emily wilkins on the hill joins us now with more details. to us about the president's plan and how much of an impact it will have on everyday americans. emily w.: we've seen president biden go to these oil reserves and release barrels before, trying to ease some of the pressure we are seeing with oil and gas prices, but this is bigger than anything we've seen a. this will be 180 million barrels when all is said and done, releasing roughly one million barrels of oil per day. this comes as the u.s. is struggling with high gas prices, trying to figure out a way to bring those back down, but there are also struggles going on in europe, russia president vladimir putin announcing that if they want to pay for russian gas, it will have to be in rubles. e are a lot of questions for european countries, particularly germany, that do rely on russian oil. emily: president biden taking steps to help alleviate pressure on u.s. companies with regards to the chip crisis and a potential crisis in electric car batteries by invoking the defense production act.

haidi: emily wilkins there. the selloff in chinese stocks was brutal and extended throughout the u.s. session, the largest chinese etf lost all of its gains. let's get to our equities coverage. what is the cause of this, is it concern about the ongoing crackdown and threat of u.s. delistings? >> there is a slew of reasons, as you were talking about earlier. clearly it has to do with questions surrounding china and russia's relationships and china's stance on the war in ukraine. rising covid cases in china as well. definitely having a negative sentiment on the market. there is tencent, the potential for tencent to have a record fine. last week with didi and its hong kong listing. and of course anything with regards to renewed regulatory crackdowns. a lot of this is weighing on the markets for chinese tech stocks and has been for weeks. it is continuing into the market, or it did in the u.s. today. shery: despite the sharp selloff, the ratio remains elevated for hong kong listed stocks as shown in this chart. can

emily wilkins in washington, d.c.. abby, stunning footage overnight. what have we learned so far this morning? abigail: it is important to state that this nuclear plant was a training facility as you mentioned that the top of the show. it caught on fire and now it is under russian occupation. the material in the nuclear plant has not been affected. what is important to know is that this is showing the progression of russian troops from the major centers they have managed to caption and they are going -- they have managed to capture and they are going to hundred 30 kilometers of. tom: i am curious into the weekend, the belief that the russians will turn west at some point. right now. it is clear they have been pushing a lot into the south of the country and there have been talks about where they would go next but this is important to see that president zelensky of ukraine said that he. what happened overnight should be a wake-up call to europe. if anything were to go wrong in any one of these conflicts on the ground, this could be a serious concern for

emily wilkins in washington, maria tadeo in brussels. for most people, last night was a step up in risk. how do nato members respond? that is where things start to get difficult. if you believe that things are going to get worse before they get better, what is the next move from european allies? tom: the next move for me, and we are not nato members, but was in the politics of this, i have listened to experienced military authorities, as we have with general hodges and general commit. both of them are grim, which means you have to apply materiel to the threat. that is what i would look for next, nato supplying ukraine in a huge way. jonathan: that is a strategic military decision. what is the -- what does the step up in sanctions look like? tom: are we back to square one? jonathan: we are in a big way. futures down about 1% on the s&p . yields in seven basis points, lower to 1.7683%. crewed up more than 2%. this is bloomberg. ♪ ritika: keeping you up to date with news from around the world, with the first word, i'm ritika gupta. u.s. sec

emily wilkins joins us right now on what must be the reaction of the white house. while, emily.hat a piece, with graphics show how leaky all of this sanctions stuff is. how does the president plug the holes with prime minister johnson and brussels and the rest of continental europe? emily: to a certain extent sanctioning specific individuals has always been a tricky thing, just because there is not sort of that global communication in who is on the list, was on the same list. our reporting clearly shows that, at some oligarchs on some lists, some are not on any lists. tom: great, but are we going to get tougher? that is what the public wants to know. jon, is prime minister johnson leading the way on this? jonathan: on sanctions, tom? they have been on the same page, haven't they? last week got another list ramping things up for the administration. there was always scope to do more based on whether we got an escalation. the question a lot of people ask right now is whether we have taken that escalation off the table by the pledges the russians have made in the past 24 hours? emil

jonathan: thank you, maria tadeo out of brussels, emily wilkins in d.c. i was just working through this statement moments ago, after dissenting on wednesday to a decision to hike by 25 basis points. he wanted a 50 basis point move. he said the following as well. "in addition, i recommended that the committee try to achieve a level of the policy rate above 3% this year, 2022." lisa: how much is this the division between the fed officials that see the fed as having some control over inflation and those that don't, that still believe in the transitory kind of discussion and things that are out of their control? if that is the case, how willing are a lot of the participants to allow inflation to run incredibly hot, at least in the short-term, in order not to sacrifice growth? jonathan: this is why news conferences are so difficult for any leader of a central bank because you have to try to reflect a consensus. i think we want chair powell's opinion and what he think about the situation, and you would imagine that carries more weight than the st. louis fed pre

right now emily wilkins, and she knows if you are in l.a.s time of year, there is one trip east of san francisco on the nevada border, mammoth mountain, with the most expensive gas prices on the planet. $6.49 per gallon. emily, don't tell me about speaker pelosi and mammoth mountain. tell me about washington and mammoth mountain. how is gas going down? emily: a gallon of gas is at the top of mind for every politician in washington, d.c. right now. if you are a democrat it is worrying you, because you have a midterm election coming up, and americans are not happy. we are starting to see democratic leaders start to talk about what if any legislation they can wind up moving to reduce gas prices. you are hearing a lot -- i was talking with lawmakers yesterday. do mention a lot of those oil and gas companies, that they really think they are doing things with prices, that they are jacking them up, that they are keeping them out officially high. that is part of what the hearing next week is going to be getting into. they are also looking at other m

that is maria and emily wilkin. the secretary was pretty blunt going into this 24 hour conversation predict it will take place at 9 a.m. between the president of the united states and the chinese president. they will there spots ability for any actions they take to support russia's aggression, and we will not hesitate to win costs. >> are so many rumors flying around and has been increasingly tough and hard as they say that perhaps there is an idea of china supplying weapons to russia. others will come out with an interest in actually doing that. how much does this motivate china's desire to solidify the commodity resources. the idea that they rely so heavily on russia for gas and some of the other grains? jonathan: it came from the intelligence agency and a summary of worldwide threats after article after article with this quote -- here is the quote. this war and the consequences weaken russia's strength, russia will increasingly lie on its nuclear deterrent to project strength to its internal and external audience

emily wilkins with us from our washington bureau. we heard a lot from pres.what is left of his economic agenda, paid leave, the expanded child tax care credit, some of the other issues part of the build back better bill that never got past on capitol hill despite months of wrangling. did he change anything on that front tonight? is this happy talk or could he breathe new life into these items? emily: democrats were hoping this would be an opportunity to breathe new life into some of these pieces. i think the interesting thing here, joe, is what i was looking for and listening for, president biden highlighted one theme. telling members of the party, you want to pass one piece, this is the piece to focus on. we did not hear that. he talked about lowering the cost of prescription drugs bet it became a laundry list that was basically the entire build back better legislation. we will see if there is some movement on prescription drugs. i have talked toad lawmakers who think we can get republicans on this or don't need reconciliation to move forward. as far as high

to bring us up to speed on what we know and what we don't know we turned to emily wilkins of bloombergor being here. if we know how long it lasted. other than that we are only getting one side. emily:

her name is emily grace wilkins. she was born in weighing over 7 pounds, mom and baby are healthy. the family couldn't be happier. we know at this moment in the world a very, very fortunate baby, courtney, john and emmy, all of us here at cnn wish you nothing but the best. i'm wolf blitzer in "the situation room." i'll be back, once again, tomorrow for a special saturday edition of ""the situation room"" from 5:00 to 7:00 p.m. eastern. erin burnett "out front" starts next. ♪. >>> "out front" next, breaking news, multiple cities in ukraine under bombardment tonight as putin takes his war to a dangerous new level. this as ukraine says a city's mayor was abducted by russians with a plastic bag over his head. plus russia claims this woman was in a bomb maternity ward in mariupol, a question whether she was pregnant. tonight proof they were lying. a touching story of

emily wilkins, bloomberg government reporter, joins us for more. om the meeting president biden had yesterday with a number of peers in europe? emily: the mood in washingtonemily: certainly after this call was wait and see. wait and see what i de-escalation looks like to russia. no one is expecting a cease-fire. no one is expecting a withdrawal. but they are expecting to see us attacks on the capital city, although experts warn that could mean that russia is just going to be concentrating forces in the eastern donbass region. it does seem like the biden adminstration is anticipating that this work could go on for much longer. we've got reports that the biden administration is looking to provide another $500 million to ukraine for humanitarian, as well as military aid, and lawmakers are getting briefed on this conflict today. washington is not winding down its focus at all on this region. kailey: and not on the sanctions front either. it was pledging to make them even tighter. has the u.s. given any indication on what the response would be should de-