expected to end soon. yen stoltenberg spoke to reporters in brussels today after a meeting with foreign ministers. >> be prepared for a long haul. this war may last for weeks but also months, possibly for years. mark: he says the alliance agreed to stop report for ukraine to try to bring the war to an end. states across the country are deploying billions in federal aid to hospitals in an attempt to retain and recruit overworked health care professionals facing the threat of yet another spike in covid cases. it is not just about money. hospital say difficult working conditions are keeping new hires away. the bureau of labor statistics predicts there will be an average of 194,000 nursing jobs year from 2020 to only 30.

donald trump is supporting his rallies january 6 and his slow response to the capitol that followed it. he said that he hated seeing the deadly riot, but it was nancy pelosi and muriel bowser's responsibility to take care of it. the january 6 committee said it took the president more than three hours to make a statement to stop the violence. the former president also says he wanted to join his supporters, but secret service said he could not go. hundreds of thousands of people in puerto rico are still in the dark after a fire at one of the islands biggest power plants. the outage is the biggest in recent months. periodic blackouts have gotten worse over the last few years. officials say some people will be in the dark until friday. 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. ♪ matt: good afternoon from new york. it is 1:00, 6:00 in london, 1:00 in hong kong. i'm matt miller. welcome to bloomberg markets. here are the top stories we are following from around the world. stocks are lower once again. the nasdaq 100 on pace to close with the steepest drop in nearly a month. investors uneasy about a more hawkish fed and the war in ukraine. supply chain troubles remain a concern for automakers. you'll hear from volkswagen about their recent trip to ukraine. he is the man at the carmaker responsible for purchasing. and we will go live to cape

canaveral, where in 24 hours time, spacex will be caring its first all private crew to the international space station. quick check on what is going on in the markets. we have a drop in the s&p of half a percent. 4459. 4460 is the level we are seeing today. the 10-year yield coming up, 2.6428. we do see a steepening of the curve between the 2s and 10s. that is no longer inverted. the bloomberg dollar index at 1205. nymex crew coming down a little bit. 95.50 a barrel. that pressure off of the markets right now. breaking news out of the u.s. congress. the house has voted to revoke normal trade status with russia,

one of the things on the docket for a while. it is largely seen as symbolic but still a lot in washington thought it was important to be passed before the recess. we have minutes from the federal reserve's last policy meeting, came out yesterday, indicating a more hawkish stance and details on their program to tamped down inflation. bloomberg spoke with the former imf chief economist about the fed's difficult task. >> am not as optimistic as most people. i still think it will be very tough. inflation has a lot of momentum. wage growth is very tight in this labor market. the fed will have a hard time slowing down the machine. it has to admit that it has to slow down the machine and they don't want recession. matt: to discuss is claudia sahm, jane family institute

director of macro economic research. what do you think about the fed's task here? we have heard a lot of criticism and concern that hiking to the neutral rate and beyond, as some have said, it is going to push the u.s. economy into a recession. claudia: right. i agree with glenn chart. what the fed is trying to do now is very difficult. but we know how important it is for the federal reserve to get inflation under control. we know now that they cannot bank on supply chains easing, covid receding entirely. so, we have a fed that is focused on inflation. that is what they need to do, they know how to do this, and they will move deliberately so

that they don't do it overshoot. that is appropriate, but it is very clear what their focus is right now. matt: why didn't they do this earlier? we heard from daly saying she sees the labor market extremely tight. it doesn't look that much different from a few months ago, and they are still buying bonds. claudia: we saw in late summer price pressures start to ease. after we went through the major wave of covid, big rush after the fiscal package, and then we had delta and omicron. truly, the war in ukraine broke the spirit of we are going to have relief on the supply chains. if the fed has all of the wind at their back in terms of being successful, getting inflation down, or cooling labor markets, then patients made a lot of

sense. but we are really past that now. matt: yesterday, bill dudley told bloomberg that the fed needs to inflict more losses on the stock get in order to -- market in order to reign in inflation. that is likely to happen when they are raising rates, but it seems to me before, that it was a bug, not a feature of that policy. how do you see that? claudia: communication is absolutely crucial from the fed right now. they need financial conditions to tighten, need investors to take them seriously that they will fight inflation. i think we have seen a constellation of speeches from people like mary daly, lael brainard, and the minutes reinforced it yesterday. they are going to do what it takes to get inflation down. the message is there and we are seeing some financial tightening, but it's a question. communication policy is an even

blunter instrument than just straight increases in interest rates. matt: i know it is difficult to try and forecast, but what do you think the terminal rate is going to be, how far down do you think they'll be able to get the balance sheet? claudia: it was important yesterday to see in the minutes they have been working on and have a clear path forward with the balance sheet. that is another way they can do tightening. they need it to run in the background without disrupting markets. it looks like they are on that path. where we are with neutral interest rates, what is clear is, as disrupted as the economy has been since the pandemic, these key rates -- output, inflation, interest rates -- are moving around. even going into covid, it is not going to be enough to see what we will get. we have a disrupted supply-side.

matt: we have also would've learned how the fed can use qe and qt as a tool of financial conditions, but as an economist, does it matter to you the size of the balance sheet? if it holds, does it make a difference to the economy? claudia: i think decreasing the size of the balance sheet, moving in that direction, more forcefully and rapidly than they did after the last recession, makes a lot of sense right now. the fed has estimates of how large these effects will be on the financial markets, but this is will you will see them keep moving and reassessing to see what is happening in terms of tightening. i agree with that as the approach they are taking. matt: great to get your insight, claudia. claudia sahm of the jane family

institute. let's get to some breaking news involving former president trump. new york attorney general letitia james said in a filing that trump should be held in contempt of court and find $10,000 a day until he complies with his subpoena for documents in a civil probe of asset valuations at his company. she is saying that he missed a deadline to hand over more records from his real estate business and is improperly seeking fresh delays. more on that suit. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. let's get to something that caught my eye, auto sales from mercedes as well as bmw. both companies reporting declines. mercedes-benz fell 15% in the first quarter because of a lack of semiconductors. it is still struggling with supply chain issues. bmw, not as bad, down 6.2% in the quarter, with deliveries declining 7.3%. that shows you what the difference the pricing made.

deliveries of fully electric vehicles were a bright spot for both. more than doubling for bmw, tripling for mercedes. they are all struggling with chips, high costs for raw materials, and as a result, sales are down but they are making more money on the cars that they sell. sticking with cars, i spoke with the volkswagen group chief purchasing officer who just wrapped up a trip visiting suppliers in ukraine. they are still working. and is also planning on coming to the u.s. >> first, we stand with the suppliers in the ukraine. as long as the safety and security of the people are given. nobody knows how long this more lasts. we said that we would also duplicate to make sure that we have supply security. we were in constant dialogue

with the suppliers on site, videoconference, things like that. what i found out was they really want to work, they are really committed. they wear saying, please stay with us. then one of the suppliers said, we want to work but also let's go on site and tell the people directly at the plant that we stand with them. we took a car with some donations, went to western ukraine near lviv to visit the supplier. what i saw there was big motivation. for two decades, they are delivering high quality parts to us, on time, and they want to keep this. i told them that we stay with them. matt: so they are still producing? murat: yes, they are producing.

almost all the suppliers in western ukraine are producing. i would say 50% to 80% of the capacity. when it comes to the material, this crisis shows how diverse automotive business is. take the wiring harness. investment is low. you can quite fast, create additional capacity somewhere else. standard equipment. you need to train people. it is not limited on a worldwide base. low investment and you can really fast duplicate. when it comes to semiconductors, chips, it is the other way around. you need really huge investments, and it takes three to five years until you really raise capacity. that is why -- let's say the chip crisis started in 2020 when

covid began. until it is over, it will take three to five years. we say 2023 is much better, and until everything is gone, it may take longer. we see an improvement quarter by quarter, also right now, but not to the level that i can say the chip crisis is over. matt: let me ask you about batteries. volkswagen has done a lot moving into the ev fight against tesla, if you will. what about battery production? how on top of that are you, what kind of progress do you want to make from here? murat: i think we are really on top of it. we had decided to invest ourselves into battery and cell production. we are building up six plants in europe. 240 gigawatt hours only for europe.

some of that we will do our own, son we will do with partners. for example, in the u.s., we need also probably battery factories in the u.s.. we are investing here. matt: is that one thing you are talking about next week when you come to the u.s.? will you be looking for sites? murat: indeed. i will visit our supplier for batteries for the id4, which is launching in the summer. matt: that was murat aksel, the volkswagen group chief purchaser, talking about the difficulties and joys of his job. breaking on congress. the house clears the russian oil import ban for biden's signature. they are trying to take care a lot of work before they go on to recess. also want to mention more on

those headlines regarding former president donald trump. new york attorney general letitia james said in a final link that trump should be held in contempt of court, fined $10,000 a day until he complies with us if you know for documents in the civil probe of asset valuations at his company. we will be giving details on this as we go to the afternoon. this is bloomberg. ♪

matt: this is bloomberg markets. i'm matt miller. in 24 hours time, spacex will carry its first all private crew to the international space station, another feat for elon musk's space company and axiom, which pulled the mission together. but tensions in high after russia's invasion of ukraine. ed ludlow joins us in florida.

what is this going to be like? ed: it will be similar to the missions that spacex has already flown for nasa astronauts. 20-hour journey from here to the international space station. the crew is four civilians, three of which paid a reported $55 million to do so. they will spend eight days at the international space station doing scientific experiments, but it is also a bit of a holiday. spacex is the carrier, the rocket provider, and axiom is basically the travel agent that you book is through. their ambitions are much greater, a lot of discussion about the long-term lifeline of the iss and whether a private space station is the way to go. that is what axiom want to achieve in the long run. matt: what do we know about the

crew? ed: the first member is a former nasa astronaut, three shuttle missions, one mission to the iss and a russian so use rocket. he is now the vice president at axiom. the others are high net worth individuals, entrepreneurs, investors. larry connor is a real estate magnate. there is someone from the music industry. and then a former israeli air force pilot turned investor. according to the washington post, $55 million a seat is what they paid to get on, but they are space enthusiasts and adventurists. matt: there are russian crew on the iss, hopefully none of them are nihilists. ed: there is a u.s.-european

half of the station and a russian half. there are cosmonauts on board and the question nasa is asked is will the civilian astronauts venture over to the russian side to say hello? things are tense. the head of the russian space agency said over the weekend the economic sanctions, trade sanctions placed on russia could be to a situation where russia just pulls out of the iss. it cost $3 billion a year to upkeep and develop, only has a limited life to 2030, and there is a fear that if russia pulls out, they pull out the funding with it. matt: what is the weather looking like, what is the possibility that this happens? ed: i'll be honest, just look at the sky. spacex tells us that as of this morning there is 80% favorable weather conditions, which means it looks good. it doesn't look good from where i am. i have been hearing rain and

thunder. but things change quickly here. the window tomorrow is what they call an instantaneous window. if they don't launch then, they will not until a later date, because they need to align the trajectory to get the crew to the iss. matt: how much more expensive is this kind of lodge getting with the rising fuels and raw materials? ed: i don't have a number for you but one of the ambitions spacex has had for a long time is to bring kerosene production on site. that is the propellant they use for falcon, as opposed to hydrogen or oxygen. they basically bus it in. the fuel is the most importan -- expensive part of the rocket. in terms of the mission analysis, that is the real consideration. i don't know the dollar impact but spacex says it is an impact, and they have raised prices for

other launches because of those supply chain pains. matt: thank you so much for joining us, ed ludlow. coming up, canadian prime minister justin trudeau is set to unveil his budget today. why more spending could complicate the bank of canada's fight against inflation. that is next. this is bloomberg. ♪

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mark: congress gave final

approval to legible assertion -- to legislation revoking normal trade status from russia and balaguer's -- russia and belarus. this would put russia and belarus in the same category as mariah states like north korea -- pariah states like north korea and cuba. the bill goes to the white house now for bidens signature. the u.n. general assembly voted to suspend russia from the human rights council with a vote of 93 to 24. 58 nations abstained. this was the first time a nation was suspended since a similar vote against libya in 2011. a new report from the world health organization says cobit cases in africa have been widely underreported and about two thirds of the continents inhabitants may have been infected with the disease. in september 2021, 8.2 million

cases there were in fact 800 million infections. africa is the least vaccinated continent with just 16% of the population fully inoculated. new york's top law enforcement officers and says former president donald trump should be held in contempt of court and find it $10,000 a day until he complies with a subpoena for documents. attorney general letitia james said mr. trump missed the march deadline to turn over records from his real estate business. james is investigating asset valuations of mr. trump's company. bloombergquint to take power by more than 2700 euros and analysts in over 120 countries. i am a mark crumpton. this is bloomberg.

jon: welcome to bloomberg markets. matt: here are the top stories from around the world. a historic confirmation with three senate republicans supporting her, judge jackson is a set to win a seat on the u.s. higher court. canadian prime minister justin trudeau is said to deliver a budget that will deliver revenue when files -- windfalls from oil program to new programs including billions in spending despite the record deficit from the pandemic and additional inflation that may ensue. it's time to play ball. today is the opening day for baseball. we will speak to the toronto lucchese ceo and president mark shapiro about how vaccines

affect players that need to travel across the border. jon: let's take the score of what is happening in the markets on this thursday. there is a lot of red in equities. the s&p is close to the flatline but still down. the nasdaq is more so. we are off our weakest levels of the day. as an extension of the reaction to the fed minutes yesterday, fighting inflation with higher rate and certainly pulling back on balance sheets is a something the market has been thinking a lot about. higher yields are weighing on bank stocks and real estate place today. mark crumpton was talking about the congressional ban on russian industry -- energy. if we will talk about an economic slowdown, what does that mean for oil prices going forward? the energy story has been big or quote the canadian economy this year and will be front and center later today as the federal government unveils its latest budget.

for a preview on what to expect on that let's bring in angelo who covers the canadian economy for bloomberg intelligence. it's interesting. there has been such a deep dialogue around fighting inflation. but one of the key lines out of canada's today that is likely is huge continued spending. what can you tell us what the budgets will likely be all about? aneglo: thank you for having me on. we expect deficits around $50 billion this year, close to 2% of gdp. whether it is inflationary really depends. will the spending go to consumers? will consumer spending added to the inflationary dynamic or will it be long-term productivity growth spending that might increase productivity growth in the long-term and help inflation stay low in subsequent years. matt: are there features of the budget that intend to limit

inflation we have seen, especially in the energy sector? angelo: the energy sector is in does that interesting because it leads to higher revenue in some parts of the budget they say could pull back inflation in the housing market. there is expected to be a ban on foreign housing. on the flipside, they will also focus on affordability. they will try to slow down demand, but if you get the affordability more people will be able to. matt: we should remind our american viewers that the surge in housing prices we have seen here has been matched if not outperformed in canada, certainly in places like toronto. jon: absolutely. it's a housing nation at this

point. that is why people are also watching higher rates in canada. next week we are expected to see a continued aggressive bank of canada. angelo one could make the argument that higher rate plays a role and possibly cooling the housing market. you are one of the few economists i have seen that also tried to tie government spending and the budget in particular back to central-bank action. this week certainly on wall street the idea of bringing the balance sheet back to more normal levels has been in focus. qt, so to speak. you will be watching this budget very closely to determine at what rate the bank of canada moves away from some emergency stimulus. angelo: yes, the way that the government will fund qt and how their issuance pattern will emerge really depend on how cogent it will be. if the government has a more balanced approach you may not get traditional steepening that people associate quantitative

tightening with. however if the government keeps yielded towards the long end, 10 to 30 years as they did in 2021 then perhaps quantitative tightening could be a steepener on the yield curve and raise long-term yields. matt: angelo, thank you. that is angelo manolatos of bloomberg intelligence joining us. staying with canada, hope springs eternal for all baseball fans on opening day. the president of the toronto blue jays will join us next to preview the upcoming season. this is bloomberg.

jon: this is bloomberg markets.

jon erlichman with matt miller. it is in the opening day for most major league baseball teams. the toronto blue jays will kick off their season tomorrow, the first time in two years that he will play in front of a full stadium in the city of toronto. for more on the strategy heading into the season let's bring in mark shapiro, president and ceo of the toronto blue jays. it is always good to see you given how tense the things were for a few weeks, did you wonder if we would even be at this moment, talking about opening day? mark: it has been two years of uncertainty for the world. certainly, a disproportionate amount of uncertainty for the toronto blue jays. i have learned to take nothing for granted and be more grateful for things that in the past or mundane and every day. an extremely exciting friday night for us will be emotional. it will be a celebration and a

reunion too. jon: what are ticket sales like? are people raring to go? are they concerned about covid? what will tomorrow night look like? jon: tomorrow night will look sold out. tomorrow night will look like the last time we played with a championship caliber club. there are a lot of people here excited to reconnect with our team. the process of not being able to play here or play in front of limiting capacity, the team has matured and grown. we have added veteran players. everything lines up perfectly for us. in that, we are coming back to a full house at a time when a high level of expectation -- with a high level of expectation and a lot of enthusiasm. jon: you have played at the

rogers center where there have been several rates. -- upgrades. when it comes to what is being spent on to ensure the best path forward for the game, the business, player salaries, also, investing in the next generation of fans competing with a whole host of sports out there, how do you think of that? mark: you mentioned it in the proper light. i think the way to think about it is that fan experience needs to not just depend upon the competitiveness of the team. we need to think about fan experience being compelling. that means offering a different set of experiences to every segment of our fan base. as we reimagine a multipurpose stadium that was best in class in the late 1990 -- 1980's, it is really transforming that stadia -- stadium involvement -- environment to a ballpark with multiple ways to watch the game. we are excited about that.

again, i think that aligns very quickly with a team that will be exciting to watch on its own but a re-envisioning of rogers center over the next two years will be exciting as well. jon: one of the ways you will fund things going forward is advertising on jerseys, on uniforms. i with -- it will be i think a first for baseball. we are used to to sing this in european football and soccer. what does the demand look like for businesses that want to plaster brands on your gear? mark: it will be next year, not this year. we have a year to think about that and strategize what will we be doing uniformly across the league. in what i hope will be a very tasteful way. for us it is important to grow revenue so we can grow the payroll of our team as it matures and ensure a sustainable championship window. there is a lot of demand for that because it is such a prime focal point for anyone who

watches the game. but we are still in the process of developing where that alignment would be and who we would partner with for that. jon: coming back to covid for a second, this is something i think a lot of ascot ball fans are watching. -- basketball fans are watching. if you have playoff games in toronto and some competitive players from the u.s. are not vaccinated, can they play in the playoffs in toronto just based on vaccine policies? how are you thinking about that? are you having conversations with other teams? how will that work if other teams are coming to a city like toronto? mark: i have been communicating with mlb about that with the commissioner directly at his office. as far as speaking at other teams, i am thinking about the toronto blue jays not other teams. i will leave that to the league to handle. but it's pretty black-and-white. under vaccinated players will not be allowed to cross the

border just like on vaccinated citizens are not allowed to cross the border. all of our players are vaccinated and it is up to each and every individual team we play to get all of their players vaccinated. matt: it could be if the yankees have some vaccine hesitant anti-vaxxers on the team they will not be able to bring them to canada? marco: that's true. -- mark: that's true. i think that blue jays have had competitive disadvantages over the past two years. we have played in front of limiting capacity crowds on we were finally out to get back late in the season last year. certainly we have had to ensure everything go one of our players is examined to have been vaccinated. although the moment it looks

advantageous for us, we are proud of the resilience and determination that our team, our players, and our organization has shown. that should be taken into light as well. matt: mark, thank you for joining us. mark should pyro the toronto blue jays -- mark shapiro there toronto blue jays president and ceo. the house of representatives just cleared the russia oil import ban for president biden's signature. we have a few other things zooming past. annmarie hordern joins us. they are trying to get things done before they go into recess. annmarie: that's right. this is widely expected. these are white house back to bills. we had the president come out with orders on them and both cleared the senate with a 100 to zero vote, with everyone on board. the first one was revoking russia and belarus of the normal

trade status. this puts russia and belarus in the same camp as pariah states like north korea and cuba. if they will be importing anything to the u.s., they have incredibly high taxes and levies on the goods. the second is at banning of russian oil, gas, and coal into the u.s.. this is now law. congress has voted on this and it will go to the president for signature. jon: you have talked a lot about the winding down of housing payout from here. that's how things play out from here -- how things play out from here. annmarie: there is winding down. a lot of this is in contract. the u.s. along with other allies is trying to make sure there is not blowback or repercussion on u.s. companies or investors. there will be a wind down period but the direction of travel is clear. it will be incredibly hard for russia to get any goods into the

u.s.. matt: judge jackson, the vote is set to clear her as the first black woman on the supreme court. what do you expect? what a historic moment. annmarie: matt, that is what it is. this is an incredibly historic moment. the supreme court for its 233 year history has never seen a black woman be a part of it. so, this vote is incredibly historic and we are expecting it obviously to pass. that was always going to be the case. because the hearings were at moments a bit tense and heated, it actually suffered a blowback on republicans because you have three republicans now crossing party lines to backer included -- including senator susan collins, lisa murkowski, and mitt romney. susan collins said she thought it was too heated, some of the rhetoric. too many interactions --

interruptions. this is a huge win for the president. on the campaign trail he promised this. matt: the usual suspects across the aisle. you wonder how those who did not vote for her will be judged by history. annmarie hordern out of washington. coming up, as the chip shortages processed, for it is downgraded by one analyst it says investors are underestimating the risk to auto. that's our stock of the hour next. this is bloomberg.

matt: this is bloomberg markets. it's time for stock of the hour. ford has made a lot of news lately but analysts are not buying it. certainly at barclays that is the case. their rating was dropped to an equal weight.

that's basically a hold. kriti gupta joins us with a look. what's going on with barclays on ford? kriti: it's not just for today are negative on the entire auto sector. it is supply chain issues, you cannot get the chips you need. metals and raw materials are so expensive and that will add to the cost. only one third of commodity needs are locked in as the year began. that will be a real problem when it comes to production. fortis specifically is the case study for all of this. march sales are sharply down year-over-year. ev sales are up. ev's actually require more chips and more metal than your traditional car. is that the spots that will get hit next? barclays and not -- is not alone in some of these worries. the bank of america says 2022 is sitting up to be a round two of 2020 when it comes to supply

chain shortages, etc.. matt: that is the f-150, the lightning, the electric f-150. i think it looks awesome. it will be harder to produce. a ton of people want to buy it. for a long time they closed in the order list because too many people wanted it and they cannot get it to them. kriti: were you one of those people? matt: i should not say probably. kriti: fair. there is lots of demand. that to the metals part there is a lot of the metal in the video we are looking at but auto stocks broadly are taking this into stocks. the ukrainian invasion, you see some commodity shortages, supply taken off the market from russia, a major alumina manufacturer, producer, and exporter. you have always that's already seen some of these stocks take a hit in anticipation from the war in ukraine. matt: i auto suppliers in -- there are a lot of auto suppliers in ukraine as well.

i talked this morning to the head of procurement for volkswagen. they are still producing 50% 80% of capacity over there in ukraine at sites near lviv. so it is a crazy time for the auto industry. kriti group said there with your stock of the hour. canada is big for auto production as well. for i while it was difficult to get things across the border. those are open now i assume, those bridges to detroit? jon: it has gotten better. we started off the hour talking about a big day for the budget in canada. if you weeks ago on the program we were talking about truckers that made their way to ottawa to raise concerns. but yes, things have started to tear up, a nice change. matt: i'm glad you mentioned truckers. today's for what it is worth a is on the men and women chasing the long white line. walmart is ramping up a four truckers. in-house truck drivers will earn

between $95,000 and $110,000 per year for their first year at the company. so, good pay for truckers. it is a difficult job and those who do it well really earn it. jon: yes, getting the younger generation into it too. walmart will be busy, matt. the economic slowdown will benefit walmart but they still have to get people to drive trucks. matt: cool stuff. it has been a pleasure. thank you for joining us. this is bloomberg.

mark: keeping you up-to-date with news from around the world. there may be new evidence of

russian war crimes in ukraine. german intelligence picked up radio chatter between russian soldiers talking about killing civilians outside kyiv. in one conversation, a soldier claimed he shot and killed a cyclist. officials say the intercepts indicate the killings were not carried out by rogue forces, but may have been a deliberate strategy to instill terror. russia has said images of civilian corpses in bucha were staged. congress has given final approval to legislation revoking normal trade status to russia and belarus just hours after the senate cleared it on a rare 100 to zero vote. this would put russia and belarus in the same category as pariah states like north korea and cuba. the white house now goes to the white house for bidens signature.