>> stocks up put on the volume of which means anything can happen. i am kriti gupta, bloomberg markets bank -- "bloomberg markets" starts now. kriti: in the last 30 minutes to one hour, the markets have --that means volatility is baked into the market. you have the nasdaq up almost 1% in the session, now tearing those gains. the s&p 500 up .2%.

the volatility picture is in the bond market. the 10 year yield at 3.1%. intraday volatility is 10 to 12 basis points. the nerves are settling in before jackson hole. we will ask michael mckee in a moment. the dollar index inching up .2% of 1% and crude is down .1%. at the end of the day, it is about the federal reserve. we were talking earlier about how the fed should approach inflation. look at this. >> we need to hold the fed's feet to the fire on what they want to see for inflation. if you are waiting for inflation to get to 2%, it will be higher than anyone appreciates. i think they know better than that and they need to feel that narrative. i think if i am wrong and they

keep on hiking breaks -- hiking rates, the hiking cycle will go on longer than anyone appreciates. kriti: joining us for more is bloomberg international correspondent mike mckee who sadly joins us without his cowboy hat. thank you always for joining us. let's talk about the expectations baked into the market ahead of jackson hole. it feels like the market is expecting such a hawkish tone. does that mean chairman powell is settled -- is settled to --? michael: you can say the markets are set up to fail. there are people who are disappointed and people who felt he gave the message they want to do here. there are two camps, those who think inflation is out of control and the firm -- and the fed needs to be firm at hawkish. and then others who think the fed needs to back off and be careful in how much it raises interest rates.

jay powell is probably going to disappoint both groups. he will probably go back to what they have been saying for some months which is we're going to be firm and vigilant on inflation. we are going to raise rates to a restricted level and that we are going to leave them there for a while until we are sure inflation started to come down. what you just heard was, do we want to bring it down to 2%? he is not going to say that he is going to say they want solid evidence it is moving lower. kriti: talk to us about the mood there. this is not just about chairman powell himself, there are several policymakers right now who are at the nerd super bowl, for lack of a better term. let's talk about the mood. when do you see? michael: people are only beginning to trickle in, but there will be some europeans here. we are back for the first time in two years and everybody is

happy to be at a place that looks like this. they have the dilemma about what to do about monetary policy. we have european policymakers coming in and they have a worse situation because they are probably in recession now and inflation is only going to get worse because of the energy situation as winter comes. what do they say and what do they do? the fed policymakers are going to be talking about what they can do although much of this conference is academic papers, or as paul said, the nerd super bowl. the idea is to be have some ideas about what to do next? kriti: we will wait to see if those ideas emerge. michael mckee, we thank you for your coverage with the team over the next two days. let's get to the story of positioning. joining us is priya misra from td securities. let me put to you the question i put to michael mckee, is

chairman powell set up to fail given how hawkish the market is? priya: thanks for having me. i think the market is setting up for a hawkish message. if the market is looking for chair powell to tell us if this is a 50 or 75 basis point hike, i think you are going to be disappointed. chair powell is going to say they are data tended -- they are data dependent. there is still another report before that meeting. i think what the market is setting up for is that the fed is not relenting on its inflation credibility or a clear commitment to slowdown the hike. the market has been struggling with the threshold, what is the threshold to stop the hike and then cut rates? we have already priced in all of these events. i don't think we get a lot of clarity. the market is setting up for a

hawkish message for the fed to say the data remains strong, we remain committed to our inflation target. we continue to hike at a slower pace. it is the end point that the market is nothing that closer to 4%. i don't think chair powell will disappoint us and say it will be lower than that. reiterating the inflation commitment but keeping our options open. kriti: what does that mean for the bond trading at a time when we are seeing there is some anxiety, some nerve state into the market? you have seen the stock market not do a lot. the bond market, we have in the -- 11 point basis point move. what do you make of that? priya: it is an illiquid time of the year in august, always. you have a market that is skittish about all of the economic outcomes. we are talking about risk off

high inflation stagflation risk. the distribution of economic output is extraordinari widely. we should keep that in the back of our mind. in terms of the bond market, i think the flattening trade -- flattening trend is here to say -- is here to stay. there is no sign the fed will get concerned about recession risk or they will respond. inflation is still too high. back to your earlier point about when do they stop, i think they needed to get closer to .2%. i don't think they are waiting to get close to 2%. you start seeing more .2% or .25 percent on inflation which we think we will see by the end of the year. that is when the fed can signal it is done. i think rates are biased higher.

more attention on economic data, looking for another solid payroll report, another inflation print. i think it keeps the upward bias on rates in different and. you have global growth concerns and even u.s. growth concerns. we think to 85 is our forecast for the year end -- 2.85% is our forecast for the year-end but 3% is probably closer. kriti: i want to get your take on the flatter yield curve. we are looking at a negative basis point right now but in the 80's and 70's which seems to be daytime. there is a lot of parallels. that curve was -200. do we get there again? priya: i think -200 is a high mark. the fund rate is lower today than the 1980's. we are looking for -40 or -50.

i think that is reasonable because the front end can continue to rise. that long and stays anchored so absolutely flatter. i think not -200. kriti: priya misra of td securities, a pleasure as always. time for bloomberg's first word news with mark crumpton. mark: president biden is said to unveil a package of student debt relief. it would forgive $10,000 in debt for borrowers who earn less than $125,000 a year. pell grant recipients would have $20,000 in debt forgiven. also the moratorium on forgiving student loan debt would be extended four months. that could help democrat's chances with young people in november elections. advisors to former president trump press the fda to certify hydrochloric when as a covid-19

treatment even after the fda said it lacked efficacy. that is according to a report obtained by bloomberg law. the house select committee says trump's officials used pressure campaigns and that trump touted the drug. the fda revoked the emergency use authorization in june 2020. the pga is taking steps to fend off the threat from the new tour backed by saudi arabia. the pga's top players are committing to play in at least 20 tournaments, including four new elevated events for $46 million more in prize money. a bonus pool will be doubled with players meeting certain criteria guaranteed at least $500,000 a year. 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 am mark crumpton, this is

bloomberg. ♪

kriti: this is "bloomberg

markets." -- and how she is recovering. stick with us to the next couple of hours. president biden is said to unveil his plan to forgive student loan debt depending on a borrower's income. it could forgive up to $10,000 in debt and $20,000 for pell grant recipients. emily wilkins joins us now for more. thank you as always for joining us. you have been on top of the story for days. walk us through the political

implications for democrats in terms of the four month timeframe. emily: the democrats have been urging president biden to forgive some part of student loans. there are some groups who are disappointed with the number of only $10,000, they were hoping for more. during the 2020 presidential campaign, $50,000 was the number not around, forgiving all was an option. you are seeing folks like larry summers coming out and warning there could be negative impacts if biden is too generous with the amount of loans he forgives. there are lots of arguments around this space, lots of people who are passionate about this. the hope is that by forgiving $10,000, $20,000 if you get pell grant's. that is going to wind up helping americans in terms of being able to repay loans and be able to use some of that money going to repayment for other items they could purchase like homes, cars,

other big-ticket items. those who have advocated for student loan forgiveness will see this is a big win even though some are not getting as much they want. there are some more fiscally conservative democrats who are a little concerned about how this will play out. kriti: for our international audience, emily makes a key point about pell grant, essentially pell grant's are issued the department of education to low income individuals and are not required to be paid back which is why there is extra assistance. we talked about the criticism present by that is getting from across the aisle. emily: republicans across the aisle, the big criticism of course is that they are now responsible for paying back the government. other americans who do not go to college should not have their taxpayers being responsible for paying back americans who did.

that is one of the arguments you have heard against it. there have also been concerns about what this could mean for the economy as it has been heating up, as we have seen inflation go up. could this play a role in that? that is something that republicans are ready to send messaging on depending on what the report looks like. for democrats, it is a bit of a mixed bag as far as how folks are responding. upcoming midterms, they are not expected to go in democrats' favor in the house. they have historical precedents against them, they have inflation numbers against them hopefully democrats are betting this will be a bit of a boost for them come the november midterm. kriti: emily wilkins, we thank you. let's get more of what emily was talking about, perspective on the economic impact of this particular initiative. chief u.s. economist and along joins us now -- economist anna

wong joins us now. on one hand, president biden looking to include more people. if you are not paying your loans, perhaps you can spend that with the economy and help it grow. the criticism of that is that fiscal stimulus in one sense? when you stand on whether or not this is inflationary? anna: if you think about how much in if this generates where borrower and taking 4.1% of the average interest rate on a student loan repayment over 10 years, that approximates to 1002 it dollars extra per year for a borrower. looking across the income distribution, the richer 40% of u.s. households tend to have multiple borrowers. without them or income earners, both went to college. that could be even $2400 extra for the household.

as a context, compare that to the american rescue act last year which a lot of economists are saying is responsible for the extra 3% inflation last year. our estimate is that this policy, student debt forgiveness, could be boosting inflation next year by an extra 1.4%. kriti: how big is that in the grand scheme of things at a time when every basis point of inflation increase matters? is this something to be concerned about? should chairman powell be worrying about this? anna: you look at the forecast of where inflation will be next year, many people think it will fall back to 3% or even 2%. you had .4% to that, it is a big different. that means the fed chairman will have to double down on holding britt's tight neck cheer --

holding rates at next year. i think the expectation that the fed is going to cut here is becoming less -- cut next year is becoming less and less likely. kriti: anna wong, our chief economist. we thank you. looking ahead, moderna is joining pfizer seeking clearance for booster shots that are omicron specific. we will have the details next. this is bloomberg. ♪

kriti: this is "bloomberg markets." moderna has completed filing for clearance for booster shot that targets the recent omicron subvariants and guidance on how to protect yourself against the coronavirus. let's go to amber d'souza of the john hopkins cash johns hopkins

bloomberg school of public health. i am curious about these booster shots. about a year ago they were all the rage, everyone wanted to get ahead of the delta variant. i am curious about the adoption here. are you concerned perhaps about the idea that fewer people are interested in getting a booster shot? amber: i think it is an exciting development. unlike booster shots last year where it was an additional shot at of the same vaccine, this booster shot is different. it has reaction to the same component of the vaccine also has components of omicron so that can protect against ba.5 and more recent strains. it can provide better protection and it is an exciting development. kriti: walked through the development of booster shots, what are the concerns and criticisms -- one of the

concerns and criticisms is how many more shots people will have to take, how often they will have to get vaccinated as we see different variants and subvariants. what is your timeline in regard to vaccinations in the meantime? amber: things will stabilize in the coming years but we are only a few years into developing immunity to covid and it did you take quite a bit this past year. the original vaccination, while it did in amazing job protecting against severe disease, we know there is lots of transmission and a number of deaths each day that is unacceptably high. we want additional methods to provide protection. having a booster more tailored to the current variant can help us reach that goal. that does not mean things went stabilize in the future and everyone will have to have additional boosters, but i think those most at risk may need

continued vaccination possibly every year the same way we have with the flu which mutates quite a bit easier. it depends what happens with covid. i think this year and next year we expect continuing mutation of covid. kriti: i am glad you brought up the comparison to the flu specifically. over the years it feels like people have built up immunity to it. not everyone gets their flu shot every year, perhaps not the case when the flu first broke out. how much more or less dangerous is the coronavirus as it still has steps to get to the flu status? amber: right now the number of people dying with covid is higher than what we see from flu. it still poses more risks. we are not sure exactly how long the protection from the existing vaccines we have will last because covid is still mutating at a higher rate.

it is a fairly new infection for us. it is mutating quite a bit. i think the death rate will remain higher than what we saw for flu this winter and possibly for another year or two. it won't be this way forever. there will be a period in coming years where additional booster vaccination will only be for the highest risk groups, the way flu vaccination is targeted and recommended for a fairly wide group, but not everyone receives it. kriti: about 20 seconds year, and headline crossing the terminal, the president will mask 10 days indoors and around others. can you tell us the significance of masking? amber: masking continues to be an important tool, especially when you are inside congested settings and you know you have been exposed or have covid.

it can be essential. a lot of this is individual risk thresholds. if you don't want to be exposed, masking is a tool to prevent you. kriti: some nebula keep an eye on. dr. amber d'souza of the johns hopkins bloomberg school of public health, supported by michael r. bloomberg. ♪ so... i know you and george were struggling with the possibility of having to move.

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ritika: stocks are marginally up. i'm pretty grouped -- i'm kriti gupta. bloomberg markets starts right now. let's dive into the price action because earlier in the session, the s&p 500 was warring, flying on high-volume since seeing gains. the s&p 500 now about flat on the day and the nasdaq outperforming but barely. at volatility, you can really see it in the bond market.

10 year yield debt 10.31 percent, higher by seven basis points. already in just a couple of hours. with that, you see movement in the dollar, the dollar index up about .1% area when you have a marginal move higher, traditionally, that means pressure on commodities, but a real turnaround in brent crude, trading with a 100 handle but up .4%. let's talk about the big issue. it comes down to the federal reserve and jackson hole. earlier, we spoke to julie deal on the potential economic slowdown and how it will cause unpredictably for company. julie: it is hard to know what the slowdown will look like because so much is driven by what happens at the fed, and what happens at the fed is driven by inflation, and inflation is driven by a number of factors not just related to economics but geopolitical factors. it is hard to know.

that is the reason it is important to focus on investing companies with global earnings because you cannot predict any of this. kriti: let's stick with that lack of predict ability and how that could hit arc it volatility. joining us is r-star equity reporter on the team -- our start all its hoodie reporter on the team -- volatility reporter on the team. >> it was lower on a weekly basis, but right now, trading around 20, 40 after falling below two weeks ago. a lot you would speculate has to do with what you were talking about, the fed trajectory, jackson hole, and there is a lot of finality factors that go along with it, so it is looking at the xn which measures the nasdaq versus the vix, and over the past decade, nine out of the past 10 times, there has been an expansion, so typically there

would be weakness you are looking more of the nasdaq 100 and tech and growth stocks. kriti: what is interesting to me is the level on the vix that we have to keep an eye on because for so long, the focus was on if you don't cross, we will not sustainably stay below 20. i'm curious about why given the amount of unknowns and worry. we have not hit that 40 level. jess: people keep debating on whether or not we have hit that low, and if this is a potential true bottom or it is the bear market cyclical rally. a lot has to do with that there waiting for the vix what people on the fundamental side looking at what is happening with earnings and looking at michael wilson and still feeling like we

have not seen that true low, but then we get the 50% trade levels going back to history after world war ii pup. typically, that would mark a true low, so a lot of device, so we are thinking about this. kriti: elaborate on the technicals because we are talking about extremely thin liquidity in the stock market right now. we are talking about how you position ahead of jackson hole. what technicals come into play? jess: a big thing is looking at the tracing of the june low to the august peak. looking at that on the s&p 500, bank of america is looking at resistance around 4195 and 4219 for the s&p 500 and then support 4090 and 3900, so we are in the sweet spot. as you mentioned with jackson hole coming up, seeing what could happen friday, but

typically, when we look at different fed meetings, there has been a look at the stock market, so it will be interesting to see what investors will say that day. kriti: bloomberg just -- bloomberg's jess meton. anything could happen the next couple of days. let's bring in michael purves, and thank you for joining us. walk us through the positioning ahead of jackson hole. what are you expecting is going to be the most volatility? michael: well, a lot of people describe the rally off the june lows as shortcoming, but if you look at the interest position, it has gone bearish. i think a little of a misnomer to call it a short, rally. you could call it a low liquidity rally, and by any

stretch, it is not a perfect round. i think, look, here we are, the dog days of later august, with a potentially big event coming up this friday. there is pricing of that in the s&p options market and so forth, but it is not really enormous, and i think that makes some sense given the fact that we have been waiting for this fed meeting for so long, and the range of outcomes here is probably going to be, in terms of whatever powell says and how the market prices, it is not going to be the drama we saw earlier in the year. we have seen that with ugly cpi prints in the bond market has not reacted the way it did earlier in the year. if you look at the june cpi

versus the may cpi, june was uglier, but the bond market has gotten used to that. i think a little of the hype on jackson hole, it is understandable, but i don't know whether we are going to be that surprised. by whatever comes out, in terms of market movement. kriti: a high bar going into that. we do know the market, they are expecting hawkish comments, whether or not jay powell rises to the occasion is another story, but i'm curious what the equity market has proven because it feels like the intuitive trade is if you have higher rates, that will essentially hurt the bull case for equities, but how will the stock market prove he can digest those rate hikes? -- hasn't the stock market proven it can digest those rate hikes? michael: certainly. i didn't earnings bowl because they are continuing to demonstrate that they are pretty

strong when you look at high nominal gdp that we are looking at right now been vindicated, and there is a lot of margin pressures. at the overall s&p 500 index level, you are not seeing too much major margin destruction and part of that is due to the fact that energy companies are putting through margins, and the big tech margins are hanging in there at healthy levels. i think that is part of it. and i think a lot of people have already, you know, discuss this, it is a calibration of multiples that has been processed, so we are waiting for this big drop. the equity bears are waiting to see a drop in economic activity and the jury is still out on whether we are getting that. i think that debate in a way keeps the volatility elevated for a while, for every good economic print is going to be looked at with some concern, and

some of the negative economic news we get is going to be like, well, maybe that is ok. it is going to be a tense vix for some time. in part just because of that. kriti: are you concerned at all about liquidity at a time when the federal reserve's undertaking historic quantitative tightening and on top of that financial conditions that remain in negative territory and a market pricing in the fed getting into further and further restrictive territory? is liquidity something to panic about? michael: i don't know if we want to panic about it, but it is an unpleasant reality here. one of the things i have certainly looked up was if you look at s&p 500 options, it is two different stories. the margin keeps growing and growing. i look at the index level and at the main level, cash volumes do not. and then you have some of the

margin making activity that is not what it was before the financial crisis, so that combination here leads to a lot of noisy price action here, and it is, you know, it depends on your timeframe. if you are trading quickly, that is problematic, and it presents opportunities to take advantage of the price action, but, to me, i don't think we need to panic. you just need to factor it into your investment strategy, regardless of short-term or long-term. it is a reality. it is not pleasant, and particularly, it could shock headlines and you could really see that. it is not just equities it is playing out in. kriti: michael purves, founder and ceo of tallbacken capital, thank you for your insight. time for bloomberg's word news with mark crumpton. mark: pat lyon, a new york

democrat, who campaigned on abortion rights, won in a swing district, a victory, kratz hoped could signal a shift in voter sentiment ahead of novembers midterms. also, adler beat carolyn maloney in an incumbent versus primary. in florida, val demings won the democratic nomination for the u.s. senate. a judge would like donald to explain his latest legal maneuver barring the documents. he would like a neutral third-party to review the documents that the fbi took from his home in florida, suggesting agents should be halted from examining the papers until then. emmanuel macron warned today that france faced, "sacrifices ahead" in a new era marked by war in europe. he made the comments and remarks at a candidate meeting.

>> the moment we are living in may seem structured by crises, each more serious than the other . some may see our destiny as perpetually managing crises or emergencies. i believe what we are going through is an earning shift, a big upheaval. we are experiencing the end of an era of abundance. mark: france has been hit this summer with drought, massive wildfires, and deadly storms. global news, 24 hours a day on-air on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i am mark crumpton. this is bloomberg.

kriti: this is bloomberg

markets. i'm kriti grouped up. today marks six months since the russian invasion of ukraine began, and it is also ukraine's independence day, the u.s. marking up giving them another $300 billion in weapons. let's start with the europe of it all, how long can they really stay in this really war or supporting this war on the ukrainian side, at a time when you have president macron talking about sacrifices being made, mario draghi in italy saying dependency on russian gas might not even be eliminated until the fall of 2024? how is europe going to hang in this fight? >> that is the question. what we have learned in the six months is ukrainians can take the fight, can take the punches and keep fighting with

international support. we have learned the russian law machine can keep coming and keep fighting against ukrainians, so we know the fight can go on. it looks like we are now entering this sort of phase of attrition, where you have lower density but constant violence on both sides. the big question is whether the european economy can survive this war in the middle of europe , and that is crucial because ukraine's ability to keep fighting and pushing back against the russians depends. the ukrainians are getting arms, particularly from the united states, but they also need money. their budget has been badly hammered. they need budgetary support and much has to come from europe. europeans have to figure out whether they have the comfort of

the gas that comes from russia or whether they want to keep teaching putin lesson and supporting ukrainians. it all comes down to that. kriti: talk about the timeline of the conflict. olivia has a global consulting firm, and she was talking earlier today about 86 month to nine month timeframe for the conflict to continue, would you agree? bobby: this has gone past the point where any addiction is made. remember, when it started, it was not just the russians but a lot of people, even in the west, they thought that in a week, the russian planks would be in kyiv and they would collapse. nobody thought the ukrainians would fight this long. after the initial setbacks, there was an expectation that perhaps the russian war machine would grind to a halt. that hasn't happened either. it is hard to predict. this is a conflict that looks like it is going to be along for

a long time. six months, nine, a year? i would not dare take a guess. kriti: what does that mean for the toolbox for the west? talked about sanctions hitting the energy complex, and you have a lot of european dependency. it is chipping away on russia, but if we cannot put a timeframe, can we at least look at perhaps whether or not u.s. as allies are getting an upper bound in terms of holding russia accountable? are they losing the amount of things they can actually do? bobby: it is not a question of doing more things but allowing the things that have already been done to actually affect the sanctions that have been announced so far. they are only now beginning to get back. russia is a fairly large economy. putin has several years of building up a war supply, particularly on the monetary side. the central bank responded

robustly to the initial round of sanctions, but they are just now beginning to get bits and pieces of stories that suggest that the supply chain problem, the absence of sort of that access to international finance, these are beginning to bite. the question is whether u.s. allies have the patience to let those sanctions really bite deep into the russian system and whether putin responds by softening his line? kriti: speaking of softening the line, we have a viewer question. on peace stocks, can there be an increased effort on that front? bobby: diplomacy must always be part of the package, but russians so far have shown no interest in actual diplomacy. so, yes, i think they should keep pressing the two sides for a diplomatic solution, but we

should not be under any delusions that will happen anytime soon. kriti: bobby goetsch, t -- bobby ghosh, thank you. still ahead, canada's biggest missed expectations could mean trouble for the country's bank stocks. we will discuss next. this is bloomberg. ♪

kriti: this is bloomberg markets. i'm kriti group to. royal bank of canada's profit took a hit last quarter and slump on investment activity took a toll on the revenue. if l by one third to 1.60 5 billion canadian dollars. overall profits missed analyst expectations. joining us with more insight and

context is bloomberg canadian finance reporter kevin portland -- kevin, thank you for joining us. walk us through what went wrong. kevin: rbc capital markets, the biggest capital market division of any of canada's banks, big presence around the world and a large presence in the u.s., and what we saw last quarter was a definition of investment -- a big decline in investment rate thanking revenue. there were not a lot of financing ordeals, but the big surprise was we saw a lot of the u.s. banks had their trading operation ride to the rescue last quarter, and that did not happen for rbc with trading revenue down 40% in the quarter. they also had a negative surprise with $385 million in march downs -- markdowns on debt securities they had underwritten for companies and were in the process of selling but got caught up in the big decline in

debt market last quarter, so a rough quarter for rbc capital markets. also, a little higher position than expected for credit. the bank said everything was fine with credit now, they are strong, unemployment low, but they have these forecasts for economic growth coming down as central banks raise interest rates, so they are stockpiling extra capital in case loans go bad. kriti: that sounds like a lot of bad news. is there any good news in these results or any bright spots? kevin: yeah, so their retail and consumer and business banking division actually did really well. revenue for that division was up 11%. the net interest margin, which was the difference in what it earned on loans versus what it has to pay off, that expanded 15 basis points, which is a lot because of the central bank increases we saw, so that concern of core lending that they had performed really well

last quarter, and it is pretty strong. kriti: what does that mean for other canadian banks? what kind of precedents does that set? kevin: tomorrow, two focus consumer bank reports will come out and we will look to see if they have that performance rbc had, and then next week we have the bank of montreal, heavier in the capital markets, so we will see if some of those issues cropped up in rbc crop up for them, too. kriti: kevin orland, thank you for being on top of it. let's check the markets. s&p 500 up .1%, there was so much you can say. we are only up .4%. i will say it again, the market volatility is in the bond market, 10 year yield at 3.1 percent, and you are seeing a six basis point move on the surface, but enter volatility is where it counts. 11 basis point moves today, with

the index dollar higher, and brent crude not taking a cue from there, and trading with a 100 handle. we are above all the market moves and will analyze them, next on bloomberg markets: the close. i'm kriti grupta. this is bloomberg. ♪

mark: now keeping you up-to-date with news from around the world, here is the first word. i'm mark crumpton. president biden says the u.s. is saving almost $3 billion more, spending, rather, on weapons to ukraine. it came on the day that ukraine celebrates its independence and the six-month anniversary of the date russia invaded the country. president biden is set to unveil his sweeping package of student loan student debt relief that would forgive $10,000 in debt for borrowers who earn less than $2500 a year.