mark: welcome. officials in florida are adding a clearer picture of how devastating ian was. 58 confirmed dead end insured losses have revenue -- risen to $57 billion. president biden hence there wednesday but first he heads to puerto rico to look at the devastation left by hurricane fiona. more than $60 million in funding to strengthen the island's resilience to flooding for money from the infrastructure law --

that will go towards bolstering levies and establishing a flood warning system. fiona caused catastrophic flooding in puerto rico last month. the u.k.'s chancellor sought to reassure us, pledged to reconsider his economic strategy hours after an embarrassing u-turn on plans to cut taxes for top earners. >> in the face of extreme volatility and a stronger u.s. dollar and a longer term trend toward climate change, we will show that our plan is sound, credible and will increase low. mark: the conservative party conference today, he said we have a plan and need to get on with it. around supreme leader taking silence after weeks of protest

crippling the country. he called them planned riots and accused the u.s. and israel of planning them. he said the death of 22-year-old melissa amini in the custody of iran's morality police was heart wrenching but protesters response was not normal. 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 am mark crumpton. this is bloomberg. jon: welcoming. kriti: green on the screen when

you look in the equity markets. about 2.4% on the s&p 500. but the bond market as well. it yields down 25 basis points on the 10 year betty liu who triggered by stocks in manufacturing. things are similar in the stock and bond market, but we have been seeing the bloomberg dollar index weaker, putting a pause in that stronger dollar story we have seen the last couple of months. rally the crude market. $88 brent crude, a 4% rally in anticipation of another production cut. jon: we continue to ask those developments. within the s&p 500, call sectors in the green. one of the stand outsiders today

has been energy stocks on the s&p 500, chevron on the dow jones industrial. in terms of individual stock stories, bio stat has been surging. we are also watching peloton, a hard-hit name. investors inspired this afternoon. one name not participating in the rally is tesla, shares down 8%. cap kriti: let's look at a bank that has been having quite the roller coaster ride. it was done as much as 7% earlier in the session after a record low. the ceo has tapped to employees -- sought to calm employees in the memo -- and the markets with a memo late friday. shown ali, there are -- sonali

basak, there are comparisons being made to the credit suisse story. my is that a fair comparison? why not? sonali: even though it is blown out as much as it has, it is not trading at levels of the great financial crisis. deutsche bank is in a closer era, 2016, which is the more relevant person. when you are looking at credit suisse, they are within their target rates, but the macro is more difficult for credit suisse than it was for deutsche bank in 2018 when all tides were rising. there is an interesting tweet today. the point is that european banks on the cbs is a good clamshell for the problems going around,

but he hated that this rumor about credit suisse was catching on online. even though it widened, it does not show an equal probability default. when you look at the five-year flock, that was less than a four-year chance over five years. many market participants are talking about how cbs is a trading issue, but i do not want to discount credit suisse's issues. in that memo, you had the ceo saying that this task is rising like the phoenix. it is not that the ceo is not acknowledging the issues but he was communicating that they are not in a liquidity crunch, even though the market has shown steep declines. jon: analysts have to try to make sense of this. a lot has tried to put out

notes, figure out plans going forward. what do we have to look for when it comes to ensuring even more what the situation is going to look at when forward? sonali: great question. you are worried about the cost of funding rising in their revenue is under pressure. while they be able to prevent them from raising money in equity markets? that is the billion dollar question but they can do it they can to make that hit less painful in their plans as we see them reveal them toward the end of october. kriti: no i bassett, -- shown ali bassett thank you. we will talk about the federal reserve and its role in what is happening. bloomberg spoke with edward bernardini. >> the idea that came to me on

friday when lael brainard gave a speech in which she indicated that the fed is between a rock and a hard place. it is actually between volker 2.0 and bernanke 2.0. it is bearish. it ain't over until the fifth lady sings the more optimistic too. she was concerned about financial stability for this was the first time ain't fed officials talking about financial stability. you said on the show that financial stability is one of the mandates, but how important is it? i think it is number one. jon: as the fed continues to digest all the data come at the economic road ahead will be watched closely kathy jones, chief income strategist at charles what -- charles schwab,

let's talk more about the market reaction today about the latest piece of data, you could look at that as a possible sign lying. what was your reaction -- sign of cooling. what was your reaction? >> it is one of many indicators that rings are slowing down and inflation pressures are easing. we have new orders below the 59 and the price index below the 50 line. that means the manufacturing is a bit surprised with the rapid rate hikes and a strong dollar. it signals to us that what we have been anticipating that inflation pressure will come down and pressure on the fed will come off to hike rates. kriti: a hallmark of this bond market has been the volatility.

you are seeing in the equity phase today, a 25 basis point move. to what extent is that a function of liquidity versus a market that is successfully repricing? kathy: there are so many elements of that. this year has gone from zero interest rate to a 3% rate and all you just, but that is behind us. we have seen some illiquidity in the treasury market, still functioning ok, but we had this dynamic where we have gone from one crisis to another. the ability of the market to keep up has not been as great as it has been in the past. we have seen some gaps in terms of quiddity, which is concerning

cash liquidity, which is concerning care that she concerning. jon: i want to get your perspective on -- to those who so we can replace tina, there is no alternative with terra. there are reasonable opportunities to equities. are there equities you are seeing in the marketplace? kathy: we have been talking to clients for quite some time about the opportunities out there you can build a portfolio of high quality bond and get you up 5%. we think the base holding makes sense. we like higher-rated companies with good balance sheets and cash throw to pay their bondholders.

you look at mr. bull bonds -- municipal, very attractive yields, particularly on long-term bonds for folks in high tax brackets. that is a remarkable opportunity to lock in some of that without having to take tremendous risk. that was the story the last couple of years. you had to take risks to get you next. jon: how high can yields go from here? how low? kathy: can your treasuries? -- 10 year treasuries? low, maybe 3.75. i do not think we will see 4% again. jon: appreciate it. quick break. when we come back, national security coordinator john kirby joins us to discuss ukraine and

the energy crisis. this is bloomberg. ♪

>> part of what i love about

business is you get to build things from nothing. i do not have any investors. >> it is pretty much shadow banking with nobody in charge. jon: this is bloomberg markets.

time for what it is worth. our data point is 50%. half of canadians expected the economy will work with -- weekend over the next few months. canadians have rarely been so pessimistic. we will see what happens and how it impacts consumer spending behavior, but noted that even if people have the means to spend, as a confidence in iran's, that becomes almost a -- s confidence erodes, that becomes almost a self-fulfilling prophecy kriti: in this country, we have seen a lot of the same pessimism but spending has not followed that trend. i want to say for the first time, you see the two lines verge. people are still spending. jon: one place we will continue

to watch is at housing market. certainly in a country like canada cup -- canada, coming out of the last great recession, individuals took on debt. now we are seeing confidence the road in the housing market. kriti: a lot of macro factors. one of the biggest is russia continuing to lose ground trade counter offensive, several thousand russian troops withdrawing on mid reports that the u.s. is making regular aid payments to ukraine while pushing the eu to do more. dad rested and is joined by john kirby. -- david westin is joined by john kirby. david: we welcome john kirby, coordinator for strategic

communications. let's start with ukraine. what do we know about what is going on right now in the battlefield? amr. kirby: the ukrainians announced they have now taken back a key drought hub and a printer industrial city. -- a major industrial city. the russians were wanting to use it to supply their own efforts. that is a significant development. it falls on the heels of so many other territorial gains by ukrainian armed forces in the northeast area of the country. it follows suit for the counteroffensive, which is moved an impressive speed. in the south, near paris on -- near herson, ukrainians make progress.

not as dramatic in the northeast, but it is working. david: tell us about the weather. it is important for ukrainians to make as much progress as possible before the weather gets worse? amr. kirby: i think you can see from zelenskyy's plan that they timed these counteroffensive's for good weather. as we get into the holiday season, it gets wet, cold, much harder to maneuver, so the weather will be a factor. david: what is the role of what the u.s. is providing? i sat that another round of artillery vehicles will be sent in. amr. kirby: i think you will see in the next few days yet another announcement. about 80 weeks ago, we announced

-- a week ago, we announced another round. that included additional ammunition. i am back getting ahead of announcements that have not happened, -- not getting ahead of announcements that have not happened, but you can expect more from the u.s. to our ukrainian partners. secretary austen spoke with the defense minister of ukraine about a day and a half ago. they discussed additional security systems, so you will continue that she will see them continue to provide weapons well-suited to the places they are in. the donbass is open farmland, long-range artillery is useful. in the south, similar terrain, similar needs. david: let's turn to russia.

we saw putin give a grand, disturbing speech on friday where he reported on what was found in the south and east. what was the significance of that reported annexation. did that change anything? amr. kirby: it certainly shows you that putin realizes how much he is struggling. that annexation, as well as the partial mobilization of reserve forces, shows you the degree to which he is aware of the degree to which his military is struggling inside ukraine. he has a full picture of how bad it is going. on the ground. it will not change anything in terms of how ukrainians are prosecuting against russian invaders. it is absolutely not going to

change anything about the way the u.s. and allies support ukraine. we will see it in the coming days. the announcement will be caving with what we have been doing -- keeping with what we have been doing. david: any reason to be concerned that other nations would recognize that this annexation? amr. kirby: i do not think you will see anything fed we do not want anybody to recognize these territories as anything other than ukrainian. we have seen no indication that any of our partners do. many partners are supporting the ukrainians. given two weeks ago, president she -- xi publicly expressed concern in front of putin.

that is significant. even internationally, they countries that have been loath to criticize mr. putin have now criticized him publicly. you will not find any runs well of support who will recognize these so-called annexations. david: you mentioned the partial mobilization of the russians. we see a lot of reports about how this is going. we have hard data about how successful they are at gathering this? and how many young men are leaving the country? amr. kirby: it would be difficult for us to have that data inside russia, where getting accurate information is difficult, but all the indications are is that mr.

putin is having difficulty coming up with the man he is trying to mobilize, getting them on board, so many have left the country. obviously, some are answering the call, but the number was that 300,000. let's assume that is accurate -- we do not know that it is, but let us say. it is not clear he will get 300,000 in reserve it is absolutely not clear what kind of impact they will have on the battlefield. we have to take it seriously. this is a replenishing of manpower, but it is uncertain how much of an impact it will make. the reservists are probably not as well-trained, certainly not as well motivated to fight.

it remains to be seen why on our side we will continue to provide weapons that the ukrainians need. jon: our thanks to david westin speaking with john kirby. you can catch the rest of their conversation on bloomberg radio as well as number.com. -- bloomberg.com. as we continue to watch what has been a positive day after september. kriti: the complete rebound story in stocks and bonds but that does not mean there has not been volatility. look at the fix. -- vix. 25 basis point move on one day and the dollar not doing much of anything. brent crude is where you are

seeing a bit of a volatility. we will cover all of these markets for you. stick with us. this is bloomberg. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service

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mark: keeping you up-to-date with news around the world, here is the first word, i'm mark crumpton. the supreme court about she has a new term is underway and out with big decisions. the justices have left the federal bam on bump stocks in effect. they rejected 2 -- two challenges including an array. also whether social media content can lead to terrorist attacks. after making territorial progress in