saying they will go down. we are saying the increases will be smaller. we do not need housing prices to decline as long as they -- what we cannot have is then increasing at very high levels as they have in doing. largely it is a function of supply and demand. supply is constrained. i do not know about houston, but many places under the country it is difficult to find lots, to find labor, to get materials. >> we are experiencing that. >> yeah, so, demand is strong. interest rates are low. what you get is a lot of buyers and not enough new houses. so, what will happen as we raise interest rates and this is already priced in. mortgage rate go up -- mortgage rates will go up and you will see prices begin to go up more slowly. demand will decline. hopefully, we'll get back to a place where demand and supply

are well aligned. >> will we ever get back to the pre-pandemic levels? >> i'm sorry? >> will we get back to the pre-pandemic levels? >> of price? >> yes sir. >> no. i only expect we can limit further price increases. we are not trying to drive prices back down. we are trying to limit future prices. >> how concerned are you that there seems to be a lack of investment in affordable housing? how could that cause inflation to become a long-term problem? even if the fed is able to get inflation under control in other sectors of the economy. specifically, public housing. >> are policy tools do not generally meet the need for affordable housing. it is really more of a fiscal policy and housing policy question. but i know that you -- economic

research shows that high housing costs for workers are making it difficult for people to live close to where they need to be going for work. it is limiting the ability of to be in the work force and ultimately, limiting our economy. i will say that. >> last question. you mention it impacts essentials like food, housing, and transportation. what does it due to the poverty rate? i know unemployment is down. does that mean poverty is coming down? does it continue to rise with inflation? >> those things would have offsetting effects. to the extent inflation is going up and people -- going up faster than people's wages, and that's not the case for the lowest end of the spectrum because that is where the highest wage increases have been. but to the extent that that

would potentially increase poverty, people are going back to work, that would decrease it. >> i would like to thank mr. powell for his testimony today. without objection, all members will have five legislative days in which to submit additional written questions for the witnesses to the chair that will be forwarded to the witnesses for their response. i asked esther powder please respond as -- i ask mr. powell to please respond as quickly as able. all members would have five legislative days within to submit extraneous materials to the chair for inclusion. this meeting is adjourned. >> that was maxine waters adjourning the hearing for the day. chairman powell made a number of interesting comments saying inflation is indisputably too high and also that at some point a 50 basis point hike is any possibility. they want to obviously leave optionality open area there is

no reason he would say that is not a possibility. most read -- interesting is what we heard about funding or lack thereof. clearly, the funding markets have not been completely calm. but you have not seen the need for intervention and dollars, the likes of which come as alt on pose are suggested may be necessary on sunday. a number of wall street banks push back against that including jp morgan, barclays, and others. the fed chair just now is saying that liquidity has been functional in the markets. the markets have been running smoothly. liquidity was institutionalized with doug will they -- the tools they have and as a result of geopolitical turmoil has not added stress that the fed systems already in place cannot deal with. in the markets now we have seen the s&p rallying today, now up

to basically session highs. right now the s&p 500 is up 2% after the drop. the past couple days. 10 year yield coming up as investors are -- well, feel safe enough to sell some government debt. 183 is the level there. we were at 170 yesterday. amid the concerns mainly centered around oil. the dollar index at 1186 shows investors have not shunned the world reserve currency at least today. nymex crude is strong at 10846. we see brent crude still about 110 now. so, 11052. oil strength has not hurt markets awaited yesterday. joining us now to discuss the fed testimony and market reactions, never arraign him -- i -- there -- lara.

how do you think fed chair powell did there at the end talking about housing and how much of that has hurt especially lower earning americans? inflation pains cannot be understated. >> yeah. i think there is one method that powder livers -- powell delivers is if you focus on the fed mandate of full employment and inflation, both of those are giving a green light to raise rates. i think you wanted to be clear that left office still planned for march. obviously, to your point, the fed wanted optionality. there is no autopilot here. but as far as the u.s. economy goes, we are still at a point where higher rates are appropriate. i think we need a lot of various impact of the exceptional monetary economist asian we have

had over the past few years. rate hikes have been a side effect over the past several years. >> mike clearly he is worried about inflation. he is inclined to stick with 25 basis point moves. but we don't know how many. obviously he does not want to tie his hands behind his back. mike: he doesn't know either. they will have to wait to see the impact of the russian war, if we get another round of covid variant or something like that but at this point it looks like they are expected to move ahead as wall street expected. what powell was doing over the last three hours was telling people, you are right. he said, yes, wall street has absorbed what we are saying and a price to two it so we are on a good shape. it showed tightening in the financial conditions.

so we are moving in the direction the fed wants. matt: lara, in terms of funding stresses he spoke a little bit about, not lack thereof really, but the fact that the systems i have provide the liquidity necessary, you expect that to change? result on pose are -- is built on pose are -- the argument was compelling or do i just love alarmist drama? lara: at the event -- in of the day, the timing was on acted. -- was unexpected. people have been looking at positioning and trying to make sure we are not overly exposed given the geopolitical risk rising. so i think that the fed understands how to be ready for acute funding crises relating to

swift. you have seen markets actually reacting to oil prices, higher volatility, and prior to the ukraine invasion i think you saw a really -- matt: looks like she froze. mike, what do you think about what we saw, what -- how markets are reacting today and what we can expect from powell tomorrow? mark: i think we will see volatility for a while up and down as war news comes in. and until there is some sort of feeling about where we actually end up it will be that way. basically we have seen risk off in a lot of areas except for equities. equities seem to be the place to go with the moment. this thing thatzoltan pozsar

was talking about is that there would be so much demand for dollars that we cannot supply them all and the fed would add liquidity. matt: he also said the demand for dollars would wane over time. mike: i think this is a case where the fed balance sheet being so large is actually helpful because there are a lot of dollars in the world out there now. we have not quite seen the knock on effects from russia yet. they closed their security markets and we close to their exit. but except for the bank branch in europe we have not seen any defaults yet. if there is any cascade of that, you could have the dollar funding problem and that may be why we are seeing forward rate agreements and cross-country basis little elevated but not under huge pressure. matt: mike mckee thank you for joining us and thank you also lara rhame.

we will continue keeping you up-to-date -- up-to-date with news from around the world. let's go to mark crumpton. mark: in a state of the union last night biden vowed to create -- convert -- confront russia over the invasion of ukraine. he warned russia that the word would leave his country weaker and more isolated. mr. biden said his top priority would be to fight rising prices. ukraine may hold a second round of talks with russia as of the war enters a more brutal stage with russia intensifying attacks on key ukrainian cities. western military officials worn this new phase will be a more deadly time for the country's civilians and army. early signs is that russian commanders are abandoning the approach of lightning spikes into cities. as sanctions against russia mount, officials in ukraine want a broad crackdown on russians investing in cryptocurrency.

the cofounder and ceo of the biggest crypto exchange has ruled that out. >> whoever is on the sanction list will not be able to use our platform. whoever is, they can. we work closely with international government regulators closely to apply sanctions. but, we do not have unilateral decision power to suspend normal people's account. that would be unethical for us to do. >>binance is donating $10 million for humanitarian relief in ukraine. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg.

>> this is bloomberg markets. i'm matt miller. shares of ford are jumping after the automaker announced it will separate its ev operations from its legacy combustion engine business. the ceo jim farley sat down with

our ed ludlow to discuss we organization. jim: the most important thing is our core automotive business. we made over $10 billion last year but it needs to be more profitable. we think we will have to take about $3 billion out of our structure cost to make that business fully competitive on a return basis. some of that will be quality. a lot will be waste in the system and we cannot stop there. we have to grow too and that is why we are committing to 2 million vehicles on the battery and electric side. the other thing is we have to get our building material down. for our ev's. we already have about $2 billion out. we have been working for eight weeks. there is a lot of opportunity to get the build material cost down for ev's and that will contribute to a more profitable business and we could use that cash flow to reinvest in growth. ed: you have an opportunity to

get smart with this. could we see a spinoff of the battery business or the autonomous vehicle business or even debt markets with green bonds? what kind of tools write your disposal now? jim: we did one of the first green bonds in our industry ended went -- and it went really well because we tied it to actually green energy vehicles, zero emission investments in plants and vehicles. committed the market respond. we like that direction it will probably go deeper. matt the four to talking with ed ludlow. ed not only conducted the interview but really broke the story together with keith naughton and david welsch that this was going to happen i think at least a week ago if not too. -- if not two. what did you get digging in to really find out why they would do this? you and i were talking about this when they came out was the story and thinking, this will be

a great way to raise funds but we do not know if they would do that. ed: the message from farley as everything is on the table. we discussed a spinoff. obviously they have restructured internally so you have two separate operational units, the legacy combustion engine business and the ev business. this allows them to basically make the legacy gas business lean and mean. you heard it there. they will cut costs dramatically. job cuts for example are on the table. everything is on the table. transfer that profit from what is essentially the f-150 pick up as this and use it -- pick up business and use it to fund the growth of the ev business. you have the flexibility to make operational decisions in the best interest of either or both. matt: in the terms of the

combustion business the prices have really grown up. that is -- gone up. for forward it has more run opportunity. they have the pricing power to raise the vehicles and they can use the money that young from selling these carbon spewing engines to invest in a greener future for the company. ed: that seems to be the model. he cantered there they will also tap debt markets. we reported that the end of last year ford spoke to bankers and said, what are our options to raise funds just for the ev business? they are trying to maximize profits from the f-150 business. they will be ruthless to make it more profitable than it already is. obviously the elephant in the room is it has a finite life. the original ford gold was 50% -- ford goal was 50% ev sales by 2030. he is now talking about 2

million ev's annually by 2026. this is a dramatic acceleration of the expectation. but it leverages the existing asset, f-150's that they make a lot of money on. matt: do they expect to make the same kind of margins on the lightning? surely as long as consumers except -- accept those vehicles as replacements, there is no reason that they should choose a gasoline engine over and f-150 that is electrically powered. ed: this was the nuance in the interview. the other big piece of news is ford is roosting ev spending -- boosting ev spending from $30 billion to $50 billion. almost all will go towards batteries, metals, commodities, factories, cell development. that is the principal difference with the lightning and you have the backdrop of the situation in ukraine. ford suffered in 2021 from higher input costs, commodity

price inflation. there feeling it now. that's the difference. ford has an ambition to match tesla at scale but it has to do that as the same time it is buying a bulk components for a legacy gas business and an ev business and cost is going up. matt: i am going to throw you a curveball and i'm not singling you out because you are british. breaking headlines. roman abramovich will sell chastely -- chelsea. how important is this club? how big is this team to us in america that do not know much about soccer or football? ed: i have been a chelsea season-ticket holder since 2003 along with my family and roman abramovich of course bought the club at that time. as a fan, i have only known chelsea in period of success which directly relates to that. fans have very mixed feelings. fantastic bird -- bloomberg

reporting about different options explored. roman abramovich moved very quickly to basically hand over stewardship of the pub to the trust -- the club to the trust, the fans and owners trust area years going further now. all i can say to the audience is i am a season-ticket holder and they should go to the bloomberg terminal to read the latest. matt: a welsh chelsea fan living in san francisco. ed, thank you for joining us. ed ludlow with a great interview there and a great scoop out of ford and the ceo jim farley. this is bloomberg.

>> shares of citibank are lower today after the bank announced profitability will fall as the company pursues a strategy shift to raise expenses in the near

term. let's bring on sonali basak to tell us about it. it's a milestone beyond profitability and expenses for the ceo. sonali: i remember the same moment at goldman sachs a year ago for dave solomon. it takes a couple years for investors to get on board with the new story. the difficult thing about citigroup is they are still dealing with regulatory issues, a consent order here. the idea that they will spend more money is really supposed to be an indication that jane fraser is saying i will not just cut out of businesses here, i also want to be more competitive and to money in other areas so we can gain share in the businesses that make us good is what -- good at what we do. citigroup is the only one of the major banks are trading below book value. next year will be a very critical year for citigroup to show they cannot just shrink but grow. >> they have drastically

underperformed. i did want to throw up city against sophia -- so fi. and they have had a rough time of it. sonali: sofi has fallen a lot this year but is doing very well today. remember, this is a lot about spending on marketing but marketing mark efficiently, making more per customer, sofi stadium, and viral influences really help. matt: we have anthony coming up as well as more on president biden said nothing he is open to them posing sanctions on russia oil and gas. we will bring it all to you. this is bloomberg.

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worse of the war in ukraine

intensifying new sanctions are being considered. today president biden told reporters that nothing was in his words off the table in response to a question about the possibility of banning oil imports from russia. >> mr. president, are you considering banning russian oil imports? >> nothing gives also the table -- nothing is off the table. >> oil prices soared $107 per barrel. during the state of the union last night president barden -- biden talked about the economic hardships of the pandemic and said his top priority would be to confront rising prices and urged people working from home to return to their offices. we learned russian billionaire roman abramovich will sell his chelsea football club and donate the net proceeds from the sale to vic himself the war in ukraine -- victims of the war in ukraine. the cell of the sale of the club will not be fast tracked for due

process. global news 24 hours a day on air and on bloomberg quicktake powered by more than 2700 journalists and analysts in over 120 countries. i'm mark crumpton. this is bloomberg. >> this is bloomberg markets. i'm matt miller. let's get a check on the major averages. there is so much going on right now. the s&p is rallying to pretty much session highs, 2.1% is going now. 43 point 95. michael mckee was saying this is the kind of volatility we have been seeing and will continue to see. investors are feeling safe enough to selloff to your treasuries pushing the yield to 184.05. the real focus yesterday and to some extent today has been oil.

nymex, west texas intermediate up 6% again at 109.38. brent well over $110 per barrel. so, the war in ukraine, the russian attack has helped push up oil prices and they are holding. gold has come down. this is part of the risk off feeling of the day. we see rick -- bitcoin up. we see treasury yields rising and we see gold coming down. still a relatively high level, 19.2190. petrol ounce. i think it is interesting if you listen to the talk about the dollar as world reserve currency. will people stick with it are walk away? gold is important as something like the ruble becomes pegged to the shiny metal since there is nothing else. investors are watching the war more closely as it escalates. russian military advances further into the south of the country. for the latest, we want to bring in bloomberg's annmarie hordern at the white house.

the biden administration is calling the possibility of sanctions against russian energy suppliers. annmarie: consider the latest sanctions the administration announced, most going towards belarus but also export controls on technologies the oil and gas industry would potentially need for future production. this is not going against actual barrels are gas on the market but it is a little bit of flirting with the issue of oil and gas on the table. they are sanctioning, putting export controls on the technology the industry actually needs. matt: what happens with china and how does the white house perceive these moves? first they were best friends with the russians and vowed to support them. now they have came out vocally against war. annmarie: it was fascinating.

actually using the word war, matt. that was the first time yesterday china referred to what is going on in ukraine is war. they wanted to make sure they are getting chinese nationals out of the country. it seems like they have been walking a fine line for right now they are coming out a little bit warm -- little bit more in terms of the rhetoric describing what is happening as a russian invasion of ukraine describing this as war. they continually push for peace negotiations that should be taking place tomorrow on the belarus border. we have russian and ukrainian delegations leaving today for those potential talks. matt: i want to get your take on the state of the union yesterday and reaction from the biden administration as well area -- as well. one of the rare moments over the last 20 years where there was real unity. it is fascinating to see at the start of a state of the union address. annmarie: the start of a state

of a union address really focuses on foreign policy. i even looked up bush's in 2003 where he was making this plea about going into iraq. it did not start there. at the president firmly led with foreign policy and call, once again, as he did on the campaign trail, president putin a dictator. talked about how the -- how president putin thought he would wrote takes in and the world would roll over and that was not true because he met the fourth and strengths of the ukrainian people and their nato allies. it was so stunning when the president said he wanted everyone in the chamber to stand as a show of solidarity for ukraine and the ambassador to ukraine got a standing ovation. >> a great roundup of what is going on in washington. now, the escalating war in ukraine is sending crude oil prices surging. wti has risen to its highest level since 2011. for more, bloomberg oil reporter

talk about what we have been seeing. julia, yesterday was amazing. you would expect the iea release of 60 million barrels globally to act as kind of a depressurized a mechanism and calm things down. but what it seemingly did was supercharge the rally. now we are at 110. julia: traders took this as a strong potential we will not see russian energy exports in the market. the ia will release 60 million

pricing that in. think about the fact that russia exports around 5 million barrels per day. the iea is tapping 60 million barrels. that's around 12 days of russian crude exports, not enough for the market to rebalance, especially because we are in such a tight market now. demand is high and supplies are tight. that is not enough. we use about 20 million barrels a day in the u.s. globally. it is just a drop in the bucket. of course, that is released over time and comes along the oil we produce and the saudi's produce. in terms of energy independence, how much does that shield us as americans from rising prices at the pump? i was filling up the other day at $5.5 per gallon in new york? julia: analysts are saying rising rises that the pump will continue. we are still in a tight market supply so it will not matter this month -- this much. as we get rising prices whether from opec or u.s. shale producers you will see prices rise especially through the summer. matt: i have been hearing a lot of reports that companies are self sanctioning. they are not doing it even though they have not been told not to. shale on the other hand is still buying oil from russia. what we know about who is buying

and who is not? julia: traders are being very careful. the russian flagship is trading at a steep discount to the international benchmark, brent. a lot of banks are not issuing letters with credit to buyers trying to buy russian commodities. so you are seeing self sanction. even if the biden administration does decide to sanction russian energy prices it may not make a big difference because it is already happening. you see it already. that is why prices have jacked up so much in the last few days. there is a self sanctioning of russian energy exports. matt: how do you look at the price of oil and of the relationship with the rest of the market? yesterday oil shock to everybody and equity indexes fail. -- phil. today we are up to 6% and the s&p up two.

julia: crude is doing so well it is -- there are some head on risk. the market is moving without stocks in the dollar. those things aside you have to look at crude because it is moving without anything else with regards to the market. michael: julio, thank you. great intelligence there. coming up from ishares of sofi are higher as the company reports record results in the third quarter. we will talk with the sofi ceo next. this is bloomberg.

testing, testing. no awful

>> this is bloomberg markets. i'm matt miller. it's time for our stock of the hour. it is sofi. not a bad day to impress the market with record results.

the latest result is topping estimates from analysts and the stock soaring at one point more than 16%. from san francisco, sofi ceo anthony noto and bloomberg technology enter emily chang. -- anchor emily chang. emily: a strong quarter, a strong outlook. but there is a lot of uncertainty lingering given what is happening in the ukraine and russia. open to bigger hikes in the future. how was this impacting your concern about the global economy and what this means for sofi's business? anthony:fi has a history of living through tremendous cyclicality and volatility. we started 2021 was a different backdrop when we reported goals for the year. we just reported a third consecutive record revenue growth up more than 15%.

this is testament to our one-stop shop strategy and our ability to meet member needs across are entirely live sufficiently with full-year profitability. yes, the environment is profitable -- volatile and rates will increase. that is reflected in around 2022 and we are calling for $1.55 billion off revenue. we are staying -- seeing strong growth. in addition to the demand for technology with galileo. we are benefiting from sector trends. we have to deal with rates, inflation, and monetary policy but it is all part of the norm. emily: i know you are a veteran. i am curious what you need perspective you bring about what this means for the world and global business?

anthony: absolutely, i try to see that people have to live in fear now. the threat of violence have become a reality. ultimately, we have a responsibility as a country, as a nation to help those that cannot help themselves. obviously, the people of ukraine are putting up a heckuva fight. but they are underarm to -- underarmed relative to a power like russia. ultimately sanctions are the first step but there will have to be more and -- more action down the road. we have to ensure they have the ability to be a sovereign nation and live a life of freedom relative to the suppression of the russians. emily: i understand you hold some crypto. sofi offers crypto services. what do you read into the kind of decoupling we have seen of bitcoin from global equities and why that is happening?

anthony: the trend in cryptocurrency, it is a not proven asset, very volatile, highly risky. we do offer for our members to buy 30 different cryptocurrencies. we do provide an educational warnings that they could lose all their money and recommend they only allocate a small portion of the assets to it. the decoupling you are seeing could be driven by different factors. i do not really want to speculate on what is driving it but it is a new asset that people are using to accomplish different objectives. that is been that has been what has driven volatility. we have been sparked about -- smart about making sure we have people dollar cost averaging into something as volatile as it has been. matt: obviously, the ability that sophia users -- sofi users have to invest across platforms

is what i find most interesting. liz young sells the product like no other. how much of a lift did you get from the super bowl and introducing new customers to the things they can do on sofi? anthony: the super bowl occurred in the first quarter of 2022. but yesterday we saw a big benefit from having the nfl association and the rams and sofi stadium. we benefited from having 12 home games at the stadium. five of them more on national primetime television we were able to reach 22 million unique households on average in each of the games. the ability to read to that much of the u.s. helps drive brand awareness and become a household brand name. that drives efficiency of from oceans and marketing.

that is when we saw acceleration in member growth to over 500,000 at an etc. right and under the number of new excited at over 50% increase. matt: you started with a young base already because of the student loan product. by now that they can also bank and invest as well as work in crypto, how important is that cross-selling strategy to your growth? anthony: it is critical and working well. we want to be the one-stop shop to build a relationship with our members for their entire lives. to be there for everyone one of their major financial decisions and all the days in between. haven't gotten a banking license and opening up the figh -- opening up sofi checking to savings, no minimum balance, no fees, the ability to pay from your phone, to send

person-to-person payments and get your paycheck two days early with overdraft protection, roundups, and autosave features it is a great entry point for us to reach a broader number of people. they come down the funnel and cross financial loans. about 30% of our incremental products, over 300,000 of the 900,000 were taken by existing members. it is a real testament to us building a trusting relationship and getting the second and third product to the person who needs it. >> what will be the key to profitability and when will that happen now that you have built this one-stop shop to meet all these needs? anthony: we see get about profitability before taxes and depreciation. we have been delivering positive even for the last consecutive quarters. 2021 we had full-year profitability and we are forecasting 2022 guidance for $180 million positive. >> it is an election year.

president biden's approval ratings are low. what if he extends the approval rating beyond -- extends the student loan beyond may 1? what does that mean? anthony: we have at a record revenue quarters over the last two years despite the student loan moratorium that has caused our business to operate a 50%. it will have a negative impact which we have quantified in q1. beyond that, we will have to wait and see exactly what they extend. but we know today the moratorium is of to end on may 1 and we have factored that into our guidance for 2022 at $1.57 biion. jan that i would just be speculating on what can happen. i do think it is absolutely wrong that people making $100,000 of household income or more are being given forgiveness on finger student loan payments. the reason i think it -- forgiveness on paying a student loan payments. there are other hard-working

americans that have financed their college education by working or paid off their loans and they are now subsidizing to people capable of paying. we need to take care of deeper under pressure in dire straits to give them relief from student loan payments. right now the current moratorium is subsidizing people who are wealthy at the expense of blue-collar workers. the administration needs to step up and provide leadership and not continue to propagate its own political agenda for midterm elections and make the right decision for americans and allocate the dollars to the people that need it most and stop having them funded the people that needed the least. matt: anthony dodo -- anthony noto, the ceo of sofi there along with the bloomberg technology anchor emily chang. great to have both of you. we are looking at assessing -- at session highs of the s&p 500 up now.

this is bloomberg.

>> this is bloomberg markets.

i'm matt miller. steve tennenbaum built one of the best-performing headphones over the past two decades. the golden tree founding partner spoke about inflation, rising rates, and geopolitical volatility. >> if you look statistically we should have a long circle. -- cycle. boy, it seems different this time. where you had much more than usual by a multiple, military -- monetary and fiscal and that is being taken away so we are in a very transitory time where we may get a hiccup. even now the market is not necessarily pricing in the profitability of materially slower growth or deteriorating credit either through lower

profit margins or because interest rates are higher. they are still not priced to the market yet. let me give you, eric, another concern. a year ago the typical would be 3% to 5% free cash flow based on record profit margins and low yields. more than half the capital structures in the most recent rodeos were floating-rate debt. rates go higher. if margins go live -- lower your margin safety is low. we think there will be volatility. eric: expand on that. is that to say that the vintage of lbo's we saw during the pandemic years, 2020 and 2021 are potentially set up for trouble or maybe even disaster in a rising rate environment with the possibility of a slowing economy? steve: if it turns out you have

a stagflation not good. because you have a low margin of safety and in terms of free cash flow you will pretty much be free clash flow -- cash flow negative. businesses do not maintain the same structure. erik: is that the kind of credits you are looking at closely now? steve: we are certainly looking at them. most are not free cash flow negative now but they could be and is a market is not pressing them as such. matt: tune in at 9:30 p.m. tonight for the full interview. i'm matt miller. this is bloomberg.

>> the most crucial moments in the trading day, this is "bloomberg markets: the close."

>> it is 2:00 p.m. in new york and we are there from bloomberg's world headquarters. powell proceeds carefully. the fed chair signals his support for a rate hike in march despite the geopolitical risk. on the treasury, whipsawed remains on oil -- whipsaw remains on oil. we are honing in on the global supply chain crisis. we speak with the ceo of dine brands global. of course, we discussed the war in ukraine. we look at a read from the ground and take a look at what