. the russian leader gave a special elite designation to an army unit that ukraine accused of committing war crimes. -- russian forces but have not surrendered and warned of a possible airstrikes. the biden administration extended in -- extending exportation of russian officials. ukrainians in the u.s. can apply for 18 months. 20 finance ministers in washington said if russian officials attend, officials say they will participate on the economic fallout from russia's

invasion of ukraine. janet yellen does not want russian officials to stop work for the context of the g20 meeting paired the u.s. supreme court rejected a challenge to a cap on state and local taxes paired the $10,000 limit was imposed as part of the 2017 law. they may redouble efforts. in the last few minutes, the mask mandate for planes and trains has just been overturned by a florida judge. global news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> welcome to bloomberg markets. >> bank of america joins its

peers in capitalizing on market volatility. twitter shares are on the move after the social media company launched a defense strategy against elon musk's proposed takeover. as we mentioned, the mask mandate for planes and trains has been overturned by a florida judge. more on that story in a few minutes. jon: let's do a quick check of what has been happening in markets. we are looking at cautious of buying on the snp but a lot of that has to do with what is happening in the energy market. we see the uncertainty in libya continuing to fuel oil. we have continued concern around big tech and the challenges in that sector.

the volatility with bank of america did pay off in the latest quarter results come over $4.5 billion in trading related revenue including a record number coming out of the equities division. that was a bright spot. we are watching the consumer a story, brian moynihan indicating there are people getting out on planes and going to restaurants so he feels good about that story. ritika: one of the big cards of that conversation is what are they telling us about the recession call? they are posting earnings and does that mean the markets and fears and sentiment about recession, are they leading us in a direction. let's get some insight on this from sonali basak.

banks seem to be on a positive tone and the rest of the market seems recession focused? sonali: most of this was because of russia. you are not seeing them prepare for a lot more in terms of worsening credit quality, what of the banks saying? jp morgan said the probability make -- went from low to slightly less low. if we had a hard landing when it came to the fed, the consumer this time around has a full balance sheet and less by means of revolving and credit cards. people are spending more but they have dry powder on the sidelines. jon: what more can you tell us about the use of the credit card period thought that was interesting analysis. -- credit card.

i thought that was interesting analysis. at what point are retail and food's going to be stifled because of inflationary rushers or is this the brunt of the impact. there are many things that they need to wait to play out and they worn the picture could get much worth -- worse if stagflation becomes worse and fears get worse. this is not a crystal ball. no one is looking into the second half of the year. what if inflation gets worse as well? a lot of risks on the horizon, something positive to see is the uplift in bank of america stock. what the bank has proven at least for today is that it can whether some tough times. jon: thanks very much. let's turn back to the broader markets sure, ringing kristina

hooper , invesco's strategist. there are a lot of unknowns and when it comes to the broader market we have seen them play out in the form of fear. how much does it play out in this story right now. kristina: it is hesitation and some level of anxiety. we are apt only at the start of fed tightening. the fed is time to pump the brakes and engineer a soft landing, but as it gets more aggressive and expectations about the fed become more aggressive increase, recession risks increase. it is a dallas -- delicate balancing act and that is reflective in the volatility in markets. ritika: talk about how the other central banks square with the fed.

if you have aggressive policy of getting in as the fed indicates they will, ecb pboc taking on inflation in a very different way. how much does that inhibit the global both story? kristina: i think the central banks are dealing with their respective economies. right now bank of japan does not have the significant inflationary pressures that other central banks have. so it feels that it can remain quite accommodative, which is why we are seeing yen weakness. turning to the ecb, the euros on economy is under more pressure -- the eurozone economy is under more pressure the russian invasion of ukraine and the impact on energy, so the ecb has to be more careful than the central banks like the fed and the bank of canada. even though expectations are

that the ecb will raise rates multiple times this year, i think that is going to be very hard to do because inflation risks are higher in the euro zone. the u.s. has significant inflationary rushers but the fed feels comfortable getting aggressive, because it sees a very tight labor market and some household consumers that are in much better shape than the global financial crisis. jon: i would imagine during earning season, and we just got through talking about a bank or whether it is a technology or industrial, we are going to get a good feel what some of these companies are saying. maybe they will give us snapshots on what their consumers are doing but it does feel like the larger issues, like the supply chain, that this could get the moment we get more clarity and could give investors

were clarity on where they want to put their money right now? kristina: you want to pour over the earnings transcripts to see exactly what is being said about current conditions. when we get earnings reports, that is what happened in the rearview mirror. but any expectations for the future i think can be incredibly helpful to us. so certainly supply chains are at the top of the list of concerns. any visibility there would be hopeful, as well as the kinds of things we are hearing about in terms of the strength of the consumer, because the consumer is such an important part of the u.s. economy and this is a mark positive spin than what we have heard before versus what we are seeing in sentiment readings. ritika: kristina hooper , thank you for your time and insight. the mask mandate for planes and

trains overturned by a federal john's -- federal judge. let's bring in bloomberg's drew armstrong. talk about what the implications are. drew: i am just reading through the ruling now and trying to make sense of it. we have had this mask mandate on transportation settings, everyone knows if you have traveled on air -- in the air the last couple of years. the federal government has been considering whether or not to wind down those and late last week extended it for another two weeks while the cdc looks at current case level. the airline industry would very much like this to ease the travel restrictions to make travel easier. a judge in florida released a ruling saying it is -- and i

don't think this will be the final word on this. i would expect things will stay more or less the way it is. maybe the cdc has to wind it down before it will work through the courts and we are on the brink of that anyway. jon: i do wonder for the airlines themselves in their own communication route this, does it get more complicated when we are seeing fresh headlines, developing headlines? you said what the industry is wanting to see but the customers are seeing various headlines as well. drew: it is relating to the larger issue where we are in this period of transition and have been for a number of weeks or months for what the covid restrictions are. mask mandates have fallen across the country.

a lot of other health restrictions, like schools. we are seeing the loosening but not happening at the same way and pace everywhere appeared we have seen philadelphia reinstate mask mandates as cases have gone up. we are in a confusing time and people are fatigued and tired of doing a lot of this stuff. that confusion adds even more good this will only be one more drop in the bucket of that confusion. it is truly a challenging time for people trying to figure out what the rules are. ritika: drew armstrong, thank you. twitter's roller coaster ride as the richest man in the world battles to take over the network. this is bloomberg. ♪

>> this is bloomberg markets. i'm kriti gupta. let's get more on the masks. moments ago we got headlines that the mask mandates for planes and trains have been overturned by a florida judge. talk about what the loss of the mask mandate would mean in the long-term fight for fighting covid. >> this is one of our major

measures. masking, social distancing are important measures we have to protect people from having covid. right now we have omicron and we know it tends to give a better outcome, but we have people at risk and we need to take public pence for tatian. -- take public transportation. jon: the other thing are those struggling with long covid. can you talk about getting the right information to get what is with long covid. dr. duggal: is trying to get good numbers and understand who has it and what are the risk factors and the outcomes we are seeing. we are watching people continue to have long-term symptoms or

develop new symptoms related to their initial infection and now we have people a year out that are experiencing fatigue, shortness of breath, admits have disabilities and others, including heart conditions and other things that are really disturbing to us because of the number of people who have had covid. the other part that is confusing is it is not the people who have severe infection or hospitalized people who have had mild infection, each means pretty much anyone is at risk for having long-term symptoms. ritika: talk a little bit about where the role of underlying conditions fall into that come with her asthma, diabetes, allergies. how much worst of the long covid get if you have underlying conditions. dr. duggal: that is one we are trying to understand. we see that age doesn't seem to be playing a factor. unlike covid and the severity were older people have worse

outcomes, we are not seeing that with long covid. it affects all, including children. in terms of predisposing conditions, we haven't yet seen a smoking gun, something would say, ok, it is because you have diabetes or asthma. a lot of people who have long-term symptoms were healthy individuals. some weren't marathon runners, young people in their 20's who went to the gym every day. -- some were marathon runners, young people in their 20's who went to the gym every day. jon: we will look forward to checking in with you soon. dr. duggal from the bloomberg school of public health and the leader on the study for long covid. coming up, twitter's roller

coaster ride persists as elon musk battles to take over the social network. that is our stock of the hour. we have more details next. this is bloomberg. ♪

jon: this is bloomberg markets. the story of twitter we continue to watch, our stock of the hour, volatility persisting as elon musk's battle endures to take over the business. the world richest man tweeted today, the board salary will be nothing if his putter bid is successful. obviously the board -- nothing if his twitter bid is successful. everyone is trying to figure out what happens next. there are all these scenarios,

whether it is what the board does or what musk does. >> i think clearly there is a lot of interest around the board composition, fiduciary responsibilities of the board in terms of evaluating musk's offer. giving of the tension, i don't think they can just adopted say they are done. i have to say, why is the offer not good enough. musk as to layout the financing aspects of it and really make it credible and what kind of changes he intends to make to acquire twitter. a lot of that will play out, but i don't think it will be a drawn out battle. now that this is in the news and both parties are going at each other, i think you will see a consortium, some private equity

player with musk and up the prior offer. i think the probability of twitter going private is higher than it was last week. ritika: talk about how you value this company. one of the criticisms was that his offer was lower than the valuations. mandeep: we have a recent transaction and internet space, but microsoft buying activision eight times yields. it is growing. the cost structure is bloated compared to its peers.

this is a perfect setting for a private equity player to come in and really focus on the monetization aspect because the prior managing hasn't done that and really make this company focus on engagement and monetization, because i do think twitter has focused on too many things in terms of crypto. you can do that when you are that size and that is where private equity can help in what musk is suggesting in terms of the changes he wants to make on the product line. jon: thought to watch. we really appreciate it. mandeep singh, we will be watching that. there are twitter users that will want answers to product questions. ritika: there is a lot of ways

it could be monetized. there will be volatility in shares perhaps driven by the retail bid. jon: absolutely. speaking of twitter and tesla, we have not seen technology stocks getting too much interest outside of the twitter specific story today. as treasury yield moved higher, we did start to see the s&p post a positive performance on the day. the nasdaq on the green but lagging the s&p. it has been up for commodity trades like energy and natural gas. this is bloomberg. ♪

>> a federal judge overturned a

u.s. center for disease control and prevention mask mandate on public transportation including planes and trains. the judge said the mandate exceeds the cdc's authority and violate the procedures required for agency lawmaking. air serbia is keeping his controversial flights into russia even as frequent bomb threats make the route on profitable. -- not profitable. every flight to russia has received anonymous threats. it services a handful of flights to st. petersburg. the far right presidential candidate marine le pen is closing the final week of a highly watched election. it is a tice rate -- a tight race.