>> investors are looking to the fed and really receiving their message that above all else, the fed will rein in inflation. >> if the terminal rate becomes higher, i don't think the markets are price for that yet. >> you need to think about hedging inflation in the multi-asset fashion. >> give got to put your money somewhere, and treasuries are probably not a good place to do that. >> equities is really the only game in town. >> this is "bloomberg surveillance" with tom keene, jonathan ferro, and lisa abramowicz. tom: good morning, everyone.

on radio, on television, and historic day for diplomacy in europe. i can't say enough about the linkage of war in ukraine and what we see in brussels and beyond. it is a moment for europe to decide. jonathan: the nato summit just wrapping up, then onto a g7 and nato meeting -- and eu meeting as well. josh wingrove in brussels, reporting the following. according to a senior biden adminstration official, the u.s. is working with nato allies to prepare for the possibility that russia deploys a biological and/or chemical or nuclear weapons attack. it is something the said adminstration is very concerned about. they talked about that as they got on the plane and headed in europe's direction. tom: in the cacophony of the new slow the last couple of days, the set of news for the beleaguered people of ukraine, and footage this morning from the black sea, we need to be very careful on this, it is not a mini pearl harbor, but three

ships involved in some form of ukrainian attack. the russian ships moving up to see as fast as they can. the backdrop is an ongoing war, as president biden meets. jonathan: and president zelenskyy with a series of addresses. he dialed into nato virtually earlier today. this is what we understand was not said. i think what was not said is interesting. zelenskyy did not reiterate the call for a no-fly zone is in -- a no-fly zone in his remarks to nato. tom: it will be interesting to see the sanctions as well. the new slow is fast this morning. the congress of the united states wants a tougher tone from president biden. kailey: i think the domestic population arguably does as well. biden has been willing i am large to deliver that. he has promised more sanctions to be announced during this trip, targeting certain individuals, but there are certain things the biden administration does not have control of, including the response of its european allies,

who it is much more difficult for to impose any kind of embargo on russian oil or natural gas which is why an energy agreement that the administration is inching closer to seems really pivotal here. tom: equities up today, but i am focused on bonds, focused on commodities. the metals are up. maybe the grains don't participate. but just in a week, brent crude at $122. jonathan: up 0.5 on the s&p, on the nasdaq up 0.6%. if you can pick out one single name, not anything to do with the big stories this morning, but i think we've got to mention this from dow jones, that uber has reached a deal to list all new york city taxis on the app. that is an interesting one. tom: i don't understand that. jonathan: i think it is pretty self explanatory. the stock off to the races, up

by more than 6%. tom: if i'm an uber driver, what do i think? kailey: if you are a yellow cab driver, what do you think? that has been the battle in new york city. have you tried to use the curb app? i've never had success. jonathan: i've never tried that one. kailey: it is likely uber equivalent for yellow cab. jonathan: tom has been quite anti-uber. has been for a while. tom: we will continue right now. the vix, 24.2, shows the trend of the market from the panic of a 35 down to 23. we had just with the chief investment strategist at nuveen. brian nick joins us this morning. what has changed in the nuveen view since this war has began? brian: what is were markable is that risk assets have discounted the worst scenario in the war, even as it continues to escalate in many respects. but the big change we see is the pricing for the fed and the

rhetoric for the fed itself. what has been really surprising is that we saw the war as primarily a channel into potentially lower growth globally, creating inefficiencies, leading to lower real disposable personal income growth not just in the u.s., but around the world. markets seem to regard this as primarily an inflation event, so we have had interest rates rise because inflation expectations are rising, and the fed is adjusting its rhetoric and policy path to accommodate that. we are preparing for tighter monetary policy, persistently higher energy driven inflation, and by the end of the year, somewhat slower economic growth than we were anticipating prewar. jonathan: let's talk about that tighter monetary policy. this from citi, saying, "the median fed. for appropriate policy rates at the end of june may rise to around 3% from 1.75% to 2%." can you walk me through the prospect of getting the fed

funds rate to 3% by year-end? brian: it only took five days for the fed to go from seven rate hikes to going by 50 in may, which implies more than seven rate hikes total for this year. 3% to me feels like the outlier case. i know there's a couple of fed presidents who would like to hit 3% by the end of the year. that would be a further hawkish surprise on what we have already seen. i don't think you see a justification in the data. the fed, everybody .2 higher rates as far as the eye can see, i think they are still data-dependent in terms of the inflation numbers that come in come of the employment data we continue to see. that points to wage price spiral, they may be hiking by more than what is currently priced in. if not, if it looks like durable goods prices are rolling over, if the energy price shock does not last as long as it might, the fed does not have to hike buy as much, and that is a far better scenario for the markets. kailey: does that mean a buying

opportunity, particularly at the short end? brian: if the curve steepen from here, it is because short rates are coming down, not because long rates are coming up by a lot. it is because inflation is baked into the cake. we have never seen inflation expectations this high. we have never seen the breakevens curve this inverted. some of that is oil hedging, but some of that is genuine concern, and we need to hedge inflation by hook or by crook. if and when we start to see inflation rollover, i think you will start to see deflation happen merrily at the short end, and we could have a steeper yield curve. i thing that is a bullish scenario for stocks, credit, and short-term treasuries as well. jonathan: brian nick of nuveen. wrapping things up in brussels, that nato meeting. then onto a g-7 summit, then onto an eu leaders meeting later. we can touch base with brussels right now with maria tadeo. talk to us about what happened netmeeting as we wait as what

happened in that meeting -- what happened netmeeting as we wait for the secretary asked what happened in that meeting -- what happened in that meeting as we wait for the secretary-general. maria: ukraine, they have had a major reality check about joining nato. they now know this is just not going to happen. they know that nato is not going to help on the ground, but mr. zelinsky once again -- mr. zelenskyy once again insisted that russia only understands the language of sanctions. we need to step them up. if they stay open, this is a massacre for the ukrainian people every day, so we ask for more weapons, particularly defensive, but also means to counter the russians in the air, clearly a reference to fighter jets. tom: i did the mass, and there will be 472 by let's -- 472

bilats in the next few days. which one matters? maria: to me, there are a few that are key. one is president biden with president erdogan of turkey. for a long time, the ukrainians leave that turkey could actually play a very active role in the mediation. the ukrainians are disappointed in the israeli prime minister, but they have said the turks could provide the best platform. the ukrainians say this war is only going to come to an end if president putin and volodymyr zelenskyy meet face to face. the other that will be very important is poland and the united states. this is the key country to watch out for in europe come of the country providing a lot of the human to terry and aid, but in

particular, the weapons. we know poland is concerned about escalation. jonathan: whenever the g7 come of the g20 get together, they argue about a communique. do we get a statement from the g7, a separate one from eu leaders? how does all of this come together? maria: if you look at the actions, i think what we want to watch out for is the number of troops that are going to be permanently deployed to the eastern flank in europe. we are probably going to get an announcement on that. it comes as the g7, the conversation is not about the g7, but about the g20. there's many in europe that suggest if russia continues to attack and the chinese are ok with it, it is the end of the g7 , the g20 format. this is a format that will come to an end by the end of the year.

when it comes to european leaders, tonight we are not expecting a lot. we know that tomorrow there will be a debate among the 27 in terms of what to do with energy, so if anything, it is tomorrow that really matters when it comes to the european angle. jonathan: wonderful reporting, as always. maria tadeo out of brussels. the nato summit behind us, in front of us the news conference with jens stoltenberg, the secretary-general. the president a busy man through the next day or so. tom: i wonder how mr. putin observes this through the prism, the narrow prism of moscow. how does he observe these next three days of diplomacy? jonathan: his reaction one to watch as well, maybe even the big one to watch. futures up 20, up 0.4 percent. yields higher by eight basis points. your 10 year, 2.36 81%. 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.

the u.s. and nato are preparing for the possibility that russia uses biological, chemical, or nuclear weapons in its war with ukraine, according to a senior biden adminstration official. the u.s. and other senior members of the g7 plan to warn russia not to use those weapons. the u.k. is out with its own set of 65 new sanctions on russia. according to foreign secretary liz truss, they target business elites. the world's largest diamond producer's sanctions, truss says, is "right that they pay the price." a deals to slash europe's dependence on russian energy. there will be a surge of u.s. supplies of liquefied natural gas to europe. kim jong-un has finally abandon a testing freeze on

intercontinental ballistic missiles. south korea says the test violated human resolutions and kim's promise to hold off on such launches. uber reportedly has reached an agreement to list all new york city taxis on a tap, according to -- on its app, according to "the wall street journal." that could help swing more business to taxi drivers. their businesses have been hammered by the pandemic. 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. ♪

>> we always knew the power of sanctions and export controls take time. yes, we are thinking of what is the next piece of escalation, but i think we just have to stay strong and vigilant in a tight coalition and focus on enforcement. he's already feeling pain, and every week that will intensify. jonathan: futures up 0.4% on the s&p. on the nasdaq 100, higher by 0.5%. yields are higher by seven or eight basis points, approaching

2.40%. we are negative about 0.3%. we are wrapping up this nato summit. i did have any diary a news conference with nato secretary-general jens stoltenberg. i understand now that will happen at a route -- at around 8:40 eastern time, 20 minutes from now. tom: the commodity lift up has been extraordinary. i can give you the lift off points on commodities. right now with a very important note this morning at chatham house, leslie vinjamuri joins us, director of the u.s. and america's program for the london slot. you've got that a word in your report. i've been talking about the linkage of war to diplomacy. tell me how diplomacy and war can be linked through attrition. leslie: well, the attrition is

the concerning part here. we have clearly moved into a war that russia has fallen far short of its own expectations, the world's expectations, and is resorting to brutality, war crimes, as they have been called, and they certainly look like they are, and that means a war of attrition. clumsy carries on, and alongside very coercive measures, you now look at bidens trip to europe, he's really focused very much on ensuring that western unity, diplomacy is not only with russia on the question of ukraine, but it is amongst the european partners. it is very much one of the key points right now for biden and jake sullivan, ensuring that europe stays on board, putting pressure on china. that is an absolutely critical factor. tom: is there a lesson of linking present attrition towards chemical weapons that we

can learn from syria and the russian experience there? leslie: i think the concern about chemical weapons use in syria is the u.s. does not want to say it one do something and not follow through. obama's redline is very well-known. we will not see a redline of that kind drawn, although the clear warnings that the chemical weapons use should not be tolerated, there's a ban that most countries around the world have signed up to. we know this. there will be talks now. i think everyone is waiting to see what the u.s. and durable say. what will they do should putin resort to the use of chemical weapons? kailey: let's also talk about the theory of deterrence. i am taking it back to my foreign affairs classes at university of virginia. do we need to rethink deterrence if vladimir putin has proven time and time again that he is not able to be deterred?

leslie: from nato's perspective, from the u.s. perspective, the clear deterrent threat has been with respect to nato as opposed to with was back to ukraine. the redline is that there will be a very significant punishment inflicted should this war involve direct engagement with nato. some people argue the deterrences failed with was back to russia's invasion of ukraine. i think that is clear. there are still so can measures being put in place. ultimately, it has been virtually impossible to stop putin from intense acts of brutality against the ukrainian people because it is clear that is absolutely critical to him. but from a clear deterrence perspective, that has not been nato's number one goal. we can debate whether or not it should have been. kailey: i would also love to debate whether consequences mean

anything if you do not detail there's consequences will be. we heard from the chinese investor to the u.s., talking about the no limits friendship between beijing and moscow. he said while it does not have limits, there is a bottom line. how are you thinking about china's role here? leslie: i think this is absolutely critical. there are many dimensions to this. the most obvious and direct one is whether china continues to assist russia and some birding -- in subverting the tremendous sanctions package. the big question is whether or not it will respond to russia's were west for military equipment -- russia's request for military equipment. but i think we also have a third question which is sort of a first-order question about global order going forward. the un security council is now facing a grave crisis where one of its permanent members has

openly violated one of the most fundamental norms in the charter. china is not really calling that out, also holding a seat on the council. the other government mechanisms critical to solving the problems with climate and the economy depend on china, and if china does not demonstrate some willingness to cooperate in bringing this conflict to a close rapidly, i think it is going to make it much more difficult to solve the much broader questions affecting people across the middle east and across africa, with oil prices, with energy more broadly , as opposed to with grains and commodities. jonathan: thank you, as always, for your perspective. leslie vinjamuri of chatham house. severstal, the first russian firm to run out of time to pay a coupon, this moments ago from the potential producer in russia , they are saying they

transferred payment to edit agricole, and they are -- two credit agricole, and they are refusing to process the payment. this is part of the story. it is just out there. the other thing i want to talk about might get your attention. the metals and mining sector is cut by morgan stanley on stagflation risk. they are technically downgrading the industry group. they are in line from attractive to a stagflationary shock. they think prices remain elevated, but they see growing risk of demand destruction and a period of low global growth. that is a major issue. tom: the fed focuses on inflation, and they do focus on i, gross, of course -- on economic growth, of course. i'm going to go back to what you told me years ago, which is your year starts arch 30 were -- starts march 31 because everyone starts going into frothing and

foaming for the end of the year. jonathan: futures up 0.4% on the s&p. the nasdaq up 0.5%. for our audience worldwide, on tv and radio, this is bloomberg. ♪ ♪

jonathan: seconds away from economic data in america. futures on the nasdaq up .5%. yields higher eight basis points. with the economic data, let's get to michael mckee. michael: good morning. the numbers people be interested in today are the durable goods orders. way down, down 2.2%. the expectation was for a chop of just .6%. ex transportation down .6%. these numbers are always volatile. does this mean a slow down trend? capital goods orders, the one we talk about that economists

follow because it goes into gdp, that is a proxy for business spending. that is much less than the .5% gain that wasn't dissipated. capital -- that was anticipated. capital goods shipments up. in the month of february we were still growing. jobless claims. here is the number we have not seen in a long time. 187,000. we are below 200,000 mark for the month. i would guess there something a little odd about that. because we have stephen stanley coming up we will have a better view of that. that is such a huge fall from a decrease of 28,000. it is the lowest level since

1969. that is an amazing number. jonathan: is not population adjusted. michael: you adjust that for population, a stunning number. one number to look at just to see what happened, this does not suggest a major change in the way things have been going. durable goods orders for defense in the month of february were up 14%. there up -- they were down 34% -- 14% up, up 18% the month before. i was looking to see if there was an eight replace antitank missiles ahead of times ordering. we will have to check that next month. jonathan: futures up .4% on the s&p, on the nasdaq also. this movement yields extends, up nine basis points.

euro-dollar 1.0 979. in crude 1.14 -- 114.68. if you take out jobless claims and max the chart back to the 60's you will get to kailey's point, the lowest since the late 1960's. in 1969 we had 183,000. 187,000 this morning. i think it is fair to say the pandemic broke the chart. if you look at where jobless claims run the pandemic, skyhigh , back down to 187,000. tom: a chart or me is the population adjusted claims. it is a show so chart -- it is a social chart. it is interesting to see the changes in america. stephen stanley with us with some wisdom. i want to rip up the script and go to the current deficit, the

current balance, which clearly indicates something back to 2006, 2007. what is the significance of our current account balance literally off a cliff? stephen: it is a function of very strong demand, demand we cannot satisfy entirely at home so we are having to import a lot of stuff, both for consumers and for businesses, and that has been the case since we got over the lockdown, the trade deficit has been ballooning since then. tom: if demand is there, is the doomed crew wrong in the economy will be resilient because the consumer is there? stephen: i think the economy will be resilient, certainly for a time. if you look at the household balance sheet households are sitting on a few trillion dollars in extra cash they accumulated during the pandemic. it is up huge.

on the business side corporate profits have made record highs. people talk about the fed tightening us into a recession. there is a point in which that could happen. we are certainly nowhere near that in terms of the level of rates where we are now and where we are likely to be. jonathan: citigroup they met with a massive call. i would love your response. they said the median dot could rise to around 3%. how far do you think they're willing to push it this year? as high as three? stephen: things could change. obviously the dynamic has changed quite a lot and what the fed is anticipating has changed with every quarterly new set of projections. i would say if you listen carefully to what they are saying now, it looks like we have it does feel phase tightening cycle. phase one is getting back to

neutral and a lot of the folks who have spoken have suggested they would like to get close to neutral by year, next year would be about taking policy into modestly restrictive territory. i think most people on the fed think neutral is 2.5%, that is where i am pegging us to get to by the end of the year. jonathan: can i go to a scenario and see if i understand if you understand the reaction function of the bed. if they came across q4 and the market tried to tell them or neutral is and they had the big move in credit and inflation was not coming down, what would they do? stephen: that is an interesting question. i would say this point it sounds clear in nation's job one for the fed and they feel 11 urgent need to get inflation -- they feel they have an urgent need to get inflation under control. the longer we go with higher inflation the longer -- the more

it gets embedded in expectations. that is the urgent task, to get inflation down. they do not want to cause a recession, but i think if it is necessary to slow the economy to get inflation down it seems like they would be willing to do so at this point. kailey: what role does the balance sheet play in that effort? we heard from jim bullard who also wants 3% by the end of the year. he was saying is going to be passive runoff. can the fed stick with passive buddy? -- with passivity? stephen: clearly the balance sheet is very large and there is a true menace amount of excess look at it he, but it just kind of slosh is around, we get 1.8 trillion dollars -- they could

take out $1.8 trillion in do very little in terms of economic impact because they are just raining the money getting put back to them anyway. their view is as long as they are shrinking the balance sheet over time they could manage whatever fallout comes from that , the various tools and rates they have on the money market front. kailey: in terms of managing fallout, the narrative's monetary policy will always operate with a lag. lb true in terms of raining and inflation. on the growth side by the time you start to see an impact on growth will it be too late, too far gone? stephen: that is always the plastic thing is the fed goes too far and waits too long. we have seen it on the easy side where the fed was too slow to get going. another classic mistake the fed has made is going too far and overstating the welcome. if neutral is truly in the 2.5%

range, we have a far way to go to even get there. modestly restrictive policy in my view, 25, 50, 75 basis points above neutral. it is not likely to derail the economy overnight. in theory there is a level of rates that would slam the brakes on the economy, but i think it is far from where we are today and likely above where markets are expecting the fed to go at the moment. jonathan: stephen stanley, thank you. tom, this is a guessing game. an educated guess, but it is not a science. remember chairman powell at the end of 2018, you are member the exchange he had, he said i would not buy neutral just yet. the market turned around and said we will tell you when neutral is. tom: i have said this.

none of this is in the textbooks. with qe, this is all original theory we are in and now we are overlaying more on it. i think you get a unique perspective because i know you are such a healthy guy. you've darkened the door for years of holland and barrick, a health store chain in the united kingdom. they are having trouble making an interest payment. they were sold a number of years ago. jonathan: the lead paragraph reads holland and barrick struggling to make a schedule interest payment to lenders even though the health care retail and its russian oligarch five equity owner on not under direct sanctions. working some of this out is difficult. they are saying they have the money, they want to pay, and yet they cannot get through the banks. that is where you get your protein from. your protein shakes. your vitamins come as you might

say. tom: the big cans. jonathan: can we get serious. in brussels we are expected to hear from the nato secretary-general. still waiting for the news conference to start. these things move around. of course they move around. tom: i would emphasize today is literally out of the movies of another time and place. a bright day to get perspective from madeleine albright. let us remember three of her four grandparents died in the holocaust. ♪

ritika: with the first word, i am ritika gupta. u.s. and nato allies are preparing for what would be a dramatic escalation of the war in ukraine, russia using nuclear a chemical weapons, that is according to a senior biden administration official. the u.s. and others are preparing to warn vladimir putin against those weapons. the highly respected governor of russia's central bank wanted to resign after vladimir putin ordered the invasion but the president ordered them to stay. oil refiners in china are discreetly buying cheap russian root. they are negotiate -- russian crude. most global buyers are shunning russian oil. they see damaged the reputation work fear they are violating sanctions. the judicial committee is

expected to vote april 14 on the nomination of judge brown jackson to the supreme court. jackson defended her record on sentencing criminals and explaining how she decides cases. her confirmation as the first black woman on the supreme court is all but assured because of democratic control of the senate. the world bank has priced the world's first wildlife fund. it will be partly used for the conservation of black rhinos in south africa. 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 am ritika gupta. this is bloomberg. ♪

tom: good morning.

kailey leinz and lisa abramowicz. jonathan ferro off to start strong for the 9:00 hour. we are waiting for comments in brussels. hugely anticipated, particular with the war news we have seen out of ukraine. first an important interview on something that is receded into the history books, covid. stephane bancel with eli lilly and then onto his extraordinary works with mrna at moderna, the chief executive officer of moderna joins us. are you worried about a new variant of omicron? stephane: first of all, thank you for having me and the kind words. i am losing sleep on it. i think there is an 80% chance the variance we have seen are minor from a -- there is a 20% chance something happens that

there is a new virus that is very vera lunt. -- that is very vera lund -- that is very virulent. we are able to update the vaccine as fast as we can if needed. tom: in america we have a low usage of the booster. we are talking with you about the success of under six years old treatment. tell us what we need to do to get a worldwide booster program going. what is the next step in a covid that in our minds is receding? stephane: people have to be careful, especially based on the risk. i have daughters that are 18 and 19. do we need to get boosted every year? maybe not. we need to look at the data. my parents need to be protected, most probably once a year with a

booster. the issue as we get older, your immune system is not as strong. those are people we need to be careful about. kailey: you did not just apply for a fourth booster shot for older people. you applied for all adult. what was the thinking behind that? stephane: gives the flexibility for regulators to adapt were needed. there are 25-year-olds that have cancer, so we applied 18 and above, so the fda in regulators around the world, we could give them all the tools at all the data to make the right decision country by country. kailey: why we are having a conversation about booster shots we also have to talk about the under six-year-olds, which tom keene mentioned. he released the data yesterday on the efficacy. on what timeline do you expect that.

stephane: the authorization of six months to six years happen faster in the u.s., the u.k., canada. the fda might take more time. the vaccination is not currently approved in the u.s.. we are in constant dialogue with the fda so we will do our best with them to get these as fast as we can to parents. we will be very careful with safety which is the number one priority when you talk about vaccines. tom: what is so important is the outrageous success of mrna in the timeline you and your competitors at pfizer were under. what does mrna do next? what is the next step after the stunning success you achieved? stephane: what we want to do is have people not being sick, hospitalized or dying.

today there is only a vaccine against flu. we announced a very good data on the first generation of the flu shot, which was combined into a stir shot. -- a booster shot. they are announcing this week we will combine covid and flu in a booster so we will make it easy for people, the idea to get one shot a year and you are protected. kailey: what are the odds an mrna flu shot will be superior? stephane: overtime, pretty high. we are showing today we have the possibility [indiscernible] the level of antibodies is higher.

that is the first generation of flu. we will add more components to get the efficacy higher. give us a couple of years and i believe we will get the high efficacy. tom: thank you so much for joining us. of course with moderna and the great success of their mrna vaccine. kailey, the news flow is extraordinary. we have to push forward to the comments of the gentleman from nato. he will go back and be the head of the norwegian central bank. he is front and center with the president at redefining what allies means. kailey: that nato summit has now wrapped up ahead of the g7 and european council summits. we understand for nato they talked about the risk of potential weapons of destruction being used on the part of russia , chemical, biological, and preparing for the risk of russian nuclear incidents and

warning of severe consequences should rush across any of those lines. what we need more detail on is what those consequences will be. tom: buried in the news flow, a new deployment of new effort and material to the eastern front of nato. we do not have the geography on that specifically. in the markets, what are you looking at? kailey: looking at the bond market continually. jonathan: you drank the jon ferro kool-aid. kailey: i have been on the show for a couple days because someone decided to take a trip to arras. here i am -- a trip to paris. here i am adopting jon ferro's thinking. tom: the commodity market is what i am looking at. you can understand with brent crude on a tear, up 20% is not even a headline. $122 a barrel. stay with us through this

historic morning. diplomacy in europe. much going on in washington. the senator from ohio, a sharp conversation at 12:00 noon. this is bloomberg. good morning. >> welcome back to a special miami open update for bloomberg tv and radio. the atp and wta tours move on to florida for one of the most prestigious masters 1000 tournaments of the year. naomi osaka bought off to a start at the hard rock stadium as she took out the aussie in three sets. she will now face fell out major champ for a spot in round three. >> last match i played was not the greatest memory for me. i just wanted to --

[applause] erin: later, stevens also moving on. the 2018 u.s. open winner taking care of business. do not forget, tennis channels live coverage continues at 11:00 eastern. ♪

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jonathan: live from new york city, good morning, good morning. equity futures positive 15% on the s&p. -- positive .5% on the s&p.

the focus is in brussels. >> everything you need to get set for the start of u.s. trading. this is "bloomberg: the open" with jonathan ferro. jonathan: live from new york city we begin with the big issue. nato members touched down in brussels. >> good morning, we meet at the nato headquarters facing the most serious security crisis in a generation. we will address this crisis together. jonathan: that delivery coming from again stolen bird as president zelenskyy pleads for more help. >> make yourselves visible. say that freedom