>> stocks rebounding but marginally. all eyes on the cpi report tomorrow. bloomberg markets starts right now. green on the screen on the stock market, up .2%. the nasdaq not far behind, and

in a volatility context, exciting. 391 feels lower, it touch, dollar and the other direction, stronger by a tiny margin and in a volatility context, even the bloomberg commodity index not showing much conviction in either direction, down .5%. we are now less than one hour away from the release of the fomc minutes from september meeting earlier today at a town hall event in wisconsin. the minneapolis fed president gave no indication the central bank would pivot from its hawkish path. >> for me, the barber such a change is very high because we have not yet seen much evidence the underlying inflation, services, wage, labor market inflation that that is softening. i think we are quite a ways away from anything like that. kriti: let's get more on the federal reserve bloomberg international policy correspondent, michael mckee, from the federal reserve a d.c..

what can we expect from the fomc minutes and numbers out of the ppi reports this morning? michael: i don't thick we will have to square a lot because the ppi is telling you what neel kashkari told you, that rates will continue to go up, somewhat dramatically, until they get to a restricted point where they think is somewhere around 5.5%. we are still 100 when he five basis points below that. i think what the minutes will do is maybe summarize their views on how long they think inflation might be sticky or whether they even know how long inflation might be sticky. but underline the fact they will be focused on getting it down by raising rates. kriti: speaking of raising rates, we have to talk about the make of england. i want to ask about the contagion effect we might see in the u.s. bond market. the federal reserve might be taking note of, is that something they should be

taking worried about -- should be worried about? michael: not something they should be worried about. the problem for the u.k. is a credibility problem with the government, the fiscal agent, that the bond market does not think they can pay for what they are proposing in terms of economic relief for british taxpayers. the u.s. does not have that situation. where they might have similarities is, as the fed raises rates, we do not know if there is some sort of hedge trade out there, derivatives trade, that might blow up. that is part of the problem for central bankers around the world, they do not know what kind of trouble the financial world has been getting into over the last 10 years or so over strickler low rates. there is probably not a lot of contagion effect from the specific bridge problem that they are having right now. kriti: something we will keep an eye on. michael mckee, thank you as always. let's continue the conversation though about the fed and the

economy, julia coronado joins us of macro policy perspective, president and founder. thank you for joining us. your take on the contagion effect from what we are seeing at the boe? dr. coronado: contagion is a tricky dynamic. clearly what is happening in the u.k. has -- is very specific to the u.k.. the fiscal package and the pension issues are specific to their situation. that being said, it comes to the backdrop of a fed continuing to raise rates aggressively and that means the direction of the dollar is unambiguous. as mike mentioned, that can lead to sizable trades being put on and assets could add -- essentially amplify the moves in markets. kriti: speaking of amplifying the moves in markets, i feel like there is pricing baked into the market that suggests hitting

the brakes as soon as 2023, 2024. what is the bond market getting wrong there? dr. coronado: that is actually what the fed is saying too. not necessarily that they will cut rates but they are saying they are not far from the destination, especially given the speed they are going. if they go another 75 basis points has anticipated in november and another 50 basis points, then whether this is another 25 or 50, there is a few more rate hikes they have penciled in for early 2023. then they think that will be high enough to weigh on economic activity, cooldown inflation. i think they will be able to sit there for a while. then beyond that, it is anybody's guess. we can see a lot of global risk brewing, there is every possibility that europe and other countries go into a recession and the boe dances

around the inflation event. they have been surprising all the way through this cycle and they could surprise us again, so i would not put too much weight on far out, 2023 rate paths priced into the market. i think what is clear for the fed is what is the direction of travel in the near term and that is up about 4% in the neighborhood of 4.5%. if they need to go more, because inflation is moderating. if they can say there, that will be because the economy is here and broader cooling substantially. kriti: speaking of europe specifically, there has been consensus for a long time when we are talking about the recession odds, some people saying it would have been a soon as the fourth quarter this year if not early 2023. i will bring a back to the contagion effect because does europe have the ability to drag down the entire global economy?

dr. coronado: not in and of itself but -- and it depends on the severity and how well they are able to navigate the energy shortages they are likely to face during the winter months. but we also don't have any other engine of growth in the global economy. china is struggling to find its footing amongst the zero covid policies. emerging markets have done ok but certainly with the u.s. going in a slowing direction, europe possibly in a recession, china sort of mired in slow growth, not accelerating anytime soon, you don't have an engine of demand and therein lies the seeds of a possible global contagion that you do not have anybody coming through and saving the day. it will not be the u.s. consumer because they will face higher rates and a cooler job market will not be the european consumer, not the chinese manufacturing sector. where is that engine of global growth?

that is the vulnerability i see right now is there is just a lot of weak spots and inflationary environments that limit policy space and the ability for the fed or ecb to kind of catch the falling knives and cushion the blow. they are causing the blood because of high inflation. so in addition, europe has a number of other shocks associated with the war. it is sort of a downbeat global environment. david: julia coronado, always a pleasure, which we had more time. macro policy president and founder. thank you for your time and insight. time for bloomberg's word news with mark upton. mark: u.s. regulators approve finer and moderna omicron boosters for emergency use for young children. the pfizer shock can be given to children as young as five. the moderna booster can be used for children as young as six. the fda director must give a

recommendation before the shots can be administered nationwide. american ship suppliers are starting to remove staff from one of china's leading member chipmakers in the wake of new u.s. regulations, regulations to ban chinese companies from buying chipmaking equipment or employing u.s. citizens without a license. -- shrank unexpectedly in august for the second time in three months given the possibility that the country is in recession. the office can for national consensus says a 3% drop in industrial production was the main cause of the decline. many analysts anticipate the decline means the economy will be lucky to avoid a downturn in the third quarter. marking the start of the cost of living recession. thailand will tighten gun control in the wake of a mass shooting that left about two dozen preschoolers dead. the prime minister says the

government will revoke gun licenses if holders are found to be facing mental health issues. crackdown comes after a former policeman opened fire last week at a daycare center in northeast thailand, killing 36 people including 24 children. 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. ♪

kriti: this is bloomberg markets and i'm kriti gupta. bloomberg invest is taking place

today. the founder and cio of -- capital management, let's take a listen. >> this has been different in that respect. it has also been different because you have so many different problems swirling around, some in conflict with each other. so salt one and -- in response to the other. and untoward rumors about credit suisse, what is happening in the u.k. gilt markets, it just makes the number of balls in the air and or miss in terms of things unknown and known that could cause more than a selloff but more like a crash. >> let's talk about that. you discussed multiple problems and multiple areas taking place at the same time. how do you distinguish between what is a genuine risk, a known risk, and what is a really unknown unknown? >> usually you have your known unknown, we know something is bad but we don't know how bad.

9/11 happened, not a good time to buy your stocks. covid abend, not a good time to buy. 2008 happened, probably you should de-risk from financials. here, you don't know exact what to do. normally european investment grade traits five basis points lower than u.s. investment grade. now it trades 30 basis points higher, 25 basis points higher. is that enough? europe will have a more severe recession according to those that pontificate and so whether or not you underweight or overweight, europe is about what you think happens with ukraine? is there a chance it gets asymmetric? what can be done to mitigate? at the same time, you have these other fears, whether zero covid policy in china may be extending, the party of congress continuing to cause disruption in the economy. people just feel risk all over, they have now for 10 months, and they are de-risking thengs in their book and that has led to some things that i don't view

as particularly risky, blowing out as much as things that are risky, creating interesting distortions and opportunities. >> let's talk about those opportunities. what has been the risks and what are looking attractive after investors throw the baby out with the bathwater? >> right, not knowing where to focus and focusing on de-risking and the comments jamie dimon made about bracing for a and other ceos bracing for to nato and someone else mentioned other weather disasters, what do they mean when they do that? how do they brace other than a physical brace, what are they doing? they are bang, they have loans, they are going to their portfolio edging group and saying please increase the amount of hedging. the bank looks at the loans it has made to the best companies in america and the world and de-risked where the risk is. we did a number of trades with banks where they come to say in

the middle of all this we want to buy protections on coca-cola, johnson & johnson, home depot, walmart, at&t, verizon, these big companies that have a lot of outstanding in terms of revolvers and not relative to their balance sheet by relative to the quantity of data. everyone i mentioned, where you look at where it is today, it is about the worst day of covid. so those names that are not even candidates for discussion saying run into trouble for credits are above their worst day of covid. the index they sit in his only trading at two thirds of the worst of covid. why would those things be worse? why would they be at the widest levels and average only two thirds? it is because of this technique on the market and i think technicals are the biggest words in the credit market, much more than fundamentals and any time in my career where somebody -- of some but has something to do, to buy billions of dollars of horizon, that will move their

price to something that does make sense from a fundamental point of view. what we have been doing is selling the fund protection on companies with a history of blowing out if there is a real recession or some other prices and i would be found usually in consumer finance companies, economically sensitive companies , cyclicals, shipping, paper, so we found it interesting, in the middle of this problem, to be able to find attractive, long short trades because of the technical distortion. >> are you looking at the fundamentals of these equities, the technicals of how their trading, or the credit spreads saying people are way too frightened to be on what they should be? >> so we probably more than most on the credit side you look at equities for clues and sometimes there is one market above faster or slower than the other, but we are sourcing the protection we

provide our investors, one of the main things we do, through the credit markets and we will get to the and we are paying for because there are many investors that want it paid for, they don't want to leave the negative carry, through some of these i view as ultra low risk trades in verizon or coca-cola. david: do we want to get more's -- >> do we want to get more specific? is this an equity bet or equity combined with some derivative value putting together these trades? >> you could look at the history and first you could use common sense. is this the kind a company that could run into trouble? is it not? the price is not efficient compared to the past where fundamentals where the biggest driver. we are looking at the credit, a little about the fundamentals but fundamentals are not a question on the long side. it is really have these service well and investors well as tail hedges in the past? we look at 2008, 2 thousand 20,

2012, and say is this the kind of company that regularly blows out from 100 basis points to 400 basis points? take general motors, they defaulted in 2008, problems with the uaw behind them, they have been enormously volatile as a credit, as a company super exposed to the u.s. economy and global economy and pressure. the credit in 2021 from 100 to 700 back to 100. to have the kind of roller coaster -- so we look at that as a really volatile credit. when it is low, that is instrumental because if things change it might move out a lot. right now it is 250 and it has moved out a lot more than index. so if history gives us a clue, we are looking at forward-looking models, equity fundamentals, but at the end i should also make sure i'm saying this, we are providing liquidity to the banks that need it. if they come and say they want to buy production on pepsi or

lvmh or appellee, that is amazing. you have now given the ammunition i needed to go and fund protection on companies that really may run into trouble. >> so let's talk about history. he mentioned 2008 and 2020 and we can also mention 2000 and the same sentence. they were fairly rapid and disorderly dislocations, maybe 2020 might be the exception. this is described 2022 as a slow motion inclusion -- implosion yet it has an very orderly. what makes this year so unusual when it comes to previous collapses that we have seen to make a bottom and snapped back abruptly? >> so first, the market is still trying to figure out what it should most worry about and so it is like just when you think something maybe we are at peak

inflation, maybe the supply chain problems are coming down, but then you have new things so there has been this selloff that continues to find new rationale and then you have the fed leaning on the market and when powell sounded to dovish -- kriti: you are just listening to boaz weinstein. if you want more of the conversation, you can catch it on the bloomberg terminal. let's hit another major story, the subscription-based private service flex jet agreed to merge with another company, having a combined evaluation of 3.1 billion dollars including debt. to discuss it now is our next guests and matt miller. it can, walk us through why you chose to go the back out at a time when people are not that excited about assets like spac.

take us through your view. >> it is not your father's spac market anymore. the markets have changed in the days where they would go after pre-revenue companies are changed. there's a lot more specs that have money in trusts and they are looking for companies that have growing revenues and consistent profitability. so that created competition in the spec market. today, going public through the spac market is on parity with going direct market ipo. then when you figure in the fact we had a $300 million backstop on the deal, it made it compelling to go this way. the days where there were sponsors and founder shares are not there anymore. it is all based on upside warrants. >> i know you are in talks on other deals before this and you got close, did you ever think about giving up, giving money back to shareholders before you decided on the flex jet deal? todd: sure.

all along we said we would take a pass versus throw an interception. that was something we would have been happy to do. honestly, we have a tremendous company here and a tremendous management team, so from our point of view, it was a great opportunity. the idea a spac its self is speculative -- itself is speculative i find silly. the underlying asset in a spac is speculative or not so we are happy with the company where investing in and we are happy we can prepare the company for the next round of its growth. has this -- as this'll industry consolidates, we believe the team marks really well positioned to be at the forefront of those consolidations as the industry seeks to evolve and mature. matt: i think the idea was that there were so much money out there that investors were no longer investing in underlying assets by giving money to people

like you to try to find something. now you have and it is a company you have been a shareholder in for a long time anyway. how did you finalize this deal or come to the idea of doing the deal with flex jet --flexjet. is there any relation to other businesses? todd: i have been invested with kenn for almost a decade now and we believe very much that you invest in general what people need and want. flexjet clearly is in the what people want and people care more and more about their health, it is clearly what people need. another opportunity to partner with kenn and do this, taxi to the transaction, made us really happy about supporting the future of the company. obviously, we are continuing to invest in it and we believe much in kenn and his management team. kriti: let's speak to the underlying business is self. you manage a company that kind

of is based on the idea there will be more demand for private jets, more demand for travel. as time went along, people were talking about demand destruction. are you not worried about that? kenn: our model is different. we operate like a country club model, people pay a fee to join, a monthly antigen fee to run the club, and a very small fee when they actually fly. we have been through two prior recessions with this company, been through the dotcom crisis, the financial crisis of 2008, and what we find as people do not unwind their subscriptions. they state members of the club. the access to what they are paying for is the access to the travel. even though they may travel less, they do not need the plus. matt: i have to ask about chelsea because bloomberg and other media outlets have reported that chelsea faces tax liability on payments and gifts to players during the obama

would sarah. can you put a dollar figure on that for example? todd: we are in the middle of finalizing that so it would be inappropriate to talk about it. but certainly it was something that we were aware of going in and we are working closely with the government to resolve all of that. matt: let me ask you, since we are coming from the states here into global soccer or football industry, american national team attacker christian, is he on the club's long-term list, plans for a long-term list? todd: i'm here to talk about flexjet today, i would be happy to come back and talk about chelsea at any time but this is really about flexjet, and obviously we are really proud of the fact he just scored a goal last week and we are big supporters of all of our players. kriti: well chelsea football club co-owner, todd boehly, we look forward to having you back

alongside kenn ricci. thank you always for your time specially on a crucial topic. coming up, the back-and-forth on the boe and affect on the currency markets. will there be a contagion effect? i will be the question. markets are in the green, green on the screen, s&p 500, up by about .1%. this is bloomberg.

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mark: welcome to first word news. the white house is now considering a total ban on white house -- on russian aluminum in response to the escalation in ukraine. the biden administration is weighing a number of options, including an outright ban or a big increase in tariffs. russian aluminum is used in everything from cars and skyscrapers to iphones.

they believe a leak in a pipeline bringing russian oil to europe is an accident. there's no reason to assume it was an act of sabotage. european authorities are on high alert for any signs of sabotage on energy infrastructure since the explosions on the pipelines last month. u.k. premised or liz truss argues that her governments economic plan is protecting the economy and says the general election is "the last thing we need." amid market turmoil, due to the conservatives many budget. >> what we are making sure is that we protect our economy at a very difficult time. as a result of our action, mr.

speaker, it has been independently corroborated we will see higher prices mark: and lower inflation. mark:she spoke ahead of a debate calling for an early general election on october 17. hurricane ian hecht -- had a devastating effect on the orange crop. it will be the smallest crop and 79 years. florida groves are expected to produce 28 million boxes for the current season. that is down from 41 million boxes one year earlier. 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. ♪

>> welcome to bloomberg markets. kriti: let's talk about price action here. what was green on the screen has completely turned into the red. the s&p 500, whatever gains we were seeing early in the session are now flat on the day. yields now moving -- not moving much, only one basis point lower. non-cpi numbers today, but the cpi numbers tomorrow. retail sales on friday. once again flat on the day, once stronger earlier in the session. the index down by about 0.6%. jon: in the next couple of weeks, we are going to get a lot of different earning stories about why the market overall has been cautious. one of the performers in the s&p 500 has better-than-expected quarterly results we will talk more about that later. even with the dow, you have seen

outperformance with coke. american airlines on-demand heading into the next few months. today, we have seen encouraging comments on the cruise sector coming out of ubs, which is optimistic about names like norwegian and other names rolling into trading today. we have a very specific story with moderna standing out. of about 9% on the day, maintaining partnership with that company. kriti: let's get back to the macro. the u.k. has drawn a lot of attention over the past 24 hours, markets once again having confusion over the policy. mark mccormick is here. we were talking about parity on the cable rates. now i have to ask about the contagion effect we are seeing coming out of the boe here. >> i think part of that coming for the markets is deals selling

off, trying to make a change, creating a lot of volatility and moving into other markets, like treasury. but the big focus is what big impact guilt is having, reinforcing the strength of the dollar. if one market is selling off, another is selling off and feeding back into the dollar strength. that keeps us in this loop where the dollar strength is kind of getting to the point where people are speaking around intervention and whether or not it will humble the global recession. jon: does this get us to the point where world leaders, as they get ready together for the g20 and look ahead for next month have to have a big conversation about all this? >> i think it will be discussed. there will be zero skill for anything let out. it is not in u.s. interest in it kind of goes against everything they have tried to do. obviously, the fed has

unilateral focus on inflation, and policy in the u.s. was designed to kind of mitigate inflation at this point. it is kind of the old saying, it is our currency and your problem. that is kind of the exact state of the world we are in right now. you can see a lot of the intervention is piecemeal. custody holdings are really coming out of asia, which a lot of the central banks are trying to smooth out as volatility is coming through from the dollar. kriti: i love that you said our currency, your problem. i'm wondering if the biden administration perhaps, which ultimately does have the power to make some sort of court needed effort like this with the treasury, are they right to not even bother, just given the efficacy of intervening in the fx market? is it a long-term strategy? are we seeing that with europe and arguably england as well? >> the central bank is doing one thing and you're doing another. this is kind of the problem with

the u.k., the bank of england, and with the treasury, which is what is happening in markets there. the treasury and fiscal policy and monetary policy are diverging. if the biden administration were to go one direction or the fed going in the other direction, you are not achieving anything other than crating more in certain markets. i think what we're hearing from the fed is that we are probably getting toward the point where we might want to pivot or we might want to think about pausing, but we are just not there yet. with tomorrow's inflation numbers, we are ahead of expectations. not a lot of conversation on returning until china removes zero covid and we know that is gone. with to get winter in europe and see how that affects jobs and energy consumption. we have to get through this cycle with the bank of england

here. we need all of these risks to move in the right direction. the earliest we could see something moving is t1 or t2 next year. there is really no reason for the biden administration to intervene, to weaken the dollar. it kind of goes against the fed's objective and they are going. jon: thinking about other currencies, you're joining us from toronto, that u.s. dollar strength has weighed on the loonie. you are talking about what the appetite for emerging market currencies would be looking like as we headed into the fall or deeper into the fall. just give us a sense of how the landscape comes together, in your opinion, as long as we see this dollar strength. >> it is really interesting. there are some dynamic that i think would be a bit confusing for people who just kind of casually follow the fx market. why would mexico and brazil be strengthening in this market? we have seen let america getting a little stronger.

they have fiscal policy moving in the right direction. we track metrics for some of those countries. those are actually good qualities, not to mention that mexico is closely aligned with u.s. manufacturing cycles, so u.s. data and u.s. economy are still doing relatively well. if you think about some of the major themes at play, the real concern is the policy credibility. in terms of trade shock, the impact within europe, we are now still worried about the global economy rolling over into recession and it is now having high-impact on policies in norway, the canadian dollar. those currencies are closely to to that. and let america, there are some countries that are insulated from global recessionary concerns largely because of the profile they offer, which is something that people are looking into that is relatively attractive. european currencies like the euro and sterling, versus

mexican pesos and brazil, are actually favorable. they also continue to weekend as their concerns about the global economy and the impact that interest rates hike on the canadian outlook as well. kriti: mark mccormick, global head of fx strategy. we think you as always we are getting breaking news, this time coming from apple. there are things like additional education, health care benefits, that unionized store will need to negotiate for those new perks . you are seeing a little bit of a slide in those shares. apple shares down about 0.2%. i think the theme here is coming on a day where we saw some pain with major layoffs. we are talking about trying to keep profits on the balance

sheet. lots to consider in the months ahead. coming up on the show, cosco brings up its prices. the company is still able to -- this is bloomberg. ♪

kriti: this is bloomberg markets. you were mentioning earlier that texaco beat profit estimates for third quarter and raised its forecast for the entire year with possible positive signs for earnings season. joining us now is garrett nelson , senior equity research analyst at cfra.

inc. you as always for joining us. during the pandemic, and i want to say the time after, my favorite ratio don't look at from a macro. -- macro perspective is the idea here being that people are returning to work in getting a beverage on the go or are they sticking at home and snacking? should the company be worried about that trade-off? >> think for having me. not necessarily. we like pepsi because they are diversified. they have the beverages and the snacks and food products with frito-lay and quaker. what really improved the beat here for the quarter for the company was the price increases that they are successfully passing through on this snack and food products. if you look at frito-lay north america, the revenue is up 20% year-over-year. that is despite a 2% drop in sales volume they have raised

prices dramatically. quaker food, a similar story. revenue was up 16%, despite a 4% drop in volume. another big price increase. that is what really drove the world beat today. jon: i heard them talking about the power of the gatorade brand. as we roll through these earnings over the next couple of weeks for investors who are interested and companies -- in companies committed to dividends and stock buybacks, how much of the power of the brand is going to factor into companies that weather the storm? >> the power of the brand is huge in this inflationary environment that we are in. pepsico has the ability to pass through price increases to customers with little effect on overall volume. you have a company like pepsico with the great brands they have

across the beverage portfolio, with pepsi and mountain dew, and so forth, the sports drinks with gatorade, tropicana, and then on the snacks side of frito-lay and quaker. pepsi has been very successful at passing through price increases with little overall impact because consumers are not willing to trade down to a lower priced brand or private label. there's just something about the brand that is pretty recession-proof. jon: thank you very much. garrett nelson of cfra. we will watch coca-cola's numbers getting a nice lift today as well. coming up, watching shares moving the other direction. a huge deal announcing a partnership with renewables. this is bloomberg. ♪

jon: this is bloomberg markets. time for today's "for what it's worth." our number today is $8 billion. that is pretty close to the value of westinghouse electric, which is being acquired in partnership with brookfield renewable partners. it is easily one of the biggest deals we have seen in the nuclear industry in years, at a time when joe applicable uncertainty has put that sector back in focus. for some more perspective, let's speak with cap kos president, who joins us now. tim, thank you very much for your time. obviously, a transformational deal in the industry. a lot of industry players are looking for sources beyond russia in this area. how did this deal come together? can you give us a little bit of context on that part of it? >> thank you for having me,

first. this has been in the works for a while. we went through really rough patches as the nuclear fuel space for pretty much a decade after fukushima and we had to show supply and financial discipline. we can feel the winds are blowing in our favor, the tailwinds, as of a few years ago. things are starting to come back around, people looking at their sources of energy and nuclear is coming back. our core business is coming back . we have start looking for other things. we have been looking for the right opportunity, the right timing, and the right partner. we felled them all with brookfield renewable and westinghouse. will -- we worked on this and yesterday we started our signing. kriti: can you walk us through the broader outlook for the nuclear aspect? this is very controversial in

germany, were very early on, they shut down a lot of their nuclear facilities. what is the outlook here? >> i think i could give you at least 10 countries that in the last year or two have made a complete reversal in their views on nuclear. it is because everyone now is focused on it the carbon is eight and, electrification, and energy security. people in certain places don't like cold, they don't want oil, they don't want gas. they have stopped a dam up the river, and now they have to fill up again on nuclear. china, india are building big time. france. five years ago, micron got elected on phasing out nuclear. now they are building new. liz truss, building new. we want to get at the front end of it. of course with the russian invasion of ukraine, that was a bit of a game changer. probably 30% to 35% of the world

don't want to deal with them, so that brings business our way. jon: as the annals have reacted to this, they have highlighted a lot about downstream. some were surprised by the deal. we talked about the stock market reaction. there is a bond deal associated with is paired can you walk us through your own reaction to the selloff we have seen in your shares on this? >> we knew there would be a reaction to it. it is obviously going to take some time to digest. our cfo and i are talking to our investors old and new. i will tell you that the book was multiple times oversubscribed yesterday. we sold to over 100 different institutional accounts. lots and lots of interest for the stock. but we do have to explain it will take us a little while. i think as we do that, people

will recognize, like us, the benefits of doing a deal with this partner on westinghouse. it is going to be good long-term and we are just delighted to be part of it. jon: -- kriti: but this is in the first time that brookfield has gone with westinghouse. as you pointed out, a lot of countries have done a turnover in the nuclear sector. is this going to be the one that sticks? >> what really makes us excited is that brookfield is staying in. they did not just walk away from it. brookfield renewable, which has been in the solar and wind and hydra space, is now including nuclear. there is no path and at zero that does not include nuclear. that gave us great comfort that we got the right partner in this. we know westinghouse, i have known them for 30 years, probably work with most of their senior executives. they are a cameco great fit for us at cameco.

we are on the front end with uranium and conversion. they take over and make fuel for the light water reactor fleet. i think they service about half of the reactors in the world. it is a really good match and really a good fit for us. jon: we are almost out of time, but i want to give our audience a sense of where you see things going, specifically with westinghouse. it is servicing the european market, as kriti was alluding to, and there is a lot of uncertainty. what would you like to see from the business going forward? >> it's a bit funny. i was over before we even started this deal, earlier in the air, over and the czech republic on a mission with the u.s. department of energy, looking in the czech republic and having meetings with all of those eastern european countries. all of them are reliant on russian technology and russian fuel, and all of them are looking to move. it was maybe about that time that we realized, hey, these

countries want to deal with cameco, but they also want to do with westinghouse. together, we will be able to work together and provide options through them. that is going to be a really exciting new market for us in eastern europe. kriti: cameco ceo tim gitzel. we thank you for your time. it really has worldwide implications. we want to check on the markets here. it is interesting. we did have a marginal gain. the s&p 500 is now flat on the day. jon: we do have the fed minutes to watch for and the cpi print tomorrow. mark mccormack saying he would not be surprised to see cpi print coming in ahead of expectations. obviously, we know in these recent cpi prints, the expectations of inflation peeking have ultimately left some investors feeling disappointed. looking at the market right now,

it does seem to continue that uncertainty. they be changing the tone of the markets because of those false expectations over the last few prints. kriti: very well said. i would argue that there is another camp of traders who believe the market is crying for some sort of rebound. i think a number of people will buy. we are seeing a whole lot of nothing. the bloomberg dollar index is flat on the day. we will wrap it up. this is bloomberg. ♪

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