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In correction territory, off 10% from the all-time highs and if you look at the sector level, energy is the only sector that's higher so far this year. and that really complicated matters for the federal reserve. they're set to lift interest rates next week, and they started a hiking campaign with the s&p 500 in that correction territory. >> so goldman sachs became the first major wall street bank to pull out of russia, america's largest bank, j.p. morgan chase will doing the same, give us a real sense as to what that means for the russian economy, of banks like that, pulling out, and do we th...

City maybe had another day or two or three to hold out against the russians. the world says this cannot be participate of any war plan, but you've covered russian military campaigns in the past. this is what many predicted. putin would get backed into a corner and we would sadly see this. >> yes. it can be on purpose. it can be with the incompetence of the russian military, and i would presume they will blame it on the ukrainians. it's pretty obvious. at this point it's not working out the way it wants. and it is, i think, going to get worse where he cannot back down, so he will prosecute this...

Intelligence sharing and information. the ukrainian air force is really good, but i suspect that one of the things that's allowing them to survive is that they have much petter awareness of what is going on than they'd normally have. >> go ahead. >> sorry. >> just to close, i wonder how much more in terms of economic -- how much is left? if this is going to be drawn out, as an opportunity to sanction russia in a way that they would perhaps feel it? >> so i think when we watch the ruble on a day-to-day basis, you know, it's actually stabilized at a much higher rate. but the sanctions that we ar...

Conference call that president biden had with the chinese president xi jinping this morning. perhaps we'll get that when the white house briefing begins a short time from now. in this moment there is growing concern over whether china will step in and help russia in this fight. >> this is the most key moment. is china going to keep this alliance, this marriage of convenience with russia or are they going to look for a way to separate themselves from russia. this is a very, very key phone call. perhaps the most important phone call since this invasion has begun. but i want to also mention, you ...

Of -- a lot of them, it is not easy to extract themselves, for whatever reasons. then the impact this conflict is having on economies around the world. >> at this summit, you're going to have some additional sanctions announced and some coordination on sanctions, which is really, really important. you know, if you find acme, you know, company owned by an oligarch in one country, you can pass the baton from switzerland to monaco to a different one to actually try and track down more effectively the different assets. the economy in russia, the projections are starting to come out now that you're...