which strain of the virus you got. a new study found the odds of reporting fatigue, shortness of breath, and other symptoms after recovery were 50% lower than people who had the omicron variant compared to those who were infected with the delta strain. officials say most long covid symptoms do not seem to be life-threatening. russia may soon be facing more sanctions from the united states and its allies. bloomberg has led a group of seven leaders will discuss potential new measures on a call on sunday, the talks, as the european union is preventing -- is preparing a package of sanctions that would block russian oil imports by the end of the year as well as band vessels and services such as insurance needed to transport oil to third countries. israel is set to advance plans for the construction of 4000 seller homes in the occupied west bank. it would be the biggest

advancement of settlement plans since the biden administration took office. the white house as opposed growth because it further erodes the possibility of an eventful two state solution to the israeli-palestinian conflict. a bird flues sweeping across the united states is becoming the country's worst outbreak ever of the virus. 37 million chickens and turkeys have died and more deaths are expected through next month as farmers perform mass calls across the midwest. under guidance of the federal government, forms must destroy entire flocks if just one bird tests positive for the virus. 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 mark crumpton. this is bloomberg.

>> welcome to bloomberg markets. >> let's dive into those markets. you are seeing a risk obsession with volatility as we watch the s&p 500 attempt to rebound from the enormous moves yesterday, the biggest selling going back to september of 2020. the stock market seems to be coming down a little, down marginally. only about 0.4% in the s&p 500. a lot of action in the bond market, stocks are selling off, so our bonds. you see a move higher in yields. what is interesting is the steepening and the curve, we see it again. jon: a big job stay in north america, you have in covering those u.s. jobs numbers. in canada, we did see a jobs growth, to a lesser extent and then what happened the last couple of months. it was below the expectations.

the unemployment rate getting to its record low, it is a reminder that right now, when it comes to finding available employees, that is playing into those inflationary defects. >> inflationary defects where the spotlight on the u.s. jobs report. marty walsh spoke about the upside surprises in payrolls. >> it is a good job support any time you go over projections. we still have some areas in manufacturing, transportation, which the numbers are good in, and continued strength. retail numbers are good as well and what is exciting about that is the fact that we often think about online shopping and we are actually starting to see the in-store shopping stronger than it has been in some time. jon: let's bring and former federal reserve economist and founder of stay-at-home order consulting, claudia sahm. let's start with your take away from the jobs report today,

lessons learned by you or what it tells you about where we are in this economy. claudia: thank you. we have seen half a million jobs on average created for the past three months. if we center this on workers, it is important to have a paycheck back. there's a lot of hardship with the higher prices particularly at the pump and at the grocery stores, but we have to keep in context where we started in this crisis and we have made a lot of progress. but we are still making that progress in the midst of a global pandemic. this is tough on a lot of workers, to balance that and get back to work. kriti: that labor participation rate in full focus but i think what is important is the gig economy, whether it is emma han -- amazon warehouses, whether it is people to get those delivery

gigs. i'm curious what party in that government can actually do to make those hourly wages more full-time. claudia: first of all, i would say broad brush in the labor market, we have seen a remarkable recovery in full-time work. we are back on track from before the recession. part-time work is a different story. that does fall into -- it is not get picked up in the gig economy necessarily because you have a lot of contractors and we have seen a lot of self-employment. there are a couple trends happening all at once. one, we are starting to shift to an economy that is more in person in real life. you have seen some of the amazon reducing some of their workforce. we are seeing trends. it is messy in what is happening, but i think big picture, we know that a lot of jobs that have been unstable and unpredictable hours, not sure on

the paycheck, those are going to be the ones that are the hardest to fill because it is hard -- when workers have choices, they are going to go for the hours, the stability that they have always wanted. jon: on one hand, he talk about the encouraging things we have seen from this job market but you also talked about those inflationary effects, the gas price bills, grocery store bills. a lot of people, and we have been seeing this, are trying to figure out where the economy goes from here, especially in this rising rate environment. many have looked to you to try to figure out those variables in determining whether we are headed towards a recession. what you think the outlook looks like from here? claudia: it is important anytime we get a job stay or cpi read that we look at all the pieces of the economy. if we are going to get back on track, we are going to get inflation under control without putting us into a recession, it

is important that we make progress on the jobs we have seen the wage pressures easing some, and yet still at some of the lowest wages service sector jobs, they are outpacing inflation. and another piece, and this is correct, what is going to be the cushion that keeps us out of a recession is we have a strong labor market and we still see spending and business investment , consumer spending, strong. we don't have to throw this into rivers, we just have to cool it off and that is what the fed has pointed at and that is also the recalibration -- we had a push last year with money and low interest rates. there is kind of a getting back on track to normalization that the economy is going to pull itself towards and they are going to get help from the fed and the easing of the pandemic and other disruptions. kriti: speaking of

normalization, a tight labor market used to be something of a point of pride for the federal reserve. now it has said with a little bit of caution, we are showing our audience u.s. financial conditions compared to europe, i'm curious how much the labor market is affecting the tightness you are seeing in financial conditions in the u.s. claudia: the first thing on the labor market, and i agree it is running really hot and it is hard for employers to find workers and it is putting pressure on prices that we are all going to pay, but what we need to see with these jobs coming back, and with the slowing, you are going to close this gap of how much hiring the employers need to do, so we can close this on both ends. we got encouraging news on the jobs market. i get it, there is an immense amount of uncertainty, this is extremely hard for markets to handle.

this has been and this will continue to be a bumpy ride. i think we are headed in the right direction, but this is not going to be easy to get a full recovery. a lot of good stuff has happened so far, but we are not at the finish line. kriti: always a pleasure. former federal reserve economist and stay at founder, we appreciate your time. the market is still lower but gold is higher. we are going to get insight on gold and precious metals from randy smallwood of wheaton precious metals, that conversation next. this is bloomberg. ♪

kriti: this is "bloomberg markets." gold is headed for a third straight weekly drop, it's long as one of losses since december. this is an interesting dynamic. gold under pressure in line with this risk appetite when usually when stocks sell off, people should be going to gold and instead, you are seeing dollar strength. jon: that dollar story, you could talk about it for the full half-hour. we don't have all that time. it is a dynamic we will keep watching. i spoke to one market water earlier who made the argument, go back to the 1970's charts, look at the early commodity movers, and a follow one move from gold.

the idea that maybe bullion has not had the run that some expected but that might be to come. kriti: let's continue this conversation. gold wears a lot of hats. it also serves a lot of purposes. not only is it the haven asset of choice, but physical gold, there is underlying demand in india, china. you look at my mom's jewelry box. this is important in terms of squaring the spot price with the physical demand. >> it is the rising rate environment. i have covered gold for a lot of years and at the beginning of the years i covered it, it was about fed bond buying. the reason you cap seeing gold rise from these traditional levels was because everyone said , there's coming inflation and low rate environment. we are sitting to see the opposite.

you are starting to see real increases in rates from the federal reserve, not just 25 basis points there, it is like, less to 50 basis points and we are going to keep going into the next meetings. that is what you are seeing in the gold market. three weeks of down prices, it is not uncommon, but the kind of way we are seeing this shows that at this moment in the spot market, most of the analysts and traders are saying, this probably is not the train to ride right now. jon: earlier today, you spoke with randy smallwood of wheaton precious metals who joins us now. it is nice to have you with us. not necessarily just from the perspective of people investing in gold, but companies in the business of mining because that is more close to home for you, in other words, if there are single mind producers trying to make a decision as to whether they want to go out and do something more and trying to

anticipate where the gold price goes, what are you hearing from those players? randy: we are seeing a strong appetite. gold competes with the u.s. dollar and the strength of the u.s. dollar over the last few weeks has put gold a little under pressure but we are still in a good place. if you look at the last -- i'm going to step back a little bit -- the last 20 years, we have seen continued strength and continued foundations on the price of gold for 20 years. 20 years ago, gold was trading at $300 an ounce. now we are feeling strong at $1900 an ounce. there is no doubt -- your previous caste talking about the labor pressure, just look at the commodity space, not just gold, at all commodities. there is no doubt we are going to be heading into strong

inflationary pressure because there is no way the commodities that feed consumption -- those prices are going to work their way down to the consumer. that is why we are seeing strong inflation, coming from so many factors. we are bullish on gold, we are investing heavily, looking for new opportunities. we are seeing a lot of single asset companies that are taking the decision to move forward and bring in that production. there is still a healthy appetite. joe: i want to get into those investments. something went i have talked about in the past, i asked, will you be investing in battery metal companies, and you said, the multiples are not as attractive as precious metals. when you think that is going to change? randy: i don't think it will change. the attraction of gold -- gold has always treated at a premium

to the consumption metals. metals are a higher level of pace metal in terms of demand out there. we are going to see continued higher prices. what it comes down to, especially our company, because the strength of our model, the low risks, we do not have inflation risks. our costs are fixed. so the premiums that we trade at , because of that low risk profile, because of the exposure we give the gold production, we do not see it in the base metal space and there have been companies that have tried moving into that space and they are not trading at those values. we will always look at that space, it is something i believe in and we are committed in trying to help companies bring those metals to market, but our preference is to purchase the precious metals from those copper mines, those nickel mines , and help them continue to

produce that cobalt and copper and nickel. kriti: i would like to ask about the currency impact. a lot of your revenue comes from brazil, mexico. we are looking at a stronger dollar in the face of a hawkish federal reserve. what impact does not have on how much gold or silver you are looking to mine? randy: gold is really outperforming and the other -- really outperforming the other currencies around the world. it is the strong u.s. dollar that is still performing well. the strength of our company is we take delivery in metal. we don't have currency exposures from the perspective. as long as these assets are profitable, and we focus on high-margin assets -- and that currency exposure is to the benefit of those operations because a lot of their costs are in the local currencies and relative to gold, they are doing very well.

so again, highlights the strength of the streaming business model. it limits the inflationary exposure, really limits the currency exposure. it is a strong model. yet we provide leverage to the commodity and organic growth, gold and silver. jon: thank you for the perspective, randy smallwood of wheaton precious metals. and joe, thank you to you. coming up, billions of dollars poured into etf's this week, including kathy woods, catching some investors off guard. this is bloomberg. ♪

kriti: this is "bloomberg markets."

i focused on the volume this week in the $7 trillion etf industry. we are seeing this huge input in etf volume. we are looking at a chart. etf volume is surging as we see the selloff. i have a lot of questions about who is driving these flows and what is going on. to break it down, joining us as an etf analyst -- is an etf analyst. it is not uncommon to see etf volume surge when you have these selloffs. our etf striving the trade? >> i think it is the other way around. when markets get volatile, people are going to etf's. i think it is that way we have to look at it. i thought yesterday would not be a record in trading, it was a good day, but it was not as big as in january. if you put it in context with historical periods, yesterday

was not a heavy trading day but is was stashed yesterday was a heavy trading day but it was not one of the habits we have seen. etf's have gone through a lot of events. i do not see this selling to etf's. etf's still serve their purpose. you want to take a bet on something, that is why the volume spikes, because people like the liquidity of etf's. jon: what i find interesting about those charts, particularly for that crowd of tech investors, it feels like there is a bull and bear debate. those who love tech starts before might be equally interested now after the big decline in the parish argument might be it is hard to break up with a trade that people like so much and maybe people are not looking towards a different dynamic in the markets going forward. athanasios: it is a good point. i have seen the flows be almost more binary than we have seen in

the past. when you look at something like arc, a lot of people had come in late to this trade. from an investor perspective, you are holding this fund and down on the position, they might not want to sell it. at the same time, you look at the chart and some of these other names, it could be an interesting time to step in. a lot of investors saying, this seems like a good entry point. we have seen that this week, we have seen flows pile into the ark ones, and that seems like a buying the dip feel than it is people shorting the etf. it seems like there are some people stepping in. jon: thank you very much. you can catch him on monday on bloomberg etf iq, 1:00 eastern time in new york. as we are walking through this

market story, we are still seeing a market trying to make up its mind. kriti: the stock is essentially unchanged on a weekly basis. it is like the volatility is something we made up. what is fascinating is how investors are thinking about this. we dug into it yesterday. someone said, this is not panic selling, this is just people not getting involved in the market. jon: thank you very much, perspective as always. this is bloomberg. ♪

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

romaine bostick, and taylor riggs. >> is 2:00 p.m. in new york. what did i miss? volatility apparently pushes on after a brief uptick, stocks pushed lower. on the bond reaction, we are back together and we've got you covered. one of tory policy is under the microscope, we are live at the hoover institute controvert -- hoover institute conference. stocks are hit across the board. we will speak with a software chief executive about what the small businesses he serves are saying. all of that and more c