Business
Summers on First Republic Bank
Former US Treasury Secretary Lawrence H. Summers criticized Washington regulators and US banking giants for not having already figured out a solution for the troubled lender First Republic Bank.
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The US and Iran exchanged strikes for the first time in about a month as American forces hit an island in the Strait of Hormuz and the Islamic Republic responded by launching attacks on the United Arab Emirates and Jordan.
US Treasury yields ticked lower and stock futures were mixed as traders assessed the outlook for interest rates following Federal Reserve Chairman Kevin Warsh’s hawkish inflation comments at Jackson Hole.
John Ternus steps into his new role as Apple chief executive officer this week. Ternus won’t have much time before the company begins its annual fall product rollouts. This year the lineup will include an unusually ambitious slate of devices he’s been teasing for months internally.
Today’s guests: Bjoern Griesbach, Allianz Investment Management Head of Macroeconomic and Capital Market Research; James Kisner, Water Tower Research Technology Research Analyst.
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“The Pulse With Francine Lacqua” is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.
Chapters:
00:00:00 – The Pulse
00:00:23 – Stocks, gold drop on Fed rate-hike bets
00:01:13 – Bjoern Griesbach, Allianz Investment Management Head of Macroeconomic and Capital Market Research
00:09:17 – Oil gains as US hits Hormuz targets
00:11:14 – Trump’s Iran war exposes new challenge for Xi-Putin security bloc
00:14:04 – Germany’s Saxony-Anhalt holds elections Sept. 6
00:18:47 – Iceland votes to reject the European Union
00:21:41 – Monday top stories
00:23:02 – Monday headlines
00:23:25 – Apple’s Ternus takes CEO reins with AI first priority
00:26:22 – James Kisner, Water Tower Research Technology Research Analyst
00:33:58 – Lawmakers focus on compromise in UBS capital debate
00:36:08 – Shein falls in Hong Kong gray market
00:40:44 – BOE’s Bailey plays down inflation risk ahead of decision
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The Japanese yen is so weak that even the US has stepped in to prop up the currency.
The joint US-Japan action, the first in 15 years, underscores their unprecedented determination to defend the Asian currency. Mia Glass explains why.
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Warsh reiterated that policymakers have a “firm, fixed target” of 2% inflation at the 2026 Jackson Hole Economic Policy Symposium. Bloomberg’s Maria Eloisa Capurro explains.
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Bloomberg Television brings you the latest news and analysis leading up to the final minutes and seconds before and after the closing bell on Wall Street. Today’s guests are Columbia Business School Professor Abby Joseph Cohen, Loop Capital Markets Consumer Sector Head, Senior Research Analyst Anthony Chukumba, The Conference Board CEO Steve Odland, Man Group Chief Market Strategist Kristina Hooper, Willow Wealth CEO Mitchell Caplan, McGraw Hill CEO Philip Moyer, Unifor National President Lana Payne, & Wedbush Securities Managing Director, Equity Research Matt Bryson.
Chapters:
00:00:00 Bloomberg The Close
00:02:51 Abby Joseph Cohen on Markets, Consumers & the Economy
00:07:24 AI Spending, Productivity & the Sustainability Question
00:11:42 Jackson Hole Preview & Kevin Warsh’s Fed Strategy
00:15:27 Nvidia, OpenAI & the AI Trade Ahead of Earnings
00:17:23 Top Calls
00:18:15 Dick’s Sporting Goods Plunges on Foot Locker Troubles
00:22:38 Consumer Confidence Falls as Inflation Anxiety Builds
00:25:13 Consumer Debt, Spending & the Risk to Economic Growth
00:27:48 CEO vs. Consumer Confidence & the Holiday Retail Outlook
00:30:29 Stock of the Hour: Super Micro Jumps on Cisco Partnership
00:32:09 Cisco, Super Micro & the AI Infrastructure Buildout
00:37:37 Man Group on Treasury Intervention, Yields & Fed Policy
00:41:01 AI Debt, Inflation & the Jackson Hole Outlook
00:43:27 Closing Bell
00:45:47 Intuit Earnings & the SaaS Selloff
00:47:29 Market Movers: Moderna, Nvidia & Resolve AI
00:49:08 Dick’s Worst Day Ever Raises Questions About Foot Locker
00:50:50 Zoom & Box Earnings Hit After the Bell
00:52:44 AI and the “SaaS-pocalypse” Debate
00:54:31 Market Recap: Nvidia Rebounds as Oil & Yields Fall
00:55:39 Mitch Caplan on Retail Investors & Private Markets
00:57:22 Private Credit, Higher Yields & the New 60/40 Portfolio
01:00:01 Why Companies Are Staying Private Longer
01:01:24 Private Market Liquidity & Access for Retail Investors
01:02:47 Private Assets in 401(k)s & Vanguard’s Zero-Allocation Call
01:05:54 After-Hours Movers: Intuit, Zoom & Box
01:08:12 McGraw Hill CEO on AI, Education & the Future of Learning
01:10:15 How Teachers and Students Should Use AI
01:12:06 McGraw Hill’s Agentic AI Strategy
01:13:28 Screen-Time Backlash & the Return of Print
01:16:29 U.S.-Canada Trade War Escalates
01:17:35 Unifor President on Auto Tariffs & North American Manufacturing
01:20:18 Canada’s Response to the U.S. Trade War
01:24:20 Nvidia Earnings Preview: Can AI Growth Keep Delivering?
01:25:49 Nvidia’s Next Growth Engine & Rising Chip Competition
01:28:23 What to Watch
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Ed Morris, Senior Adviser and Commodities Expert, discusses the recent fall in Brent crude oil prices. The decline is attributed to market attention on the potential impact of Iran sanctions, which are influencing supply expectations and investor sentiment in the commodities market. He speaks with Romaine Bostick on “The Close.”
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@alannamichellepaulino8429
January 16, 2024 at 2:59 pm
Bueno sentensia telemicro abinader canpaña todo congreso ageno
@kmensa5301
January 16, 2024 at 2:59 pm
Summers want cheap stuff from china ; economists and the narrow thinking; never learn anything from the behavior of china during the Covid
@steve5289
January 16, 2024 at 2:59 pm
Plugging leaks when we need a new dam….
@steve5289
January 16, 2024 at 2:59 pm
FDIC covering all deposits = INFLATION ! terminal rate is much higher than 5.5% ! Wake Up !!
@james1327
January 16, 2024 at 2:59 pm
get this clown out of here.
@jamesdean1143
January 16, 2024 at 2:59 pm
So, this fraud blames inflation on greedy workers ?
The solution : eat the poor !
@SavonPha-eq1kl
January 16, 2024 at 2:59 pm
Bloomberg is governments,just like world news is civilization.And society is NASA,the organization will have to devolp currency score,to save Earth.
@scottdorsey8220
January 16, 2024 at 2:59 pm
Duh, Duh, Duh! Banking in ruins. Is anyone surprised?
@titusp9488
January 16, 2024 at 2:59 pm
5:23 "importing of lower price of goods is a part of the living standard of Americans" – wow … that is speaking to the poor … can you be more ELITest?
China is our rival … and Jake Sullivan is a genius of our times but he really is not …ahhaha … Summers berates like no other.
@nikgarcia2823
January 16, 2024 at 2:59 pm
Sounds like some of Larry's friends didn't buy in @ the bottom & now need a higher interest rate, .25% to be exact, to Manufacture a hard landing or CRASH. The Banksters & so called Economist have no heart for Hard Working Americans or The less fortunate. It's Hart Wrenching
@tylerscottcomedy
January 16, 2024 at 2:59 pm
I love how Larry's opinion has evolved towards more of a market perspective post Obama
@dukexrp4868
January 16, 2024 at 2:59 pm
i feel dumber after watching this ask real questions.
@darnellcapriccioso
January 16, 2024 at 2:59 pm
Every day we encounter novel challenges that have become the new standard. Although we previously perceived it as a crisis, we now acknowledge it as the new normal and must adapt accordingly. Given the current economic difficulties that the country is experiencing in 2023, how can we enhance our earnings during this period of adjustment? I cannot let my $680,000 savings vanish after putting in so much effort to accumulate them.
@sylviahu6849
January 16, 2024 at 2:59 pm
❤
@JRay2113
January 16, 2024 at 2:59 pm
Larry Summers… 😂
@petfooddiet
January 16, 2024 at 2:59 pm
Title 12 u.s.c. 1431 tell you bank don't lend money and Title 12 u.s.c. 411 tell you what "Federal Reserve Notes" purpose was. Meaning this is all a scam to believe the people holding or having "FEDERAL RESERVE NOTES" On bank deposit or somewhere under your mattress you will be save. The Matter of Facts is all a illusion and scam. Now you hear on the news banks have a "Liquidity crisis" and this will no end well. So what ninja it saying is so true. Will we have "Social unrest" in America, more Lockdown or some kind of "crisis" and the last step "war" in country and all over the "World" because a "economic system" run by "FIAT" AKA "FEDERAL RESERVE NOTES" Are not welcome or accept it "Internationally"🤔
@hazmatman3120
January 16, 2024 at 2:59 pm
STOP listening to these ghouls! Powell and his ilk are intentionally driving the economy into the toilet to contain WAGES… not inflation. BTW… Most of the inflation we see is the result of corporate greed.
@schlemmermaul5224
January 16, 2024 at 2:59 pm
The king money printer, himself, Larry the cantillionnaire, Summers! He needs to be sent to pasture already. Sick of his drivel!
@redgumpm
January 16, 2024 at 2:59 pm
His conclusion is buy more cheap stuff from China and everything will be fine. BS in a suit always tastes better.
@ma_zu_888
January 16, 2024 at 2:59 pm
👍👍👍🇨🇳🇨🇳🇨🇳🇨🇳🇨🇳👏👏👏
@sagebeer
January 16, 2024 at 2:59 pm
CEO's are getting paid at record highs, i rly don't think employees wages is the major cause for death spiral that you're hoping for…infact if anything big gov spending and lack of growth overall should be the elephant in the room. but then again? ya go ahead and cut wages, no more spending, and by default it puts people into a lower tax bracket so lower taxes as well.
Edit: china is a new kind of challenge? they are going to continue to do what they do. production. lmfao this guy is so lost in the sauce. they have ben Talking (but not that active) about removing the use of the dollar. so buisness as usual, i think this guy is ''much too quick' to pull the fire alarm, like America isn't going to grow like the rest of the world, because it will.
@LivingWithGout
January 16, 2024 at 2:59 pm
Deutsche Bank is next.
@nhantran6645
January 16, 2024 at 2:59 pm
this mother f is a friend of biden
@sentenialXmen
January 16, 2024 at 2:59 pm
Well put Larry. I have the same approach with Larry. I want to my citizens to be able to stretch our Dollar, saving more for citizens and business, and at the same time competitive. At the end of the day, there is no way to see 100% eye to eye with China or any other countries. We can't even see eye to eye with our own siblings. Ideological war is a waste of time without a good relationship.
@basilrichards4205
January 16, 2024 at 2:59 pm
Larry is a moron …. time for him to move off TV
@davelius
January 16, 2024 at 2:59 pm
Summary is wrong by not caring trade deficit and high trade barrier of other countries. Larry should tell other country to reduce tarriff
@PML859
January 16, 2024 at 2:59 pm
First ones to cry about communism and yet wants bailed out. Capitalism is supposed to have losers let them fail and let them reap what they sow! Like the rest of us
@MikaelArhelger
January 16, 2024 at 2:59 pm
Misinformation
@SkipinlLA
January 16, 2024 at 2:59 pm
he talks like Yellen like they are both stroke victims. both annoying AF