jonathan: joining us to discuss is subadra rajappa, tony rodriguez, and gershon distenfeld. how far do you think this fed is willing to push things? subadra: it is hard to know. if you listen to chair powell's statements, he did not deliberately commit to any preset path of rate hikes. what we know is that they will hike rates at the march meeting, but beyond that, it will depend on the data. we know that inflation is what higher than the projections in december, but they feel the labor market is strong enough to be able to withstand a more aggressive path of rate hikes. that said, the market is not really willing to look at the longer-term and say the fed is going to be able to orchestrate a prolonged period of expansion. the terminal fed funds rate did not budge at all. the market priced in five hikes for this year. i think the fed will be very cognizant of that because that is ultimately what decides how long the expansion lasts. jonathan: you talk about the strength of this economy, the strength of this labor market compared to 2019. this is what he had to say. >> i think

subadra rajappa, jim caron, and troy gayeski. subadra, your reaction to the labor market report earlier this morning? subadra: from an holistic perspective, a pretty good report. strong adp print, household surveys were strong. really, the headline is not that big of a deal. you are looking at unemployment around 3.9%. the economy is at, if not close to, full employment. to me, this is a very strong, exactly what the fed needs to be able to raise policy at the march meeting. jonathan: troy gayeski, your take? troy: confirms everything we have discussed over the past month, about how perilous fixed income investing is right now, given how much duration there is to indices, how little of a rate rise it takes to destroy a significant part of your income stream. the difference now between six months ago and a year ago is that you also have eye-popping inflation numbers eating away at your principal every day. there is nothing in the report to suggest the fed will not attempt to catch up from where they have been, behind the curve. jon

jonathan: have a good weekend, subadra rajappa of socgen.n geneva, the focus right now on the russian foreign minister sergei lavrov holding a news conference. a little later this morning, we will hear from his u.s. counterpart, the secretary of state antony blinken. at the moment, the headlines as follows. russia isn't planning to attack crane. ukraine issue needs attention. it is not a cornerstone. the u.s. has promised a written response next week. putin is always ready for contact with president biden. can't say if we are on the right path or not. just a few of the comments in the last 10 minutes. tom: his first post i don't have any expertise on this other than to say he's not part of the inner sanctum of strip putin. this guy is a diplomat within the foreign service, and there's very mixed reports on him from western country diplomat. it goes either way. the guys challenging, to say the least. i will let others decide. but this guy is a diplomat, and doing diplomacy here with the circuitry of state. jonathan: -- the secretary of state.

coming up on the bond market, looking forward to subadra rajappa.' leigh-ann: i'm leigh-ann gerrans with bloomberg's "first word news." secretary of state antony blinken is meeting with his counter problem -- sergei lavrov. there are roughly 100,000 russian troops near the border of ukraine. also the prospect that netflix is in a phase of slower growth, down as much as 20%. netflix of the slowdown will continue for another quarter. in u.k., down to pre-pandemic levels. the superstar known as meatloaf has died. his album had hit such as paradise by the dashboard lights and two out of three ain't bad. it became one of the best-selling albums in history with more than 14 million copies sold. meatloaf was 74 years old. global news 24 hours a day, online and at quicktake on bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i'm leigh-ann gerrans. this is bloomberg. ♪ >> adding any assembled russian units across the border is an invasion. it will be met with severe and coordinated response. i have discussed in detail with