>> we had full exacerbation over the past couple of weeks. >> we are in a commodity squeeze already for all of this happened. >> ultimately you will be higher -- you will see higher rates and it will be a result of higher inflation pressures. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. jonathan: good morning. this is "bloomberg surveillance ," live on tv and radio. alongside tom keene and lisa abramowicz, i'm jonathan ferro. futures up 0.6% on the s&p. on the commodity market, monster moves again. tom: i don't buy the stock market bounce. in the commodity markets, there it is, nickel. i would note gold.

i think it has been underreported. gold is the ultimate war commodity. hit $2027 about 2:00 a.m. this morning. jonathan: shell pulling back from russian crude, and china mulling stakes in russian energy and commodity firms. where the west goes, does china step in? tom: there's a vacuum there, and someone is going to step in. i think everyone understands that. clearly the leader is china with a relationship with moscow that goes back for decades. no surprise there. but the west is going to do what the west is going to do. maybe will will here for -- hear from president biden on that. jonathan: if they ban the import of russian energy, does the chinese government step in? lisa: what do you do instead? i think that speaks to this eu arrangement we are hearing we are likely to get more details

about, borrowing a lot of money to spend on different types of energy, on securing other methods in order to necessarily bolster themselves without having to rely on gas and oil in the same kind of way. at what point are you going to hurt yourself for some long-term gain, and can you do that unless you pledge big money behind it? jonathan: struggling to understand the policy response at the moment. the team at bloomberg suggesting the eu might be putting together a fund to help with defense and energy as well. we don't have size, we don't have details. the symbolism is there, though. lisa: i go back to german chancellor olaf scholz saying they would meet on that 2% military spending that is the nato budget goal. jeffries put out a study i thought was fascinating, saying if non-us members of nato increased defense jets 2% as required, that would mean they would have to increase the defense budgets 25%. jonathan: futures this morning

up 0.5% on the s&p come on the nasdaq up 0.25%. yields higher in the u.s., off the back of that european debt story. in the fx market, 1.09, positive by 0.5%. lisa: i'm watching the euro for a possible gain. if you do get that support, how much does that bolster a case that has almost been left for dead over the past two weeks with people talking about stagflation in the euro region? today i am watching day two of the in person conference in houston, energy and commodity leaders coming together to talk about what to do in such a price swimming moment. we will be speaking with conocophillips, freeport lng on bloomberg television. yesterday, one of these

executives came out and talked about the need for more support from this administration. we talked about the dissidents -- the dissonance with domestic oil and gas producers. today, secretary of state antony blinken is going to france to meet with french president emmanuel macron to talk about how to shore up support for the gas and oil supplies to europe as well as the alliance. the treasury department is selling $40 billion of three-year notes. i am surprised to see that we are still looking at six rate hikes baked into expectations. i find this interesting at a time when you've got inflation as a serious concern, and at the

same time they will be hiking into a slowing economy. jonathan: i have not seen the big banks change their calls. i have not seen the downgrades to u.s. growth either. lisa: i wonder how much it represents a belief that we will see a short-lived conflict. even if it is short-lived, are these disruptions to some of these commodities markets short-lived? do the moves themselves have a sick can impact? jonathan: bloomberg's joe mathieu in d.c., maria tadeo and brussels. let's talk about the sanctions effort. the white house has lead that effort over the past couple of weeks. it feels like congress is starting to take over just a bit on the energy front. joe: after showing up late to the party, this could have been done weeks ago and in advance of an invasion. in fact, they were close to striking an agreement on such a thing, maybe not with a ban on russian oil, but with the sections we have had to see. indeed, there is a framework on

the ways and means committee that would ban the oil, that would try to -- as well. the question is, with the president beat them to it? he can do this this morning through executive order. i know there are concerns with allies. this is very real for this president, who has been beaten by republicans for months on the issue of inflation and energy policy, the highest we have seen according to aaa. i talked to an analyst from gas buddy who said if russian oil is banned from the u.s., you can look for unleaded gasoline at five dollars a gallon, and we all know that if you drive around a look at the gas pumps with the "i did this" stickers of joe biden pointing to the price tag, there are political

implications no matter what decision he makes. tom: i think we forget the relative wealth here, the u.s. per capita gdp. germany, very wealthy at 45,000 dollars per capita gdp. russia barely gets by at $10,000, and if the oil industry is blown up, what do they have left? is into europe rich enough to get this done, to do domestic financing and withstand an energy onslaught? maria: we are about to find out. that is where the european union says they are focused now. by the end of the week, i am pretty sure we are going to have something that looks like a new fiscal package that would focus on dealing with the repercussions on the energy, but also defense spending. it is interesting to me that i had a contact who told me it is vladimir putin we will have to thank for the biggest spending package and the completion of the fiscal union of the euro area. in reality, it does seem that europe could whether this, but

this is not about this winter or the next few months. this is about a huge shift in the way the structure of energy and energy policy works in europe. we are talking about breaking away from the past and changing the structures that do not just focus on the now, but in terms of how we heat up our homes from next winter on. lisa: are we seeing a massive shift from the end of america -- the anglo american era to the olaf scholz era, talking about borrowing more money and increasing defense spending? he's taking a different approach. maria: completely, and of course, a lot of this has to do with olaf scholz. they have changed the game, and the germans sound very different. i would point to christian lightner, who said security is money well spent. we have to wait until the april

election when manual macron -- when emmanuel macron is likely going to be reelected for a second term. this could be monumental if you have berlin and paris, who suddenly say we need to spend more. nothing gets done here if the french and the germans do not agree with it behind the scenes. if you get to presidents who say they are in for more spending, pro-european union, you could argue for brussels, it is going to be much easier to pay out in much bigger ways. jonathan: and big things often happen when there is a crisis. thank you, as always. that poll we mentioned in the last hour, let's do it again from quibi act. americans say -- -- that's do it again from quinnipiac. americans, 71% say they would support a ban on russian oil,

even if it means a rise in gas prices. tom: that is a huge outcome. jonathan: they are pretty united on that. another move in europe we need to talk about. german yields up 10 basis points. italian 10 year yields down a basis point. that spread is flatter, tighter because of this symbolic effort we are talking about, that the europeans might make another move here. lisa: what is the consequence of germany advancing its austerity pledges? what is the consequence of starting to spend in a real way and borrow money to expand their debt pool? how much does this help the periphery and how much does this change the view of germany? i struggle with this because at some point in the markets, people are looking at this as a positive, and yet how much do the debt markets get punished in germany that have relied on this austerity? jonathan: how much does energy shave off growth this year in europe? can you be constructive on the european economy here? it is hard to be. lisa: that is why you have seen

huge underperformance of all european assets. i know you have been hitting hard on the european banking story. perhaps that will be the canary in the coal mine. when that turns, perhaps you can start getting more optimistic. jonathan: futures up 0.7% on the s&p, on the nasdaq up 0.5%. crude bouncing back. the conversation on going, and active conversation according to secretary blinken come on banning russian energy. shell is already doing it, apologizing for buying it last week. everyone else is piling in already. lisa: it is political pressure becoming a reality for everyone but the chinese. jonathan: from new york, this is bloomberg. ♪ ritika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta.

key lawmakers have announced the outline of a bipartisan bill to bar imports of russian oil into the u.s. the house could vote on the proposal as soon as wednesday. russian oil makes up about 3% of u.s. crude imports. american refiners have been lobbying to make sure any new import controls do not apply to deliveries that are already in the works. shell will phase out all purchases of russian oil and natural gas and will shut its service stations and lubricant operations in russia. the decision last week to buy russian crude was not the right one. bloomberg has learned to is considering buying or increasing stakes in russian energy and commodities companies. beijing is in talks with its state owned firms about any opportunities for potential investment in russian companies or assets. the london metal exchange halted trading in its nickel market after an unprecedented price spike. nickel rose by as much as 250%

over the past two days, hitting record highs that left brokers struggling to pay margin calls against unprofitable short positions. google has agreed to acquire a security company for $5.4 billion in cash. it is the company's second-biggest deal ever and will give google more because to protect its cloud clients. 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'm ritika gupta. this is bloomberg. ♪

>> with regard to a potential oil embargo on the importation of russian oil, this is something that i mentioned we have been discussing within the administration. the president discussed this as well yesterday when he had a call with the french protestant -- the french president, the british prime minister, and german chancellor, and something we are very much actively looking at. jonathan: it is something they are actively looking at. will the europeans join? the germans saying emphatically no.

congress is heading in that direction. shall is heading in that direction. consumers are waiting -- supporters -- consumers are already supporting heading in that direction. is the market there yet are not? are we price for it at $126? tom: there is a bid to oil. i know the reason -- i know there is an ebb and a flow today. we are already yet painful oil prices. jonathan: close to $140 when we opened up the market for this week. we have gone through it step-by-step. the energy producers have been shamed into stepping away from russian crude. they are apologizing for it. even if you want to do with russian crude, the ships, the tankers can't get the insurance to go pick it up. it has been a big problem over the last few days. tom: it is a commodity inflation. is it tomorrow or thursday we

get the report thursday. it is going to be 8%. but what has changed here in a war is the new duration of inflation and the great uncertainty about that. to me it is tangible. there's no other way to put it. jonathan: a month ago we knew what the fed would do. we had a decent idea how they would respond to it. tom: what is the bank of england going to do, just as an example? i looked at electricity rates. at some point in the show we've got to figure out when you can explain to us electric bills in continental europe and great britain because it is a little bit different than in america. let's move on here now. victoria fernandez joins us, chief market strategist at cross mark. what have you not done in the last 13 days? victoria: actually, we have been doing what we had been doing in the 13 days before that. we have been in the market, trimming names that have been higher, going in and buying names that have taken a hit,

that have come back and been on our shopping list. whether that is going to be value names, tech names, we have been in the market trying to be opportunistic and trade some of these names that are there in order to build our portfolio. obviously our outlook is a low more cautious than where we were before, so we can be a little more choosy on the names that we have, but we still think there are some buying opportunities here. tom: focus more on america because, not making a joke about it, but in ways we go buy international, this and that, and yet it seems over the recent years, we all come back to mother america and the big caps of america. is that what we are going to do in the next year? victoria: as you know, bob doll, our cio, one of the productions at the beginning of this year was that we might see international stocks finally outperform u.s. domestic stocks, and now we have to look at that and say because of where we stand with the russia-ukraine issue, are we going to see that

happen? now i'm not so sure. there's been a big shift in the european economic recovery, and we have to wonder, is that going to be long-lasting? you talked about duration of inflation. the duration of this incursion is really going to weigh on the economics of europe and the u.s. , and that could shift where people are investing right now. we are focusing more in the u.s. lisa: we were talking earlier with marg ebita -- with margie patel. i do wonder what the longer-term ramifications are for the volatility that we are seeing in the commodities space, the incredible surge in oil prices and the lack of dependability in basic staples like wheat and corn. victoria: when we talk about the duration of this, the longer it goes on, obviously the larger the ramifications are. that is going to be two investor sentiment. look at consumer confidence numbers over the last week, the

daily numbers. surprisingly they have moved a little but higher for you normally they are highly correlated with gas prices, so it is a little surprising. but the longer this goes on, it is going to hit investor sentiment. it is going to affect currencies. we saw how the euro swissie went under parody this week, so you're going to affect the currencies. obviously we are talking about the european a comic recovery as covid retreated. that is going to be retreating as well. question is, does china step in and pick up enough of the slack from what the west and europe is not going to do with russia to buffer the situation a little bit and allow putin to continue? jonathan: thank you, victoria fernandez of crossmark global investment. just trying to work out the crosscurrents of the central bank response to all of this. at the moment i think it is fair to say it is almost impossible to. tom: the uncertainty is there.

i mentioned this the other day, there is risk where you've got a measurement. there's uncertainty where you really don't have a measurement, and that is clearly where we are. i would suggest is mr. putin has gone radio silent essentially, and within the mix you see on the bloomberg, in the midst of the politics, including the secretary of state speaking at the embassy in estonia, it is real simple. everyone is hanging on what the response is of the russians to the quagmire the military is in. jonathan: what you mention is so important because we are focused almost exclusively on how the west will respond. you mentioned earlier this morning, we have heard from the russians. we heard from the deputy prime minister alexander novak in a televised conversation late on monday. he had some things to say, a very subtle threat. lisa:

basically, we can close this, if you are going to start censoring all of us. we can simply eliminate your source of gas. a lot of people are sort of dismissing that because that would be more catastrophic potentially for russia than for europe, but i do wonder if that is potential for them to make investment in russian energy companies during this period, so perhaps the u.s. and the european commodity companies are fleeing. jonathan: the economic question i think is something the administration is considering, and they are right too. are we trying to hurt the russians without hurting ourselves? are we hurting ourselves without actually hurting the russian economy? then there is the moral question. i think the moral question has become a much bigger one in the last couple of weeks. do we have a moral obligation to step back from russian energy, even if other people carry on buying it? tom: i think the answer has been had. jonathan: congress is there. corporations are there. tom: i would suggest the president is waiting on secretary blinken to have good

conversations with our allies on europe. it is the way this works. jonathan: i would suggest they got to work outjonathan: whether they are prepared to move without europe. based on our reporting throughout the weekend, that is the issue. this is bloomberg. ♪

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♪ jonathan: live from new york city, for our audience worldwide, with futures up 0.5% on the s&p come on the nasdaq up 0.3%, a mess on the london metal exchange. nickel through $100,000 a ton earlier today, then suspending trading. just trying to play this one piece by piece. try to get through it with me. there's a chinese tycoon who built a massive short position in nickel futures forget that individual now faces billions of dollars in losses. there was a margin call it the lme for one of his brokers, and international unit of china construction bank ccbi. we understand that outstanding margin call has now been paid, according to a person familiar

with the matter. but based on our reporting, we are talking about billions of dollars in losses. tom: the gentleman clearly has a huge loss, hedging this for whatever reason, but the tension here is there are other people that were long at the time, whether short or long-term investment speculation, whatever , and you wonder, where they precluded from closing out there profitable long positions as nickel surged? jonathan: ton to get through here. javier blas of bloomberg opinion joins us now. you said yesterday something is going to break. did it just break? javier: certainly the london metal exchange, the nickel market completely broke. trading was suspended today. we don't know when it is going to restart. i doubt they will be able to restart trading tomorrow. a significant broker margin call has now been paid, but it is still unexplained why a burger

that's why a broker was allowed seven more hours -- why a broker was allowed seven more hours, almost overnight, do pay a margin call then and other circumstances that would be immediately. also a bit of a cloud over the london metal exchange. this is not the first time this market has had some trouble. indeed, every few years, something breaks at the london metal exchange. lisa: what are people saying that the london metals exchange should be doing to shore up their credibility to prevent this? what is the long-term ramifications for the exchange? javier: the long-term ramification for the exchange is that if you are a user, you are not sure today what is the price of nickel. you cannot get in and out of your position. people who have prophets cannot really close their positions and take their profits, so people that were sure mostly because they were hedging inventory, if you own the physical nickel, you

are short on the exchange, you still have to position. they are facing monumental margin calls right now, nothing to do with the current situation. why this position was allowed to stay so long, become so big, and why the margin call was not handled more properly is a question we need to get an answer now. tom: brent, let's call it $90 to $107. can we see margin calls there? maybe not at the drama in nickel, but nevertheless painful. javier: we are already beginning to see margin calls in energy. the big margin calls are coming on the electricity market. sometimes i don't understand my utility bill here either. but we have seen 1000% increase on the price of electricity on the wholesale market in europe,

big increases in gas. that is where the markets are coming or you but we are also going to see big margin calls and brent market. commodity traders that have increased credit lines indicated that the margin calls that all traders are receiving. margin calls of $1 billion are a big deal. jonathan: what are you looking for into tomorrow? how does it reopen, this market? javier: that is a big question. i think tomorrow most likely will stay closed. i think the first question is do they cancel the traits that happened overnight. just when we were up 90%, the market was not orderly. why allow the lme to continue trading overnight when it was clearly not orderly?

i think a lot of those trades are going to have to be washed out, canceled, so the exchange is going to have to spend the next few hours figuring out what stands and what needs to be canceled. jonathan: thank you, as always. the decision to trade and close the market, your decision is to reopen it. sometimes that is not -- sometimes that is not straightforward. there is no trading in russia. tom: that is a different case as well. but the lme, you really wonder. i make jokes about it, but i don't know anything here. jon ferro is on the edge of expert on this. i really wonder if there will be permanent damage to lme off of this. jonathan: i'm not an expert, but i have been to the ring. that's about as close as i have come to the london metal exchange.

do you remember the old place? tom: no, i don't. jonathan: you should check it out sometime. can you visit? javier: it is mining week -- tom: it is mining week or whatever it is called in london. jonathan: lme week. active conversation about banning russian energy. congress is there, seemingly pushing in that direction. bipartisan support. we have seen from one poll suggesting there is public support for that effort. we've got massive corporations like shell shaming themselves into the decision, apologizing for buying russian crude. all that is left is for the u.s. administration to say that is what we are doing. tom: you can look at coca-cola, mcdonald's, maybe we will see something more definitive from them today with their very large operations across russia. right now we look at the fixed income market with kathy jones, chief fixed income strategist at charles schwab. how have you changed your view in the last 13 days? kathy: it has gotten so much

more complicated now than it was two weeks ago because of the conflict. we have a combination of soaring inflation and tightening financial conditions, and that is putting all of us in a bit of a bind, but really putting the fed into a bind. i think it is a really difficult situation for them to navigate the rate hikes cycle, that they laid out the formats for for the last six months or so, and now they have to reconsider is that the right approach to go, and it is a very different world we are working in. lisa: what is the risk to markets if the fed goes more aggressively than people are currently expecting, or if they pull back and become a bit more dovish? kathy: i think the risk is more tightening than expected rather than less. on the markets, they are set for

a 25 basis point rate hike and set for five or six rate hikes this year. i think that is set to decline right now, given the tightening of financial conditions. you look at the twos-tens yield curve under 25 basis points. we have never started a rate hike cycle with the curve this flat. i think if the fed were to deliver a dovish hike, if there is such a thing, or a delay on the balance sheet where we might get more steepening of the curve , a little but of widening out. this time to figure out what is going to happen with the war and commodity prices and the economy. lisa: how much you -- how much are you concerned and starting to game out what a recession would look like? we are seeing signs of cracks that people are getting worried about a substantial slowdown. kathy: it is not there yet, but it is certainly a topic of

discussion right now. we have seen commodities price spikes that have preceded recessions before i yield curves. don't know what some of the ripple effects through the financial markets we are going to see, just talking about margin calls, the are conditions in which credit starts to get constrained. we are not seeing a big widening and spreads, but it is starting to move up. all of those are things that often do precede recession, so it is something we are talking about, but not calling for. tom: what are you seeing on flows? schwab has such great information on not what we are talking about, but what we are actually doing. what does schwab observe in the flows in a time of war? kathy: it is interesting. i think our investors have generally been fairly steady. there's been a bit of a movement towards safer assets, but that has really been taking place over the last six months or so.

i think there was a lot of rebalancing in the stock market, but generally speaking, investors are pretty calm now. they're not panicking, not running for the exits. they are just making some of those more subtle changes towards more safety and liquidity. jonathan: thank you. nothing subtle about this move in the bond markets. 10 year yield up to 1.85%. news of to just short of 161. tom: i don't know what the news flow is, but there has definitely been a little bit of a change here to a more correlated and attractive tape. i have yours with the over 1.01. that is weaker swiss franc. that really confirms a lot we have seen. gold, two hundred $20 announce,

isn't helping. jonathan: just chopping up the yield curve, look at the difference between fives and tens if you get a chance this morning. fives and tens down to six basis points right now. tom: we are near -- lisa: we are near march 2020 levels here. typically when the yield curve inverts, it is a sign of recession. still, this has been persistent, that flattening. that message that we are going to see slower growth and disinflation from these higher oil prices. jonathan: the focus on crude and the energy market, a big conversation ongoing. secretary blinken today on his tour of europe come onto france a little bit later, talking about an active conversation on restricting banning russian energy. can they do that without doing it with the europeans? tom: it is mr. macron i believe

in about two, maybe three hours, and to me that is a really important meeting if mr. blinken is trying to get the blessing of europe for the united states to act unilaterally or maybe with britain to limit the russian oil. to me, macron is really trying to fit in here. jonathan: the french aren't going without the germans. the germans are saying no. tom: i agree with that. but it is almost like a blessing to me. the fact is there are allies, and mr. biden has made a major theme from the moment of his inauguration in recommitting to the dialogue the allies that we did not see with mr. trump. jonathan: the events of last week have made this decision more easy than it was a week ago. at least, i don't think it is an easy decision. just in relative terms, you've now got lined up public opinion, you've got corporations prepared to do it because many of them

are already doing it. you've got congress on your side, a that partisan effort in washington, -- a bipartisan effort in washington, d.c. basically, do you wait for the europeans telling us no, or do we do it alone? lisa: that survey showed people largely, and the united states, supported higher gas prices to support the war in ukraine, given a lot of political go ahead -- given a lot of political go ahead to president biden. jonathan: crude this morning, wondered $22. up about 2%. yields are higher as well, up eight basis points to 1.85 42%. on thursday, cpi and america, expecting something close to 8%. this is bloomberg. ♪

>> one of the things that really needs to happen when you look back at every oil crisis going

back to the korean war and the suez crisis, you have close cooperation and collaboration between government and industry. that has to happen here because what is happening is a now established cash is the now established supply chains are buckling -- is the now established supply chains are buckling. jonathan: from new york, good morning. yields higher. -- two russian crude, russian energy. tom: right now, with our conversation of the day on america's energy given the war in ukraine. regina mayor has been lauded.

she is the global head of energy at kpmg, and that barely describes her contribution to the industry. up front for you and for dan juergen is underinvestment in america and hydrocarbons. what does the president need to do to jumpstart investment? regina: i love what dan juergen said about the need for government and industry to collaborate because in the u.s., we import 2% of our imports are russian oil. so we are not dependent on russian oil, and we have terminus opportunities to secure the u.s. energy industry, as well as provide important gas exports to places like europe and elsewhere, but government and industry needs to come

together to further expand and exploit what we have in this country. tom: russia has siberia. we have candid to the north. how do we link our under will investment with trudeau's gift up north? regina: that is definitely a key source of supply. our neighbors to the south provide good sources of crude that fit our complexes as well, so if we were to better establish corridors, we could fuel the rest of the world. lisa: a lot of people are pointing the finger at the biden administration for not investing more or encouraging more investment in the shale and we'll and gas industries in the united states. however, a lot of investors have also called for more discretion, more financial discipline. that is what we have heard again and again from a lot of executives in this area. has that started to shift, or is

that really still the theme from the shale and oil and gas industries themselves? regina: the companies that work in this area are under a lot of pressure from their investors to focus on dividends, to focus on cash, to focus on return on investment and return on capital employed. you are still seeing signal from major u.s. players, and some are even saying for the next three to five years. they are demonstrating they are not going to go drill baby drill and get frothy with the price of oil, but i do think there is a happy medium that we should strike. when supplies are secure, reliable, and affordable, we focus on sustainability. now that supplies are not as secure and not as reliable, that is where we need to double down. lisa: there have been a lot of calls about the prophets energy

companies have made over the pandemic and the surges in oil prices after that. people talk about this period, how awkward it is going to be for them to report incredible earnings at a time when a lot of consumers or maybe even cutting back on other purchases. what do you see going forward about how they game out their pricing, how they game out their social role in addition to their business one? regina: this is the opportunity for the industry to lead from the front unsustainability because they are going to be able to take those profits from the crisis we are facing now and use it to fuel forward clean, sustainable energy technology. how do we do more? i think that is going to be there social message, and i think they are going to work really hard to try to keep supplies reliable and secured as well. tom: what is the accounting of

an excess profits tax on big oil? regina: that is not an area where i am -- tom: but you went to cornell. you read the 40 page memo's cover to cover. how close are we to a debate over an excess profit tax for those terrible big oil companies? regina: i would never say that, and i hope that is not where we are going to go. we are in one of those cycles and we have seen gains from this cycle to down cycles as well as finance futures. jonathan: thank you. always appreciate it. did you see the administration's push yesterday? steve buttigieg, go out and buy an electric car if you are worried about gas. sometimes they can't get out of their own way, can they? tom: you said that to me three times over a beverage of our

choice. i'm going to cut them some slack. when you have a war, the exhaustion we have had for 13 days, and trust me, the team has been great. sorry, the lights are very bright and some silly things can be said. jonathan: isn't that that can -- isn't that the kind of elitist come out of touchline you would expect? tom: the 'bramo camera is on this right now. lisa: honestly, it is tone deaf. it is also, the price for a letter cars are going up dramatically because nickel and aluminum and all of the metals, everything that goes into it is also surging. this is a much broader issue. you just wonder how much you can support an industry that is considered to be not antiquated, but phased out, while also supporting another one. how much do you engage with them? at some point, president biden has meet with some of these. jonathan: well, they have to

pick up the phone. even elon musk this week tweeted that we need to boost production in fossil fuels. tom: we have to remember that right now, there are people dying in some of these cities from lack of water. i think some of the images we have seen our absolute we heartbreaking in the prosperity of ukraine, dashing from their prosperity, from their technology, including leading in nuclear. it is the crisis at hand. jonathan:jonathan: it's precisely, and you've got the u.s. public in one poll happy to pay higher gas prices to help what is happening in ukraine. congress is clearly in support of that effort. we are waiting for the administration's decision. an active conversation. futures up 0.1% on the s&p, up

0.2% on the nasdaq. yields up. crude up a couple of's percentage points. from new york, this is bloomberg. ♪

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>> all of the focus is on the russia-ukraine situation, which clearly leads to a flight to quality. >> we knew this was a growth scare that makes everyone feel like we are going to hit one. >> what we have is a potential he stagflationary shock. >> the long end drags on. i think the more economic damage it will do. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone. on radio, on television, and even for