tv Bloomberg Markets Bloomberg January 20, 2022 1:00pm-2:01pm EST
>> i am alix steel. welcome to bloomberg commodities edge. let's get to the data. the top market stories of the week. the oil inventory numbers had golden nugget's, one jet fuel demand. it is below average but the highest since november. if demand picks up, will supply be enough? let's talk about supplies more and look at metals because the rally is heating up. aluminum may be the next to set records, alcoa warning of stronger demand. nickel has been on a tear, blasting through $44,000 a ton for the first time in a decade. oil has been trading around its seven-year high, which is why some think there is more fuel to the rally, lack of spare
capacity from nigeria to russia. opec is supposed to pump 4000 barrels a day but have not been able to meet that, and the orange line shows a shrinking buffer. as that shrinks, oil could push higher. wait till we get to the summer months. let's get into the ring. the u.s. and germany saying today that any aggression against ukraine by russia would trigger a serious response. president biden addressed that situation as it relates to energy last night. >> putin has, i know, a stark choice, either de-escalation or diplomacy, confrontation or consequences. everybody talks about how russia has control over the energy supply of europe. guess what? that money that they earn from that makes about 45% of their economy.
i don't see that as a one-way street. they can go ahead and cut it off, like my mother used to say, your biting your nose off to spite your face. >> in reordering joints me. that is one argument, but without russia, where does gas get to europe? where does it come from? >> well, it is very difficult. europe is reliant on russian gas. they have tried for decades to not do this and for some countries it is no worse. germany, not using nuclear anymore, are in desperate need of food in's gas. -- need of putting's gas. algeria, norway. if worse comes to worse, we have seen some flareups in the past, they could import more from the u.s. liquefied natural gas, remember, and 2019, this whole idea of u.s. freedom gas crossing the olympic, and also from qatar,
but all be -- but obviously russia offers the most convenient source. >> a minor incursion will cause difficulties in terms of how they will respond. something else biden pointed out as they are struggling on their oil policy as well. president biden said it is not time to give up an iranian nuclear deal. what is reality there? >> the reality is, and we heard secretary blinken talk about this today, the window is starting to close. it is a race against time for getting a deal done before they hit the mark where the iranians are so far ahead in terms of their nuclear capabilities that the u.s. and others, part of the former jcpoa, will have to walk away, so you see them kind of going around in circles with the same hard lines. for iran, one of them is that if
you reengage and come back to a nuclear deal, they want to make that legally binding, but you cannot in the way the u.s. democracy works. they want to make sure that if a republican administration comes, they will not walk away, but that is something the u.s. cannot commit to, so you see it going around in circles, although we hear from everyone in the talks that there is progress. the window does seem to be closing on this particular window to reengage with the iranians. >> appreciate it. great reporting. thank you very much, bloomberg's annmarie hordern. we talked to one executive in the commodity world, today, the dominion energy chairman and ceo. utilities are hard. regulated utilities are subject to government rules, setting the rates they are allowed to charge customers, covering costs plus a small profit. that makes greening hard.
the company must put up a lot of cash to put up wind and solar farms without overcharging. dominion energy is a utility in virginia, south and north carolina spending 72 billion dollars over 15 years to go green. here is what that looks like. 11 years ago, it got 50% of its power from. the number is now 10%. by 2035, just 1%. at the same time, renewables explosive growth brings it to 35%. one way it can get there is by a large offer wind farm the coast of virginia. it is trying to get that done by 2026, which will produce 2.6 gigawatts of power. that price tag nearly $10 billion. dominion also proposed about 15 solar and energy solar products that will provide 6.2 gigawatts
of electricity, power and 1.5 million customers, the price tag $6 billion less. analysts say the dominion -- that dominion shut down so much of its coal so fast that what is left is low-cost coal that will be harder to retire from here. it also increased what it will cost to build the windfarm in virginia. and the sierra club criticized the company for its gas plans that will be running through 2045, especially the gas that comes from fracking. i recently sat down with the ceo of dominion energy and asked about the role it will play in the transition. >> it is natural gas that is allowing us to add the renewables we are. the wind does not always blow and the sun does not always shine, and natural gas is what allows us to continue to operate
the electric grid. >> it seems dominion is considering a large new natural gas plant that exceeds your 2015 at zero goal. -- your 2015 net zero goal. what would you say to someone who says that does not mesh with your plans? >> you may be talking about our south carolina business. in virginia, within the last decade, we finished some highly efficient natural gas plants, and that is what i said give me the comfort to add as many renewables as we want. in south carolina, there may be the possibility for additional natural gas, but that is because we have an aging coalfield in south carolina and it makes sense to shift to something that will allow us to keep the lights on. this transition, as we think about it, to greener energy needs to be done in an orderly way that doesn't sacrifice reliability.
our customers, their lights on and gas flowing, is job one for us, has been for the entirety of our existence and will continue to be job one for us. we can go faster with renewables if we are using some natural gas. over time, we will do it differently, there is no question, but we cannot say we are done today because we don't have the technology to operate the grid without it. >> do you have any idea how much consumers will pay up to be greater? >> over the next 15 years, talking about 2% a year average increase in electric bills, which we think is pretty manageable when you think about the benefits of moving toward fewer emissions, less carbon. >> let's get to the green stuff. where dominion is staking a huge claim is wind, a humongous offer wind project, about $10 billion. can you tell me about the project, how it came about, how
you are thinking about it? >> we have seen inflationary pressure like everyone has seen in projects that we are building, commodity prices a little bit higher than we might have seen a couple years ago, but interestingly at the same time, the project we've had operating off the coast so far has been generating more electricity than we expected, and the data we have gotten as we have further studied this indicates we will generate more electricity from the turbines a larger percentage of the time than we expected, so commodity pressure up, but the amount of electricity generated also up, which keeps the cost per unit of electricity about the same as what we have been talking about for a while, so we think we can manage the cost. >> what are you most excited about? >> to me, what is most exciting as we are on track on the permitting schedule process, and
i would say that the technology of these turbines has really improved, so the two we have operating today are six megawatts each, and the ones that we expect to build will be more than 14 megawatts, so twice as much electricity generated from these newer generation turbines than the ones we installed a year ago, so incredible progress on the technology. i think the best way to think about these issues is there may not be one single silver bullet. it might not be just hydrogen. they might also be renewable natural gas, like we are developing, taking a methane from hog and dairy farms and capturing that instead of allowing it to go up into the atmosphere and using it as pipeline quality gas. there could potentially be carbon capture and storage, additional nuclear through small
modular reactors, which i think may have some promised some time off in the future. -- some promise some time off in the future. >> the ceo of dominion there. time for the commodity kicker. if you like black coffee and dark chocolate, it may have little to do with taste and more about your dna. according to research from northwestern and george washington university, people who possess a genetic variant that metabolizes coffee faster tend to favor bitter black coffee. that same variant is found in people partial to dark, bitter chocolate over milk chocolate. that might sound like a lot of ado about nothing, but it could have opened locations. moderate consumption of coffee and dark chocolate has shown to lower the risk of certai diseases, like parkinson's and type two diabetes. that does it for bloomberg commodities edge.
the lows of the president's first year with wendy schiller of brown university and some perspective from the former ambassador to canada, maryscott greenwood. netflix taking off earnings after the bell today. we will get into the results with michael nathanson of moffettnathanson. all that and more coming up. where we stand in the markets. taking a look at the broad major averages, a big reversal, the broad decline that pushed the nasdaq into correction territory, a risk on trade happening again. the new york faang index is up. crude higher earlier but now lower on the day, trying to hold onto an $86 handle per barrel. the two year yield. you are steady on the day, 1.05% as we push through a federal reserve meeting next week. the long-term for that yield has
been trending higher. on the board, another breaking story we have gotten in the last 15 minutes. shares of trading on peloton have been paused twice, halted twice again on reports the company will be halted. you are seeing a slowdown in some consumer demand. the company now looking to control costs. this was according to a document attained -- obtained by cnbc. we have not independently verified this but will keep you posted on the trading of peloton. one of the big stories we are following, all about president biden marking that one year since taking office as he faces a growing series of setbacks on covid, voting rights and his economic agenda, telling reporters yesterday that he does not expect his signature build back better bill to get through congress in its current form. >> it is clear to me that we are
going to have to probably break it up. >> joining us now, wendy schiller, professor of political science, international and public affairs at brown university. talk to us about what you made of that speech, the takeaways, highs and lows from your perspective of the last year. >> i think it was a very well -- conference and i think the president acknowledge they have not done a good job messaging what they did get done, covid relief, vaccinations. the vast majority of americans are vaccinated or partially vaccinated, as well as the infrastructure bill. that is what the present was focusing on and showed a command of a huge number of issues, so he is confident, with it. the problem is that when you go that long, you will trip up. everybody does.
a lot of things, particularly foreign policy, not only afghanistan but russia and ukraine, what is in and out of the control of the presidency. he struggled a bit to make that distinction but that is something he will have to convey to the american people and show that whatever is in his control, he is active on. that will be a challenge in the next couple weeks. >> he tried to distinguish what was in his control and what was not. inflation came up, saying the federal reserve has its dual mandate, one of them to deal with inflation. i am curious about how you are thinking about inflation and the political problem it poses, particularly as we had intimate terms, and the impact the president can have on almost a 7% inflation rate. >> there is a political issue. the president said it is partly due to supply chains, partly covid, things that are international, trying to use that as a frame for people to think about it. the problem is you cannot do
anything about that so you set yourself up for automatic failure as an executive. the democrats have not done a good job of connecting with they are doing in washington and how it is helping or hurting people's daily lives. they want to say they are helping but clearly inflation and purchasing power, with low unemployment now, is marking people's sense of comfort with the economy and progress of the country. democrats will have to address that if they want to stay alive in the midterms. >> foreign policy may not be top of mind for americans, maybe inflation or domestic economy more so, but there was some concern as the pulling approval numbers started to fall, even before the rollout of the afghanistan withdrawal. are you surprised by the way the ministry should has handled foreign policy now that we are looking at a potential russian invasion of ukraine given that this was supposed to be biden's expertise? >> part of it is that he is very
familiar with that region. he was firm in the press conference, not apologetic about getting out of afghanistan. he expressed deep regret at the loss of american life in that guinness dam but did not apologize -- in afghanistan but did not apologize. he said a small incursion by russia would be ok, i think trying to avoid the redline obama drew in syria. he did not want to box himself into an over response to any russian action. >> appreciate your time. need more of it next time. wendy schiller our thanks towendy schiller from brown university. more coming up next. this is bloomberg. ♪
. i am taylor riggs. a famed investor has been calling bubbles for decades. jeremy grantham says the bubble he called years ago is underway and the fed cannot prevent individual plunge of almost 50%. >> it is a pattern, a very rare pattern, and we have been checking off this list all year. when i sat down a year ago, we had seen the accelerating phase you need in a bubble. that had taken place last year with the nasdaq of over 100 from the low, but also up 58% from december of 2019, so even granted that covid decline, it was a hell of a year, of acceleration, and the nasdaq has started to weaken relative to the blue chips, the russell has
started to weaken much more so even then nasdaq. -- even than nasdaq. >> joining us, who did the interview, erik schatzker. it started with the s&p and nasdaq and trickled into the russell. is that what he is looking at? >> deposit a pattern and says it is eerie how often or how certainly this repeats itself. in fact, it does not happen often, only four times in the last 100 years, and what he is talking about, taylor, are the numbers. jeremy grantham is a numbers man and this is a statistical argument. he says stocks have deviated greater than two sigma from trent. that has only happened three times before in u.s. history, in 1929, 1999-2000, and in 2007-2008. each time, the market followed a pattern that resulted in a crash
of 50% or more, and because the fed posco tools are much more limited now that we have inflation, it will not be able to forestall this plunge he predicts. >> talk to me about the fed because i would argue there's a structural shift underway, even during his lifetime career, where the fed has been less tolerant of these big drops. what is to say the fed could not come in? >> well, one would presume that this fed chairman, jay powell, would do would ben bernanke and alan greenspan did in another way, come in with monetary easing, but when your job at the fed is to keep prices from rising, more liquidity in the market and economy is gasoline on the inflation fire. >> i love how we also talked about the death of the 60-40, which we have talked about, where even bonds are not the safe haven. if that is not going to do that protection, where do investors go?
>> he has a recipe for safety, sell u.s. stocks and by value stocks -- and buy value stocks in japan and emerging markets, which he says are attractively priced. he says have more cash to deploy when stock prices are more attractive, have commodities as a hedge, and have silver and gold. keep in mind he is not a gold bug. he is talking about that strategy is the right thing to do now. >> appreciate it, bloomberg's erik schatzker. check that -- catch that interview with jeremy grantham next wednesday. in the meantime, we will keep you posted on these equity markets. it is a rebound. green on the screen kind of day. this is bloomberg. ♪
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>> i am jon erlichman. welcome to bloomberg markets. >> i am taylor riggs. the stories we're following. president biden marking the end of his first year in office with a country divided in the midst of a pandemic that's far from over. we look at the highs, lows and challenges ahead. netflix facing challenges as it fights for subscribers as more streaming services gain popularity. what to expect from today's fourth-quarter earnings after the u.s. closing bell. and as bank earnings come to an end, we will hear from the bank of america's ceo and chairman for predictions on how many times the fed will hike rates this year. i love a good guessing game. >> don't we all? it will be hard to move away from that story of inflation and what the fed will do.
it has rattled more than a few sectorsj recently, but a positive session nowo, whether you want to call that some by the debt buying -- some buy the dip buying or not, you are certainly seeing technology stocks like apple and microsoft finding their groove a little bit, and stories we have been watching like travelers. and we are watching, to your point, the story of netflix after the bell. more coming up. on this general theme of other issues we are watching, and let's get to our for what it's worth segment, we are looking at the one-year anniversary for president biden in office and the challenges ahead, and if you think about all the issues out there, even this inflation issue among the others, there's a look at some of the things we've been thinking about, the midterms, where we are in covid, russia-china relations, the
challenge of getting back to the finish line with build back better, so no shortage of things to discuss on this anniversary. >> last day, in the middle of our show, the conference came in, and inflation was an important point. wendy schiller was here highlighting that it is a political problem but there is a bigger issue that biden spoke about, saying it is the job of the federal reserve. there's not a lot he can do but when people go to a grocery store or go fill up their gas tanks, it becomes an issue politically. >> and certainly how businesses are reacting to that. let's get perspective from someone talking to a lot of leaders both in canada and the u.s., ceo of the canadian-american business council, scotty greenwood. as we think about this one-year milestone, what stands out to you? how would you characterize the
past year? >> it has certainly been challenging, jon and taylor. the president, in his campaign, talked about the perfect storm of four -- of a four-pronged crisis, and on top of that you have all sorts of foreign policy things and things beyond his control, so it has been a tough year. it has been unexpected in many ways, particularly on how people are responding to the pandemic, vaccines, lockdowns and all that, so it has been a challenge, and let's not forget the president doesn't do anything on his own. the way our system is you have congress and the judiciary and public support or lack of it, so he's had a rough go of it, but it is still just year one. >> good to point out your one of four at least. it is interesting when you talk about it not just the president.
there is congress involved as well. we saw that full-fledged with the build back better plan, some stumbles, talking about maybe one-off things instead of a huge package. how does the business community think about maybe the lack of things getting done, or is that good that maybe congress gets installed for a little bit -- gets stalled for a little bit, particularly with these big packages? >> good point. our system was not designed for speed or efficiency. actually, the opposite. the business community is looking at the big packages that were passed, the major infrastructure bill and the original covid recovery bill. those were not small. they were both in the trillions. on build back better, there are elements of it that businesses, particularly in the green economy, the carbon transition economy, are looking forward to an banking on, and there are other elements, the social safety net and other things,
where businesses are not sure about the extent to which they want the government to continue to spend money. there will be a discussion about each element individually and not just one big bill. >> that doesn't speak to the fact that, even if we talk about -- that does speech to the fact that, even talking about covid, you have large divergences between industries in terms of how they have been affected. when you talk two executives about what is -- talk to executives about what is coming out of the white house, is there consensus? >> there is concern about the supply chain, the movement of people and goods and what we will do. there's a lot of talk and action on that, but from the business community, understanding with clarity what it is the governments will do on a particular issue, for example, a
mandate for truck drivers to have vaccines as they go in and out of the country back and forth to canada, that's our biggest economic relationship. trucks are the biggest part of it so understanding with clarity what each jurisdiction will do, how they will enforce it, what the exceptions are, those are things that impact the supply chain, from retailers, consumers, pharmaceuticals, everything, so that is an active dialogue. >> you brought up a good point when you are talking about one year in the midst of four or more. one is a significant but there is still time to get things done. does it set the tone of how the next two or three years ago or don't go -- three years go or don't go? >> the republican party is united in trying to oppose pre-much everything. we have learned that, so there is not a lot of time for this president between now and the midterms were he still has at
least 50% democrats in the senate and the democrats have control of the house, so time is of the essence, and if he wants to build an ambitious legacy beyond what he has done, beyond putting out fires, solving crises, dealing with foreign policy, he only has maybe the next four months before we are fully into the election season, and then it is different. >> and finally, on the global stage, because we also talked about the complications with china and the world now watching what is happening on the russian front, what will you be watching this year? >> i am going to pay a lot of attention to what do we do about the production and processing of critical minerals and rare earths as an example, jon. these are the building blocks of so many of our technologies, daily technologies, carbon transition, defense goods, and the question is will china continue to that market -- took
corner that market, or will others step into that capability and change the way we manufacture and produce those kinds of goods that are underlying so many other sectors? >> really appreciate it, scotty greenwood, ceo of the canadian-american business council. peloton trading was halted earlier, but still up about 17%. it is our stock of the hour. we are going to digest it next. this is bloomberg. ♪
to crypto exchanges. the sec wants it to abide by the rules of securities exchanges, and it said that in the letter they wrote on several occasions. >> jon, i could always joke. that was microstrategy chairman michael sailor speaking in the latest episode of studio 1.0. speaking of etf, and we laugh because bitcoin prices have not been so good lately. following anthony scaramucci, skybridge capital, now being rejected for that spot price etf. we have the futures bitcoin etf but not a spot when yet. >> and i think you have seen this long list of etf's that didn't get to the finish line because the sec wants to see more signs of less risk. it is interesting.
we are so comfortable with the idea of a company buying all its stock, but when it comes to holding bitcoin, it is still a unique proposition, hence a lot of the attention on michael. >> we will continue to follow that story. i want to pivot to the text fear, following shares of peloton. they have resumed trading, halted earlier, falling off about 11% the last few days. abigail doolittle has more. the headline on this. >> incredible. plunging, and it has everything to do with the fact that they are suspending production on some of their bikes and treadmills. the main bike, they are suspending production for two months, for the treadmills, six weeks. there is no demand or less demand is why. so speaking of stay-at-home, netflix, another stay-at-home darling, reports after the bell, and it is brutal here too, taylor. over the last 2.5 months, down
27%, a long way of saying that everything bad is priced in. they would have to put up a horrible quarter for it to go down more. it is all about subscriber growth. three months ago, they got to 8.5 million subscriber adds, but some analysts don't think that is possible. it is all about competition from disney plus, crunchy -- is that what it is? >> crunchy roll. >> you are in on all these new trends. i still get the red envelope. for the competition is coming in and a big way and they have their work cut out for them, and that is true for all the tech companies because earnings growth this quarter is expected to be growing just 14% relative to greater than 40% in the previous quarter, so this seems to be the trend right now, and the international growth for netflix is supposed to be
driving it, so let's see whether they had the numbers. again, down 27% over the last two and half months. they would have to put something pretty bad. >> you are cool enough for crunchy roll. >> i am cooler than abigail if she still getting dvd's by mail. that is the news of the day here on bloomberg but there is obviously still a market for that. more perspective on everything abigail was just talking about from someone who knows the sector well, michael nathanson of moffettnathanson, a long-time media analyst who has covered this sector. i will start with the competitive landscape. in the past, we talked a lot about disney plus, but your team has been crunching the numbers on the likes of peacock and paramount plus, and everybody gets obsessed with the amount of subscribers netflix gets every quarter. what is your research telling you? >> within the u.s., competition is here. we think this quarter will be a
quarter where paramount plus does well, peacock and nbcu does well, disney and netflix less so. what we see now is a ton of promotional activity, new content on streaming in the u.s. there's an opportunity right now to be specific. if netflix puts up a new number, it will be a -- and if it puts up bad number, it will be because of competition. also talking about maturity and getting to the top of the s-curve of penetration. >> we talked about this year and the previous being the pivotal years for a cash flow. how are you thinking about sustainable positive free cash flow? >> you almost have to go sustainable and positive. last year in 2020 were great years for it because they grew from the pandemic and could not
spend a lot on production, so they had this huge cash flow surprise. 2021 was a catch-up year, spending more on content. we think they will have about $1.5 billion of cash flow in 2022 but it will continue to ramp up as they raise prices. our issue has always been valuation. with $1 billion of free cash flow and a market cap where it is, it is not that attractively valued as rates are going up, so the stock is down from where it was two months ago, if you go back to where it was before the summer, it has reversed course. it has gone up and back down. i'm not sure that the comment that there is no more downside is right given the valuation here. >> i think we have always known how much hollywood was probably spending, but this new streaming era has opened the door to having harder numbers that are measured on wall street all the time, and to your point, netflix has spent a lot.
as you are watching the content offerings from all the players out there, because that is how they can drive subscriber numbers, is anyone standing out as the dominant content player? even if you are spending billions upon billions, do you not have that competitive advantage new more? >> hbo max had a good year last year because they released their films the same date as the theatrical release. that drove a lot of demand. that was expensive as well. disney had a great start, and now have hit a wall. these narratives are very fluid. it is all about content slates, delivery cycles. the spending is ramping. we know that for sure. in 2022, you have amazon with lord of the rings coming, apple will improve their game, so this is a tough business to invest in because there's so much
competition, and the way you get us hooked is by spending on content. it is a tough business. >> we talk about some of the bottom of stock analysis that you are expert on, but also some macro factors, where in the face of rising rates, how do you think about the valuation of this company? is it more difficult to look at the actual fundamentals of this company and see the positivity with the 10-year going up? >> we have had our time at this the past few years because rates have come up so much. i never thought -- we talked about this with disney, when they started, how tough it was. we balance our fundamental model of cash generation versus what the market is expecting in terms of the interest rates in the market, so i think what has happened here, and to me it is
refreshing, as rates start to rise, people's timeline is compressed. you cannot go out 10-year's anymore. you look shorter. that is what has come in. so we tend to look at both sides, the macro and micro economics of each company and the industry. >> helpful context at this time when the industry -- the interest rate environment is changing. thank you for the preview. we will be watching closely tonight. michael nathanson of moffettnathanson. coming up, brian moynihan bank of america chairman and ceo, spoke with us about their compensation structure and how they plan to be competitive. this is bloomberg. ♪
of the reasons big banks have revisited their pay scale in an effort to retain talent. brian moynihan, bank of america chairman and ceo, says compensation is one of their biggest expenses by a lot. have a listen. >> it is a tale of many cities in the sense that there are some businesses in which they have not as much leverage and therefore their compensation structure may change. overall, we have about $30 billion in compensation and related expenses, benefits, bonuses, etc., for our team, so it is the biggest expense by a lot. the only way to really manage that is to actually -- manage is actually how many people you have going through it. we don't want people who will work for less next year. if the market struck, that changes the way the grid works,
the revenue comes down and the payment go down. that is not something we ever hope happens. we would rather pay people more and grow the business. there are parts that move that way, parts that don't, but the reality is it is a multifaceted, complex discussion, but our job is to be fair, and that is what we do with our compensation practices. >> as we look forward into 2022, we are seeing something we have not seen in a long time, the tightening of monetary policy. give us a sense of what you're looking at and, to be specific, how many rate hikes do you expect out of the fed in 22? -- in 2022? >> there are two parts. our research team is terrific and they have four in next year, but internally, we model our future income off the curve. we don't let anybody make a projection, but inflation is here. the economy is going to grow.
think 6%, 4% and 2% in 2023. making that adjustment based on the tightening, first the fiscal stimulus stop last year, and now the monetary stimulus will be pulled off because the economy, as big as it was, growing faster, unemployment is below 4%, the conditions are right to reduce the accommodation, with one big copy of -- big caveat -- does this virus go any direction people to understand? the good news is that we are winning the war on the virus with the vaccines. the key is that 6, 4, 2. the economy is slowing. they are bringing it to a more sustainable growth rate because it was growing faster. will rates go up? four times this year is the production. does that help our earnings?
yes, but it takes the inflation out of the system if they get it right. because the economy is growing very fast and inflation is growing fast, as that slows down, we should get back to normal. think about our economy being bigger than it is already in nominal terms that i was in 2019. they're worried about inflation and that is why they have to raise rates. >> some roadmapping from brian moynihan of bank of america. a lot to continue watching for. for taylor and myself, thanks for watching as always. this is bloomberg. ♪
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forces move across the border with ukraine. speaking at the white house today, the president sought to clarify his remarks from a day earlier, suggesting that western allies might struggle to react to a small-scale attack. mr. biden says he has issued a warnings to russian president vladimir putin, who has amassed 100,000 troops at the border with ukraine. airports across the east coast of the u.s., including those around new york city, are under an advisory warning that poor weather combined with new 5g airwaves could lead to flight diversions. certain low visibility landings can't be performed in the presence of 5g signals on aircraft, at the risk of interference. the weather systems are the first major test of how the system will perform after 5g went live wednesday. jury selection is underway in st. paul, minnesota today in the federal trial