bernstein -- and i'm sorry, i forever will call it sanford bernstein -- bernstein private bank has written some very important attaches on the state we are in. beata kirr joins us now, cohead of investment at bernstein. the way you write it, it is not a moment. it is a longer-term state of affairs. beata: that is right. i thing we have to realize there are so many different scenarios that could play out here today, and i think you have to have a lot of hubris to say for sure one scenario will play out, so i think gradual is an appropriate word for what is truly a tragic humanitarian crisis that is now unfolding. jonathan: does cache work with 8% inflation? beata: we don't think so. we are not recommending a strategic outlook for cash. we are looking for opportunities to invest. think about alternatives, income alternatives, real estate. we really started the year worrying about inflation and assets that can be protective, and we are continuing to allocate towards those assets, but then we are also looking for companies that have rising power and can be nimble in a fast changing environment

bob woodward and carl bernstein join us tonight. so you can “br”. [impressed] brbroooooo.ooooo!!!! broooo!!!! broooo!!!! [in unison] brooooooooo!!!!! [splash] [disappointed] broooo... good thing you saved on the trip! priceline. every trip is a big deal. regularly since early in the invasion with a mom in kyiv and her three young children. alena is her name. her oldest child is 7. her youngest just turned 5 months old. their father volunteered to defend kyiv and they have been sheltering in a basement since the invasion began. we talked to alena before air time. how are you and your kids doing? >> i don't know, we're kind of fine. that means we are alive. but it's not fine that it is fine where we are right now. because it's sthil war and we still are under the threat and under the danger, and it's not fine. it can never be fine. >> have you heard anything outside from the streets today? >> more explosions, we hear the noise of these every day, every night. hard to say where is it coming from. the last few days, looks like this was more on the ground. we are very close to

coming up this hour, council of economic adviser member jared bernstein on the white house's plan toe to spike another big surge today. >>> plus, we're watching for earnings from snowflake, victoria's secret and wealth management still with us and boston private wealth joining in the conversation and janet, what about you? have you been buying on some of these dips gotten? big sellsell-offs? relief today >> sara, thoughtfully adding into the market over the last few weeks copt being to look at the fed meeting as a catalyst for institutional investors to put money back into the market and could be delayed a few week due to the russia-ukraine conflict we think an emphasis and focus on the back half of the year for many institutional investors over the next four to six weeks and we expect the fact that we may get some of this choppiness to josh's earlier comment on a day-to-day basis, but able to start to put cash to work in your longer-term allocations over the next four to six weeks, a good time to can do it looking towards 2023. >> shannon, just on the energy story, if you just look

david bernstein. _ what we are where we are. david bernstein, thank _ what we are where we are.s been sinking south through the night. today it will retreat northwards. bumping into this area of high pressure. it is not advancing terribly far. if you take a line from aberystwyth, this is where we will have the clarity of the conditions. a patchy rain in these. heavier rain in the southwest and channel islands. north of that we stay in the sunshine. wendy on the far north of scotland. the breeze picking up in the afternoon across southern england. tonight you will find all this cloud and rain will find all this cloud and rain will push steadily northwards. there will push steadily northwards. there will be clear skies across scotland. a widespread frost. temperatures in the highlands could fall away as low as —6 or —7. we are looking at the chance of some pockets of frost as well. tomorrow, all these cloud and the rain, which is not particularly heavy, continues to push north. it will be a blustery day. the north of scotland hanging on to the sunshine for the longest after that c

before woodward and bernstein -- this is my memory -- you had reporters, and that was news. and you had opinion writers, and those were on the editorial page. and the reporters' names weren't carried under their story. they just reported on the story and journalism schools taught, who, what, where, why, and when, the five "w"'s. woodward and bernstein became famous, big movie stars, and got rich, and got to sign their names. thousands of people went into investigative journalism. and today, every news story is signed. and the person writing that story is tempted to make it as sensational as possible so you'll remember their name. so you don't get news. you get here's what i think you should think about what happened today. now, give me a question again. >> i guess the question is how [ inaudible ] i mean, outside of just, as you mentioned, that smoking gun, have any of -- >> oh, the contrition, now that the truth is coming out. >> [ inaudible ]. >> no, of course not, that would be too fun. nobody has ever disputed a single fact in my book. i have the documents. what are you

bernstein says if history repeats itself, apple may get a hit.at also poses a threat on the other hand -- >> here we go. do you have the graphic ready? >> have we seen those mac numbers? could we be experiencing the beginning of a mac super cycle and the dollars and margin dollars behind that significant? i don't know you've got the mac and the ipad with the m chips inside. those are powerful those are selling well it's not like you end a super cycle with a down cycle necessarily, a slow cycle. it might be a regular slow cycle of iphones, and that's not bad. >> you have always been a believer of the m chip you got me over to your side that sort of opens up the possibilities and the idea of vertical integration has so much movement around apple. interesting things that aren't being looked at right now. >> apple is so many things steve jobs dreamed about a couple of decades ago and couldn't pull off at this time the extrovert cal integration, you look at the software, the hardware, and the service, that's playing out for apple, and that has implica

before woodward and bernstein. this is my memory. you had reporters. and that was news and you had opinion writers and those were on the editorial page and the reporters names weren't carried. under their story. they just reported on the story in journalism schools. taught who what where why and when the 5ws woodward and bernstein became world famous movie stars and got rich and they got to sign their names and thousands of people went into investigative journalism and today every news story is signed. and the person writing that story is is tempted to make it as sensational as possible. so you'll remember their name so you don't get news you get here's what i think you should think about what happened today. now give me a question again yeah. i mean outside of just as you mentioned about holding against that smoking gun like you have any of the concession now that the truth is coming out well. no, no, of course not that would be too fun. i nobody has ever disputed. single fact in my books that i have the documents. i mean, what are you going to say? o

woodward and bernstein became world famous, big movie stars and got rich. they got to sign their names. thousands of people wind into investigative journalism, and today, every new story -- the person writing that story is tempted to make it as sensational as possible so you will remember their name. so, you don't get news, you get, here's what i think you should think about would happen today. now give me your question again. >> my question is [inaudible] >> now that the truth this coming out -- no, no. of course not. that would be too fun. nobody has ever disputed a single fact in my book. i have the documents. i mean, what are you going to say? no, he wrote about a secret meeting but we didn't really do it? i am told there are four stages law when someone publishes a book you disagree with. the first and the foremost is ignore it. ignore it -- so you pick out -- there's a typo on page 32. so you know, you can't believe everything he says. only if others start to take the book seriously, do you have to sit down and really slide through. i gotta tell you t

geoff: white house economic a visor jared bernstein, we appreciate you being here. >> my pleasure. ♪going assault against ukraine has kept the world on edge this week -- and it was a key focus of president biden's state of the union address on tuesday. to discuss all of this, we turn now to brooks and capehart. that's new york times columnist david brooks and jonathan capehart, columnist for the washington post. very good to see both of you. this has been a week, about the worst one we can remember. jonathan, as you watch horrifying pictures and reports coming out of ukraine and increasingly brutal attacks from the russians, what do you think we are learning? jonathan: three things come to mind. the first is that for a country as big as russia, as powerful as russia in terms of armaments, it is a nuclear power, and the threatening rhetoric and language from president putin, i am surprised by how slowly things are going for russia in its invasion and the war it has unleashed on ukraine. the pictures are horrifying, the stories heartbreaking, the lies that are coming out of the russian

jared bernstein joins us right now. very good to see you. a stunningly strong report. mike tobin.ou know, it's only going to remind folks that the economy is strong, inflation is a problem. the federal reserve is going to have to raise rates more. we saw it reflected in higher oil prices. wiping out that good news. how do you react? >> i wouldn't come anywhere close to wiping out good news. it's not just one month, of course. there's a very solid and long on going trend such that since this president got here, we've seen a creation of 7.4 million jobs. that's a historical record. on the other hand, it's a real mistake to try to reduce these economic dynamics, the state of this economy, down to one variable, inflation. it is a real challenge for household budgets. we have robust plan for going at it. imagine if that was occurring without the backdrop of 3.8% unemployment, historically strong job growth, strong wage growth, strong household balance sheet, all tied to policies of the president. >> neil: the problem with that good news as you talk about strong growth, you're right, gr

to spend it could be a harbinger of weakness in spending >> when we come back, a top analyst at bernsteinls peloton an unlikely hero she'll outline while she's bullish on the stock, plus, david zervos on the fed's big meeting tomorrow, how it could impact the markets those stories and more when we go inside the market zone. (vo) some bonds last a lifetime. some bonds inspire confidence, and some you grow to rely on. these are the bonds worth investing in. for over 50 years, pimco has reinvented fixed income to create opportunities for investors in every market environment. so, no matter what happens you can build the bonds that mean the most to you. pimco, a global leader in active fixed income. how not to be a hero: because that's the last thing they need you to be. you don't have to save the day. you just have to navigate the world so that a foster child isn't doing it solo. you just have to stand up for a kid who isn't fluent in bureaucracy, or maybe not in their own emotions. so show up, however you can, for the foster kids who need it most— at helpfosterchildren.com this is xfinity r

and then white house council of economic advisor member jared bernstein will join us to discuss the bannd the president's executive order, the new one on crypto. as we head to break here is today's aflac trivia question. it's i'm sure you're aware it's national barbie day. how much was the first barbie doll sold for back in 1959 >> $2.69 at yr ess? >> less. >> okay. we'll find out in just a minute. the aflac pre-pain show. aflac! paul is about to suffer a shelf-inflicted injury. luckily, aflac will help cover his unexpected medical bills. aflac! maybe you could use the money to buy a step stool. i have a step stool. so why are you climbing a shelf? the stool's on top of the shelf, isn't it paul... [shelf crashing] yeah... ♪ aflac! official partner of march madness. >>> welcome back to "squawk box," everybody. here's the answer to today's aflac trivia question. how much was the barbie dole first sold for in 1959 >> $3. i thought it might be $2.68. >> you were trying to win on 1961 >> his hair looks more natural than mine that's the weird thing. >> the ken doll. >> yeah, it's plastic, rig

. >> reporter: to unpack it all for us, i'm joined by jared bernstein, who serves on the white housedvisers. it's great to have you with us. and this jobs report is unambiguously good. it beat expectations, as we mentioned. what does it say about the state of the economic recovery? >> well, i think it says very clearly that this is one of the most welcoming job markets in generations for virtually any job seeker in industries across the economy, but there's also a very important policy message. the measures that the president took when he got here, particularly the american relief plan, by getting shots in arms and checks in pockets, not onlys and businesses to get to the other side of this dual health and economic crisis, but set this labor market up for the strongest growth we've seen in generations. when you're posting job gains that are adding over half a million jobs per month on average over the past thre months, you know you're into an hhistorically strong labor market. >> reporter: a few challenges remain. wage growth appears to be leveling off, but many people's paychecks ar

bernstein's toni sacconaghi weighs in on a report that iphone is developing a subscription service, when. session highs on the markets what if you were a major transit system with billions of passengers taking millions of trips every year? you aren't about to let any cyberattacks slow you down. so you partner with ibm to build a security architecture to keep your data, network, and applications protected. now you can tackle threats so they don't bring you to a grinding halt. and everyone's going places, including you. let's create cybersecurity that keeps your business on track. ibm. let's create after years on the battlefield and multiple concussions, migraine attacks followed me home. i wasn't there for my family and i was barely functioning. until nurtec odt changed all that. nurtec is the only medication that can treat & prevent my migraines. don't take if allergic to nurtec. the most common side effects were nausea, stomach pain, and indigestion. now, i run a non-profit for other green berets. when i feel like myself, i can do so much more. what will you do? ask your doctor about nu

avi shipman and reek i don't bernstein.t. what more can you tell us about it? >> sure. so i came up with this idea to help ukrainian refugees find potential hosts in neighboring countries. i called my friend marco, an amazing web developer at harvard, and we did not sleep for three days, we grinded this website out. we tried to finish it as soon as possible to get it into the hands of refugees. >> marco, you're being called the coding wiz of all of this. tell us more about how it works. >> you know, i really think avi and i make a great team. when i got the call from avi, we basically sat down and tried to do this in the most efficient and streamlined day possible. at the end of the day we're not the target end users, we're trying to reach people in ukraine. the fewest button presses, the lightweight website, it's not going to take forever to download, see it from their perspective. we have the site translated into over a dozen languages to help people all over world. >> how can the refugees screen the host families? >> we

what stands out to me is that voters do seem to have made up their minds bernstein is president of amcearch, which was hired by backers of the recall to conduct the poll. we were really, really looking for unbiased on a street what boehner spot. so this is not a skewed or bias poll. the survey of 800 likely voters found 73% somewhat or strongly disagreed with the statement. >> dean is keeping san francisco safe. 69% somewhat or strongly disagree. the dean does what is best for the community. 51% somewhat or strongly disagreed be dean is honest and trustworthy. and 61% somewhat or strongly agreed to. dean is responsible for rising crime rates in san francisco. if this poll is accurate, dean has an uphill battle and people are not just a little upset. they're very upset and they're very upset about issues that tend to get people to vote. jessica levinson teaches election in constitutional law at loyola law school. >> she says be dean may not have time to reverse the tide. i don't know that he has time to reverse and in part because it seems like what people are upset about is partly that

with bernstein is president of amc research, which was hired by backers of the recall to conduct the poll. >> this structure paul. we make sure that we are truly getting independent result. there's no benefit to the campaign of not getting good results. the survey of 800 likely voters found 73% somewhat or strongly disagreed with the statement. >> dean is keeping san francisco safe. 69% somewhat or strongly disagree. the dean does what is best for the community. 51% somewhat or strongly disagreed be dean is honest and trustworthy. and 61% somewhat or strongly agreed to. de n is responsible for rising crime rates in san francisco. >> they're not just very upset about these more kind of abstract esoteric policy issues. you're very upset about whether or not they're safe. they're very upset about the things that really motivates people to vote for or against people, which is how is this administration affecting my daily life? >> jessica levinson teaches election in constitutional law at loyola law school. she says if the poll is accurate, dean has an uphill battle ahead and it may be im

whose primary specialties are energy and airlines, professor bernstein says. for the airlines, it's a super high stakes guessing game. what are fuel price is going to be in the spring. what is, uh, supply labor supply going to be and what is demand going to be with the potential new surge that's coming through europe and may come through the united states. with fewer flights and far higher demand. united said it expects to earn strong revenues, meaning ticket prices will go up even with higher fuel costs. and since there are only four major mega airlines left in the united states, united, southwest delta and american it's easier for them to see each other's fears in a less competitive environment. i think this will almost certainly occur on all four airlines and i think we're going to see higher prices . how long will this go on? we don't know how long this will last because we don't know what's going to happen to oil prices. houston's airports are already advising their passengers tour arrived three hours early for domestic flights. and four hours for interna

with bernstein is president of amc research, which was hired by backers of the recall to conduct the poll. >> this structure paul. we make sure that we are truly getting independent result. there's no benefit to the campaign of not getting good results. the survey of 800 likely voters found 73% somewhat or strongly disagreed with the statement. >> dean is keeping san francisco safe. 69% somewhat or strongly disagree. the dean does what is best for the community. 51% somewhat or strongly disagreed. bidding is honest and trustworthy. and 61% somewhat or strongly agreed to. dean is responsible for rising crime rates in san francisco. >> they're not just very upset about these more kind of abstract esoteric policy issues. they're very upset about whether or not they're safe. they're very upset about the things that really motivates people to vote for or against people, which is how is this administration affecting my daily life? >> jessica levinson teaches election in constitutional law at loyola law school. she says if the poll is accurate, dean has an uphill battle ahead and it may be

avi shifman and marco bernstein developed the ukraine take shelter website.site already has over a million users >>> for the third time, the court of arbitration of sport upheld a fifa ban that will continue to sideline russian soccer teams from world cup qualifying and ballet stars performed in a "dance for ukraine" charity event in london organizers say the gala raised over $180,000 for ukrainian aid. >>> now, to the sputtering diplomatic efforts to bring ukraine and russia together. it's almost one month since the bloody russian invasion began. nbc's keir simmons has that part of the story >> reporter: hopes fading of a meeting between russia's president putin and ukrainian president zelenskyy. zelenskyy had warned, without those talks, europe faces a descent into world war iii the kremlin spokesman saying no significant progress has been made in negotiations so far. diplomacy deteriorating on multiple fronts. russia's foreign ministry calling in the u.s. ambassador to russia, threatening, furious after president biden called president putin a murderous di

tom: this goes back to frank knight and peter bernstein in his great book.is about risk, can we measure it or the unmeasurable uncertainty? we are drowning in uncertainty, whether politics in the headlines or market reaction. to your point on eu banks, the price moves are not constructive. jonathan: banks heading south, energy heading north. occidental exit duly -- raising yesterday. lisa: at what point do we get to a place where high oil prices and what it will do to the short and medium-term in demand. and the recession like environment you are seeing period wonder whether this is significant, because the fed can't do that much what will the fed do with this? jonathan: another dynamic for crude players, it is becoming very awkward for them. when we get the reports, the backlash against that will be tremendous. the statement that the shell statement over the weekend explaining themselves as to why they brought russian crude even though legally they can buy russian crude. that tells you the moment we are in at the moment. tom: we see it in aluminum as well.

meeting the direction, is i'm at the other months of work in terms of, of defense defeat wished bernstein vine law the investments that we need to do. persona with appoline or to have it now with your my 2 percent of our g. d peeled going to fence. we haven't efforts to make the we have to do this in a coordinated way, digit there. he don't defeated to identify the capacities you don't if you assume a booth want to identify are needlessly didn't very well to city dispatcher, whether we're talking about space a, c, e dot consists and to be so identify what has meaning to be able to build your pin subsidiaries through some of the other day to think more if people aren't often and not the defense is more but importing material. and as we went in for continue, and we have to now continue this partnership with what we also have to reside, to consolidate at fia, obviously. and the default i give you a pin on the fence suki growth fund, arm shipping in mother a company's subsidiaries haven't flipped with your decision, not additional in a way that is working in a fully integrated way with dish.

i was reading a note from bernstein and it pointed out something interesting, is that we have not reallyeen a drastic flattening in the european yield curve yet, whereas we have seen that in the u.s. that would seem to indicate that for whatever reason, in terms of the yield curve the expectations are not that pessimistic just yet. guy: is the yield curve a real reflection of reality in europe, given the involvement of the ecb at such a high level? justina: that is a great point. i guess in the u.s. what we have seen his people were expecting the fed to raise, the short end went up but the long did not go up as much and there was planning. in europe we have not seen that yet and maybe that has to do with different expectations for the ecb. kailey: clearly, karen, when we came into this year we got the picture was going to look different. a consensus call was europe over u.s., value trade overgrowth. does this situation potentially present the reverse of that? karen: right now, but i do think we need to be careful about getting whipsawed here. if there is some degree of resolution or a mo

bernstein's china team putting out a note this morning, among investors and ourselves, hit high levelsrecent weeks. macro issues persistent but we expect beijing's comments to mean some of the worst-case scenarios are off the table. >> i'm surprised, seema, short interest so low in some of these chinese names. >> yeah. a great point. i, too, thought a little higher. we have to take into account the short interest numbers i relayed's may not actually provide the full picture chinese adrs short interest based and shares traded here and may not fully account of, take into account shares traded back home in china. clearly, despite where short interest stands for these chinese adrs, seen a big run-up yesterday, but does follow four weeks of consecutive losses for the kweb china etf even a name like al alibaba >> up and down side. seema, appreciate. seema mody. >>> my next guest says regime in beijing driving the moves rather than something else. and michael joining us what do you mean by the regime driving these moves? >> well, if you buy a stock, right? buying it based on fundamental analy

out with a note bouts of witness are opportunities to add exposure joining us along with richard bernstein. tony, start there. you have a new note. buying today's pullback? >> sara, back isn'tian remember sremember -- back in january, wow cautious since september talking about tumultuous rally look at what happened over the course of last year at the low, when s&p down 14%. nasdaq and russell down 20% almost back to end of 2020 to see those levels gave back all of the gains in the market, they've gone nowhere. when you put all of that into the background, still in a tumultuous market and i think still going to pull back the thrust last week a historic precedent i can't ignore hard call, middle of a war, fed raising races, maybe 50 basis at a time costs crushing everybody and companies. get the thrusts like you got, make it specific s&p 500 found up more than 6.96% like in the four days ending last week. four-day rate of change. 6.95%. it was up 23% median gain a year later. 14 of the 16 occurrences up actually double digits. >> argues for more strength ahead. richard, i remember you've bee

bob woodward and karl bernstein exposed the president and his role in the containment of the scandal.t have been nice. the media actually trying to hold the president accountable for the actions of those around him. now fast forward 50 years to today and we're looking at a drastically different media landscape. rather than cover the crimes of political players, they are doing everything they can to cover them up. because we're witnessing today one of the biggest containment operations in american history. a censorship campaign to cover up for one of the most corrupt first families in american history. and to sway an election. back in october of 2020, the "new york post" gave us our october surprise, damaging emails. text messages and photos of joe biden's son hunter striking up deals and raking in millions of -- just dirty sketchy foreign cash when his father was vice president. using joe biden as a cash register for the family. hunter biden was the bad man and he put our national security at risk at the taxpayers' expense. and when those leaks out of the hunter laptop came out, we co

and for what it is worth, the other half of the team, carl bernstein, has been outspoken in saying that's attempted coup is in fact worse than watergate. of course, the man knows of what he speaks. because watergate was an attempt to influence an election outcome through a burglary and subsequent cover-up. trump's plot was an attempt to overturn an election after the fact, using lies and intimidation to incite a violent insurrection. just in case you still doubt it seriously, listen to federal judge david carter describing trump's plot in a ruling yesterday. he said it would have permanently ended the peaceful transition of power, undermining american democracy, and the constitution. judge carter concluded that trump likely attempted to corruptly obstruct congress from counting the electoral votes on january 6th, and in the same ruling describing the effort as a coup in search of a legal theory. he ordered trump lawyer john eastman to release 101 emails around the insurrection trying to keep secret from the january 6th committee. now, this investigation is ongoing. despace what we know

tom: i want to stop the show here and talk about the great peter bernstein and his magisterial against gods, and the idea of risk versus uncertainty. the media is throwing around the word uncertainty right now like it is a meant. explain the difference to our audience of risk measurement versus the unmeasurement of uncertainty? adam: there's a lot of stuff you don't know. that is uncertaintry. i don't building things i can estimate at all. you don't forecast wars when you are making assumptions, but we try to think about it is there is a range of outcomes. try to assign probabilities to those outcomes, look at earnings potential during those outcomes, and make an educated statistical expectation for what is going to occur. i still think the base case is corporate earnings grow. it was a number of companies that have rising power. if earnings grow this year and people believe they can grow next year, the market is going to recover handsomely from these levels. lisa: but not everyone. adam, i was struck by in your research how you were talking about possibly aggressively shorting specifi

in fact yesterday jared bernstein was saying president biden is confident that america can avoid stagflationnd get the soft landing. gina, if we can get oil under control, for instance, is it possible we can avoid stagflation which seems to be a real legitimate risk every single day? >> we don't see all the components of stagflation. sure economic growth slowed a little bit but we probably see, as your previous guest just said, 3 1/2% gdp growth this year. we'll get growth from private equity investors investment. leading economic indicators, there is a whole list i could run off are very strong. jobless claims came out this morning were extremely low. durable goods orders were strong. the credit markets are strong. retail sales is high. consumers are strong and they make up 70% of gdp. charles: right. >> so there is a lot of positives that can help us offset the, offset the impact of inflation and the ukraine conflict. we don't see the economy stalling. charles: but, larry, you know reports this morning iran was negotiating maybe to produce more oil to help slow down the crude oil spike. we

bernstein is president of amc research, which was hired by backers of the recall to conduct the poll. >>this structure paul. we make sure that we are truly getting independent result. there's no benefit to the campaign of not getting good results. the survey of 800 likely voters found 73% somewha or strongly disagreed with the statement, dean is keeping san francisco safe. 69% somewhat or strongly disagree. that dude does what is best for the community. 51% somewhat or strongly disagreed be dean is honest and trustworthy. and 61% somewhat or strongly agreed to. dean is responsible for rising crime rates in san francisco. >>they're not just very upset about these. more could have ab strapped esoteric policy issues. they're very upset about whether or not they're safe. they're very upset about the things that really motivates people can vote for or against people, which is how is this administration affecting my daily life? jessica levinson teaches election in constitutional law at loyola law school. >>she says if the poll is accurate, dean has an uphill battle ahead and it may be impos

he enlisted fellow freshman marco bernstein, and together they created ukraine take shelter. it's a website that connects refugees with people who can offer them a place to stay, everything from vacation homes to a spare room to a couch. the guys got the site up and running in just three days. it's in 12 languages. and in this first week, more than 4,000 people around the world, including here in the u.s., have offered shelter to these refugees. abi told us how quickly it has taken off. >> last night before i went to sleep, there were all these listings in hungary, woke up this morning, there's like no listings in hungary, they've all been filled. it's incredible to see. >> the guys are thankful to the people around the world who have helped them get started and to the people who jumped in to host these refugees, great job to everyone that's pitching in. for more on how you can help the refugees from ukraine, use your phone's camera to take a picture of the qr code on your screen or go to our web site, goodmorningamerica.com. >> 2.5 million already and they are expecting a lo

let's welcome in david vernon from bernstein i'm surprised they're going to this move first rather than think they're going to raise look at th consequences they're going try to concentrate where they can better balance the cost to serve with the revenue that's available in the mark >> how does this change their profitability and which of these airlines do you think was hedged to be insulated and which aren't >> so, the near term impacts of profitability is going to be significant. when you see jetblue prices move up by 60, 70%, tomorrow's tickets were sold a few months ago, so you're not going to see a quick ability to recover these oil prices you have hedging in place at larger airlines like southwest and alaska most of the network carriers remain effectively unhedged so you'll see a pretty pronounced -- and importantly, i think the knee jerk reaction to the oil price move has been to kind of push forward this really pronounced spike in oil prices for a longer period of time than probably is going to be the case >> where, david, do jet fuel prices sit today and where say were they at

show, ty >> thanks, scott >>> micron shares moving on the back of a double upgrade that's rare from bernstein in overtime and said he bought it, as well. >> yeah. i think overall, the semi industry probably has the highest sensitivity and correlation to the upside surprise that you discussed earlier in the show, scott it really is about mobility in moving the economy forward it's talking in this note in which you cite a surprising double upgrade and significant price target about an improving dram environment and improving inventories overall. the joe t. etf has significant exposure to semis and it's the third leading industry and we own nine names of which micron is one of them and nvidia, qualcomm and others and i think for investors looking for an upside capture pot earn, the semis are the right place to be and they've certainly experienced a significant decline this year. >> how about this call, amy? >> it's a bold call, but it is early. you tend to want to buy these stocks, the very cyclical semis when valuations are high because that means earnings are low and that's certainly not the c

with bernstein is president of amc research, which was hired by backers of the recall to conduct theake sure that we are truly getting independent result. there's no benefit to the campaign of not getting good results. the survey of 800 likely voters found 73% somewhat or strongly disagreed with the statement. >> dean is keeping san francisco safe. 69% somewhat or strongly disagree. the dean does what is best for the community. 51% somewhat or strongly disagreed. bidding is honest and trustworthy. and 61% somewhat or strongly agreed to. dean is responsible for rising crime rates in san francisco. >> they're not just very upset about these more kind of abstract esoteric policy issues. you're very upset about whether or not they're safe. they're very upset about the things that really motivates people to vote for or against people, which is how is this administration affecting my daily life? >> jessica levinson teaches election in constitutional law at loyola law school. she says if the poll is accurate, dean has an uphill battle ahead and it may be impossible to reverse those numbers.

fox business alert, peloton stock cycling to gains after alliance bernstein a initiated coverage withprice target of $40 a share. okay the stock is up 11% right now, to $22.45. the firm, very bullish on the stock, after the fitness subscription company hired a new ceo, that was a while ago, started a new supply chain strategy, and continues to have a growing total addressable market. peloton has traveled a very rough road year-over-year, down about 82% but it is not the only at-home stock that's showing momentum, as china renews lockdowns amid a fresh covid spike after falling to the lowest level since the onset of the pandemic. it's now apparently time to buy zoom video communications. sosa benchmark which upgraded the video conferencing leader from a buy to hold and set a price target of 124 bucks. stock is up 4%. it's at 98.50. the brokerage expressing faith in management particularly in founder and ceo eric yuwan. by the way you've got to listen to the in depth interview we did with eric on my everyone talks to liz podcast well before the pandemic, and you'll see why benchmark mig

let's bring in jared bernstein, member counsel economic adviser to the president. >> my pleasure. >> bret: i want to start with the budget in this plan. american tax reform biden tax reform $2.5 trillion. 11 tax increases on oil and gas industry at a time when the price of gasoline is at record highs. what's the elevator pitch for this? >> this is a budget that incorporates and elevates three of the president's top values. and really, when you get away from the thousands of pages and hundreds of numbers and tables, the values here are fiscal responsibility, which in this case means serious deficit reduction. it means safety and security both here, home and abroad. i heard you talk about the defense number. and it means investing in american families. and this budget does that. and one of the ways it accomplishes that is by raising revenues in the most -- on some of the highest income, highest net worth individuals who are, as you just played the president saying, pay an average tax rate of 8%. billionaires paying 8%. that's a problem for this president. and i think a problem for most

and peloton is jumping it was initiated with an outperform and a $40 price target at bernstein.y a new ceo and tighter belt will make them an unlikely hero up 8% today. and shares of tesla moving higher the company announcing more price hikes in the u.s. and china, its second increase in less than a week after ceo elon musk said ev makers are facing significant inflation pressure they raised prices a lot last year the shares are up 3% cnbc pro ran a screen and found that utilities tended to outperform the s&p as rates rise among the top performance, nrg, nextera and exelon and now a cnbc news update. >> ukrainian president zelensky says that russian strikes hit buildings in kyiv. the mayor said fighting back against the attacks is about more than just defending ukraine. >> it's very important, because we're fighting not just for our city we're fighting right now not just for our country we're fighting altogether for our values, our principles >> meantime, fox news says that its veteran cameraman has died and the woman who interrupted a russian newsroom with an anti-war protest h

with bernstein is president of amc research, which was hired by backers of the recall to conduct the we are truly getting independent result. there's no benefit to the campaign of not getting good results. the survey of 800 likely voters found 73% somewhat or strongly disagreed with the statement. >> dean is keeping san francisco safe. 69% somewhat or strongly disagree. the dean does what is best for the community. 51% somewhat or strongly disagreed be dean is honest and trustworthy. and 61% somewhat or strongly agreed to. dean is responsible for rising crime rates in san francisco. >> they're not just very upset about these more kind of abstract esoteric policy issues. you're very upset about whether or not they're safe. they're very upset about the things that really motivates people to vote for against people, which is how is this administration affecting my daily life? >> jessica levinson teaches election in constitutional law at loyola law school. she says if the poll is accurate, dean has an uphill battle ahead and it may be impossible to reverse those numbers. i don't know tha

i want to bring in now jared bernstein a member of president biden's advisers.afternoon. >> great to be here. thank you for inviting me on. >> the minimum tax for very rich americans to apply to people with more than $100 million basically. is this a first step to potentially raising taxes on wealthy americans or is this it for the moment? >> i think what this is is an absolutely historically unique piece of tax legislation which is to do something that's never been done in u.s. tax policy which is to try to figure out how to fix the problem that billionaires tend to pay an effective tax rate of 8%. 8%. below 10%. below what a firefighter or a teacher pays in many cases because our tax system leaves wealth out of its base and this billionaire's minimum tax disallows that and requires the top .01% of the income scale to pay at a minimum a 20% tax rate. not the current 8%. raises $360 billion over 10 years and injects a dose of fairness into the tax code. very important to this president. >> it is in many ways as you know presidential budget is in some ways symbol

whose primary specialties are energy and airlines, professor bernstein says. for the airlines, it's a super high stakes guessing game. what are fuel price is going to be in the spring. what is, uh, supply labor supply going to be and what is demand going to be with the potential new surge that's coming through europe and may come through the united states. with fewer flights and far higher demand. united said it expects to earn strong revenues, meaning ticket prices will go up even with higher fuel costs. and since there are only four major mega airlines left in the united states, united, southwest delta and american it's easier for them to see each other's fears in a less competitive environment. i think this will almost certainly occur on all four airlines and i think we're going to see higher prices. how long will this go on? we don't know how long this will last because we don't know what's going to happen to oil prices. houston's airports are already advising their passengers to our arrived three hours early for domestic flights and four hours for interna

whose primary specialties are energy and airlines, professor bernstein says. airlines, it's a super high stakes guessing game. what are fuel price is going to be in the spring. what is, uh, supply labor supply going to be and what is demand going to be with the potential new surge that's coming through europe and may come through the united states. with fewer flights and far higher demand. united said it expects to earn strong revenues, meaning ticket prices will go up even with higher fuel costs. and since there are only four major mega airlines left in the united states, united, southwest delta and american it's easier for them to see each other's fears in a less competitive environment. i think this will almost certainly occur on all four airlines and i think we're going to see higher prices . how long will this go on? we don't know how long this will last because we don't know what's going to happen to oil prices. houston's airports are already advising their passengers tour arrived three hours early for domestic flights. and four hours for international t

with bernstein is president of amc research, which was hired by backers of the recall to conduct there paul. we make sure that we are truly getting independent result. there's no benefit to the campaign of not getting good results. the survey of 800 likely voters found 73% somewhat or strongly disagreed with the statement. >> dean is keeping san francisco safe. 69% somewhat or strongly disagree. the dean does what is best for the community. 51% somewhat or strongly disagreed. bidding is honest and trustworthy. and 61% somewhat or strongly agreed to. dean is responsible for rising crime rates in san francisco. >> they're not just very upset about these more kind of abstract esoteric policy issues. you're very upset about whether or not they're safe. they're very upset about the thing that really motivates people to vote for or against people, which is how is this administration affecting my daily life? jessica levinson teaches election in constitutional law at loyola law school. >> she says if the poll is accurate, dean has an uphill battle ahead and it may be impossible to reverse th

what stands out to me is that voters do seem to have made up their minds with bernstein is presidentresearch, which was hired by backers of the recall to conduct the poll. we were really, really looking for unbiased on a street. what better spot. so this is not a skewed or biased poll. the survey of 800 likely voters found 73% somewhat or strongly disagreed with the statement. >> dean is keeping san francisco safe. 69% somewhat or strongly disagree. the dean does what is best for the community. 51% somewhat or strongly disagreed. bidding is honest and trustworthy. and 61% somewhat or strongly agreed to. dean is responsible for rising crime rates in san francisco. if this poll is accurate, dean has an uphill battle and people are not just a little upset. they're very upset and they're very upset about issues that tend to get people to vote. jessica levinson teaches election in constitutional law at loyola law school. she says be dean may not have time to reverse the tide. i don't know that he has time to reverse and in part because it seems like what people are upset about is partly t

micron the leader, upgrade to outperform and bernstein firm saying while macro concerns prompted a sell-offdoesn't see the russian/ukraine conflict affecting them. signature pick on data momentum and potential for nvidia to xpant. investors getting a good deal with chip stocks hurt lately on concerns around everything from inflation to higher rates to russia/ukraine europe's slow down all of the above. >> better deal, you can see. well off highs nvidia well off highs. earnings forecast this year up for both companies since beginning of 2022. that tells you it's all been about reallocation of equities out of growth. about multiple compression and probably digestion of a really good couple of years coming in suggests it's not the worst opportunistic call to say things look okay here i don't know the right price poor nvidia over time growing into a power and now 40x times forward earnings range way less of a nose bleed level than traded in recent memory. >> nvidia, 6% down 17% on the year a look at the chinese tech stocks like alibaba, jd.com, bas d badu, surging today. beijing set it would su

with bernstein is president of amc research, which was hired by backers of the recall to conduct the poll. >> this structure this poll, we make sure that we are truly getting independent result. there's no benefit to the campaign of not getting good results. the survey of 800 likely voters found 73% somewhat or strongly disagreed with the statement, dean is keeping san francisco safe. 69% somewhat or strongly disagree. the dean does what is best for the community. 51% somewhat or strongly disagreed. bidding is honest and trustworthy. and 61% somewhat or strongly agreed to. dean is responsible for rising crime rates in san francisco. >> they're not just very upset about these more kind of abstract esoteric policy issues. they're very upset about whether or not they're safe. they're very upset about the things that really motivates people to vote for or against people, which is how is this administration affecting my daily life? jessica levinson teaches election in constitutional law at loyola law school. >> she says if the poll is accurate, dean has an uphill battle ahead and it may b

whose primary specialties are energy and airlines, professor bernstein says.t's a super high stakes guessing game . what are fuel price is going to be in the spring? what is, uh , supply labor supply going to be and what is demand going to be with the potential? new surge that's coming through europe and may come through the united states with fewer flights and far higher demand. united said it expects to earn strong revenues, meaning ticket prices will go up even with higher fuel costs. and since there are only four major mega airlines left in the united states, united, southwest delta and american it's easier for them to see each other's fears in a less competitive environment. i think this will almost certainly occur on all four airlines and i think we're going to see higher prices. how long will this go on? we don't know how long this will last because we don't know what's going to happen to oil prices. houston's airports are already telling their passengers arrived three hours early for domestic flights and four hours early for international trips. and so

thanks, maria, take care. >> richard bernstein have a great thursday richard much more ahead coming upwhen at the company wait till you hear this watching "mornings with maria" live on fox business. . what if you were a major transit system with billions of passengers taking millions of trips every year? you aren't about to let any cyberattacks slow you down. so you partner with ibm to build a security architecture to keep your data, network, and applications protected. now you can tackle threats so they don't bring you to a grinding halt. and everyone's going places, including you. let's create cybersecurity that keeps your business on track. ibm. let's create worker's comp was about 20% of my total expenses. i needed a worker's comp policy that wasn't going to strangle my business. when we got the quote back from pie, it was a sigh of relief. we did it online, and it was done very quickly. we saved about 30% when we switched to pie. working with pie was extremely easy. i can grow my company while not breaking the bank. ask your agent, or get a quote at easyaspie.com. men, you need to

. -- bernstein. what are you expecting when it comes to gas prices as well?ng gas prices at record levels in europe, close to $40, and $240 a barrel, really unprecedented levels of gas price in europe. it reflects the dependence europe has on russia. 30% of the supply comes from russia and russian supply, roughly 25% code so there was a disruption to the pipeline, it would have an impact. in terms of physical disruption. but also, unprecedented action, sanctioning russian banks, and removing some of the russian banks from the system. others which are key to payments have not been removed. you can still have payments allowed and that will keep oil and gas flowing in the short term. for a number of other buyers, it's going to be increasingly difficult. shery: do you at this point look at the long-term impact? we might be seeing these commodities, oil and gas, but at the same time perhaps the russian invasion of ukraine is setting up for all of these countries to veer away from russian oil and gas and start to transition faster toward green energy. neil: i think

the former chairman of the fa, david bernstein, says the relationship that fifa's president has withch too close to some unsavoury leaders and characters and nations. ihis unsavoury leaders and characters and nations. , ., , nations. his relationship with russia is obviously _ nations. his relationship with russia is obviously a - nations. his relationship with russia is obviously a close i nations. his relationship with i russia is obviously a close one, as you can see from the photos of him receiving medals from putin. the relationships are just too close. i think the reaction has done a great deal of damage to fifa in particular and not much credit to football generally. this ruling hasn'tjust affected international teams. last night, one of russia best—supported club sides, spartak moscow, were thrown out of the europa league, and their opponents, rb leipzig, were given a bye into the quarter—finals. spartak tweeted that the decision was upsetting and they hope for a speedy achievement of peace. so, after that united stance taken in the world of football, other sports are now res