates by 50 basis points today, and I guess we'll have to see how that plays out over the next few days. Meanwhile, back in the U.S., all eyes have been on first republic. Indeed, before the New York department of financial services decided to off signature bank over the weekend, most believe that first republic was the most likely next U.S. domino. Well, on Sunday, first republic reported that it had more than 70 billion in unused liquidity from agreements with the fed and JPMorgan Chase, but its stock still cratered this week. Given that, word is that they're exploring a sale. Unlike SVB, silver gator signature, no one industry makes up more than 9% of first republics depositor base, and their emphasis on private banking and wealth management seemingly make them a juicy target. JPM is one that many have mentioned in conjunction with the sale, but it seems like others, including Bank of America subsidiary Merrill Lynch, and Morgan Stanley might also be interested.
The Trish Regan Show
Banking Bloodbath: Contagion Fears Mount
"I predicted we would have some challenging times ahead. What we saw at Silicon Valley bank is just the beginning. We get a lot of challenges here and while the feds did step in to handle this situation. How many more times can they do it? And you have to ask yourself, is this sort of the bear Stearns moment before Lehman? Could we actually see the entire system come down? I certainly hope not. And Biden certainly hopes not, but this has happened under his watch. He tried to come things down, take a listen. I want to briefly speak about what's happening to Silicon Valley bank and signature bank. Today, thanks for the quick action of my administration over the past few days. America's going to have confidence that the banking system is safe. Your deposits will be there when you need them. Small businesses across the country, the deposit accounts that these banks can breathe easier, knowing they'll be able to pay their workers and pay their bills. Okay, so that's the good news. Yes, everybody's deposits at all the banks thanks to this window that the fed opened up on Sunday Night where banks could borrow money from the government if needed, well, everybody's deposits are going to be safe. But that doesn't change the reality that all of these regional banks any bank with less than $250 billion in deposits is not subject to the same kind of regulatory environment as the big guy. You know, the JPMorgan Chase is Wells Fargo's bank of Americas of the world. And as such, anyone who has money and then the one of these smaller banks may be looking to diversify the heck out of there.
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"With a look at the markets for you. We are seeing a sell off in Asia today following that terrible day on U.S. markets yesterday. The MSC I specific index down by 1.2%, the hang seng and Hong Kong is four tenths lower fluctuating around a lab a little market 10% correction from its high in late January, the CSI 300 down by 9 tenths of 1% as well. Tech shares in Hong Kong are among the laggards down by one and a half percent. We are watching European stock features also in the red down by three tenths of 1% on the stocks, 50 course markets had been very much focused on repricing what the fed will do next after yesterday's PMI data that's been driving around the market moves after the surge in yields yesterday. We are seeing treasury yields down ever so slightly this morning the ten year yield down 1.4 basis points to 3.94% the two year yield two and a half basis points lower for .67% the dollar spot index just to touch weaker this morning. Okay, let's go to our top stories and speaking of that meltdown U.S. markets had their worst day of 2023 yesterday with the S&P down more than 2% and yields up across the curve, that's after stronger than expected PMI data had traders reversing course on their fed pivot bets, minutes from the Central Bank's last meeting last decision are out later today, Goldman's chief global equity strategist, Peter Oppenheimer, has told Bloomberg U.S. equities are now far less attractive. You're getting quite a high return in competing assets with much less risk So overall, the biggest market in the world we're looking at a flat return. We've been preferring non U.S. markets for quite some time. We still do. But even there, the absolute returns we think are going to be relatively modest. So that was Goldman's Peter Oppenheimer speaking to Bloomberg exclusively. He joins Morgan Stanley, JPMorgan Chase and Bank of America who all have warned that the recovery in stocks may now have gone too far. U.S. president Joe Biden has hit back at Vladimir Putin saying that Russia can never win his war in Ukraine. Speaking in Warsaw after the Russian president blamed the west for the conflict, Biden said the war could only have one winner. A dictator, Ben and I were building an empire will never be able to ease the people's love of liberty, brutality will never grind down the will of the free. And Ukraine, Ukraine will never be a victory for Russia. Never. In the speech marking almost one year since the invasion, Biden also said the U.S. and its allies would announce fresh sanctions against Moscow this week. Now the IMF says that it is prepared to provide sizable economic support for Ukraine in a new loan program, the fund has praised Kyiv's efforts to transform its economy and boost governance structures, its structures, Timothy milanov, who is the president of the Kyiv school of economics, has told us here on Bloomberg daybreak Europe that Ukraine has made huge progress in tackling corruption. I think the perception is much worse than the reality. Do we have problems in corruption absolutely? Have we set up an infrastructure to fight it absolutely? Do people want to get rid of corruption? Absolutely, because today, every Ukrainian understands that a dollar of rimless local currencies stolen, that simply means less ammunition to the front lines and that means more people will die. Timothee milovanov was Ukraine's former minister of economic development and trade until 2020. The leader of Northern Ireland's democratic unionist party says elements of prime minister Rishi sunak's post Brexit deal are not acceptable. Jeffrey Donaldson made the criticism after meeting with a hardline group of pro Brexit MPs from sunak's Conservative Party. The prime minister is currently trying to win support for his reform to trade drills for Northern Ireland. Microsoft says that any move to carve off popular franchises would be game over for its $69 billion deal to buy Activision, antitrust regulators have suggested that the software giant may need to sell Call of Duty to allow market competition. Microsoft president Brad Smith has told Bloomberg that regulators around the world have a clear choice. We don't see a viable path to sell off the part of this company Activision Blizzard that makes Call of Duty. Given that, I think that the alternative is really quite clear, either the deal gets blocked, or it gets approved with guardrails with regulatory controls. Smith's deal is Microsoft's largest ever and one of the 30 biggest acquisitions of all time, the EU, U.S. and UK have all started procedures that could potentially block the deal. Wells Fargo says U.S. regulators are investigating its retention of employee communications over unapproved messaging apps, more from Bloomberg's Charlie palace. It is the latest bank to get caught up in an industry wide sweep that's already yielded over $2 billion in fines. Probes by the Securities and Exchange Commission and the commodity futures trading commission were disclosed in a regulatory filing. Many of Wells Fargo's biggest rivals have already settled with the SEC and CFTC over the matter, JPMorgan Chase agreed to pay $200 million in late 2021, a dozen more including Bank of America, Citigroup, Goldman Sachs and Morgan Stanley, reached settlements in September. In New York, Charlie pellets, Bloomberg, daybreak, Europe. Those are top stories this morning, a couple of earnings reports out, though, of interest Lloyd's is planning a share buyback program of up to 2 billion pounds. They've talked about their pre-tax profit coming in just below expectations 1.67 billion pounds, the estimate was from 1.92, so that in terms of their results, their net interest income did beat those 3.64 billion pounds versus 3.45 was the estimate from Lloyd's. And news two from Stellantis, the Franco Italian carmaker, announcing a one and a half €1 billion share buyback as well as their fully adjusted operating margin beat estimates as well. So I'm just going to the company that was formed by the merger of PSA in France and Fiat Chrysler as well. Yeah, absolutely. Okay, coming up on the program, Xi Jinping is planning a trip to Moscow, a missing Chinese banker had plans for a Singapore office and Jerry hunt rules out tax cuts. Now
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"And I'm John Tucker in the Bloomberg newsroom with this Bloomberg business flash for you. Today's jump in stocks running out of steam right now, still higher, but we pair the earlier gains. Investors may be looking at the traditional recession indicator, the yield curve inversion difference between the twos and tens and treasuries negative 86 basis points, it comes as options traders keep piling in the bets, targeting a 6% Federal Reserve peak rate. But despite some recent hawkish comment from fed officials, nor spent Ivana at JPMorgan Chase, she is sticking to their forecast at the firm for rates. We think the fed will hike twice more to 5 25 in May and then we'll hold rates at that level for an extended period of time. S&P 500 right now up ten points that's up two tenths of a percent. We're at 41 27, Dow Jones Industrial Average, 75 points higher that's up two tenths of a percent. The NASDAQ 152 points higher, but is a four tenths of a percent right now. We check the markets for you all day long. Right here on Bloomberg radio, I'm John Tucker, that's your Bloomberg business flash, good mad. John Tucker, thank you so much for that Bloomberg business flash. It's a pleasure having JT here. I didn't even know he filled in for me yesterday. Yeah, it was so much fun. He even made a couple aged jokes. He brought Ritz crackers to the studio. Like completely completely channeled Matt Miller. I was asleep the whole time. My two year old daughter gave me an incredibly awesome virus that I'm now pushing through with day quill. So rather than sick today, I'm just sedated. Have you noticed that I'm mellower? Yes, actually. Does it feel like that? A little mellower. Is that what that is? Yeah, it's that medicine working. I should probably take it every day. Let's bring in someone else who may need a dose of this. Barry rittle joins us, master in masters in business, host, that's probably our
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"Have realistic expectations that it will not look great. On one hand, you have that topic of retention. And then look, we have plenty of parts of the group that is doing extremely well. So you need to compensate somewhat fairly, but you obviously need to look also the shareholder perspective. You know, you saw for neutral says that is clear that the budget gets cut. Also on bonuses. That is Credit Suisse chairman axel lehmann. By the way, Credit Suisse is not alone in signaling lower variable pay. We hear JPMorgan Chase, Bank of America and Citigroup are all weighing plans to cut bonus pools for their investment bankers by as much as 30%. Chinese car making giant BYD will start selling vehicles this quarter in the UK, that's where electric cars are seizing a growing share of the market, the automaker has appointed four UK dealer partners. Model will be the eto three sport utility vehicle, and it's going to announce more dealer partners and pricing in the coming weeks. Separately, X Peng has bowed to an intensifying price war in China's electric vehicle market, it's lowering prices of its models by as much as 12 and a half percent after Tesla's surprise cuts at the start of the year. 32 pounds, the hours we update global news. U.S. House speaker Kevin McCarthy is making new charges against President Biden at Baxter with more from the Bloomberg newsroom in San Francisco, Eddie. Yeah, dog he is saying now that he feels that the reason the Biden administration did not come forth with information about found documents is that it would have had political implications on the midterm election. This is why there's such hypocrisy behind the bidens once again, something big that comes forward prior to an election where they kind of keep it quiet where the American public could actually have a say in it. And The White House spokeswoman Korean Jean Pierre says The White House position is consistent. For the last two years, when it comes to the Department of Justice, when it comes to legal matters, when it comes to legal issues, we have been very clear that we are not going to comment. We are not going to politically interfere. Now McCarthy meanwhile says the subcommittee will be set up to oversee a separate investigation. And Bloomberg's Genie Sano on balance of power on Bloomberg says this is really a wider issue for the country. The reality is we have had three top level officials in the United States. Hillary Clinton, Donald Trump and now Joe Biden found to have left office with classified documentation. That is a horrific reality of our national security situation in the United States. That's what Congress should be investigating. A Genie says this may affect when and if Biden announces for 2024. German Chancellor Olaf scholz says Germany is navigating very carefully its aid to Ukraine, talking exclusively with Bloomberg editor in chief John micklethwait in Berlin, he says it is definitely a tightrope. And it is good for us that we are supporting them. But to avoid that this is going to be a war between Russia and the North Atlantic Treaty Organization. And he tells John the solution. Russia has to do something which they are as far as we see not willing to do yet. And this is withdrawing troops. We are waiting for that. Yeah, shaul says there will be no trade war with the U.S. and the Germany will survive aid to Ukraine without a recession. The mayor of Kyiv, meanwhile, the tally cliche and talking with Bloomberg's David Weston at Davos today says infrastructure repair and defense is a key for Ukraine at this point. We leave for under a risk attack every moment. Every minute. And but all the consultation work. And he says Ukraine is totally reliant now on aid from the west. Without you help to be honest, we can survive. And he says Ukraine will be eternally appreciative. In San Francisco, I met Baxter. This is Bloomberg. All right, thanks very much for that. We will be back in a moment to talk about the big macro event of the day it is of course the bank of Japan's decision. No
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"It's now three 53 on Wall Street. I'm Doug prisoner of Bloomberg world headquarters in New York with a look at some of today's company headlines. Well, we've been talking about four of the big banks that reported fourth quarter results above estimates today, but in some cases the outlooks are a little concerning among them JPMorgan Chase with a disappointing outlook for net interest income and Wells Fargo saying earlier it is going to set aside a little more than expected for the possibility of some soured loans. Bank of America's results were mixed trading revenue better than expected, however, net interest income was lower than forecast. Citigroup reported fixed income revenue above estimates in the fourth quarter and CDC's total revenue for 2023 above forecast of 76 billion Bank of New York Mellon is planning to cut about 3% of its workforce this year that's roughly 1500 jobs the aim here is to streamline expenses many of these reductions, by the way, will target management positions. Tesla is cutting vehicle prices. It's the carmaker's latest effort to stoke demand following several quarters of disappointing deliveries, Tesla lowering the cost of the cheapest model Y by 20%. It also cut as much as 21,000 from the most expensive models in its home market. The UnitedHealthcare reported adjusted EPS above estimates the company saw minimal cost uptick from both the flu and other respiratory viruses in Q four, and Delta Air Lines forecasting first quarter profit short of estimates. Those are some
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"Traders balancing the reopening of China, which appears to be a huge positive at the moment up against fears of recession for the U.S. and Europe this year. There's still plenty of room for optimism that Hong Kong and stocks and then Chinese stocks can rally JPMorgan Chase, Nomura, and Goldman Sachs, all argue that there is room for stocks to gain. Goldman strategists also see opportunities to play the theme beyond stocks. We have the MSCI Asia Pacific index, and the MSCI emerging markets index both entering a bull market showing gains of more than 20%. But we did have a couple of comments from fed officials that remind everyone that interest rates are going to stay high for some period of time. The S&P 500 tumbled from large gains in the day to finish down one tenth of 1%. And we have the NASDAQ finishing up 6 tenths of a percent while the Dow was down three tenths of a percent. Fast forward to Asia, the DK rallying 9 tenths of a percent. The ASX 200 down about three tenths of a percent and the cost be has moved into positive territory here with the gain of a couple of points. Dalyan won 32 O 9, the yield on the ten year treasury 3.54%. 43 minutes past the hour, it's time for sports. Let's get to Dan Schwartzman Sudan, a Welsh winger, calls it a career. Yeah, and that is primer really, really good one. Star Gareth Bale announced his retirement from football on social media at the age of 33 the winger played for Southampton Tottenham Real Madrid and LAFC of the MLS now bale finishes his whales as all time leader and appearances with a 111 in goals with 41. Meanwhile, French captain Hugo loris retiring from international football, leaving le BLEU as the all time leader in appearances with a 145. The Tottenham goalkeeper led France to a win at the 2018 World Cup, as well as the win at the 2021 Nations League. Bloomberg U.S. Bloomberg reports that Qatar sports investment is looking at the possibly buying a stake or making an outright purchase of either Manchester United Liverpool or Tottenham. Sources say that after what was considered a successful hosting of the World Cup
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"Who cited sources familiar with the matter, the announcement could come as early as this morning earlier this month the sports apparel brand said its partnership with the rapper was under review, Adidas would be the latest company to cut ties with west following luxury fashion brand balenciaga, JPMorgan Chase and talent agency CAA, a navy sailor will be sentenced in March following his conviction for possessing and selling unregistered machine guns the Justice Department announced Monday that 28 year old Patrick Adams was convicted this past Friday. Florida governor Ron DeSantis sidestepping questions about whether he'll run for president in 2024. I know that Charlie is interested in talking about 2024 and Joe Biden, but I just want to make things very, very clear, the only worn out old donkey I'm looking to put out the pasture is Charlie Crist. The santas refused to answer the question instead he criticized Chris record in Congress. I'm Michael kassner. When unprecedented events are unfolding, it's important to let history teach us. Do you think it's a different world for the fed? Bloomberg balance of power with David Weston, weekdays at noon eastern. On Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com. I think the thing people really need to focus on the most is how long does the fed keep that funds rate really high. So what's the up to 5%? We think it's going to be a long time, 6 plus months, maybe a year. That's going to hurt equities, we think. And that's going to hurt risk. That was my Schumacher there, the globe ahead of macro strategy at Wells Fargo fantastic to catch up with him. The attention turns from fixed income to earnings, a little bit later. Numbers from alphabet and numbers from Microsoft after the close. Your market looks like this going into the open and found about one hour and 42 minutes away. Equity futures down two tenths of 1% on the S&P yields had a much, much lower now down 9 basis points, Tom. Your yield on a ten year four 1522. Why don't you yield and what price thank you for the huge response yesterday when I was going mental about price matters. It's not just about yield. Someone that knows that is Robert tip. Chief investment strategist had a global bonds at pgim where they're really exceptional record of trying to find total return. Robert, I look at the corporate, not the full faith and credit total return, but the Bloomberg corporate total return index and it's something in the vicinity of a drawdown of a negative 21% on price. Do you just assume with fed action that we enjoy bond prices lower and yields higher? I think the fed is bringing us a gift here. I think we're having a regime shift. And I think at the fed, you know, the one that's really been in the lead in the cycle is bullard. And I'm sure you remember his paper in 2016 about regime ships. These markets, we don't slowly go from this environment to that one. And it's a little bit different than 6 months ago, John. And actually, we could be jumping back to an equilibrium that's much more normal. You know, the fed funds rate, the last 50 years has averaged 5%. And right now, everyone is convinced that if this fact goes over four inches towards 5%, there's going to be a hard landing. But for your corporate bonds, if they inch over 4% and slow down and see how things are going, there's a lot of yield out there right now in long corporate bonds. And it's a real horse race as to whether those yields are peaking. Those returns are bottoming out here. I would have a nameless Bond. This is somebody who reported earnings today. It doesn't matter who it is and they're enjoying a 4.1% piece of ten years, make it 9 years, and they've also enjoyed a 30% drop in price Robert. Tell our listeners and viewers how they handle duration if they've enjoyed double digit losses in bonds. Do you come in short duration or do you go out long duration to try to pick up coupon? Well, I think we'd normalize here. I think this is an environment where people are supposed to be at some kind of a strategic average position in terms of their asset allocation. And that includes duration. I mean, we have been in a period driven by central banks targeting a naturally high inflation rate. I mean, it wasn't that long ago, 2019. Even in 2020, chair Powell was talking about 25 years of failure to get inflation up to 2%. And they had an interest rates incredibly low, but now that's changed. And with COVID, with all that terrible things that have happened, one positive is their resetting interest rates higher. And so I think that, you know, 5, ten years from now, when we look back, inflation will be lower than it is now. Growth will probably be lower than it has been, certainly the last couple of years. And this will have been a reset. So whether exactly 4%, four and a half percent, 5%. What's going to be that peak level of rates? I don't know. But I think we're in the zone of that peak in terms of interest rates, but it's not going to be an up and all the way back down. Unless something unforeseen happens, this is a setup, kind of like 94 95 or rates go up. They stabilize. That ends up boosting bond returns for the long run. The bond returns perhaps an investment grade corporates as you are talking about. What about just in ten year treasuries at a time when people are talking about normalizing at higher yields? I think long duration, high quality, like ten year treasuries, it's more balanced. I think that, you know, if the fed funds rate ends up going up to four and a quarter or four and a half and the fed at that point is saying, yeah, I mean, we're kind of indifferent here, but we need inflation to come down. And so if anything, that probably means that we may be hiking again. If that's the case, I think you're going to have a little bit of a burn on the yield curve where those long yields that are lower than the short yields are going to be under pressure to move higher to pay people compensation to take that duration there because of the uncertainty. To Tom's point about price down and some of these corporate bonds that have coupons of 4% that were sold say a year, two years ago and now have all in yield of something like 8%, 9%, 10%. How much does that become a credit problem for these companies in a year when they have to start refinancing? Yeah, so I think the whole dollar price, the big dollar price changes, it creates mental problems for investors in terms of figuring out the right things to do. And in terms of issuers, it creates less of a problem in the immediate future than you would imagine. So on the issuer side to your question there, it takes a long time for corporate debt structures cost of capital to change. The bonds mature very slowly. And they issue and it's incremental. And if you're in a world that's going to support a 4% ten year treasury for the long run
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"Of the JPMorgan Chase precious metals business and his top goal trader will convicted in Chicago on charges of fraud, spoofing and market manipulation and face decades in prison. It's a victory for the government in its long crackdown on spoofing in the precious metals market, even though a third defendant, a salesman was acquitted. Joining me is James park, a professor at UCLA law school. His latest book is called the valuation treadmill how securities fraud threatens the integrity of public companies. Two of the defendants were convicted, including the man who was once the most powerful figure in the gold market, but one was acquitted. So is this a victory for federal prosecutors in their crackdown? It is a victory in my view. The person who is acquitted was not directly involved in the trade. And so he was a salesperson. So he may have had a stronger defense and so I think the two convictions, though, are very significant. They send a signal not just with respect to gold markets, but also other markets. And it culminates extensive effort to crack down on this sort of spoofing and manipulative market activity. And it also shows that prosecutors can bring these cases before a jury. They'll understand it. And they're willing to convict in some cases. The jury was out for 8 hours. That seems like a lot for this kind of case with the amount of evidence that the prosecution put in. It may be, it really depends on
Mark Levin
The Federal Reserve Likely to Increase Interest Rates Again
"The Federal Reserve which was caught flat footed It is now trying to catch up It's very likely it's going to increase interest rates in the next week or two By at least three quarters of one point as I mentioned but now more likely one point like Canada just And the following month another point I lived during the terrible late 70s into the early 80s stagflation we actually had a Federal Reserve that increased interest rates and one month I think it was two and a half or 3% And more than once Mortgage rates were through the roof Double digit So nobody could borrow money effectively And if you were living off credit cards we were paying interest rates 25 30% This could all have been avoided JPMorgan Chase if not our biggest bank certainly one of them Their earnings fell 28% 28% Bank of America has slashed the S&P 500 target Another 5%
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"Planned to kill him. I'm Chris grazio. And I'm susannah Palmer in the Bloomberg newsroom. The pandemic and a shutdown of its Shanghai factory because of COVID-19 put a dent in Tesla in the second quarter. The carmaker delivering fewer cars worldwide than analysts at forecast 254,695 cars versus the 261,181 forecast in a Bloomberg survey. In a statement Tesla said it faces ongoing supply chain challenges and factory shutdowns beyond its control. Governor Kathy hochul signed legislation Friday night that will limit where people can carry guns in New York. The new law is in response to the U.S. Supreme Court ruling overturning the state's open carry restrictions. But it's not clear if the bill will withstand legal challenges. Governor told President Biden and a group of democratic governors that just a handful of states, New York being one of them, are going to have to provide healthcare to women across the country now that 13 states have banned or severely restricted abortion. We will stop the extradition of any search for one of our providers or a woman who's in our state where wanted under criminal charges. That's not happening in New York. And we're also defending our abortion providers from malpractice and other lawsuits. New York lawmakers started the process of passing an amendment to the state constitution banning discrimination based on pregnancy, pregnancy outcomes and reproductive healthcare and autonomy. JPMorgan Chase economists have cut their U.S. midyear economic growth forecasts we get more about that from Bloomberg's Charlie poet. It comes after an influx of weaker data, most notably a slowdown in consumer spending. The Wall Street bank used its estimate for annualized gross domestic product growth to 1% for the second quarter down from two and a half percent previously. Bloomberg's Charlie pellet, global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries. I'm Susanna Palmer. This is Bloomberg. You're listening to masters in business with Barry riddles on Bloomberg radio. I'm Barry results, you're listening to master's business on Bloomberg radio. My extra special guest this week is Perth told she is the founder of the life and liberty indexes, they are behind the freedom 100 emerging market ETF, the first of its kind strategy using metrics of economic and personal freedom to help create an investment product. This ticker symbol is FR DM. Let's talk a little bit about what's been going on in China and in Russia, starting with China began cracking down on some of its tech leaders and technology companies a couple of years ago and it was really surprising to see a government really start bashing their own economic leaders. When you're looking at that from a distance, you have to be thinking, well, I'm glad I don't have these guys in my index. You know what? It's a bittersweet thing because it's good that we didn't have them in there, but it's terrible thing what's happening, because being from China, I want China to succeed. I want them to be free. Eventually. And a lot of people, like myself, years ago, thought that we were on that trajectory, because China increased in their freedom levels a lot. In the last couple of decades. You know, they went from abysmal policies under mal to not so bad policy. They opened up economically. And had great success there. And their GDP grew tremendously. And that was very real growth. People lifting themselves up out of poverty and very powerful growth story. But now grocery of the past, because they are. Why do you say that? Growth story of the past. You don't think there's a lot of growth in that. Exactly what you just mentioned. So the star sectors like tech or are now being cracked down on. Xi Jinping has consolidated power and is continuing to. Dictator for life, right? Yeah, in peripheral life. And yeah, there's no room for any descent. You saw what happened in Hong Kong, just the idea of any dissent. What about Jack Ma and you look at all the companies he's affiliated with? So it all started with ant financial. When that was scrapped and then Jack Ma disappeared after he said something that wasn't kosher and criticized, it was actually very, I think benign, what he said. But he criticized the government basically the way they handle the financial sector. And here in the United States, we do that every day look at us on Twitter. Constantly. Yeah. And so the fact that even that was enough to basically disappear him. Him being a very visible persona in the Elon Musk of China. Exactly. And just a very character charismatic and well loved, well looked up to guy. And when he disappeared, I think a lot of people realize, wow, if they could disappear, your founder, you might have some risks there that we didn't account for. And then following that all the other tech leaders started the CEO started stepping down or pledging a ton of money for common prosperity, which is one of their new initiatives. And that money came from shareholder pockets. Right. And it's basically a bribe. It's not going to come and prosperity. It's just to keep the government happy. And so every company in China now is required to have a communist cell member as part of their company. All the funds are now required to have communist leader kind of it's like the old mob bosses with Freddy's going to show up and he's going to make sure everything's done right. It does have that feel to it. So this is very scary actually for someone who I root for China. I want them to succeed. I thought they were going to be much more successful at this point. So let's talk just for a moment about Russia. Obviously, they've become an anathema, given the invasion of Ukraine, but even before that, you didn't have Russia in the ETF, tell us the reasons why a country like a Putin led Russia just doesn't make it into a freedom index. Well, they're freedom score from the think tanks was too low. And that's why. How low is too low? So you have to be higher than your peers
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"You know a spike in U.S. yields really getting a lot of attention today And with U.S. stocks closing lower after we had that unexpected increase in manufacturing activity and exceptionally high job openings a lot of that attention is going to the rising interest rates that we did see in response to that the yield on the ten year spiking again today was also day one of fed tightening through balance sheet reduction oil gained ahead of the coming OPEC plus feeding also JPMorgan Chase CEO Jamie Dimon warned investors of a coming economic hurricane better share sliding more than two and a half percent That is onward as we've been reporting that COO Sheryl Sandberg is leaving the company she will remain on the board though of meta formerly known as Facebook And we spoke with her about it today I will have some of her comments for you coming up on Bloomberg day break Asia GameStop shares their trading slightly higher in the after hours session after first quarter net sales beat estimates and it is a mixed picture for stocks in Asia Nike futures indicating a slightly higher open markets in Hong Kong and Australia pointing lower And ASX has appointed Helen lofthouse as its chief executive officer she'll be the first woman to lead Australia's maiden stock exchange Shall we check markets for you every 15 minutes here on perfect degradation And now for a look at what's happening all around the globe let's go to San Francisco and our Ed Baxter head All right thank you Denise Hong Kong's government is formulating a response to the possibility the possibility of a monkeypox emergence in the city making plans to purchase.
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"My mind since I was 6 years old I considered myself American Like it was deep in my heart that I'm belong only in one country in the United States That was not a negative statement in Russia at all It was not about politics fully like I mean and also like I always loved Russian poetry and literature and architecture and many aspects of the culture But I always felt that I belonged in the United States There was never a doubt in my mind I don't know how I knew it but I knew it since I was a little kid And how did you go how did you end up at JPMorgan Well I was at bankers trust and I started trading fixed income derivatives That's very important to understand that I most of my mathematician friends went to do some kind of quantitative work on Wall Street I never did I went straight into trading that was my interest I always said if I want to do research I would stay in the math department Even if it pays less money about the lifestyle would be worth it By 2003 you're mentioned in The Wall Street Journal as the star trader of JPMorgan tell us about that How did that feel being recognized for your trading skills At that time I did not really appreciate so much the value of publicity And I did almost no networking and almost no publicity So most of the proprietary desk in 2002 from because after I did really well with my market making businesses in 2001 and build them up very well there was a form of global currencies on commodities group in the merged JPMorgan Chase Bank By the way this group ended up to be extremely successful going forward and they offered me the shift there and more the macro portfolio because even with my client portfolios I was more and more focusing on macro factors And then it was on one side exciting and I know my parents were excited about showing this article But on the other hand I was like a little disturbed that there is a link on somebody knows something about my positions that they should not Interesting And I was not really seeking publicity And I was a little shy of publicity honestly after that I don't think it was like a bad lick It was a very positive article There was nothing mean or negative in it and there was nothing wrong about it But I was just a little nervous about publicity after that Let's look at that timeline So this was back in 2003 How much longer did you stay at JPMorgan for And when did you launch your your fund Well I stated JPMorgan in early 2007 And then so it's been quite a while It's now 15 years that I've been doing various things on my own But I not always run business as I said one fund and which actually did not work out And I talk about this a lot in my first book the next perfect trade about my first found and kind of mistakes that were made there And things like that it was called cloudy capital And then I for a few years basically was running my own money And then I contacted was created around 2015 and started the date outside money around 2016 Since you mentioned let's talk a little bit about that fund tell us about the genesis of the name hante which you describe in the book the trades of March The hunte is a Japanese term it originates from the game of go and Han means truth and teh means move So it's a true move but a context on which it's used as sometimes in a game you may remove which is not the most flashy or aggressive but what they call an honest move like what.
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"Bloomberg world headquarters I'm Charlie Powell Both the Dow and the S&P are now negative on the day giving up earlier gains nesta does remain higher stocks are now fluctuating as a surge in oil above a $100 a barrel reignites inflation worries overshadowing speculation that price pressures could be near a peak Right now we've got the S&P down three a drop of one tenth of 1% of the best level we had the S&P up 1.3% up 58 points The Dow has given up a 360 point gain right now the Dow is down 34 lower by one tenth of 1% as stack holding onto a 9 point gain up by just about one tenth of 1% Ten year yield 2.72% now spot gold up $16 youngster 1969 of 8 tenths of 1% West Texas intermediate crude rallying 6 and a half percent to $100 and 43 cents a barrel Wall Street's looking ahead to bank earnings tomorrow morning when we hear from JPMorgan Chase Betsy gray sick is global head of banks and diversified finance research at Morgan Stanley Well it'll depend on who we're talking about I do have to say I am in line the group I'm basically equal weight We were overweight in January so we did bring down a recommendation on the group and really it's a function of the headwinds and tailwinds that are really coming at them Fast & Furious I would say there's a possibility for a relief rally in certain names if we get a positive surprise particularly in trading A drop in banks ahead of the start of the industry's earnings season tomorrow weighing on the S&P JPMorgan Chase is now trading lower by 1.1% among some of the other bank names Citigroup will be reporting on Thursday down by three ten to 1% Wells Fargo also out on Thursday lower now by 1.9% Recapping stocks have given up earlier gains with the S&P down four now a drop of one tenth of 1% And that's a.
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"I'm Brad seger And I'm susannah Palmer in the Bloomberg newsroom More predictions on interest rates JPMorgan Chase economists said the Federal Reserve is likely to raise interest rates by 25 basis points at 9 consecutive meetings in a bid to tamp down inflation The bank is joining others on Wall Street and ramping up their bets for a faster policy tightening this after U.S. consumer prices posted the biggest jump since 1982 in January Goldman Sachs Group is forecasting 7 hikes this year up from an earlier prediction of 5 Meantime Federal Reserve governor lael brainard says it's appropriate to start a series of at hikes in March We get more about that from Bloomberg's Charlie palette During a panel discussion at a conference in New York hosted by the University of Chicago booth school of business brainard said the Central Bank is ready to raise rates next month and begin shrinking its balance sheet incoming meetings She said quote given we have seen quite strong data I do anticipate it will be appropriate at our next meeting to initiate a series of rate increases The donations of organs in New York are increasing after the recent deaths of two public servants Leonard akin of live on New York says donations are up double digits 33 year old queen's firefighter Jesse gerhardt who died this week was a registered organ and tissue donor and is now expected to help 50 to 75 people In addition to NYPD detective wilbert Moore's organs were donated after he died in the line of duty last month U.S. poultry farms have yet another production headache to deal with and that is bird flu as we hear from Bloomberg's Greg Jarrett For the first time in several years cases of deadly avian influenza have hit farms in Indiana Virginia and Kentucky recently that prompted some nations such as Mexico to ban or limit imports from certain areas and there's a risk that more curbs could be on the way Greg Jarrett Bloomberg radio Global news 24 hours a day on air and on Bloomberg quick take powered by more than 2700 journalists and analysts in more than 120 countries I'm Susanna Palmer This is Bloomberg.
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"A leader and the mobile game market is take two's chairman and CEO stress zelnick Well very much going to be at a creative deal upon closing which we expect in our first fiscal quarter of next year And we've said all along that we're willing to pursue inorganic opportunities when there's the great team There's a great team at zenga when there's great intellectual property Zynga has unmatched intellectual property in the mobile space that they own and control Zelnick said Zynga will retain its autonomy and branding once the deal closes Selma also expects a $100 million of cost savings within the first two years of the combination Well the fed may be able to control inflation through interest rate increases That's according to JPMorgan Chase CEO Jamie Dimon Now you might expect to hear that from him but diamond told CNBC that the fed might be able to do that without jarring the economy too heavily If we're lucky they can engineer a slowdown and you'll see inflation coming down We'll have what they call us off landing A lot of people project inflation be 2.3% at the end of this year I don't I think it's going to be higher And it's going to be a little bit like threading the needle So you can't look at anything and say that's my projection because you really don't know It's possible inflation is worse than they think that the rage rates more than people think I personally be surprised if it's just for increases next year Investors are betting that the fed will begin tightening as soon as march of this year Distress is mounting in China's nearly $900 billion offshore debt market that's as more developers missed payments Bloomberg's Stephen engel tells us the keyword this year for China's economy is stabilized We have the Olympics We have the national People's Congress in March and then we have the big party Congress So stabilizing the property market is absolutely key It's about a quarter of GDP in China So what we're hearing from Thailand the local media in China is saying that Guangdong officials are facilitating meetings between many of these private distress developers and state owned developers perhaps to facilitate asset sales Bloomberg data shows there are $1.4 billion of bond payments due this week among Chinese developers Brian All right let's take a closer look at markets here in the Asia Pacific The hanxing index is now slightly positive The hang sang tech index is also a fractionally whereas in China the CSI 300 is trading lower but only by about two tenths of 1% We've moved up here in the last 15 or 20 minutes So right now the tych is off about a tenth of a percent times index in Singapore putting on some gains We still have losses in Tokyo and in Sydney and both of those markets are down between 6 and 9 tenths of 1% Bitcoin recovered up to $42,250 or so Earlier this morning our time we had Bitcoin down below 40 K and just looking at a few other interesting stories CCTV is reporting that China will accelerate investment in key projects in the country and we'll try to boost domestic consumption and that's one of the positives Also looking at Tencent Holdings nearing a deal to acquire Chinese gaming handset maker black shark and that's a move that could help Tencent further its ambitions in the metaverse Tencent is trading higher by 1.4% Alibaba is down about 2% here in the action today Not too much happening with currencies The Bloomberg spot index is down less than a tenth of a percent Dollar yen one 1534 the offshore Chinese currency is essentially flat at 6 37 84 and the yield on the ten year treasury is 1.75% Paul back to you All right thanks very much Brian Ten 35 now in Hong Kong one 35 in Sydney and time for Jacob global news.
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"Hopkins center for health security At the same time is encouraging vaccines using rapid tests for people to know their status so that they can go about their life if they're not vaccinated And then lots of private businesses should be trying to require vaccines as a condition of employment I think that's a much better route than lockdowns This late into the pandemic A doctor a dowser with a Johns Hopkins Bloomberg school of public health which is supported by Michael R Bloomberg founder of Bloomberg LP and Bloomberg philanthropies Mix day for a lot of the vaccine stocks that we track Pfizer for example down little change now down by about one tenth of 1% ADRs of its German partner BioNTech they are down 3.9% AstraZeneca's ADR's up 5 tenths of 1% Modern are down 2.2% change a Johnson & Johnson up by 7 tenths of 1% JPMorgan Chase CEO Jamie Dimon is quipping that his bank is likely to outlast China's Communist Party while reiterating his company's commitment to doing business in that country JPMorgan Chase shares up right now by 2.2% I'm Charlie pellet That is a Bloomberg business flash All right Charlie thank you so much You're listening to Bloomberg businessweek Carl master along with the ad ludlow and this is Bloomberg This is the weekend It is It is the weekend Who has a baby with what's her name right Bella Is it not Bella Is it the other Hadid Gigi Gigi Thank you Oh I love that you know that Don't they No I don't keep up You're not reading People magazine I am not Instead I'm reading billboard You know what That song Whining lights just became the greatest of all time on billboard's Hot 100 list.
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"But Jim Glassman at JPMorgan Chase says the stimulus effect though lingering should be winding down People have gotten a lot of help during the pandemic Challenge here credit is a lot of extra programs to help them at their unemployed A lot of people dropped out And by the way a lot of the folks who dropped out they still have been qualifying for unemployment insurance because they did have a job That all is beginning to wind down now in the last four weeks Millions of people have seen their unemployment benefit start to drift off So I think we're going to find out over the next several weeks that the trend is going to start to reverse For now perhaps for the next few months the effects of the worker shortage is being felt especially in the service sector is seen in the most recent jobs numbers due to the recent COVID surge This according to Jeffrey Rosenberg BlackRock But the key disappointing industry sectors here that point to the delta variant are leisure and hospitality This means that even those cities may be reopening and crowds gathering for sports and festivals Being served at those gatherings proves tough when only a few servers are on hand to deal with the patrons Do you want to wait in line for a coffee and donut for 20 or 30 minutes No say many customers from coast to coast Let's go to Boston now We're a sign on the popular south in buttery reads Keep calm and come inside but if you're going to be obnoxious abusive or rude at the staff keep calm and stay away The buttery owner Richard Gordon put up the sign after an impatient customer knocked over a hot drink stand and flung a stack of cups at an overworked barista Because the barista told him politely that he would need to wait in line behind the other orders that came before him before he got his large arm in the latte which he thought was more important than anybody else with each of their drinks Jeff Daniel boulud owned 7 high end restaurants in New York City and says people need to want to work And people have to go back to work The office have to bring back people in the office In pleasant in California Josh mccay proprietor at McCain's half house expanded just before the pandemic kicked in building out a coffee shop inside the footprint of his pub Recently McKay announced he was going to have to close that venture and work even harder to keep his main business open My wife and I are going to be working open to close in front of the house and back to the house all weekend McKay says extended family members and members of the community have stepped up to chip in and he's doing well But he has seen major problems with his supply chain even with his primary offering The craft breweries have pivoted and they've done a very good job of it and most of them have shifted into a lot of canning They're getting better bang for their buck selling cans in draft beer is what we do And so we're finding less and less peer draft beer Just across the bay in San Francisco a globally known beef house solidified by the late Anthony Bourdain Behold the fantastically stuck in time temple of roast beef House of pine rib Look at this This is a temple of old school needs Joe.
Bloomberg Radio New York
"jpmorgan chase" Discussed on Bloomberg Radio New York
"Oh Bloomberg world headquarters I'm Charlie Pelé choppy session We've got the dalvi S&P nez stack all on the minus side investors are awaiting the start of earnings season JPMorgan Chase bright and early tomorrow morning JPM down now by 7 tenths of 1% investors though also weighing the risk of inflation against the prospects for an economic rebound So here's where we stand S&P down 5 right now little change down about one tenth to 1% that I'll down 51 also down one tenth of 1% NASDAQ down 8 a drop there of one tenth 1% Ten years up 9 30 seconds ten year yield 1.57% spot gold up three tenths of 1% 1759 ounce Bitcoin down 2.4% 55,959 on Bitcoin spot gold of three tenths as we mentioned 1759 crude holding above $80 a barrel West Texas intermediate crude up two tenths of 1% 80 68 barrel of Brent 83 49 right now down two tenths of 1% Wells Fargo's CEO Charlie scharf says inflation has arrived and pieces of it are here to stay He made the comment virtually to the institute of international finance Shares of Wells Fargo today they are trading lower by 1.4% The last for the economic backdrop and the incoming data Laura raim is chief economist at FH investments The consumer you know continues to be the focus given their enormous output supports with growth And I layer on that we've seen a lot of durable goods And a lot of good consumption.