televised meetings with his foreign and defense ministers. the press conference emphasized the escalation of tensions and continued efforts to find a diplomatic resolution to the crisis. the comments are the strongest indication yet that the kremlin will continue talks to ease the crisis at the border. the election fraud trial of the ostend myanmar leader began today. it is a series in a criminal -- a series of criminal prosecutions by the government. he was arrested, claiming widespread voter fraud in the 2020 general election an allegation not corroborated by independent election observers. security forces controlled protests with me -- with lethal force. the move comes against the

backdrop of protest, initially against vaccine mandates, that have spread across the country. hong kong's daily virus cases dropped 2000 for the first time ever with the worsening outbreak threatening the city's covid zero bush. authorities announced 2071 cases today. as well as 4500 preliminary infections. the you k prime minister spokesman says he will give quoting more details on the country's vaccination strategy for 5-11-year-olds next week. right now and that you k, only children in clinical risk groups are allowed to get vaccinated. global news, 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm mark crumpton. this is bloomberg. ♪

>> good afternoon. i'm matt miller. welcome to bloomberg markets. here are the stories we are following for you from around the world. tech stocks rally, sending the s&p rebounding from losses earlier in the day. we will break down the moves with the cohead of equity training at sms trading pyramid and president putin countering u.s. warnings that russia may invade ukraine within days. the president's top diplomat, sang negotiations and options are far from exhausted. we will dig into the latest on a situation -- the situation in ukraine. plus, verizon making 5g more accessible by announcing the expansion of its internet service to additional cities. we will discuss that with the ceo of verizon's consumer group. let's take a quick check of what's going on in the markets. the s&p 500, now unchanged.

the rally, pulling us back from big losses. the s&p has been recovering throughout the day. it was only down significantly about 1% this morning. now you see it turn positive. the u.s. 10 year yield is up right now. so the 10 year yield rising as investors -- has investors buying debt if they are worried about the geopolitical risks. that's what's causing a big drop in the equity index in europe, the dax, etc., down more than 2% rhino. -- 2% right now. wti trading at $94 a barrel. by the way, the spread from futures to physical oil is at its biggest ever right now. so investors or users are having trouble getting hold of those

physical barrel during. that is something we will talk about throughout the program. goldman sachs lowered its forecast for the year. for u.s. stock returns. as the prospects of monetary tightening was on valuations. the strategy is goldman cut their year-end target for the s&p 500 to 4900 points. down from 5100 points previously. still, there are about 500 -- they are about 500 points away from what we are looking at right now. this is the s&p one year. if you look at it year to date, we are down 7% from january 1. from december 31st of last year. really. i want to bring in my friend joe salute the -- joe s. let's start talking about what we see happening in the markets over the last couple of days. especially friday, there was real risk off trade due to the geopolitical tensions. now it kind of eased. how do you see the markets?

>> i don't think it is geopolitical, i think it is fed driven. the comments we saw last weekend even this morning by the president of the fed, bullard, was saying how much more he once interest rates rising quicker than expected. he sees inflation not being as temporary and longer-lasting. that's the real story here. geopolitically, we have seen this before. there's a lot at stake there, i hate to downplay it, but this is a story about interest rates going up in the inflation sting more persistent than we thought it would be and a fed experiment that hasn't worked. i was here back in the financial crisis. we used to talk about it all the time, the fed is printing money, this is ridiculous. but they got away with it for years and years because there was not this big issue. the supply chain issues happen and pandemic comes along, then the next thing you know we've got it going out of control and we go from 2% to 7% on inflation. matt: the balance sheet goes from $4 trillion to $8 trillion, they were going to work that off you never got down to even $3.5 trillion. how are they going to do that

this time? as a quantitative tightening even more of a concern if they raise 50 basis points in march or five times this year? >> a lot of people in the market are not actually trusting the are going to do something there. the other part of the cornice fiscal policy, think about how many dollars have been pumped in over the last couple of years that we didn't have. we printed it. let's be honest. we printed money we don't have and now it is time to pay the piper and the piper are saying interest rates are going to go up and that's going to hurt everybody. it is a tax on everyone. it's going to be -- when you hear that in the market, the market reacts much quicker. matt: a lot of it is debt fueled as well, they are going to have to start rolling that over eventually. that can be a problem. i want to get to. microstructure. -- i want to get to market structure. your area of expertise. for me the most surprising thing going on -- i didn't realize you could trade just under 5% of the

volume of the stock in one dark pool, but if you have three, you can trade 5% on all three. can that change? >> yes. after the meme stock debacle last year, congress came out and said, what's going on here? what are these dark pools? what about short sales? one of the proposals is for these dark pools, if they currently trade 5% for less of a stock in a particular period, they don't have to let up a quote and they can continue trading. the problem is our multiple parents -- multiple [indiscernible] owned by the same parent bank. once you get to five, you either have to light up a quote separating the security. the sec is proposing that's not fair, let's put that altogether underneath one roof.

which kind of makes sense to me. they are worried about what they call an accessible liquidity. it's a good thing the chair and the staff is looking into this. they are looking at other things which came out of the meme stock thing. i think they are slowly going to market structure and make changes were necessary. we've gotten 17 stock exchanges in the u.s.. 17 approved last week. we've got 32 etf's. non-etf's venues. it gets crazy. matt: especially if you are aiming for transparency. you see massive moves in a stock or even if you see strange moves and others, risk assets, i'm thinking about oil when it went negative, lisa abramowicz got paid to take a barrel there -- no one knows what's going on. it makes sense, if so much of the value -- volume is being traded in dark pools, no wonder we don't know what's going on. something else that came up

during the testimony, the robin good high -- the robinhood gu y testifying in front of congress, they are finally going to be able to move to the settlement. >> a proposal just came out last week by the sec [indiscernible] plus two to 82 plus one. most in the industry are happy about this. they want us to move along. it's kind of a relic. we used to be t5 a couple years ago. this will take some risk out of the system. two counterparties -- it's a good thing. the problem that robinhood had and some others is it was money stuck in the system. people had to stop trading for a while. the dpcc -- they need money, they had to pony up. they should help because they will settle out and you won't have that bottom.

it's another good thing by the chair. matt: my concern is if they ever moved to t+0. if you have instantaneous trading. a lot of people on the crypto set are pushing for it. but any fat finger or fraudulent heir results in losses? >> the bstx are proposing a t+0 but you need the parties agreeing already on the trade. it is kind of an early stage but it's a signal that people want to go there. they want an instantaneous settlement cycle. not good for some folks would like to lend securities, but it might be -- matt: i'm getting messages, what will this -- what effect will this have on the long run? >> -- >> thank you so much for joining us payment shedding some light on things that i think we don't talk about enough.

it's great to have you in here. joe saluzzi. of themis trading. coming up, the latest on ukraine -- on ukraine tensions. russia, calling some talks constructive. this is bloomberg. ♪

matt: this is bloomberg markets. let's get to the latest on ukraine.

russia signals that will continue talks with the u.s. and its allies. bloomberg spoke with the former u.s. defense secretary and cia director about what might happen if talks are not successful. >> if we impose some very heavy sanctions, as i believe we are planning to do on the russians, with regards to international banking, but most importantly with regards to the nord stream 2 pipeline and their ability to distribute fuel, there is going to be some consequences to that, to the u.s. and to other countries as well. matt: for more perspective, let's bring in bloomberg's washington correspondent, annmarie hordern. tell us first off where we stand. i know the president spoke with president putin on saturday. they had only an hour long conversation and didn't come to any conclusions. but we've heard the russians say some u.s. proposals are constructive and will continue

talks. reporter: sergei lavrov, this is displayed across tv early this morning, met with putin and said that he would like to continue down a diplomatic path. potentially this is still worth exploring. president putin said good, all right, you can continue to do that. potentially, it was a modest nod of de-escalation. which has some people reading it as that situation, the markets certainly did. he also met with his defense minister. who was pretty key in terms of arguably inner circle of individuals who president putin surrounds himself with and listens to. he has said that some of those exercises are winding down. and the ones that are not will soon. this could be another nod to de-escalation. but we should note this was for a domestic audience. so puton is trying to show -- putin is showing domestic audience is that he is still engaging on this diplomatic path forward. matt: i wonder what the

prospective is out of washington. what does russia really want? do they genuinely want to annex ukraine? sort of builds about a former soviet union -- built back a former soviet union? or do they want the attentionand -- the attention and the wins they can take from this and then step back? reporter: that's a great question that no one can really answer. that's a question that president vladimir putin can only answer himself. what we do know is two things -- one, there's one very revealing comment from president putin in 2008 that he allegedly said, president bush, listen, ukraine is not its own state, it should be ours. but in our interview, i was there in the room with the editor-in-chief, when we asked about this expansion, given the annexed crimea -- he annexed crimea, he said it took me just as long to fly from moscow to

where we were in the most eastern part of russia, that it were to be the fly from austin to new york, all over western europe and the atlantic ocean. and his point was, what more do i need to expand? what is clear is what he is doing, he needs an offramp. can potentially that can be some security issues -- and potentially that can be some security issues. is not that ukr join nato and that is certainly not going to be nato going back to 1997 mess, withdrawing from the ex soviet states. potentially it could be some issues like missile placement and military exercises. matt, we just don't know. matt: we do know there's a pipeline going through ukraine that delivers about a third of the european energy needs. the nord stream 2 pipeline is obviously built and ready to go. but not flowing it. -- not flowing yet. we have seen prices skyrocket. i know olaf scholz is going to visit in moscow.

is it possible for europe even to get off of that -- i don't want to say -- let's say dependency? because they need it. even if russia invaded ukraine, if in i know russia says they don't want to -- if, and i know russia says they don't want to, the europeans would still be paying for oil coming through. reporter: during the height of the cold war, those flows continued. oil and gas flows continued from russia into europe. matt, your 100% correct and the fact that europe is highly dependent on russian gas. it is much for cheaper -- it is much cheaper than getting lng from the u.s. or qatar. they are using nord stream 2 west as leverage point. we should note, it was interesting today, olaf scholz was in kiev, but president zelensky said ukraine and germany have very different views on nord stream 2.

one of the biggest security concerns in the u.s. and nord stream 2 -- when nord stream 2 came into existence was that you would miss out potentially on the transit fees through ukraine. this is an economic issue for ukraine as well as a security issue. because they guess would be delivered cheaply directly into germany. nord stream 2 was one of these leverage points the west holds again vladimir putin, but europe is in place to really get fossil fuels from russia. matt: fantastic to get your experience and your knowledge on this issue, annmarie hordern, from washington, d.c., to london -- she has covered it all. still ahead, as countries around the world dial back restrictions, health experts are preparing for new variants. we will have more on that, next. this is bloomberg. ♪

matt: welcome back to what is the world deals with the third year of the pandemic, experts are sending out a warning signal that omicron may not be the last variant. i want to bring in a dr. from johns hopkins ulcer for -- johns hopkins' center for health security. i felt a sense of relief multiple times over the last 2.5 years that this is finally over. but we are not quite there yet, are we? we are reaching new record case in places like hong kong, there are still lockdowns on the other side of the break. what is the idea, in terms of the development of the new variant? >> yeah, there's always a risk. any time that you give this virus a chance to replicate, it gives it a chance to mutate. it looks like most of the bigger mutations, we might face, might

be in chronically ill people, but a lot of people might harbor mutations in the world. so we really do need to buckle down and get people to vaccine that they need. matt: it does feel here like we are at the tail end of it, doc. some of the biggest banks on wall street have said you don't even have to wear a mask anymore walking around -- the mask mandate has been ended in new york state. are there places in the u.s. where we are still vulnerable? >> we still have a lot of people in the hospital. over 100,000 people in the hospital. we are -- all the trends are going in the right direction in the u.s., which is great, but we still have more people than were sick this time last year. so it is all a real shame. for most sick people, most of those people could've avoided a

trip to the hospital if they had gotten vaccinated. so we still have work to do. a lot of older people definitely need to get vaccinated and boosted. but things are going -- i am more hopeful now than i was a few weeks ago. matt: more hopeful then you were a few weeks ago. that's good news. i'm hearing now about the bird flu reaching more u.s. states. are we going to start seeing these kinds of infectious diseases spread now every couple of years around the globe? what's pushed us to this? >> i think we are just realizing it more, because there have been diseases that have spread around the world normally. flu is really good at that. the last big time we had flu was in 2009 when h1n1 was a pandemic. most people thought it was mild but it was not mild for people who were younger and pregnant people.

so it was definitely noticeable then. i think we will have more of these things that we notice now that we have been through covid. but disease is, this is what they do, they spread. matt: we have developed incredible vaccines. obviously the efficacy is not 95%-90 8% as we thought a couple of months ago. nonetheless, hugely forward in -- a huge leap forward in science. is that a sign of optimism? >> it's nothing short of miraculous. it is really wonderful. but we have -- that we have a vaccine that was created in the first phase after the pandemic started that is still holding up. even though we have all these variants, it is still giving people the protection they need to avoid very serious illness and death.

and that's amazing and we need to do more of that. i would like to see us take this technology and apply it to flu and other diseases so that we don't have them -- that we don't have the medical countermeasures for. what we have done amazing things and i hope in 20 years we look back and say, wow, the tools we have now are so much better. i think there is still room for us to get much better at all these things. matt: thanks very much for your contribution, dr. gr onvall. a johns hopkins school is founded by michael r. bloomberg. we will have more markets news on the other side of the break, as the s&p 500 drops back down, now off .2%. ♪

mark: at a press conference,

german chancellor olaf scholz reiterated germany's commitment to ukraine's sovereignty and territorial integrity. the german chancellor also said there is no valid explanation for russia's actions. >> russia's military activities on the ukrainian border are incomprehensible to us. there are no reasonable grounds for such a military deployment. mark: chancellor shoals met with the loader merit zelensky -- they said they are waking on russia to make clear skips towards de-escalation. justin trudeau we live in what -- will invoke emergency powers in response to protests in ottawa. the demonstrations have been going on for 18 days. canada's broadcasting corporation says prime minister trudeau will inform provincial premieres of his decision during a virtual meeting today. the protests against covid-19 vaccine mandates, which include

hundreds of semi trucks parked in the streets, swelled into the thousands over the weekend. jurors resumed deliberations today in sarah palin's defamation suit against the new york times. the case stems from a 2017 times editorial that inaccurately linked palin's political action committee to the 2011 arizona shooting where six people were killed and 14 wounded, including u.s. representative gabrielle giffords. at the time of the editorial, the connection had been debunked and the paper ran a correction within hours. the nation's largest airlines are working with the biden administration on creating a nationwide no-fly list that would ban the worst of unruly passengers from commercial carriers. the effort highlights the industries increasing push for more effective ways of quelling the jump in unruly passenger incidents since the pandemic arrow wall choir meant to wear

masks aboard planes was imposed. global news, 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg. ♪ ♪ >> welcome to bloomberg markets. matt: your the top stories we are following from around the world. u.s. stocks rebounded as tensions between russia and ukraine appeared slightly to de-escalate. the s&p 500 is still slightly underwater. we discussed why morgan stanley called a potential russian invasion a polar vortex for the u.s. economy. we also dig deeper into ukraine with president vladimir putin

signaling u.s. talks continue as he prepares to meet with all off scholz tomorrow. -- olaf scholz tomorrow. there is incredible complexity and also simplicity. verizon making 5g more accessible by announcing an expansion to its internet service to additional cities. you may have seen the cable guy commercial at the super bowl yesterday. all of that and more coming up. jon: let's get everyone caught up on what has been happening in the major averages. there is a look at the story from north america. matt was alluding to this, basically a flat session at the end of the day. we know there has been some willingness to buy some of those hard-hit technology stocks but there is an interesting dynamic where investors are getting a bit cautious on energy. we have seen that in canadian

trading. that is one of the bread and butter sectors for the tsx. for what it's worth, mike morgan of morgan stanley, adding to that case. given the tension we are seeing with russia and ukraine. saying a war materially increases the odds of what he calls a polar vortex for the economy in earnings, with a spike in energy prices that would destroy demand and in our view perhaps tip several economies into outright recession. some energy investors are looking at that and wondering at what point do higher oil prices start to weigh against their business? there's a lot of moving parts when it comes to reactions to stories like this. matt: i was talking to tom keene this morning about the jump you saw in inflation in oil prices in the early 1970's. that caused real demand destruction, not to mention the engineering of some awful cars like the second-generation mustang.

it will be interesting to see what it does this time. maybe it pushes us more into electronic vehicles and electric vehicles, and then maybe it is a good thing. jon: certainly something we will be watching closely. in terms of the issues on the ground, let's get a little bit more detail. nina could shave is joining us. senior fellow at the world policy and its -- institute. at the start of the hour, we had interesting comments from the german chancellor. on the one hand today, we get this headline from the russian foreign minister essentially trying to paint a picture towards peaceful next steps, but it does sound like some at the center of the story are still waiting for more details from russia on how to go about getting that. where would you say we are right now? >> i do not think actually -- when the russian narrative has

become peaceful. it is just meeting with the foreign minister and defense ministers have happened after foreign minister russia has been meeting with their western counterparts. i have to say that the russian narrative has been quite consistent in that we are not going to do war. we are trying to resolve things diplomatically, but only if our partners take our demands seriously. even if they are not going to meet them as immediately. it may look like, after joe biden once again gave his stern warning and promised that the next invasion or the next date of invasion is february 16. i think it is more of a u.s. narrative rather than the russian one. the russians have been very consistent. they are trying to do diplomacy but they are not going to be ignored. matt: what do they want?

is ukraine a territory that vladimir putin feels belongs to russia? are they inevitably going to take it? the u.s. does not seem like we are in a position to do much about it? . >> the u.s. is not in a position to do anything about it, no matter how much they think or say they can or do. putin does feel close attachment to ukraine, as all russian leaders -- he is even closer because he does, you covered that he has beenng about the -- of russia, which includes a lot of neighboring russian states. and former soviet republics, of which ukraine was one. ukraine is a special place for the russians because it originally came out of the same -- and have been neighbor and a

colleague and also an enemy at certain times. it is a very special relationship and putin feels -- i do not believe he wants to take ukraine. but he certainly believes that it should not leave the russian fold. now what he is trying to do with his military buildup and all of these exercises is to make sure that at least things can be annexed, such as crimea. it is not going to be annexed back to ukraine because ukraine feels encouraged by the u.s. and western with all the weapons it was given will decide to take by force. all of this is a military standoff to make sure that whatever parts of ukraine now putin annexed are not going to go back. jon: we were showing our television audience a map which highlights many of the neighboring european countries and the trade ties with russia. as you have been observing the

relations between the u.s. and european nations over these last couple of weeks, what have been your observations? >> it is interesting. clearly the diplomacy is working with the russians. there's the u.s. -- and then there is mojo -- boris johnson, who comes late to this party, because he was engaged in other scandals, and now starts ratcheting up his rhetoric. even you mentioned there was a common rhetoric coming out of almost everywhere. boris johnson today posts on twitter that this is coming. it always feels like there are certain forces who would like not just the russians but -- to continue somehow. of course there was many meetings and conversations with

emmanuel macron, the french president. he has been almost contrary into the american and british point of view, saying, we do not see this as happening. we need to have more conversations, and so forth. the economic minister of france said nord stream 2, which is the german pipeline where gas is allowed to go, may go to germany. we are for that pipeline. it is not really in that same voice that the british and americans are talking about ukraine than other europeans. jon: the french like to be contrarian when they can. thank you so much for your time, nina. professional -- professor of international affairs at the new school. coming up, we make a real turn

to barbecue grills. nothing at all to do with ukraine. although they may use weber. if they own stock, they are going to get hurt today. our stock of the hour is on weber grills, hit by higher costs. this is bloomberg. ♪

>> this is bloomberg markets. time for our stock of the hour segment. it is focused on top grill maker weber, headed for another bad day after releasing first quarter earnings. shares falling 32%. it is now below its ipo price.

lift the lid on what went wrong. good pun. did you write that? kriti: i wish i did. i will take credit for though. here's what went wrong. a couple of months ago they estimated $325 million to 345 million dollars in revenue for the year. and then they cut that to $275 million. so essentially what was the bottom of their range has become a top of their range, as you start to see this big hit. this is in the first time things of gone wrong for this company. there ipo in august, 20 21 was actually downsized by more than half, priced under its intended range. matt: i would have thought this company is a huge beneficiary of the pandemic and the lockdown. so many people went out and bought grills because they were going to be spending time at home, you might as well cook outside? kriti: in theory.

this is the problem you're going to see across a lot of companies, you have to be able to make money on it. here's what went wrong, in the words of weber's ceo, our results were affected by acute supply-chain challenges and dramatic inflationary headwinds in raw materials, inbound freight and foreign-exchange dynamics. we know the rising commodity costs, the foreign-exchange dynamics is interesting because weber gets 45% of their revenue from outside the u.s. they have to take that profit, convert it back to dollars and then hope it -- matt: i am wondering if you have fallen prey to the trend of these komodo grills. the big green egg. it seems all the kids are -- the weber is for dad. kriti: the big green egg? jon: that would assume i know my

way around a barbecue at all. i'm glad kriti used a theoretical reference because both kriti are more in the overcoat eats cap -- uber bank -- when we jon: jon: talk about the markets, and it has been cautious, to have such a rush of well-known names coming to market, we think about tack ipos that have struggled in recent quarters. it is going to be interesting to watch with things like the ipo market looks like if you have these challenges, even if it is just a short-term supply-chain hiccup. kriti: good point. we should also point out that matt talks a big game when it comes to grilling. let's make that clear. he is using his young daughter as an excuse. let's talk about the stock, what is important about this -- these ipos, they have to have returns.

one of the issues with weber specifically is that the cost of goods has impacted the bottom line so much, it makes up over 77% of their sales. that is up from 60% in the last three years. you can see a 17% increase is eating into their bottom line. not only does it have that pretty awful start, but since then they haven't been able to keep pace and improve on that story. and of course, commodity inflation really doesn't help. jon: matt, more details on your grilling? matt: i was going to point out we have a viewer writing in that says you can't get a propane tank anyway right now. although, you could cook with coal, right? is that allowed? kriti: i do not know. maybe. i don't know grilling enough to speak to it. jon: not enough cooks in the

kitchen on this one, but it is a good question to be asking. we are going to take a quick break and when we come back, we talked verizon bringing back the cable guy. how the telecom giant used the super bowl and a classic jim carrey character to spotlight how it is making 5g more accessible. this is bloomberg. ♪

jon: this is bloomberg markets. verizon is bringing back the cable guy. jim carrey reprised his classic character during the super bowl. it is making 5g more accessible to over 30 million homes in the northeast. let's get some perspective from the ceo and executive vice president of verizon consumer group. thank you for being with us.

i was watching that commercial thinking, holy cow, it has been more than 25 years since the cable guy. when you are making one of these big campaigns and putting it together, what was the hope for role as part of this? >> i think first of all we wanted to find a way to tap into nostalgia. jim carrey, that is an iconic movie and an iconic role. with what we were about to announce, the the launch of a new home internet that was easy, we couldn't -- without acting upon it. the reception is quite good, so we are pleased with the outcome. matt: there are a bunch of kids under 30 in our control room who have never seen the cable guy. they don't even know what it is. are you having trouble making the connections, or is jim carrey's gene is something that

carries across generations? >> two things. we aired to the spot yesterday during the biggest game of the year. usually you watched that with your families, so it was easy for parents to make a connection with their kids. it is such an iconic movie. gen z and millennials, they go back in time and watch those iconic movies. the research was conducted before going on air and concluded that was the right character to pick. jon: we are talking -- whether we are talking about the cable guy, younger or older people, everybody here is about 5g. as you have been embarking on this rollout, what can you tell us about some of the customer trends? are you seeing strong interest across all demographics and all ages? >> for answering that question, we have to take a step back.

what we are doing is really solving pain points. we are bringing broadband to the new era. a quick example, it is a self installed. you get out of the store with your modem, you get home, within five minutes you can surf the web. that is not the case in the industry today. you have to book an import -- book an appointment and wait for the guy to show up. there is no contract. you don't need to bundle with tv. it is solving many industry pain points and that is why i think the product will be very attractive to many generations. not only the younger ones, but mature people want to have a fair price and great value. jon: is there any bundling you can do? i noticed when i got verizon mobile contract, i was given

free streaming access to a number of different services. i like that. i haven't figured out how to use it yet. i will ask the kids in the control room. but is that an offer? >> there is flexibility. we don't want to take consumers hostage. the idea is you pick and choose. you can get your connection with a really easy price point at $50 a month. but if you are a customer of verizon, we want to recognize you as a loyal customer. and then you get the price for $25 a month, which is an amazing pricing. and then you can start on top of that inclusion with disney plus and all of the content we provide our mobile customers. you had that on top of your broadband and then you are good to go. basically it is really easy access, simple, no obligation of any kind. flexibility is the key word

here. jon: we are almost out of time. as you are rolling out in different cities, what is the strategy on how quickly and where you roll out? >> we are really are aggressive in terms of rollout. you have seen when we turned on the switch of the ultra wideband network, we were covering 20 million, next month it is going to be more. we are fast pacing the rollout. i think we want to become the national broadband player. it is not the case today for us but we will be a critical player in the future. i think hopefully the consumer will give us the chance to prove that i'm -- to prove to them that the reliability is there. matt: thank you for your time.

meyer: former u.s. defense secretary believes unity between

the u.s. and nato allies has disrupted president putin's strategy. sanctions imposed on russia could have a ripple effect. >> if we impose heavy sanctions, as i believe we are planning to do on the russians come of the guards to international banking and regards to nord stream 2 to vo and their ability -- nord stream 2, there will be consequences to the u.s. and to other countries as well. mark: he made his comments on bloomberg's balance of power with david westin. let me put in is signaling that there could be more talks with u.s. and its allies concerning demands for security guarantees in europe. russian foreign minister proposed continuing talks to