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Speaker 1: Good morning, I'm Nathan Hager and I'm Karen Moscow. Here

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Speaker 1: are the stories we're following today.

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Speaker 2: We begin in the Middle East, where Israel is now

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Speaker 2: carrying out a raid on Gaza's main hospital, Alshifa. The

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Speaker 2: Israeli military calls it a targeted and precise operation against Hamas,

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Speaker 2: but it could add to growing concerns among allies about

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Speaker 2: civilian casualties. Sources tell Bloomberg News the White House is

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Speaker 2: getting more frustrated with Israel's handling of the war and

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Speaker 2: ignoring what the Biden administration calls difficult conversations. But Israeli

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Speaker 2: government spokesman Alon Levy says he is still confident of

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Speaker 2: US support.

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Speaker 3: Israel and the United States a completely in lockstep on

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Speaker 3: the goals of this operation, which is that Hamas must

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Speaker 3: be defeated. President Biden has been very clear from day one.

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Speaker 3: We have been very grateful to him for his moral,

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Speaker 3: material and diplomatic leadership in saying that Israel has every

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Speaker 3: right and every duty to go after Hamas and destroy

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Speaker 3: that terror group and eliminate that threat. That is the

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Speaker 3: only way we can make sure another October seventh massacre

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Speaker 3: doesn't happen.

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Speaker 2: Alon Levy tells Bloomberg Radio Israeli troops are delivering medical

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Speaker 2: aids of the hospital. He says this operation won't be

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Speaker 2: the end of Israel's war with Hamas well.

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Speaker 1: Nathan al Shifa Hospital has now been without power and

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Speaker 1: water for days. Manir al Bersh is from the Hamas

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Speaker 1: run health ministry, and he says newborns are being moved

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Speaker 1: to improve their chances because of.

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Speaker 4: Shortage of electricity. They have gathered them.

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Speaker 5: All and put them on those bids together so that

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Speaker 5: they can have some more tem bricher. You know, the

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Speaker 5: winter is getting inside now Gazza. Without having a proper

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Speaker 5: temperature for them.

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Speaker 4: They immediately die.

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Speaker 1: The UN says only one hospital in northern Gaza is

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Speaker 1: still operational at a minimum level.

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Speaker 2: Back here in the US, Karen, we're following another major

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Speaker 2: story this morning. The threat of a government shutdown is easing.

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Speaker 2: The House has passed a temporary funding bill, and we

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Speaker 2: get the latest from Bloomberg's Amy Morris in Washington.

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Speaker 6: It is a two part measure that would fund some

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Speaker 6: parts of the government through January nineteenth and others through

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Speaker 6: February second, which sets up the possibility of another shut

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Speaker 6: down deadline on Groundhog Day. Democrats bailed out the Republican

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Speaker 6: House Speaker Mike Johnson, whose plan drew opposition from hardliners

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Speaker 6: in his own party because it doesn't cut government spending

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Speaker 6: nor change border policies, and it also doesn't include aid

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Speaker 6: for Ukraine nor Israel. But Senate Democrats are expected to

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Speaker 6: back it anyway. They'll need the cooperation of all senators

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Speaker 6: to meet the Friday night deadline when federal funding lapses.

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Speaker 6: Shington I ma Any Moore is Bloomberg Radio right to me.

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Speaker 1: Thank you well. We are just hours away from the

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Speaker 1: highly anticipated meeting between President Biden and Chinese leader Shi

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Speaker 1: zhen Ping. Their schedule to meet on the sidelines of

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Speaker 1: the Asia Pacific Economic Cooperation Summit in San Francisco. Bloomberg said,

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Speaker 1: Baxter has a preview.

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Speaker 7: It will be the first meeting in a year. She

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Speaker 7: was greeted here by Treasury Secretary Janet Yellen and Governor

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Speaker 7: Gavin Newsom. Students line in the streets waving Chinese flags,

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Speaker 7: and President Biden says communication here is key.

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Speaker 8: We're not trying to decouple from China, but we're What

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Speaker 8: we're trying to do is change the relationship for the better.

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Speaker 7: Biden did say President she needs to ease the criteria

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Speaker 7: for US companies to invest in China and not require

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Speaker 7: those companies to turn over trade secrets. In San Francisco,

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Speaker 7: I'm at Baxter, Bloomberg.

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Speaker 4: Radio, thank you. Ed.

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Speaker 2: Turning to the economy, a day after investors shared news

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Speaker 2: that inflation broadly slowed in October, we get two more

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Speaker 2: key readings today, Producer prices and detail sales. Let's get

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Speaker 2: a preview of that from Bloomberg's Michael McKee.

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Speaker 9: Sales are forecasts to have fallen in October, led by

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Speaker 9: gasoline autos and the ongoing drop in inflation. Retail sales

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Speaker 9: are calculated in terms of dollar value, so falling gasoline

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Speaker 9: prices and lower goods inflation should have a major impact.

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Speaker 9: Take those out, and sales are forecasts to be up

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Speaker 9: to tenths, much less than the six tenths gain in September.

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Speaker 9: Analysts will also be watching for an expected slowing in

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Speaker 9: producer prices. They don't feed directly into consumer indexes, but

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Speaker 9: offer a rough guide to the future path of inflation.

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Speaker 9: Michael McKee, Bloomberg Radio.

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Speaker 1: All right, Mike, thank you. About traders are betting the

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Speaker 1: Fed's hiking cycle is over following yesterday's cool inflation print,

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Speaker 1: But a couple of Wall Street titans are throwing caution.

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Speaker 1: We spoke with Citadel founder Ken Griffin.

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Speaker 10: The FED needs to stay on message that they're going

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Speaker 10: to put the inflation genie back in the bottle, and

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Speaker 10: so they if they cut too soon, I think they

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Speaker 10: risk losing credibility around on their commitment to a two

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Speaker 10: percent inflation target.

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Speaker 1: Ken Griffin's caution was echoed by JP Morgan Chase CEO

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Speaker 1: Jamie Diamond.

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Speaker 11: I think they do. They're doing the right thing to

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Speaker 11: pause for now. You know they've raised rates a lot,

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Speaker 11: you know, to wait to see the effect on the

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Speaker 11: economy in the US, particularly as the fiscal spending, the

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Speaker 11: excess fiscal spending is winding down and quantit tight and

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Speaker 11: tiny is kicking in. But I still think you should

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Speaker 11: prepare they might have to do a little bit more,

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Speaker 11: and I think people should be prepared for that just

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Speaker 11: as a kind of a risk management tool. And I'm

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Speaker 11: afraid inflation may not go away that quickly.

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Speaker 1: JP Morgan. Chase CEO Jamie Diamond has said previously he's

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Speaker 1: advising clients to be prepared for interest rates as high

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Speaker 1: as seven percent.

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Speaker 2: Inflation's also in focus in Europe, Karen. In fact, inflation

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Speaker 2: in the UK stumbled to its lowest level in two years.

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Speaker 2: Consumer prices rose four point six percent from a year

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Speaker 2: earlier in October, down sharply from six point seven in September.

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Speaker 2: Slow downs prompting investors to firm up bets at the

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Speaker 2: Bank of England will be able to cut rates as

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Speaker 2: early as this of next year.

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Speaker 1: Well we turned to earnings now, Nathan and profit at

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Speaker 1: ten cent beat estimates. Analysts say it's another sign that

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Speaker 1: Chinese consumers remain willing to spend on games and entertainment

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Speaker 1: during a nationwide downturn here in the US. Arnas continue

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Speaker 1: at Target, TJX, and Cisco all set to report, and

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Speaker 1: time now for a look at some of the other

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Speaker 1: stories making news around the world. For that, we're joined

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Speaker 1: by Bloomberg's Amy Morris, Amy, Good morning.

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Speaker 6: Good morning, Karen. Tens of thousands of people from across

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Speaker 6: the country gathered on the National Mall in Washington, d C.

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Speaker 6: In support of Israel. Organizers encouraged everyone to speak out

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Speaker 6: against anti Semitism.

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Speaker 4: In America today. You can't remain silent.

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Speaker 12: You know, that was a mistake who's made during the Holocaust,

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Speaker 12: during the Second World War, they knew what was going on, but.

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Speaker 4: They felt, you know, they were too timid to speak off.

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Speaker 6: Speaking remotely from Jerusalem, Israeli President Isaac Herzog thanked the

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Speaker 6: demonstrators for gathering and supported marching for quote good over evil.

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Speaker 6: Israel's assertion that a Hamas command center is under a

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Speaker 6: key Gaza medical complex is being confirmed by the US.

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Speaker 6: Bloomberg's Nanzy Lions has the latest.

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Speaker 13: A Biden administration says it does have intelligence that confirms

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Speaker 13: Iran backed militant groups are using hospitals, including the Al

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Speaker 13: Shifa facility in Gaza to conceal and support their military operations.

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Speaker 13: This is National Security Council spokesman John Kirby.

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Speaker 8: Members operate a command and control node from Al shifa

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Speaker 8: He and Gaza City.

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Speaker 14: They have stored weapons there and they're prepared to respond

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Speaker 14: to an Israeli military operation against that facility.

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Speaker 13: Kirby says the US does not support striking the hospital

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Speaker 13: from the air or seeing a firefight among helpless sick people.

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Speaker 13: In Washington, Nancy lyons Bloomberg.

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Speaker 6: Radio Morning continues in Ohio following yesterday's fiery multi vehicle

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Speaker 6: crash that killed six people outside of Columbus, including three

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Speaker 6: high school teenagers. Tusky Valley School Superintendent doctor Derrek Vinarski

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Speaker 6: spoke at a vigil last night at the school's outdoor stadium.

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Speaker 8: There are no words for the sheer magnitude of loss

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Speaker 8: and grief felt by all of.

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Speaker 6: US officials say. A semi slammed into a charter bus

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Speaker 6: that was carrying the high school marching band on I

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Speaker 6: seventy A teacher and two parent chaperones were also killed

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Speaker 6: in a vehicle that was following the bus. The massive

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Speaker 6: fire that burned a section of the ten Freeway near

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Speaker 6: downtown LA may have started in a homeless encampment. A

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Speaker 6: Stella Lopez is CEO of the Downtown Industrial Business Improvement District.

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Speaker 13: Homeless people when it gets chilly at night, they start fires.

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Speaker 4: When they need to cook, they start fires.

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Speaker 13: This was a disaster waiting to happen.

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Speaker 6: Officials confirmed there were sixteen homeless people living under the

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Speaker 6: now damaged section of the ten freeway. Global news twenty

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Speaker 6: four hours a day and whenever you want it with

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Speaker 6: Bloomberg News Now. I'm Amy Morris and this is Bloomberg Karen.

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Speaker 1: All right, Amy, thank you. I mean do bring you

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Speaker 1: news throughout the day right here on Bloomberg Radio. But now,

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Speaker 1: as Amy said, you can get the latest news on

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Speaker 1: demand whenever you want it. Subscribe to Bloomberg News Now

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Speaker 1: to get the latest headlines at the click of a button.

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Speaker 1: Get informed on your schedule. You can listen and subscribe

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Speaker 1: to Bloomberg News Now on the Bloomberg Business app, Bloomberg

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Speaker 1: dot com plus Apple, Spotify, and anywhere else you get

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Speaker 1: your podcasts. Find its time now for the Bloomberg Sports

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Speaker 1: Update with John stash Hour John Karon.

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Speaker 12: A big early season college basketball doubleheader in Chicago had

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Speaker 12: started with Duke beating Michigan State seventy four to sixty five,

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Speaker 12: and then top rank Kansas held off Kentucky eighty nine

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Speaker 12: eighty four. The Jayhawks seven foot Hunter Dickinson scored twenty

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Speaker 12: seven points. He at twenty one rebounds. Pensey night of

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Speaker 12: the NBA, with all the games part of the in

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Speaker 12: season tournament. The Warriors had to play without Steph Curry

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Speaker 12: out with a soord knee, and then early in the game,

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Speaker 12: less than two minutes in, there was a fight. Klay

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Speaker 12: Thompson got a jacket and so was Draymond Green, who

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Speaker 12: had Minnesota's Rudy Gobert and I headlocked. The Timberwolves again

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Speaker 12: beat the Warriors one oh four to one oh one.

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Speaker 12: Call Anthony Town scored thirty three wins. Golden State has

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Speaker 12: lost four in a row, six straight win from Miami.

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Speaker 12: Jimmy Butler scored thirty two in a win at Charlotte

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Speaker 12: de Monte. Murray scored thirty two as Atlanta won in Detroit,

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Speaker 12: Indiana can did Philadelphia just its second loss of the season.

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Speaker 12: Pacers won one thirty two, one twenty six in Philly.

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Speaker 12: Tyrese Haliburton thirty three points in the win Joel MB

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Speaker 12: thirty nine in the loss. Rough night for the rookie

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Speaker 12: victor Wembin Yamashatto's four to fifteen eight points. The Spurs

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Speaker 12: lost by thirty six at Oklahoma City. Bruins made a

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Speaker 12: twelve one and two on the season of five to

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Speaker 12: two win at Buffalo, the Capitol shut out Vegas three nothing.

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Speaker 12: Managers of the Year the Orioles, brand In Hyde in

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Speaker 12: the AL after Skipper and the O's to one hundred

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Speaker 12: and one victories Miami Skip Schumacher won NL honors got

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Speaker 12: the Marlins into the postseason. They'll name the cy Young

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Speaker 12: winners today. The Yankees Garrett Cole expected to win in

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Speaker 12: the American League. John Staneshawer Bloomberg.

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Speaker 14: Sports from coast to coast, from New York to San Francisco,

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Speaker 14: Boston to Washington, d C. Vationwide on Syrias Exam the

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Speaker 14: Bloomberg Business Appen Bloomberg dot Com. This is Bloomberg Daybreak.

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Speaker 7: Good morning.

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Speaker 2: I'm Nathan Hager. We want to get you the latest

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Speaker 2: now on the war in the Middle East and the

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Speaker 2: news that Israel's forces are now inside the Alshifa Hospital

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Speaker 2: complex in Gaza City. Facility that it accuses hamasav using

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Speaker 2: as a government center. Alon Levy, Israeli government spokesman, spoke

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Speaker 2: with Bloomberg Radio about the situation on the ground in

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Speaker 2: Gaza and ongoing negotiations to release hostages in the territory.

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Speaker 3: Israeli society is, of course worried sick for the fate

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Speaker 3: of the two hundred and forty hostages have been in

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Speaker 3: Gaza for forty days now since the October seventh massacre.

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Speaker 3: There are children in there, there are babies, babies. They haven't

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Speaker 3: been given access to the Red Cross. I'm afraid I

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Speaker 3: can't comment on negotiations for their release. You'll understand these

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Speaker 3: are sensitive issues. Human lives are at stake, and when

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Speaker 3: we have information, we will of course update.

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Speaker 15: If the Alshafa Hospital complex is a main one of

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Speaker 15: the main Hamas bases in northern Gaza, once that operation

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Speaker 15: is over, does that mean that the military, the Israeli

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Speaker 15: military has accomplished its main aim in Gaza.

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Speaker 3: In your view, our main aim in Gaza is to

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Speaker 3: destroy the totality of Hamas's terrorists and governing infrastructure.

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Speaker 15: How significant would it be though, if the base that

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Speaker 15: you claim is under the hospital at the hospital in

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Speaker 15: the hospital. How significant would it be if that were

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Speaker 15: something that was dealt with, How big, how significant would

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Speaker 15: it be in terms of the operation.

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Speaker 3: The Sufa Terra compound is of course a very important target.

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Speaker 3: It would be a very serious blow to Hamas. But

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Speaker 3: we should be under no illusions that if that is overrun,

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Speaker 3: and of course we show all that evidence to the

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Speaker 3: international media that the operation will be over because we

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Speaker 3: cannot allow Hamas to regroup, rebuild and remetastasize across the

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Speaker 3: Gaza strip in order to pose a threat to our people.

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Speaker 3: The objective of this war, in response to the October

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Speaker 3: set massacre when Hammas declared war on us, is to

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Speaker 3: destroy Hamas completely so that it can never again pose

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Speaker 3: a threat to our people. Chief of Terror compound is

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Speaker 3: of course very important, but it's not the end, and

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Speaker 3: we know that the days ahead are going to be

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Speaker 3: long and they're going to be difficult. Are you concerned

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Speaker 3: about support from the United States for the military operation fading.

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Speaker 14: We've been reporting about disquiet within the Biden administration with

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Speaker 14: how Israel is conducting this military operation.

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Speaker 3: Not in the least, Israel and the United States are

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Speaker 3: completely in lockstep on the goals of this operation, which

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Speaker 3: is that Hamas must be defeated. President Biden has been

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Speaker 3: very clear from day one. We have been very grateful

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Speaker 3: to him for his moral, material and diplomatic leadership in

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Speaker 3: saying that Israel has every right and every duty to

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Speaker 3: go after Hamas and destroy that terror group and.

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Speaker 4: Eliminate that threat.

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Speaker 3: That is the only way we can make sure another

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Speaker 3: October seventh massacre doesn't happen by eliminating the terror group

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Speaker 3: that is threatening to do it again. The United States

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Speaker 3: knows that, not only the United States, so do other

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Speaker 3: Arab governments. The United States has been speaking with. We

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Speaker 3: understand they have their own domestic pressures that mean they

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Speaker 3: can't speak openly on the issue, but they understand that

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Speaker 3: the Iranian proxy terrorist group in the Gaza Strip must

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Speaker 3: not be allowed to maintain its territorial control.

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Speaker 2: And that was Israeli government spokesman Alon Levy speaking with

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Speaker 2: Bloomberg's Caroline Hepger and Stephen Carroll for more. We're joined

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Speaker 2: now by Rosalind Mathieson, Bloomberg News Director for Europe, the

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Speaker 2: Middle East and Africa. Roz, good morning. As we watch

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Speaker 2: these developments unfold in the Al Shifa Hospital, we heard

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Speaker 2: those reassurances from the Israeli government spokesman, but the fact

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Speaker 2: does remain that we are hearing as well a lot

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Speaker 2: more frustration, not just from the US but from the

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Speaker 2: international community at large over what is happening in the

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Speaker 2: Gaza strip.

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Speaker 9: Well, that's right.

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Speaker 16: We heard of course from the IDF spokesman a short

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Speaker 16: time ago, and they are confirming this operation which is

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Speaker 16: in the vicinity of the Shifa Hospital. They're saying they're

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Speaker 16: now in the grounds. It's very difficult to know exactly

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Speaker 16: what's going on there though, because there's a communications blackouts

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Speaker 16: that we're getting very little information back out this way

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Speaker 16: about that operation. We do know that Israel said that

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Speaker 16: we're bringing in medical crews and Arabic speakers with them.

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Speaker 16: It's very very delicate, of course, because this hospital has

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Speaker 16: become the focal point on either side. We know that

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Speaker 16: Israel says Hamas has got tunnels under this tunnel. They're

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Speaker 16: using it, they say, as a staging point for attacks,

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Speaker 16: but also it's a center of civilian of civilians who've

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Speaker 16: clustered there in recent weeks into the compound. We know

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Speaker 16: that they've run very low on things like fuel and

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Speaker 16: medicine and so on. So you've got sort of these

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Speaker 16: competing goals going on in a very very delicate environment,

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Speaker 16: and we are getting those global expressions of concern as

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Speaker 16: a result. Is like, when you've got so many civilians

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Speaker 16: and close proximity to a major military operation, how can

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Speaker 16: that be carried out in a way that minimizes the

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Speaker 16: risk of civilians as a result.

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Speaker 2: And it brings into even larger focus as well, this

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Speaker 2: idea from Israel that hamas as strategy is to use

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Speaker 2: civilians as human shields as it continues to carry out

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Speaker 2: this war against Israel. But does this feel though like

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Speaker 2: a sort of a turning point in this war now

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Speaker 2: to have Israeli forces now inside a hospital facility in Gaza.

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Speaker 16: Well, the interesting thing also is that Israel is saying

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Speaker 16: that this doesn't necessarily mean that their operation in Gaza

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Speaker 16: would be finished. They've said their goal is to eradicate

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Speaker 16: Hamas entirely, to ensure that Hamas could never again carry

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Speaker 16: out an attack to the extent that they did on

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Speaker 16: October seven inside Israel. So that's a lot more than

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Speaker 16: just going into this hospital. We are talking potentially weeks

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Speaker 16: and months of fighting inside Gaza, door to door, street

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Speaker 16: to street again, bringing military forces and militants into proximity

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Speaker 16: with civilians who are still in the north of Gaza.

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Speaker 16: It could be a turning point again perhaps in the

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Speaker 16: narrative around Israel on this. You're mentioning the heightened sense

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Speaker 16: of global concern, the comments we're seen not just from

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Speaker 16: aid agencies in the UN, for example, but also from

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Speaker 16: the US, from Europe, from countries in Africa and the region,

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Speaker 16: saying we're really worried about how this could play out

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Speaker 16: on the ground on this particular side. But it doesn't

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Speaker 16: seem at all that this would be the end of

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Speaker 16: the Israeli military operation. There's still a long way from

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Speaker 16: what they're saying that they have to go.

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Speaker 2: And to that point, we're still seeing, even with these

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Speaker 2: public expressions of concern from President Biden, that the Pentagon

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Speaker 2: is continuing to draw down weapons and send them to Israel.

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Speaker 2: What is the balance that the US is trying to

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Speaker 2: strike when it comes to continuing to give this type

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Speaker 2: of support to Israel while expressing concern about the risk

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Speaker 2: of civilian casualties.

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Speaker 16: Well, that's right, so very tricky balancing for the US

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Speaker 16: because they're a strong ally of Israel. They provided Israel

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Speaker 16: for a long time with military assistance, including for the

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Speaker 16: Iron Dome missile shield over Israel, and they've said that

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Speaker 16: they want to continue to support that because that's protecting

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Speaker 16: israelis from attacks coming from Hamas and others Hasbala aerial

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Speaker 16: attacks and that's important and they've said they'll continue that.

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Speaker 16: But beyond that, you have the question of if you're

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Speaker 16: supporting Israel militarily with things like artillery and ammunition, how

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Speaker 16: is that being used? A guess whom might that be

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Speaker 16: used in such a delicate conflict on the ground inside Gaza,

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Speaker 16: And so the US needs to tread very carefully there.

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Speaker 16: And again you're seeing that balancing act just sort of

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Speaker 16: like yes, public support still for Israel. Behind the scenes,

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Speaker 16: we know that they are calling on Israel and urging

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Speaker 16: Israel to proceed very carefully inside Gaza in that growing

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Speaker 16: sense of frustration about how it seems to be proceeding.

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Speaker 16: And then the third concern for the US is also

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Speaker 16: does this conflict still somehow expand and during the US

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Speaker 16: directly militarily in the region. And we know the US

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Speaker 16: has sent a lot more of its military assets into

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Speaker 16: the area. We're talking warships and so on, and actually

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Speaker 16: troops being stationed in the region, so that's going to

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Speaker 16: be a high concern for the US.

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Speaker 2: Also absolutely thanks for this, Roskad to have you with us.

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Speaker 2: Rosalind Mathis and Bloomberg News Director for Europe, the Middle

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Speaker 2: East and Africa, Karen Well Nathan.

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Speaker 1: We want to turn now to our interview with Jamie Diamond,

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Speaker 1: the head of JP Morgan, spoke with our Bloomberg affiliate

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Speaker 1: in Mexico discussing the latest inflation numbers, a potential rating

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Speaker 1: downgrade for the US, and the headwinds that the US

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Speaker 1: economy faces. Let's go to part of that discussion.

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Speaker 4: I think the number is good today.

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Speaker 11: Personally, I think people are overreacting to short term numbers

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Speaker 11: and they should stop doing that because you look at

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Speaker 11: all the adjustments going to them, they're not completely valid.

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Speaker 11: I think inflation is probably a little stickier than that shows.

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Speaker 11: I think they do. They're doing the right thing to

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Speaker 11: pause for now. You know they've raised rates a lot,

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Speaker 11: you know, to wait to see the effect on the

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Speaker 11: economy in the US, particularly as the fiscal spending, the

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Speaker 11: excess physical spending is winding down and quantit tight and

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Speaker 11: tiny is kicking in but I still think you should prepare.

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Speaker 11: They might have to do a little bit more, and

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Speaker 11: I think people should be prepared for that, just as

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Speaker 11: a kind of a risk management tool. And I'm afraid

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Speaker 11: inflation may not go away that quickly.

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Speaker 4: And well.

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Speaker 17: Also, three months ago, Fatur Rating downgraded US credit rating,

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Speaker 17: and this weekend we saw Moodies changing its outlook on

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Speaker 17: the US created rating to Native, pointing to our sharp

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Speaker 17: rise in depth, servicing costs and political polarization. What do

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Speaker 17: you expect in this terms?

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Speaker 11: Yeah, look, I find a little ironic that fiction Moody's

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Speaker 11: been doing that today. So here's what I think they

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Speaker 11: are right to point out those issues. I would take

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Speaker 11: polarization off. That's always been true in democracy. But yes,

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Speaker 11: we have far more debt and more debt financing. We've

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Speaker 11: been a little profitate when it comes to that. But

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Speaker 11: the market is pricing US as triple A, which I

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Speaker 11: think is more right, and the market will be more

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Speaker 11: right than the rating agencies. I also want to point

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Speaker 11: out I find this almost funny. They have a lot

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Speaker 11: of country's rate of triple A. They all live under

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Speaker 11: the protection of the American military, and so I think

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Speaker 11: it's a little peculiar that that makes them triple.

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Speaker 4: A, but not America.

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Speaker 11: So America will be fine, but we got to get

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Speaker 11: our hands around these problems. They will not age well.

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Speaker 11: The death it's a lot bigger this year than we thought.

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Speaker 11: There may be consequences of that, and so I do

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Speaker 11: I think the.

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Speaker 17: Right to point it out and talking about your bank, Jamie,

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Speaker 17: how would you sum up these year twenty twenty three,

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Speaker 17: given that it was such a tough time for the

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Speaker 17: brother industry.

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Speaker 11: I don't look at any one year like it's a

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Speaker 11: mystical thing, you know. I always tell people that profits

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Speaker 11: are like the tip of an iceberg is bobbing in

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Speaker 11: the ocean. You know, the real quality of your companies,

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Speaker 11: your people, your systems, your technology, your products, your services.

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Speaker 11: So we had a good year financially, you know. I

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Speaker 11: know that some banks has some problems. We've been quite

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Speaker 11: clear over earning. But to me, the important thing is

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Speaker 11: that we're going to serve our clients through thicker thin

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Speaker 11: We got plenty of capital, plan liquidity. We're not going

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Speaker 11: to panic no matter what happens the environment out there.

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Speaker 11: We're going to be in Mexico serving your clients, your country.

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Speaker 4: Or the way we should be.

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Speaker 11: And you know, I think if rates and I'm hoping

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Speaker 11: that the first Republicans we bought was probably the last domino.

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Speaker 11: But I've always said, provided race don't go up, but

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Speaker 11: we don't have a recession, and I do think banks

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Speaker 11: being prepared for that, that's just a reasonable thoughtful risk

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Speaker 11: management tool. Be prepared for things you don't expect, so

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00:22:23,920 --> 00:22:25,480
Speaker 11: you can continue to build your company.

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Speaker 17: How to prepare for the things that you don't expect.

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00:22:30,320 --> 00:22:33,520
Speaker 11: The way we do it is we model out how

443
00:22:33,560 --> 00:22:35,160
Speaker 11: are we to do in two percent ing of rates

444
00:22:35,160 --> 00:22:37,399
Speaker 11: and seven percent interest rates, how we do with credit

445
00:22:37,440 --> 00:22:40,800
Speaker 11: losses going up? Stress testing markets around the world. So

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00:22:40,840 --> 00:22:43,399
Speaker 11: we do like literally one hundred stress tests a week,

447
00:22:43,720 --> 00:22:45,800
Speaker 11: and so always looking at that so we can manage

448
00:22:45,800 --> 00:22:49,040
Speaker 11: through that and then under all those circumstances, we're fine.

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00:22:49,440 --> 00:22:51,000
Speaker 4: Find means to me that you don't have to.

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00:22:50,960 --> 00:22:52,719
Speaker 11: Announce massive layoffs and you don't have to like pull

451
00:22:52,760 --> 00:22:54,760
Speaker 11: out of a country, that you continue to meet the

452
00:22:54,760 --> 00:22:57,159
Speaker 11: commitments you have to the people in the country and

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00:22:57,200 --> 00:23:00,600
Speaker 11: the countries themselves. You know, people don't like bangs who

454
00:23:00,600 --> 00:23:02,840
Speaker 11: are fair weather friends, and so you know we're going

455
00:23:02,880 --> 00:23:06,399
Speaker 11: to be there for people all the time, and you know,

456
00:23:06,800 --> 00:23:08,400
Speaker 11: we've always been careful how we run the bank.

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Speaker 17: There is really a future for fintech startups or will

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00:23:13,000 --> 00:23:16,120
Speaker 17: they be outlasted or innovated by banks.

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00:23:16,560 --> 00:23:18,159
Speaker 11: Yeah, I think it's the wrong way to look at

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00:23:18,160 --> 00:23:21,639
Speaker 11: the question like it's a binary answer. You know, there

461
00:23:21,680 --> 00:23:24,199
Speaker 11: will be some who will not survive. There will be

462
00:23:24,240 --> 00:23:26,200
Speaker 11: some who are very smart and they have a great

463
00:23:26,280 --> 00:23:28,480
Speaker 11: niche idea. There will be some who are more than that,

464
00:23:28,600 --> 00:23:31,240
Speaker 11: you know, So JP Morgan, we look at all the fintech,

465
00:23:31,280 --> 00:23:32,960
Speaker 11: we also look at the big tech. You know, we

466
00:23:33,040 --> 00:23:36,720
Speaker 11: have competition effectively from Apple, Google, Facebook, and so there

467
00:23:36,720 --> 00:23:38,080
Speaker 11: will always be survivors.

468
00:23:38,200 --> 00:23:39,480
Speaker 4: And our job is.

469
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Speaker 11: To make sure we're lean, we're mean, we're thinking we're competitive,

470
00:23:42,760 --> 00:23:44,719
Speaker 11: we're not. It's always better assuming that some of these

471
00:23:44,720 --> 00:23:48,040
Speaker 11: people be successful than to assume that they won't be successful.

472
00:23:48,320 --> 00:23:50,480
Speaker 11: And you know, I've pointed out their own meagement teams

473
00:23:50,520 --> 00:23:52,400
Speaker 11: that there's some great companies out there that we could

474
00:23:52,440 --> 00:23:54,840
Speaker 11: have built and we didn't like Square and Stripe, and

475
00:23:54,920 --> 00:23:56,680
Speaker 11: so you know, you've got to be open minded and

476
00:23:56,680 --> 00:23:59,879
Speaker 11: a little humble about what's going to take place. Saw

477
00:24:00,240 --> 00:24:02,640
Speaker 11: alone is not going to make you succeed in the future.

478
00:24:02,880 --> 00:24:04,800
Speaker 11: If you don't believe me, read about the history of

479
00:24:04,800 --> 00:24:05,920
Speaker 11: all large corporations.

480
00:24:06,400 --> 00:24:10,600
Speaker 17: Also, I would like you to ask about Mexican economy,

481
00:24:10,640 --> 00:24:17,080
Speaker 17: which are your perspectives with high interest rates, high inflation,

482
00:24:17,480 --> 00:24:19,400
Speaker 17: but with the opportunity of nearshuring.

483
00:24:19,840 --> 00:24:21,520
Speaker 4: Again, I think it's a great opportunity.

484
00:24:21,720 --> 00:24:24,280
Speaker 11: And you know, a lot of Latin America countries raise

485
00:24:24,320 --> 00:24:27,520
Speaker 11: their industrates rapidly quickly, and they probably did the right

486
00:24:27,560 --> 00:24:29,840
Speaker 11: thing for the long run of the economy. You're very

487
00:24:29,840 --> 00:24:33,159
Speaker 11: low unemployment. You know, inflation is coming down, so hopefully

488
00:24:33,200 --> 00:24:35,840
Speaker 11: you'll conquer that. I think countries should always look at

489
00:24:35,960 --> 00:24:37,919
Speaker 11: and I really mean this, like I do with a company,

490
00:24:38,119 --> 00:24:40,560
Speaker 11: what should they be growing? And you know, I think

491
00:24:40,560 --> 00:24:43,320
Speaker 11: we've undergrown in America, you know, quite a bit over

492
00:24:43,359 --> 00:24:45,520
Speaker 11: the last year, and I think Mexico should aspire to

493
00:24:45,560 --> 00:24:47,960
Speaker 11: do much more. And just like so, that's how I

494
00:24:48,000 --> 00:24:51,080
Speaker 11: look at it, and to do more all these countries,

495
00:24:51,320 --> 00:24:53,919
Speaker 11: all of us. You know, it's about policy and you've

496
00:24:53,960 --> 00:24:58,919
Speaker 11: already mentioned infrastructure, but it's about work skills, effective regulation, transparency,

497
00:24:58,960 --> 00:25:01,879
Speaker 11: corporate governance, uh, you know, rapid permitting.

498
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Speaker 4: It's all those things.

499
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Speaker 11: You know, it's consistency of law that have a country

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Speaker 11: grow and the important part of having a country grow

501
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Speaker 11: it helps.

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Speaker 4: All of the citizens.

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Speaker 11: There's more taxes, you have more a wherewithal you know,

504
00:25:13,240 --> 00:25:15,240
Speaker 11: it's not just for big companies. You want to grow

505
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Speaker 11: an economy, you really want it for everybody. Every job created,

506
00:25:19,040 --> 00:25:21,760
Speaker 11: you know, every job created is a job for someone,

507
00:25:21,800 --> 00:25:23,879
Speaker 11: and so you know people we need We only be

508
00:25:23,960 --> 00:25:26,399
Speaker 11: very thoughtful. I can grow economies help and we should

509
00:25:26,400 --> 00:25:28,440
Speaker 11: do it to benefit all the citizen of our country.

510
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Speaker 11: You know, not just the you know, the wealthier and

511
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Speaker 11: the employee, but everybody.

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513
00:25:37,880 --> 00:25:41,520
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514
00:25:41,680 --> 00:25:44,440
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515
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524
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