Reports market sell-off: Dow down 655, S&P futures off 100, Nasdaq off 483 points. Yields are higher. Asks Brian Moynihan for his thoughts on the market decline.
Becky Quick
Brian Moynihan
Attributes market volatility to the introduction of security issues around Greenland, creating uncertainty that affects income streams. Suggests giving leaders at Davos 48 hours to work on a solution.
Asks if the current situation is on par with the tariff shock from last April.
Becky Quick
Brian Moynihan
No. Last April's tariffs were a bigger shock, causing markets to drop 30-40% and freezing activity. The situation clarified over the summer, resulting in a 15% regime for compliant countries.
Notes the Supreme Court could rule on tariffs today and potentially overturn them, asking how much of that is priced into the market.
Becky Quick
Brian Moynihan
A Supreme Court ruling could be viewed positively or negatively, but the administration has been clear there are multiple avenues to the same outcome. If one path is closed, they will use another.