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maria: good friday morning everyone. thank you for joining us this morning. i am maria bartiromo. it is friday april 12. your top stories, 6:00 a.m. on the east coast. big banks on tap, futures are mixed as first-quarter earnings season kicks off, j.p. morgan, wells fargo, city among the big banks reporting earnings for the first quarter this morning. we'll have the numbers as soon as they crossed the tape and watch for market reaction. a close eye on commodities this morning as stocks are mixed, gold is up again, touching a fresh all-time high this morning with gold prices right now up another 2% in 2414 announce, european markets in the green, take a look at the eurozone were received fractional moves across the board, s&p 191, cac on up 60 in the daxs higher by 29 reading

asia overnight markets are mostly lowered the hang seng the worst performer down better than 2% on the session. back in washington president biden expressing support for japanese and philippine ships in the south china sea and the chinese aggression, janet yellen is getting slammed for pitching bidenomics in beijing. president trump teams up with how speaker mike johnson on election integrity as new polls show the former president is gaining support from key voting blocks. new york city council minority leader joe borelli. wealth management president chris mcmahon, fox business cheryl casone. fox business "mornings with maria" is live right now. ♪.

maria: it is time for the hot topic of hour. fox business white house correspondent edward will lawrence pricing karine jean-pierre on president biden the inflation was skyrocketing when he took office. watch this. >> the president said when he came into office inflation was skyrocketing but it was 1.4% in january of 2021 and that was the 11th consecutive month at that time under 2% so the president is leaving americans. >> with the president took office it was a pandemic closing businesses and schools and so was drastically disrupting the supply chain. >> it didn't say the supply chain was being disrupted he inflation was skyrocketing. >> with a supply chain that was disrupted. that was the s the president spg to. >> is the president being honest about inflation. >> you to take aggressive action

in dealing with this disruption in the supply chain. maria: it was not true at all. remember 2020 when biden tweeted this. unlike this president i'll do my job and take responsibility. i won't blame others. maybe not. >> this is par for the course. i will identify 2022 when karine jean-pierre took over as the white house spokesperson were where the communication went from let's downplay the bad and make it seemed like it's not that bad to let's pretend the bat is not happening and going to completely different direction. we see the on the border were there in denial until last week that there was a border crisis but with the economy, don't forget they're trying to make the case for many years that this is the best economy in generations, they named it bidenomics, this is all an attempt to essentially subterfuge the american public from what they can see. if you ask karine jean-pierre what way is up what colors the

sky you would never get the same answer or consistent answer and she would say up is down. maria: he has to come up with stories about inflation because anybody looking at this understands that it's been his exact policies that have taken us to forty-year high inflation. we were talking about this yesterday. we have the inflation reduction act, the fiscal responsibility act, the forgiveness of debt you reported on a few days ago and breaking news of more that this morning. all of this is stimulus too many dollars chasing too few goods causing inflation. >> only fix to that is to institute spending cuts which nobody seems interested in in washington unfortunately. the white house is lexus president continue to basically put out facts that are incorrect, two things, real average hourly earnings that is not kept up with inflation such joe biden took office. he says that we reduce the debt.

you did not reduce the national debt you added to the debt with all the spending you laid out but they'll come back and say we reduce the debt. that's because of the covid area policies actually expired. to be clear we saw inflation jump for consumers almost 19% under joe biden's watch, that is something that is indisputable facts. those are numbers and luckily fox business has the numbers and edward lawrence was able to challenge the white house on the mislabeled facts yesterday. >> it's raining when it's sunny and you're wearing black when you're wearing white. they say what they want to say with no conscience whatsoever. politico is reported that former biotin white house chief of staff wrong clean is blasting this president for focusing too much on bridges and not enough on exit milk. jacqui heinrich took that on with karine jean-pierre asking

why the president is not addressing inflation as much as he should. watch. >> why are we hearing more from the white house about the issues that people are facing our grocery stores and paying rent. >> at the state of the union president made very clear what he understands that americans are facing. he's talked almost every event that is had crisscrossing the country after the state of the union about lowering cost. >> what do you say. >> is unbelievable. if you were cooking a stew of inflation you would limit oil production and give entit entitlements. we think the semi conductor really needed money intel wants additional 10 billion it's been crazy entitlements. beyond the ridiculous policies to say it was high when i started is absurd. the last expectation from the japanese leaders and i expect interest-rate cuts. if those don't come because it's

sticky will see a borderline catastrophic turning the equities market. it's about leadership and making terrible decisions. maria: i'm glad you brought that up. i was struck by the comments by biden the other day, he's there at a podium with the japanese prime minister next to him and he said i'm sticking by my prediction will get interest-rate cut but it will be one month delayed. how will you know it'll be one month delayed. imaginative chopped said that. they would be all over top of the mainstream media sanely tried to pressure the federal reserve and interest-rate cut and supposed to be independent. here is joe biden on rates this week. watch this. >> you stand by my prediction of the rate cut the later month or so i'm not sure of that, we dramatically reduced inflation from 9% down to close to 3%. were in a situation that were better situated than we were when we took office where inflation was skyrocketing and we have a plan to deal with it.

maria: he's had nothing to do with the decline and inflation, let's be clear. he's watched inflation come down despite his efforts to put more spending out there. joe, you know this, you have all the spending. the federal reserve is faced with the tsunami of spending as it tries to raise interest rates 11 times in rain and inflation, biden had nothing to do with that. >> you made the case perfectly yourself. any recovery in the economy in any move on some of the numbers that were seen over the past year or so is happened in spite of the administration's policy not as a beneficiary of joe biden's wisdom. >> were just getting started we have a lot coming up. the major banks are kicking our first quarter earnings seasons. were waiting on j.p. morgan, wells fargo, citigroup all on top. mark avallone is here with expectations. dinner power panel is back at the adm our. fox news contributor guy benson and kellyanne conway with the

big thoughts of the morning. you're watching "mornings with maria" live on fox business. we'll be right back. ♪ ♪ ♪

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new projects means new project managers. you need to hire. i need indeed. indeed you do. when you sponsor a job, you immediately get your shortlist of quality candidates, whose resumes on indeed match your job criteria. visit indeed.com/hire and get started today. maria: welcome back take a look at futures. we are starting the day at record highs at a number of averages. now industrial ten points, nasdaq pulling back from her record. it's down 66 and the s&p is on nine points. first quarter earning kicks off this morning, j.p. morgan, wells fargo, citigroup among the major

banks. we'll get into the first quarter growth numbers coming up. joining me now wealth advisor founder president mark avallone. great to see you. what he expectation for the first quarter earnings season. >> were looking for the megabanks, the big banks to do quite well. we think they're benefiting from a relative lower cost of deposits than the smaller and regional banks which received an outflow, the bigger and stronger banks don't have to pay much for their core product which are deposits and they have a wider net interest margin. we think a j.p. morgan will be at the top. wells has been improving and they were looking at the strong equity market that we've had. both are becoming bigger asset management machines in the profit on that will rise with the market. two tailwinds there and we think the overcome many headwinds from commercial real estate which does not impact the larger banks

as much as it does the community and regional banks. maria: you have to believe that the capital market business is doing better as well we saw a handful of m&a. a look like the markets opened up again. >> it is. that is interesting the mega deals are getting slapped down by the ftc but there's an undercurrent of m&a. there's an appetite for companies to find fnc's and compete on a global stage and companies that j.p. morgan was strong investment bank and capital market operations are benefiting. that's another reason we expect the result today to be strong. maria: let's take a look at apple the company have the best day since last may. the stock up during a strong day for attack also commentary about potential use of a.i. chips. what is your take on tech, amazon stock at a record close yesterday following the release of andy jesse's letter to

shareholders where he too touted the future of a.i. >> apple is interesting is down 5% or it was before yesterday while the s&p is up around 10% that's a huge disparity and hedge funds were looking for that opportunity. this is a lot of a.i. driven the chips that are going to go into the macbooks and the new phone cycle looks to be promising whether that is later 24 or early 25 investors didn't seem to care they wanted to be ahead of the movement and when you have a relative valuation like apple presented you will have stock-price boost whenever you say aai. amazon is already there they are really clicking what they contacted the austere when they realize they allowed themselves to be bloated into much expense and you saw expense from data in amazon and a host of big tech companies that's been a huge tailwind in their focus on reducing expenses which was a phenomenon has benefited as the

a.i. boom has increased optimism. the really benefiting. we don't expected to slow down we think you have to be a tech investor in a company that's tech enabled if you're not tech enabled or tech company you're going to be left behind. maria: what do you want to do is stocks versus commodity mise. look at gold touching all-time highs after softer than expected producer price report yet oil, copper on the run and you want exposure to commodities and gold as a hedge or all in on stocks. >> against this inflationary backdrop which is persistent and you mentioned the government spend that is behind it the persistent level and the potential for the fed to cut rates with a strong economy that's what's driving gold and gold is benefiting from global instability. it's amazing all the trouble in

the red sea that were having from a militia disrupting global shipping who would've thought we would've allowed something like that to persist. it's an undercurrent of global stability and central banks are seeing this and buying gold. against the backdrop it might make sense to have commodity hedges and hedges against inflation and you see that in the gold market that we would like to see the gold etf respond more and relative to the price but i think that you need to realize the dangerous world that we live in. the inflationary world that we live in and the fact that the fed may cut rates even though inflation is still stubborn. all that points well for a product like gold. >> cheryl jump and how do you see things. >> it's interesting that we see so much interest whether gold or silver because that tells me that many investors are looking for the next shoe to drop we were leasing the interest-rate picture fall to the wayside so much for the six cuts we may

only get one or two in the fall of 2024. you see more investors shifting to safer assets. >> we see more investors having more money we say the fed is tightening but the really not there is plenty of liquidity in the law that green replaces fear in stock prices elevated and commodities a bitcoin elevated there is a lot of confidence in people looking for the next big thing. i think that is part of the driver it's liquidity and greed as a fundamentals as we mentioned investors overall are wise to diversify and wise to read the signals out of washington and global instability and persistent inflation in the fed that will not tighten the next step in all certainty those create inflation, concerns and that's what you see commodities respond. we know why energy is up if you

have a strong economy and restrictive regulatory policy toward energy you have the situation in russia where the getting the refineries with drones and a supply challenge i think that's driving a lot of the commodity movement. >> a lot of hostility in the world today. good to see you. maria: mark avallone joining us. the house ready to try and begin advising vote to the floor as fbi director christopher wray highlights the foreign threats and of plea to authorize fisa in the renewal. house appropriation andrew clyde is here on what he learned from yesterday's hearings. we'll talk about it. stay with us. don't let student loan debt hold you back. refi at sofi.com.

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don't be afraid to seize that moment to talk to your friends. - cloud, you okay? because checking in on a friend can create a safe space. - the first step on our new journey. you coming? reach out to a friend about their mental health. seize the awkward. it's totally worth it. >> section 702 is indispensable in keeping americans safe from a whole barrage of fast-moving foreign threats. it is crucial to identifying terrorist in the homeland working with or inspired by a rhodes galleria foreign terrorist organizations who have publicly called for attacks against our country. maria: fbi director christopher wray pushing the idea of importance of the fisa section

702 during the house appropriations subcommittee yesterday. multiple lawmakers telling fox there is a new plan to pass the fisa reauthorization bill, jim jordan told me yesterday he wants a warrant requirement for the 702 program. watch. >> putting more regulation on fbi on how they search the 702 databases not enough you have to go to a separate and equal branch of government and judicial branch and get the warrant to do so and we even provide exceptions. we safe it's an emergency situation imminent threat to the safety of the country you can do the search. short of that go get a warrant that's how our constitution works. >> joining me now with more on this georgia congressman andrew clyde a member of the house appropriation committee. thank you for being here this morning. you were in the hearing questioning director wray about fisa what did you learn and what can you tell us about where we stand on this.

>> good morning. i was in the hearing yesterday and i was very disappointed in director raise testimony as mike garcia said we simply don't trust him or the fbi. they want to eliminate through fear and he was pretty much beating the line through fear they want to eliminate our freedoms and as jim jordan said the fourth amendment is there for a purpose. it's there to protect us from a government. law enforcement has to get a warrant when they search your property so the intelligence community must do the same thing they must get a warrant. will be voting on it this morning and i'm hoping the warrant requirement will pass. maria: what are they doing using fisa to surveilled people in abusing this at the fbi. >> the fbi has abused this authority. in 2021 alone 278,000 times undercurrent as abusing the fisa

authority to illegally and unconstitutionally search people's electronic records. maria: it feels like their doing so on trump associates and anybody that they don't like, political enemies. >> back exactly correct we cannot allow that. were here to protect your constitutional rights your fourth amendment rights. the fourth amendment has its own supremacy clause and shall not be violated like the second amendment. how can we legitimately allow the intelligence community to infringe on your rights without the requirement of a warrant. it should not happen never. maria: is on the corruption if you have one president d.o.j. and fbi surveilling his opponents associates and wanting to continue to do it. let's put the correction aside and focus on policy. you posted this on x. since joe biden took office georgians expenses have increases by $23000 due to

inflation. the president is trying to skirt responsibility for where he took us regarding inflation and fox business white house correspondent edward lawrence had the facts pretty impressed karine jean-pierre on the president now claiming that inflation was skyrocketing when he took office instead of his policies causing it. watch this. >> the president said when he came into office inflation was skyrocketing. but it was 1.4% in january of 2021 that was the 11th executive month under 2% so was the president misleading americans. >> when the president took office there was a pandemic closing on businesses and schools so it was drastically disrupting the supply chain. >> the president didn't say the supply chain was be disrupted he said inflation was skyrocketing. >> we had a supply chain that was disrupted, that's what the president was speaking to and laying out.

>> is the president being honest about inflation spirit the president had to take aggressive action in dealing with the disruption in the supply chain. >> congressman, your thoughts. >> i would say since the president has taken office president biden, inflation has gone up over 19%. when president trump left office it was 1.4%. bidenomics is not working for the american people and they know it. the selection is going to be about the economy and about border security in american see that joe biden is not leading and failing on both issues. maria: what do you think happened with inflation. as all the spending. >> absolutely, government spending increases inflation that's what injects money into the market and makes things more expensive and money more free so therefore you have higher inflation in joe biden has pumped billions upon billions and trillions of dollars into the market and that's the cause

of inflation. maria: $7 trillion in spending and we mentioned a few earlier but the chips act is something that was pretty bipartisan but more spending. the green energy tax credit, the fiscal responsibility act was not responsible were talking about a 36 trillion-dollar debt. inflation reduction did not and reduce inflation, which one did you vote for. >> none of them. they're all inflation drivers and president biden is absolutely responsible for the massive inflation that we see. justin georgia alone it's costing her citizens over a thousand dollars extra per month over $23000 since joe biden has been in office, justifying the same thing. bidenomics does not work. maria: good job on not voting for those things. job are really jumping. >> i would ask congressman how this plays out in georgia were

six months away from the election what are people in the swing state saying can he make up the 12000 based on the economy alone? >> i think the president will take georgia. we have work to do on the ground but i think georgia will go right for president trump we cannot afford four more years of joe biden the country cannot and the state of georgia cannot. maria: how focused are you on election integrity president trump teamed up with the house speaker mike johnson yesterday to give a press conference on election integrity what you doing in georgia about. >> the house and the senate and the governor have been very strong on election integrity. a couple of years ago we passed sb as 0 two and the house passed a couple more bills. i think election integrity is going to be pretty sound in the state of georgia. maria: good to see you, thank you. joining us this morning in d.c. we'll be right back.

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maria: welcome back, breaking news, the biden of initiation getting ready to cancel student loan debt once again. share consulted with the details and. maria: once again a workaround of the supreme court decision that found they did not have the authority to forgive the debt without congressional approval. today's announcement cancel 7.4 billion for george's 77000 borrowers that brings the total to $153 billion, white house press secretary karine jean-pierre asked about the news at the white house. watch. >> estate plan is something millions of people who earn less than $15 per hour to have a monthly payment of $0. it's helping some borrowers get their debt canceled faster the president will continue to give people more breathing room and use every tool at his disposal

to help borrowers. >> as a nation since on $28 trillion in debt one of the reasons inflation has been problematic to the fiscal stimulus in the handout for everything that we seen from ev's to student loans the passing of former celebrity athlete turned criminal o.j. simpson has various reactions from people all over the world, most importantly the family of ron goldman along with oj's ex-wife nicole brown simpson on june 12, 1994. in a statement the goldman family said the news of ron's killer passing away is a mixed bag of comp located emotions. for three decades we pursue justice for ron and nicole and despite a civil judgment and his confession in the book if i did it the hope for true accountability has ended. one of the most divisive trials with more than 100 million people glued to their tv screens following this infamous white or

bronco car chase. despite the physical evidence linking him to the murder simpson was found not guilty. 2023 marked the first nfl season without legendary quarterback tom brady since 2019 and it may be the last for a while. speculation that brady could return for another go at the quarterback position, he was asked about it. watch his reaction. >> god for bid somebody goes down would you pick up the phone. >> i'm not opposed to it. i don't also let me if i become an owner in an nfl team but i don't know i'm always going to be able to throw the ball, to come in for a little bit like mj coming back i don't know if they would let me but i wouldn't be opposed to it. maria: i think that's what we call smack talk in the nfl. the question continues will he or won't we, were all wondering. maria: that's incredible. he's incredible. he's the goat.

>> thank you. >> president biden meeting with the philippines president and the japanese prime minister at the white house yesterday to talk about china's increasing aggression in the indo pacific region. here's what he said about the u.s. support for the two countries. watch. >> the united states defense commitment to japan and the philippines are ironclad. there ironclad and as i said before any attack on the philippine aircraft or vessels or armed forces in the south china sea would invoke our mutual defense treaty. maria: the u.s., japan and the philippines announcing joint patrols in the indo pacific later this year, joining the hudson institute senior fellow atlas organization founder and author of the decisive decade jonathan dt ward back with us. your reaction to the meeting with the head of japan and the philippines at the white house this week.

>> i think is a highly productive meeting and very important for the u.s. and japan to show solidarity with the philippines on the front lines of china's aggression. in addition to taiwan probably the most important flashpoint in the pacific at the moment is on thomas scholl in the south china sea and they claim the entirety which is in the philippines exclusive economic zone and they've used all kinds of aggressive tactics water cannons, lasers, the usual brunt of their aggression in the pacific, this meeting follows on a very superb meeting to emphasize the importance of the u.s., japan alliance in the readout where there will be deeper defense industrial cooperation coproduction and development of missiles and integration alignment of the policy xhosa statement of deployed u.s. navy ships and air force and aircraft in addition to space cooperation on a.i. quantum semiconductors and

biotech this is a fully formed optimized u.s. alliance looks like. the us-japan alliance is in great condition. it is a model for the alliance system as a whole and are pacific alliance system is starting to become more integrated which is very important so we have japan, south korea, australia the philippines this is an important coalition and if you add things that brings britain into the pacific to connect with australia and provide the most advanced submarines that we will need in the region you're talking about a defense posture that we can build into and start to combine our industrial bases are innovation capabilities and military capacity. that is what is going to take to hold back china. meanwhile guess he was in beijing the russian foreign minister the deepening their access and comprehensive partnerships for a new era. were heading into axis and allies again. it's getting dark but there are bright spots between the u.s.

and japan and other pacific allies. maria: the u.s. is also reportedly asking china and other countries to urge iran not to launch a retaliatory attack on israel after the deadly airstrike on the diplomatic building on syria last week. the top story on the journal the wall street journal reporting that iranian attack is expected on israel in the next 48 hours. we are all waiting to see if iran makes an attack on israel within israel's border. >> asking the chinese for restraint right after janet yellen's visit where she told them that we don't want them to export so much to us in there may be retaliatory sanctions, i think they have ascended diplomatic find, china is bankrolling russia's invasion of tukraine they reconstituted in russia and when it comes to iran they pledge $400 billion over a 25 year period that will go into

a bunch of sectors, banking to meld into tele-communication, healthcare, it china is bankrolling this entire access you have iranian drones going into russia's war effort and your north korean shells going into russia's war effort in china bankrolling the entire access. i think it is time again, time for us to defund and start to put china in a tougher position and play hardball economically. it's disappointing to see the treasury secretary doing the opposite saying is important to keep the u.s. china economic relationship going and i think we see the diplomatic consequences of the economic engagement years. you have a chinese superpower that can bankroll aggressive action in russia, and europe in the middle east and the pacific itself, that's where were going we built this, we funded it and it's starting to roll forward. maria: i don't know why they had cameras shoot them having peers

in china. janet yellen and the ambassador. all of this in the midst of all of the aggression from communist china. you've spoken so much about the ceos of america want to do business in china. your with the new op-ed on foxnews.com it's titled american ceos overlook china risk after a peril. the right american investment will likely continue to play and to china's largest strategic program contributing not only to the erosion of our military advantages but the growing risk of your own companies both in the china market and beyond. what ratcliffe has told me time and time again strategy is simple rob, replicate replace. do the ceos not get that. >> there is a rough revenue in the china market in the wall street journal released an excellent article showing 75 u.s. companies that earn more than $2 billion in the china market which on one hand is not that many companies but for some

of the sectors there is a lot going on. the problem equity markets have caught on to the problems of chinese corporations and the next thing is to understand the problems of u.s.a. multinational corporation that are tied to the china market and unable to find their way out. if you take things like apple or qualcomm and you look at their own risk assessment and qualcomm talking about customer concentration selling 60% of its customers in china, all of these are tied into a geostrategic adversary and if government is not going to take decisive action on getting our companies out of their and getting them to make clear indicators that they need to move out. then i think it's shareholders at risk and equity market in general. any geopolitical conflict in the pacific would destroy the business models of many of these companies. i think we need to have much better reporting on that and i think shareholders need to start

to give management room to make better decisions and get them out of there. at the end of the day they're all tied to exactly what you see on the screen there is no escaping this. maria: the tone is set from the top. you somebody companies right now trading on the new york stock exchange from china and they do not follow the same accounting rules that every other public company follows. the tone is set from the top, these companies are good to continue to go into china as long as it's legal and they can make the $2 billion that you're talking about. >> are not making $2 billion as just the revenue if you look at corporate profitability in china it's pretty low. look at this, 2019 commerce department statistics the revenue of multinationals are

573 billion which is about 2% of u.s. gdp. not a big thing when you talk about strategic competition we can afford to pull them out of their but the earnings were 38 billion which is not a meaningful number in the macroeconomic picture. you have a lot of individual companies tied into this and it should not slow down u.s. policy when the time comes to get serious. in the absence of government, doing anything. all of this risk is on the corporate and on the shareholder. a think people have to make their own decisions yes are not going to get it from the top. this is really about corporate decision-making. maria: thank you very much will breaking news. were going to jump. jonathan ward, j.p. morgan wells fargo hitting the tape, right to cheryl casone with the numbers. >> let's start with j.p. morgan. wells fargo the stock is down 3%. i'll give you wells fargo first, they came in at a dollar 23 was looking at $1.11. that's down 5% from last may before and how%. revenue coming in 28.6 billion

revenue estimate for wells fargo 22-point to billion. net interest income came in at 12-point to 3 billion. that's something i'm watching with all of the banks this quarter. now to j.p. morgan. first off earnings-per-share are really strong beyond earnings-per-share for j.p. morgan that came in with $4.44 $4.44, that's a really strong. i'm sorry your giving the adjusted earnings, 463, they gave a suggested number, 463, 444 were to go with adjuster 463 that's a better story for j.p. morgan the estimate was for 411. managed revenue 42.55 billion was a managed revenue for j.p. morgan in the street was looking for 41.85 billion, this is a double beat but a very strong be on the earnings-per-share story for j.p. morgan, let's get into

the comments coming in. the adjusted number is 463 which is even better than expected. average deposit of 2%, they remain alert to significant uncertainty forces. many economic indicators continue to be favorable at j.p. morgan, this does include by the way adding more money to fcic $725 million increase to the fdic's special assessment that they had to put down. quarter average loans up 16%. revenue on the manage basis, 42.55 and giving you investment bank corporate investment bank revenue 13.6 billion commercial banking 4 billion and also looking into other things, assets under management for the first quarter 3.6 trillion that was a jump of 19% but again it looks like the interest income

strength, i was looking at that because net interest income as you know is a big theme this quarter and the estimate was 20 3.2 1 billion which is a jump of 12% and they came and basically in line with that. anyway i'm getting a wrap so i'm going to send it back to theirs j.p. morgan and the stock is under pressure and i'm digging into find out what's going on with that. maria: i'm wondering about capital market business. i love the fact that you identify a um 3.6 trillion in a um indicative of how so many financials are trying to have the asset management business really lead and that's what we see although that you make a point the stock is trading down. we'll come back to what you learn and were get away for the conference call with jv diamond speaks with shareholders. we'll take a break and come right back.

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their connection is unreal. and we could all un-experience this whole session. okay, that's uncalled for. maria: welcome back more on the breaking earnings news we got j.p. morgan enter wells fargo earnings. j.p. morgan earnings-per-share of $4.63 a share adjusted versus $4.11 a share. cheryl you reported revenue of

42.5 billion and you reported a um assets under management at 3.6 trillion. anything new before we get analysis from chris. >> chris is going to get in here but what of the things i was looking for there is an estimate for the full year of j.p. morgan the net interest income number that is money from loans and securities minus what they pay on deposits. the interest-rate sensitive environment that can be problematic for banks but j.p. morgan we were thinking i was going to be an issue. we were looking maybe for the year that they would be coming in with a strong net interest income number. they barely missed on the estimate in this report so the net interest income estimate was 20 3.2 1 billion and they came in at 20 3.2 0 0 0 0 0 0 0 0 0 0 and it's a slight mess and then throwing out almost 3 billion in loan loss provisions that could

make the street a little bit nervous, they don't have the commercial real estate exposure that the smaller guys do i'm just guessing. >> you trying to understand why a better-than-expected beat on revenue and earnings has the stock down three to half% you looking for the holes in the report but we cannot find them, what are your thoughts. >> cheryl is right on a double b is incredible news but bofa is a pretty good position j.p. morgan is in a better position if interest rates are higher longer, jamie dimon said it himself he said we think interest rates will be higher and longer inflation stickier their most prepared for this there is an unrealistic expectation on j.p. morgan and a double hit a double beat were thinking the 12 month number traveling the street and by the end of the trading day this is a short-term phenomenon. maria: i would probably agree with i think jamie dimon outline all of the things that he's worried about right now in his annual letter, there is that but

the company's fundamentals have been strong in the stock is down at the low with the morning better than 4%. stay with us were on the story and we have more coming on. we'll be right back. ♪ ♪ it's our time ♪ ♪ you don't want to miss it (just a little bit louder) ♪ ♪ it's our time ♪ ♪ you don't want to miss it ♪ ♪ it's your moment in the spotlight ♪ all your ambitions. all in one app. low fixed rates. borrow up to $100k. no fees required. sofi. get your money right®. (vo) antarctica... you have to experience it

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