With Bloomberg business week editor Joe Weber. It's the cover story of the upcoming issue, Bloomberg, business week. We did afternoons at two eastern. These are retailers that have been on everybody's radar. Those Apple numbers continuing to come in. One Bloomberg radio, the Bloomberg business app and Bloomberg radio dot com. Stocks hit a new low for the year today, fears of a global recession rattled markets with all the major averages capping their 5th negative week in the last 6. The Dow Jones lost 486 points. The Russian invasion of Ukraine is taking a dangerous turn for the global community. People living in several occupied regions of Ukraine are voting on controversial referendums on whether to officially become part of Russia. Russian president Vladimir Putin warned it will give him justification for using nuclear weapons if those territories are attacked. The White House is again accusing Republicans of aiming to impose a nationwide abortion ban. Press secretary karine Jean Pierre called it wildly out of step with the American people. This bill would create a nation wide health crisis. Threatening the health and lives of women in all 50 states. She said the Biden administration is committed to doing everything possible to protect women's reproductive healthcare. I'm Brian shuck. From Bloomberg world headquarters in New York, I'm Doug prisoner. Stocks sold off in both the U.S. and Europe today, the trigger was the British government delivering the most sweeping tax cut since 1972. The concern is that these cuts will fuel inflation at a time when the Bank of England is already struggling to get prices under control. Now the speculation is that the BOE will have to raise rates by a hundred basis points next month. Now aggressive Central Bank tightening, whether it's coming from the BOE or the fed has raised the risk of recession. Julian Emmanuel from Evercore ISI is now expecting earnings growth next year to be flat and he says the hawkish message from the fed this week ushered in the emotional phase of this bear market. Simply because when you look at what the fed chair said and the projections and importantly, it's that unemployment number projected to be 4.4% next year where the rate of change, there's never not been a recession following hard upon that kind of change. That's Julian Emmanuel from Evercore ISI. Meantime Bank of America says investor sentiment is unquestionably the worst it's been since the crisis of 2008. The question is, when do things shift, Quincy Crosby is chief strategist at LPL financial. You know, at some point, we get closer to the capitulation. It shifts, it may be when we think that the shed is almost finished and then they go to 50 or 25 basis points. The dollar, weekends. I think that's going to be one of our major signals is when the U.S. dollar weakens. That's quit see Crosby of LPL financial. Today, the dollar rallied with the Bloomberg dollar spot index up 1.3%. The Euro at its weakest since 2002 and Sterling hit the lowest level in 37 years. In the equity space, the S&P was down 1.7%, the Dow down 1.6% and the NASDAQ composite fell 1.8%. Global news 24 hours a day on air and on Bloomberg quicktake, this is Bloomberg. You're listening to Bloomberg business of sports from Bloomberg radio. This is the Bloomberg business of sports show where we explore the big money issues in the world of sports. I'm scarlet fu. And I'm Cameron leitch. Let's continue our conversation right now with the CEO and owner of the Indianapolis Colts, Jim irsay. Jim, thanks for being here. One question I have to ask you're the owner of the coats. And you guys recently acquired quarterback Matt Ryan, who most recently came from my hometown team of the Atlanta Falcons. How'd you say his and the team's performance thus far with the tie and loss to begin the season? Well, it's difficult at this point because when you bring in a new quarterback and you're just really starting things over and this started with us when we shockingly lost Andrew Luck who retired at age 29 left $800 million on the table had ten years plus less than the league in walked away. Again and to the kicking the stigma and mental health issues, he just was not in a headspace mentally emotionally where he could go on and play football board at age 29. So it put us in a quandary and so we had four quarterbacks in four years. Matt Ryan and we're thrilled to have Matt has been a very difficult start for us. Obviously. But again, we play 17 games now as a long, long season, our first home games just this Sunday against the Kansas City Chiefs agree against the great Patrick Mahomes. So quarterback means everything in this league and that your quarterback play is leadership on and off this field is performance. Look at the rules are designed to throw the football now to protect the quarterback. You can't touch the receivers at the line of scrimmage. Everything's designed to throw the football. So we've allowed a young receivers in NASCAR the problem in two of them will hurt and that really is those back because we were already shorthanded there. So obviously we have Jonathan Taylor who's maybe the best player in the league and running back. And so we think we'll be fine with Matt Ryan. I know in talking to page man and Tony Dungey Bruce areas before we brought Matt in, they were just absolutely thrilled and couldn't feel more than ever like we felt that he was just what we needed right now for the next two or three years going forward. We feel optimistic. We plan on being in the thick of things for the playoffs when all is said and done though. I want to piggyback off of Cameron's question about the league being increasingly quarterback driven. Your team has been lucky or prepared to not miss a beat since Peyton Manning departed the team. Andrew Luck, Phil rivers, Matt Ryan. I want to hear from you what it's like to plan for the next one. Take us inside that process. How challenging is it? At what point does the planning begin? Or is it a constant thing? Well, it's a great question. And you really start your planning early. I know what paid Manning in 2010, 2011, Bill polio in our Hall of Fame junior manager and I were meeting because date was getting older and we are wondering, okay, who is going to be the quarterback of the future? And we've talked about this great player Andrew Luck at Stanford, but he'll be the number one pick in the draft, the best player coming out since John Elway and we'll never