>> green on the screen at a 1000 intraday swing on the dow, i am kriti gupta, bloomberg markets starts now. >> we have a rally on our hands when it comes to the equity market up on .8% on the s&p 500 on a day that inflation came hotter than expected perhaps a

narrative that this is as bad as it gets, the position going into the inflation data was alleged. the 10-year yield 395, the yield is up six basis points, a bigger move earlier in the session to the tune of 14 basis points just on the inflation data. the move got pared back particular with one -- similar to the one the equity market. when you have the turnaround story does. not just about inflation. . it is a global story. you are looking at 113 on the cable rate, brent crude higher by 2% as well. we are getting breaking news on netflix they will be introducing their ad supported business in november, six dollars nine nine cents, not just the united states -- $6.99, it is crucial to how they will stay live and thriving, stick with us.

the macro stories about inflation. coming in hot today at 8.2%. >> disruption from omicron and they continue in china. two, russia's senseless war against ukraine that has pushed energy and food prices up. we also are going to see some repositioning of supply chains that would have longer-term impact on cost structures. right now what face, demand remains quite strong and supply has trouble mitigating. the most important task we have two secure our economies is to win the fight against inflation. >> for more on that inflation

story joining us now is bloomberg's international economics policy correspondent. what is interesting is a driver of the inflation report, was not commodities, oil, food, it was shelter price. does not make a harder for the fed do its job? >> in some ways it does inflation will stay higher than longer, things that moved the most saw a in gasoline prices. of course they will go back up again, food prices went up, is out the fed's control. rent and shelter, the way they compute home prices into the cpi is lagged by several months. home prices start to accelerate when the fed cut rates to zero. now the fed is raising rates, mortgage rates are up, house prices are beginning to fall. it will take some time before that bead -- feeds into the cpi. you will see pressures on the

core until the middle of next year. we saw used cars go down not quite as much as expected, i could be good news in the future, there is a lot of extra inventories at the retailers. they are cutting prices. one good thing, you can probably get some winter clothes cheap. >> something to keep an eye on, i'm curious if this means that 75 basis points is not just a guaranteed case for november, but for december as well. where weise was to be done with hiking but -- where we not supposed to be done with hiking by the end of the year? >> maybe, the fed officials have said all along that is not so much the height, but the length of time to leave it there. they will do 75 in november, they'll get another cpi report and another jobs report before the next meeting in december. then if we do not see progress they might reconsider doing 75. the plan would be 50 in

december, they could change their mind's if it is needed. >> quick question, we cannot let you go without talking about the bank of england. now that you have that potential turnaround, but is that mean for the boe? can they breathe a sigh of relief? >> not yet, they will have to see it and then see what the market reaction is. if it is only a partial rollback, do the markets by that as acceptable into they start pulling back a little bit on their concerns? if so the boe is off the hook. their job is to fight inflation. they have been raising rates, they don't not want to stop. at this point inflation is 10% in the united kingdom. they hope tress goes as far as you possibly can to juncker plans at the moment. -- junk her plans at the moment. >> thank you for joining us from

washington dc, let's get some insight, chief economist and head of investment strategy group europe over at vanguard. she has worked formally at the bank of englund, thank you for joining us on the show -- of england, thank you for joining us on the show. can they breathe a sigh of relief now that there is a report that her economics will take a u-turn? >> as your previous speakers said we have to wait and see what type of u-turn that is. what that actually means for the that dynamics of the u.k. government debt going forward. previously that path was rising. markets were worries -- worried about that sustainability. if there is a u-turn, the extent of your current -- u-turn, what does it mean for the path going forward? if all be on a mildly falling

trajectory or a flat trajectory it could be the financial markets take comfort that. >> speaking of financial markets, list talk about the contagion effect. to what extent what is going on in the u.k. that operates on a different pension system, and from what do you see in the united states, can the guilt market spillover to the united state? >> absolutely, financial markets are global, we have investors investing in all types of places across the world. so far when the bank of england did intervene in the market the impact became very localized within the u.k.. where we saw the 30 year yield rise and then fall with the bank of england intervention. you did not see that kind of contagion and spillover to the european or u.s. are gets. -- markets.

with the bank saying it will stop interventions as of tomorrow, we will actually see what happens. if there are still stressors in those pension organs or other markets it could lead to a report -- markets or other markets it could lead to repercussions. we'll have to wait and see. >> she very famously said it hurt -- at the spring meeting this year she is expecting a sovereign debt crisis and the emerging-market world. will we see a sovereign debt crisis version two over in europe? your take. >> i do not think right now that is something that is on the table. i think what we are seeing in the u.k. is that some form of confidence. markets want to have more confidence in where the u.k. economy is have -- heading. the new government is trying to figure out the direction of the government. i would call that a lot of noise right now.

in europe the ecb is behind in terms of the behalf -- the path of rate hikes. the interest rates .75 relative to 3.25 in the u.s.. it is behind the curve as the interest rates rise further up there might be some stressors with recep -- with respect to the periphery company -- countries. like italy that have seen themselves in stressant previous periods. >> we have about 40 seconds left, i have to to ask about currency intervention. a lot of people sing the fight and diminished -- are saying the biden administration this option. what is this about when and market that trades for trillion dollars a day? >> i do not think that is a good idea, economics, as economists we learn about the impossible

dilemma we have independent monetary policy and control interest rates you cannot do currency intervention as well. one of the three has to be determined in the markets and out advocate against that. >> i am thrilled to have you on whenever we talk about the boj next, will put that into context. we think you as always for joining the show. delta outpacing expectations with profit this year, what their outlook suggest for the broader airline industry will dig into that next. this is bloomberg. ♪

>> this is "bloomberg: markets," i am kriti gupta, delta airlines leaves business travel fuel profits of the fourth quarter outpacing wall street expectations as travel industry seeks to recover from the pandemic driven slump. the air carrier could fall victim to some labor cost challenges, here to help us to dissect the results, it is george ferguson, bloomberg senior arrow phase -- aerospace defense. i want talk about the labor story, this is not getting

enough, if it is the flight attendants or the pilots that this is was a big issue couple of months ago when it comes to more capacity. now that we have more flights and air talk to us about the labor cost pressures. >> thank you for having us on, now -- what we saw during three q, labor cost was up from the mid-20's level to between 19 level, debbie continues -- that continues to be a big challenge -- to the 2019 levels, that continues to be a big challenge. bears are going up and labor costs are matching it. profitability is lower than 2019 levels. this is a big challenge for the carriers as we get into winter season. we see demand a road as the economy softens. we do think business travel continues to come back. that will be a tailwind.

the more leisure demand erosion could be a major problem if they have the same high level of liver costs. -- labor costs. >> can business travel a cup for that in a big way? walk us -- make up for that in a big way? walk us through it. >> it will be hard to get business travel to compensate for softer leisure travel. other things we are seeing is very strong load factors out of the airlines. they are doing a great job of filling airplanes, mid-80's load factors that is high from a historical standpoint. if you have the low-end consumer run into trouble with budgets, that i think is happening now and you have to discount fares to get them into the airplane. if you get a much better yield of the business traveler, the discounting you are doing at the

back of the airplane and potentially not billing it as much as 85% -- filling it as much as 85% that will erode your profitability. that is the challenge for q4. >> should we worry about jet fuel costs? a lot of the airlines are not hedged at all. >> i'm surprised opec-plus came into support oil prices in the 80's and 70's. where we had seen 50's, prior to the pandemic. a dip obviously in the pandemic. it seems that opec-plus wants to support prices in the 80's and 90's. while we thought that might be a tailwind for airlines it looks perhaps not. it will be higher prices for longer, because of the opec-plus statement. that is another challenge comes they have to pass those prices onto the travelers.

the higher the ticket prices the lower demand for flying. >> something to watch as we get information from the other airlines, i'm sure we will talk you a lot in the coming weeks. still have, blackrock's assets are tumbling, we will dive into the details next. this is bloomberg. ♪

kriti: this is "bloomberg: markets," i am kriti gupta. let's go back to the breaking news netflix looking to introduce it and advertise the sporting -- supported plan charging a seven dollar level. this is been in the works for a while. thank you for joining us, walk us through your immediate reaction on this news. >> thank you, everyone was

waiting for this price point. we already knew that disney plus had come out with its price point, they are launching on december 8, had an eight dollars rise point, the big question is where will netflix pay -- prices product? i thought it was take -- price of this aggressively. timing it before the disney plus launch november 3, they are pricing aggressively. this should help them not only limit turn, but also open up the product to a whole new set of subscribers. kriti: speaking of, this is something netflix said they had to because they were bleeding subscribers specifically in the united states and europe. the deceleration come have a -- how much will this help their businesses outside the united states? >> that is an important question, as far as a details go, it looks like the first big

market they launch in is the u.s.. we will have to see a how they price it. . internationally. they will have to do it every carefully, prices a sticking point for the private -- the adoption of this product in developing markets. we'll have to wait, watch, see how it comes up, if they price it right and execute well, introducing ads could be a way for them to open up their total addressable market dramatically. kriti: i have to ask, does this set the tone for disney to introduce ads into their business? >> disney already has a robust add business with hulu, disney plus for the longest time has been without ads. they also have made this announcement that they will have an ad supported product in december. this is an admission by all the streamers that advertising is essential if they want to win

and survived, and thrive in the streaming was. kriti: fascinating that the streaming wars are still being battled out, thank you, we think he was always. the shares -- we thank you as always. the shares up 3%. blackrock, their assets not having good news, falling 16% in the third quarter, central banks continuing to raise interest rates to counter surging inflation. joining us now, thank you for joining us. let's talk about blackrock specifically, the trouble there, does a signal and thing about the broader market? >> that is a great question when you look at black rock, even an asset manager that shot past $10 trillion last year is not immune to market jitters. assets and management fall below expectations of wall street, that is 8 trillion dollars now, that sets us up for this week

and next week as you your from other asset managers. jp morgan, morgan stanley, goldman sachs, are they feeling the pressure on fees? what pressure we talking about? it is the retail business and equity business most under pressure. when you will therefore you can see a lot of the same. equities, retail investor, the milling dollar question is how much pain -- the million dollar question is how much pain is the institutional investor feeling? kriti: speaking of the trading, tomorrow is your super bowl, will be on the redeye back to new york covering big bank earnings, what can be exact tomorrow? >> what is crazy, the bankers are hearing d.c. and then back to new york. i want take a quick look at what was said yesterday at the iif

about the u.s. consumer. >> the consumer basically has more money in their accounts by multiples pre-pandemic. they are earning more money. their credit quality as high as it has ever been. more access capacity on borrowing than ever have. delink was he is low -- delinquency is low. they are spending in the quarter that just ended, spending 10% more than last year's third quarter. >> wall street is very concerned about those consumer businesses. will be watching tomorrow morning for provisions for long losses, starting with jp morgan in the morning. this is all happening in the face of higher interest rates, they are expected to make money on the interest income. will they be adjusting future expectations? on a side note you have goldman and apple announcing that deal for savings today showing there is a demand to meet that consumer even in a tough environment.

where there are expected to be more losses when it comes to loan businesses. especially those tied to mortgages and sensitive areas in this economy. kriti: you are at the iff conference, jamie dimon expected to speak it shortly. these have been major advocates of the u.s. economy believing and the consumer until jamie dimon did a u-turn. walk us through what we can expect to hear from him today. >> it is interesting, there are a few things going on, here in washington is the iff meetings, there is the inf meetings and allow the banks have emerging markets and sovereign clients in d.c.. you hear him talk about the u.s. economy, a bigger worry about the bigger draw down in the u.s. stock market, 20%, you may hear him speak about the issues and the rest of the world. how the strong dollar impacts the countries, how those plea

back into the united states, if there is any broad -- bleed back into the night states and if there is any broader systemic risks. they talk about how the government balance sheets could be the canary in the coal mound -- mine. as a of debt goes up what does that mean here in the united states? those be the kind of questions that will be top of mind as jamie dimon addresses them today. >> 32nd scum was the bank to watch? -- 30 seconds, what is the bank to watch? >> jp morgan. we rarely see morgan stanley and jp morgan announce on the same day, i am also watching the scuttle here. who is bringing in more money at the trading business, to big banks reporting on the same day, we are watching equities, fixed income, we are watching what happens there. >> vix is to let 31, this is a super bowl for the banks,

reporting from the iff, we will check on the markets it is still green on the screen when we look at the stock market, up 2.2%, we were down almost by that margin at session lows they are now trading at session highs, netflix news helping the broader index in the yields are rising as well. stick with us we will give you all this information and more in the next 30 minutes. this is bloomberg. ♪

>> i mark crumpton with first word news. the turkish president met with russia's vladimir putin in kazakhstan today to discuss a potential turkish gas load. the president said that the goal is to stop what he calls the bloodshed in ukraine, adding that is a pair piece that can be achieved through diplomacy. in the meantime, more grain vessels sailed under the safe transit deal that turkey helped

to broker. roughly 20 police officers patrolled the beijing intersection after video circulated of a rare protest at the site. protesters were pictured criticizing the covid policies, holding signs that read, we what food not tests. we want freedom, not lockdowns and controls. we want respect not allies. the upset comes days before a crucial communist party meeting. the house committee investigating the january attack on capitol hill is holding its ninth a look hearing. it is the last before the midterm elections that started at the top of the hour. it is focusing on former president trump's involvement in the events around the insurrection. 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 talk about the price action because we have a rally on our hands. the s&p 500 is up 2.5%. take a look at the bond market. it is the reverse. a 14 basis point move, off of a hot report, with a .2% year-over-year increase. the estimate is 8.1%. the 10 year is hovering just shy of the 4% level. look at the dollar. as it moves lower, it is paired with gains from earlier today. .6 percent, perhaps a boost to the market that is watching geopolitics closely. brent crude is at $94. it is up 2%.

>> an incredible turnaround. as for some individual movers today, let's not forget we also had some encouraging outlooks from a whole host of players. walgreens shares are up. delta has a similar encouraging outlook. dominoes at a better than feared scenario financially for that. and the stock is up 10%. weaknesses on the commerce stock. a bit of a hangover from the initial selling. e-commerce names are particularly sensitive to rate hikes. etsy is off 7%. in technology, we are tracking developments with netflix. you covered that last half-hour. they are rate rollout at the start of next month an ad supported offering to appease those who are interested in lower prices and give a revenue boost. we will see how it plays out. $6.99 is the plan pricing in the

united states. and we have earnings from netflix not too long from now, so they have plenty to talk about with wall street over the next couple of weeks. >> one of the things that wall street is talking about is the inflation of work and that is partially the commodity story. saudi arabia has accused other countries to into million barrel reduction cut from last week. that was after the biden administration provided analysis saying there was no market basis for a production cut. the saudi foreign ministry in response said that the government of the kingdom of saudi arabia would first like to ask less -- express his rejection of statements not based on facts and on base with opec's decision out of its economic context. they went on to say that the white house had actually warned them about a month before midterm elections. it looks like there is some scrutiny there. some tension between saudi arabia and the united states. here's what that u.s. economic council member told us about the

move earlier. >> i will say that the communications we've had with opec members, and continuing, have been based on our assessment of the economic circumstances of supply and demand and global oil markets. we disagree with the assessment and that statement that it was economic the right or necessary or appropriate thing to do to reduce production at a time where the lack of global supply on the market continues to be the predominant challenging in global energy markets. that has been and continues to be the motivation behind all of our engagements internationally area --. >> this is not going to be moving the entire market today, but walk us through the direction of travel today. inflation was driven by oil and food prices a couple of months ago. now it is a red story. what happened? >> that is what happen. traders are looking past inflation data, and with opec

and its meeting last thursday, when it decided to cut 2 million barrels a day, that was the story. even u.s. government data says that stockpiles went up, but that's only after spr released 8 million barrels. it is really looking down the curve like it is going to be tight supply. we don't have enough this to lead to get through winter to kees -- eat u.s. homes. and obviously, opec had a production cut. that is what traders are focusing on. you have a back-and-forth between the united states and saudi arabia because if it is up to the united states, they will reduce more oil. they have said that since the summer it obviously since price cuts are factoring in, they say that it want to do these price cuts within weeks. here's what we can do. they wanted to once again spook the markets and show their power. >> president biden's dialogue

with those global oil players out undoubtedly will be watched as we approach the midterm elections. most americans are watching the price the pump. can you walk us through this inflation thursday. you were writing earlier about the general trends we are seeing in the gas market. what can you tell us? >> what was interesting was that september's data showed that consumers are paying less for gasoline at the pump. you have to remember that cpi is backward looking. we are actually looking at detail prices. they have been slowly climbing back to four dollars a gallon, so that is not the for consumers. what is not rate is the biden administration is fixating on these pump prices and saying this is great news. pump prices are down, but it is backward looking. if you look at the pump prices, we are not seeing the same relief we were feeling a month ago. >> helpful context. as always, joining us on all things energy related.

meanwhile, as the market is broadly a, treasury tumbled, driving yields over 4% for the first time since 2011 after an increase in the key inflation gauge, it fueled speculation that they would maintain an aggressive pace of interest rate hikes. let's get more perspective. robert is joining us from a senior portfolio on the multi sector fixed income team. thank you your time. obviously, we've talked about this turnaround in the equity market, but the reaction at 8:30 a.m. was a reminder of the road ahead on interest rates. how did you react to that inflation print >> there were three takeaways. inflation is hotter than expected. that's a big number. is two months in a row. what drove that was much different than this month on last month. we look at details behind it, we were encouraged by the fact that

goods are flat. things like supply chains are getting easier, and the does have a challenge in and of itself in getting inflation lower. that's not just rent it it's other items as well. it is a mixed bag, more than the initial reaction rate, and that is why we are seeing some of the reversal. >> i am curious about how much higher the front end of the curve can go. it is a point of pride for bloomberg. anna along, our chief year's, was contrary and to the 5% terminal rate, and she was way out ahead of the curve, and now it looks like that is market consensus. her .85% of ap policy for march of 2023. you look at fed swaps, but that's pushing the two-year deal higher. how high can it go? >> that's a great question. it will go as high as the fed wants it to go. we have been focused on getting

interest in doing more hold in front of markets. we are creating levels where you lock in some nice yields, so while it can go higher, that's closer to ending than they are to be getting. they can do a lot already, so what we are doing is fine-tuning more hikes is supposed to really trying to get to neutral, where the fed thinks they are. as we get to the back half, i heard you talking about the mix in the volatility. the move index cycles high, and the move is the vix for fixed income. we are at levels not seen since covid, or the goc. but at some point, the volatility will reverse itself. i agree with you that the concern is going higher, but moving higher will probably be more measured than what we've seen for the first part of the year.

>> just to tie this back to where you are making your investment picks right now, tomorrow, there will be focused on the banks and what the banks are saying is there or their earnings on their portfolios, and the loan portfolio. when it comes to her the economy goes from here, how are you thinking about quality credits, sectors that are more at risk than others? >> really, that's a great question. we have focused on quality a. it's one of the things i have noted in this stuff. it will be involved with credit, or we are looking at u.s. credit. if the u.s. goes into credit -- recession, that will be a long one. we are focused on that. in addition, we have mentioned the banks. there are big issuers in the corporate market, so we are going through these numbers with a fine toothed comb because there may be winners and losers over the next few days.

>> a senior portfolio manager in fixed income. we think you as always. a crucial time for the bond market. i don't know what i would do if i was trading in. coming up, we'll talk with schneider electric's north american president on how they are responding to climate challenges. that is next. this is bloomberg area --.

>> this is bloomberg markets. the french tech giant is hosting a summit in los angeles to discuss what calls a triple crisis in energy, economic and climate. we have a special very special guest.

>> we are joined by the north american president. snyder electric sits at an intersection where you help big companies with big construction projects with energy efficiency. on the hardware and software side of those three crises, what is top of mind for your investments and customers? >> we are actually in vegas for 1500 customers. we are hearing that the energy crisis is actually accelerating their journey to energy efficiency and sustainability. if you think about it, when energy costs go up, the return of investment on many technologies that help you save actually become faster, so sustainability and investments are getting much faster. second, we are finding that customers are asking for this. clients going to a company are asking how green it is and how it gets is energy. we have a chief sustainability

officer telling us how her real estate clients are asking for data about how sustainable they are. finally, we are hearing from employees, and in the middle of the great resignation, people want to work with a company with purpose. we've investors, customers, and employee bases all asking for this, and the interesting context means that payback on new technology is even faster, so we see a massive acceleration happening, and that is what we are talking about. >> it is interesting to hear you say that because there is a short-term and a longer term. in the short-term, we have economic unknowns in the months ahead. i was talking to an investor this morning who is looking at all of these announcements that have been told about recently. chip manufacturers building massive facilities in the united states. there is an energy component to that that we have not ought through. it is obviously a customer thinking about that.

>> if you look at the total energy consumption from the last 20 years, it is growing. in the last 10 years, it will grow at 23, and the next 10, another 19%. why is that happening? we are changing the vector of energy we are using. total energy consumption is not going up, but it is getting electrified. think about transitions. we are hearing about ev's. we are moving from oilers powered by gas to heat pumps. we are moving from right -- microgrids that use when solutions, and the electrification is going to drive clean energy. it will create resilience for infrastructure which we need. we also signed texas that a lot investment is going in. a few days of inclement weather had massive disruption impact. to take invention of the chips and infrastructure bill, the inflation reduction act, we have to harden infrastructure, invest

clean energy, and electrification is the best way to do that area >> you mentioned the infrastructure investment coming primarily from the bind administration right now. a lot of these projects are planning to take 10, maybe even 15 years to become fully operational. walk us through how that affects you in the short-term, though. that seems like a deep investment to make for a really long waiting game. >> we find that this policy environment is terribly helpful because it provides certainty of investment. we've known for decades that there's been a lot of investment in clean energy and clean tech and crude resiliency and the software that goes into it, so the policy environment is very favorable for investment because you know the rules of the game. you know what people are solving or. the fact that it has been stimulated with states and municipalities getting the support from the federal government, that is an incredibly wonderful opportunity at a once in a generation

opportunity for the industry to scale up. we see that as a great positive. >> you're trying to buy out the minority investors. what is the latest, and we come back with a boosted offer? >> here's what i will say. we have a wonderful partnership with that company. we love the fact that with the b.i. system, we have a rich data. it makes the invisible visible. we can bring that with how optimized the system is. many customers who need help with resiliency are customers of snyder. as well as off of us. it is a wonderful partnership and we are excited to more with them. >> good to get your perspective. thank you very much. the north american president of schneider electric, and the head of ludlow with a lot to consider over the longer term. >> coming up a toxic culture at exxon that is driving workers away.

even as the company makes more money than ever, we have details next. this is bloomberg.

>> i'm alongside kriti gupta, and we have been watching the market turnaround at the course of the day after the s&p 500 was down. more than 2% after the inflation data this morning, but we are looking at the benchmark around the highest level of the session. again of about 2.5%. we are coming off the s&p 500, and it has been energy. that is the best performer within the s&p 500. that theme continues this conversation in the exclusive report from bloomberg businessweek. it interviewed more than 40

exxon employees and discovered a toxic culture. that is driving the highest attrition rate this company has ever seen, and we are joined with more detail. it's great to have you with us. sometimes get caught up in stock prices, and obviously, we are rallying this year. you take a deep dive into the culture of the company, and what did you find? >> this really started off as a great resignation story. we delve deeper, and it turned into a story about culture and company. very quickly, it was revealed to me that there was a culture that was fear-based, authoritarian, and very concealer. this is driving a lot of people to be known for being one of the last graduates to retirement. that really changed during the pandemic.

with results of performance evaluations, there are extremely high attrition rates, and people really talk about a culture where they are scared to the cup against their bosses for fear being dropped in a performance rank area scared to raise problems, and also speak freely about environmental issues. diversity, as well. >> this is a company that is part of a sector that is not exactly praised for things like will pay, say culture anything like that. is there anything being done about this not just from exxon but from its peers? >> yes. they say, they invited me into their offices, and they allowed me to interview a couple of their employees, and they say that there are moves to improve the culture, and they say that they've changed the performance evaluation system to make it much more transparent, and to provide consistent feedback to

employees. people have been telling me, off the record, the changes to the performance a valuation system actually made the culture even more competitive, and they get more power in the hands of their media bosses. what's particularly interesting is that we also have documents that show we have unwillingness to raise proper and -- problems for bosses that contributed to the exxon erosion of its financial performance of the past decade, particularly in terms of the project execution costs. it really increased during this 2010. we have plenty of examples for who we have. we have a whistleblowing complaint from earlier this year, and an alleged senior executive bumped up the ranking of an employee he having sex with. we had a black female engineer

saying that her nine years with exxon turned into a dysfunctional or mentally abusive relationship. exxon denies that, and this is the standard culture of the company, but clearly, there are some issues. >> something we will stay apprised of as always. kevin crowley. a fascinating story. we encourage everyone to check out. right now, this is bloomberg.

>> the most crucial moments in the trading day. this is bloomberg markets the close with caroline hyde, romaine bostick, and taylor riggs. >> we kick you off on the close, and a hot cbi print. wilde vol