They were next scheduled to meet march 17, so essentially coming out today and saying we will use the tools we had to keep monitoring the situation. Comes at a day the g7 finance ministers all got on a call and talk about what to do about the coronavirus. Is that a coincidence or is there some connection . The financetially ministers, led by Steven Mnuchin because the u. S. Is the host country for the g7 meeting, had a policy morning to talk about the coronavirus and the effect on the economy. Only hours later we saw the fed said they were going two. , he wasy as powell said going to talk to central bankers around the world. We think this will put more pressure on other Central Banks to potentially make a move. There was some talk in the markets about how whether or not the banks will make a coordinated move. The banks will move first. We will talk about what happens next with the boe, the bank of canada, etc. Guy did jay powell explain why this move will address this problem . He admitted this will not address supply chain problems, this will not stop the virus from spreading. Peggy it was clear the fed was saying we are doing what we can to create more liquidity in the system. Banks continue to provide credit to Small Businesses. Iswas clear today that it coordinated fiscal policy that will be able to help most in the situation in terms of the coronavirus and the health policy. Health experts will be what is inded in terms of the terms of helping a situation that is a Public Health crisis. Guy david he went while out of his way to say this is not a political decision. At the same time, Steven Mnuchin was on the call. Now we have the president saying that is nice but that is not good enough. Peggy that is nice. Trump tweeted he thought the fed should cut even more. There was a hearing this morning where he seemed to be positive in terms of what the fed was doing. As jay powell said earlier and we are hearing from experts in the field, fiscal policy will be very important in terms of the government reaction to containing the crisis, making the economy and people in the economy feel like they have the situation under control and our Health Experts are able to respond appropriately. David talk about the fiscal policy. It seems like fiscal policy can be more targeted. A lot of people are concerned about Small Businesses. If there hourly employees cannot come to work, if they have to stay home with children, for example. Peggy that is right. In terms of physical policy there are several in terms of could belicy there extra loans given to Small Businesses if employees have to call in sick. There are other issues that Small Businesses might encounter in terms of supply chains being disrupted. Needing additional liquidity to cover the gap of a supply chain being disrupted in china. There are number of things people are looking at to provide some bridge while we deal with the spreading virus and then hopefully get it under control for peoples health. David is spreading virus and spreading uncertainty. People are looking for any indication of where things are. Is there a risk that because of the surprising cut, people will say they must know something i do not know . It may be worse than i thought. Andy that is the risk, markets have jumped on the news and then have turned downwards in terms of stocks. At the same time, they moved up strongly after powell came out in a statement on friday saying they were monitoring the situation. I think it is a fast moving target as the virus spreads, people are trying to do the best they can to react to it. It is a situation where people are very nervous, panicked is an issue, and policymakers are trying to show a united front saying we are monitoring the situation, and as the fed did today, we are using the tools we have. Monetary policy is limited in its ability to respond to a Public Health crisis. That raises the question is there any move of foot in the administration or capitol hill to say jay powell has done what he can do, we have to step up . Peggy that is certainly what we have been watching for. This is a time when government could come together from both sides and say we need to inject Economic Confidence and potentially liquidity into the system. Certainly tax cuts are something the government has talked about. It will also be determined how much of an impact this has on the economy. On one hand, people seem to be spending more to stock up on goods before people have to work from home more. On the other site, we have supply chains being disrupted and businesses having trouble with workers working from home or not being able to get what they need for travel restrictions or people lowering their travel expectations. It is a moving target and we will be monitoring the data to see what happens in terms of Economic Indicators and the jobless claims, things of that nature to see how the impact is unfolding. David thank you so much. That is Peggy Collins from washington. Now lets go to new york and Abigail Doolittle to talk about the market reaction. Abigail there certainly has been a reaction. Mulletmullet a very a very volatile market. Thatdoes the fed know theyre making this emergency rate cut two weeks before they can do it at their march meeting . How bad is it out there . Some folks are raising the idea that there is a moral hazard that the fed is taking this action and the current data does not make the case for trying to stir the animal spirit. Others are making the case that this sort of rate cut cannot help with the Current Situation because economists are saying is more of a supply chain shop. A fed rate cut is not going to help around the supply situation. What you think they are trying to do is stoke the psychological aspect, the animal spirit. The fact that we have stocks down suggests investors do not have a lot of confidence. Emerging markets are up sharply. Emerging markets tend to do better with easy money. We are seeing that reaction today. Banks do not do well with lower interest rates. We do have banks on bottom relative to the sector action. The best banks are the high dividend yielding sectors. We have the 10 year on the day close to 1 . The utilities, real estate, consumer staples, those sectors are higher. Financials on the other hand are getting hammered by concern banks will have an issue or problem making money off of the fed rate cut. The 10 year yield at the lows, shedding 14 basis points, the most going back to 2009. Tremendous volatility. Market participants and traders are very uncertain. They do not know what is next and they are feeling confident in the fed. Curve, david the yield what has happened to that . Flattened . Abigail a little bit. That is something that should also be of concern for the fed. Fed rate cuts have helped normalize it, and we are not seeing that to the degree people want. David thank you so much. That is Abigail Doolittle on the markets. Now we turn to Mark Crumpton for bloomberg first word news. Mark new york state has confirmed its second case of coronavirus. A 50yearold man who works in manhattan and lives in Westchester County has been hospitalized. Andrew cuomo says the man had recently traveled to miami, but not any country with an ongoing outbreak. It is not clear whether he had been in contact with anyone who had been infected. Tornadoes ripped across tennessee earlier, killing at least 19 people and destroying 40 buildings. One of the twisters caused Severe Damage in downtown nashville. Schools, courts, and transit lines were closed, and some stations weregs moved only hours after super tuesday voting was set to begin. The United Nations Nuclear Watchdog says iran has tripled its supply of enriched uranium in the last three months, and now has more than a ton stockpiled in violation of the 2018 nuclear deal with world powers. Iran has been slowly violating provisions of the deal in the hopes other nations will pressure the United States to lift sanctions against iran. A fight between greece and turkey over migration is heating up. The countries exchanged barbs over human rights and Border Security today. Graces Prime Minister greeces Prime Minister called turkey a trafficker. Come turkeys announcement unleashed a wave of arrivals on the greek border who were met by police and soldiers, denying entry to thousands. Global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. I am Mark Crumpton. This is bloomberg. David . David coming up, we talked preparedness with the director for Emergency Medical Services for the county of san diego, dr. Kristi koenig. Ons is balance of power Bloomberg Television and radio. I believe we can do this together. Rallying the country to defeat donald trump. To heal this country and build something even greater. I will be casting my ballot for joe biden. Joe biden. We want you, and theres a place in this campaign, so join us. David what a difference a couple of days make. Joe biden welcoming his former rivals pete buttigieg, amy klobuchar, and beto orourke into the full and a rally in dallas. Now super tuesday is underway with voters heading to the polls across 14 states and one u. S. Territory. Will that lastminute show of force be enough . Kevin cirilli joins us now with the latest from washington. Kevin, i will not ask you to predict, but it is a big difference for joe biden. Kevin massive difference. I was talking to sources connected to Bernie Sanders campaign. Pick up poised to several delegates, their eyes are on california. The second point i would make is keep an eye on texas. Throwing his support behind former Vice President joe biden. They are looking for an upset in texas that they would be able to pull that off. Long texas will be a if biden wins texas it will be a long battle toward the nomination. Joe biden was able to solidify all of the support of the democratic establishment. It makes it very interesting for the convention fight, as this becomes the progressive base versus the Party Establishment and sanders versus biden. David thank you so much to our washington correspondent Kevin Cirilli who will be with us through the night. Who else will be with us . Rick davis, our political contributor at bloomberg. He was also the manager of johns president ial campaign. Welcome back. What are you predicting . Rick it will be a long night. California is a huge prize. It is the number one state, with almost 20 of the entire delegate road delegate load between now and the convention being at risk. They have had five weeks of voting already, even before super tuesday. All of those votes will have to be counted in addition to whatever shows up at the polls today. It will be a long night, but a competitive one. David at the same time, a lot of places, texas for example, say they have a million votes already in because of early voting. Might that dampen whatever search joe biden might get . Rick there is no question that with bidens victory in South Carolina he was cast as being the establishment hope against Bernie Sanders. There is no question the wind has been starting to reflect itself in the polling data. The question is is it too late to have a sizable impact on california and texas is an interesting question because joe biden has always done well in texas. His numbers were depressed after three straight losses and bolstered after the fact. There is a question of competitiveness there. My guess is the search he is feeling now will probably put him in at least a very competitive framework. Understand that all of these are proportional states. There is no winner take all. As long as he is picking up delegates, even if it is just closely behind Bernie Sanders, he keep sanders from being able to search ahead of him and keeps track of his nomination. David that is the question. Im curious. It it looks pretty likely Bernie Sanders would get more delegates tonight than joe biden. The question is how many more . What is the band joe biden has to stay within behind Bernie Sanders . Rick not all of the states are like texas and california where. Hey have to stay behind the south could be a solid pickup for joe biden. I could see him winning the lion share of their states. Those are smaller states with larger concentrations of africanamericans and elderly voters who are his core constituency. I do not think one of the outcomes tonight is a close race between the two of them, and the delegate count is less important than the fact the two of them have consolidated this contest. David one difference besides having lost candidates is we have michael bloomberg, who is the founder and Majority Shareholder bloomberg here, he is on the ballot. Could he be a factor . Rick there is no question he will pick up delegates tonight. You look at his numbers throughout the state. By carpet bombing this Media Campaign of his, he has been able to raise his numbers to 15 to 20 in some states. He will pick up delegates along the way. It is arguable as to whether those delegates wouldve been allocated to biden if you are able to pick up the bloomberg boat, but as we go toward the convention, if bloomberg comes out today with delegates, it could change the complexion. David alumni. Rick will be with us as well. A long night. Even as primary voters go to the polls, the looming threat of the coronavirus hangs over us. We will an expert on how to deal with medical emergencies, dr. Kristi koenig, the ms medical director for San Diego County. Theis the professor at university of california in irvine. She comes to us from san diego. We are all asking this question. What should be the protocol for dealing with possible instances of disease . What is the best way to get our arms around it . Dr. Koenig one of the most important things is to identify patients who are sick so we can i so we can isolate them and prevent them spreading the virus to other people as well as taking care of them. David one of the things you are known for is the three is, identify, isolate, and inform. Is that universal throughout the country . Is that being communicated by the government . How do we know our own local officials are following that protocol . Dr. Koenig yes it is. The cdc is promoting the identify, isolate, inform model. What it means is when someone comes to seek medical care, we want to identify them right away before we take the traditional vital signs like the Blood Pressure and the pulse where we would touch the patient. If there is a contagious disease where we need to put on protective equipment, we want to identify them into that first to protect the patient and the health care providers. Then we would isolate them immediately so they would not be spreading the disease to other people. We have this in health care facilities, the ability to isolate. Is inform, meaning we want the hospital Infection Control people to know and the Public Health authorities so we can help to manage this outbreak. Have the we discipline, the consistency across the country to enforce Something Like that . I am sure some facilities do a great job, but can we rest assure this is being pursued throughout the country . Dr. Koenig it is being pursued throughout the country, but as you point out their areas of large Public Health systems and areas of smaller systems. Here in san diego we had a patient last night who went into a clinic. Not a hospital, and had trouble breathing and had a recent visit to japan. Immediately the systems we had put in place went to work. When the provider of the clinic called on 11 to transfer this patient to the hospital, we had a screening at the level of 911 dispatch to identify the person was at risk. When the paramedics responded, they wore protective equipment. They notify the hospital ahead of time. The hospital was prepared and had protective equipment and an isolation area. There is an entire system we have in place that we looked at ahead of the event to be prepared. This is an example of what worked very well in san diego, as im sure it is across the country. David how many confirmed cases of coronavirus you have in San Diego County and how fast is the number growing . Dr. Koenig we do not have any confirmed cases of coronavirus in San Diego County. We did have two patients in the hanatriated group from wu and were managed on the military base, but that did not spread into the community. We do expect we will have cases in other parts of the cash as in other parts of the country and we want people to be prepared and educated. David thank you very much. That is helpful. That is dr. Kristi koenig. Still ahead, we are keeping an eye on the markets after the feds emergency rate cut earlier. Ons is balance of power Bloomberg Television and radio. David this is balance of power. It is time for the check on markets. Stocks are off the session lows but theyre still in the red. Kailey leinz is here with more to explain all of this to me. Kailey it has been a very whipsawy day. We are off the lows but we are still down between. 8 and 1 . The market is struggling to determine how it feels about the rate cut. To some extent in excess of policy action a policy action was what the market wanted, but how effective will it be. The fed can only do so much with Monetary Policy. How much can they do without a supply shock . The fact that they went full 50 basis points to have the meeting , they are now flooding into bonds. The bond market is telling you something more decisive. David tell me what the bond market is telling us. Kailey yields are plunging. That goes for the short end, which should be expected. The two yield is down. The 10 yeark at yield is down 11 basis points. 1. 06. We are on 1 watch. That tells you a lot about growth expectations going forward. David not a pretty sight. Kailey not a pretty sight for the likes of banks, which are struggling. David thank you so much to kailey leinz for that report on the markets. Up next, the Trump Administration issues a warning to foreign actors. Keep out of super tuesday or be met with sharp consequences. We discussed with Jessica Brandt with the alliance for security and democracy. That is next. This is balance of power on Bloomberg Television and bloomberg radio. York, this is balance of power. Im david westin. Voters are at the polls across the country in primaries across the country as we space speak. The question of how secure our system for voting is. Welcome now an expert on that subject. Shes the head of policy research at the alliance for security and democracy and comes to us from washington. Great to have you with us. Thanks so much for having the. Before we get to the russian question, which we will have to get too soon or later, lets talk about the iowa question. I didnt come away with a great sense of confidence that people know how to run these things. Should we be worried about the primary system today . The perception of insecurity can be just as damaging as an security itself. I come from and in organization the tracks russian messaging and it was a flashpoint to paint the election as ineffective, our system is ineffective and corrupt. We have to be concerned about that as much as we have to be concerned about the misdeed. Are we confident of california, test texas, can run a primary . Theica officials across country are doing hard work to make sure that votes are secure. States have taken a lot of great and important steps. 12 of the 14 states where folks will vote today are using machines that are paperbased and create a verifiable trail. Thats great. There are spots to watch, texas and tennessee, where the folks will be voting without a paperwork record. Paper record. There are new machines in l. A. County that have come under some their security. Those are the places i will be looking at today areas the broadly i have confident that our officials are doing the hard work to make things secure. What about the misinformation that your organization looks at a lot . It has been in the forefront with the russian attempts to interfere in the system. Where are we now . Not least in the last 10 days. Look, recent developments in the reports that we have seen are in some respects not really news, right . We have multiple reports from government officials going back for a long time now showing that russia seeks to interfere in 2020. The fact that they are doing that and that the primaries are also a target is not a surprise. As i mentioned, our team looks at russian eight back accounts on twitter, diplomatic and government accounts. We look at russian state Media Broadcast and news websites. We do that to see what the narrative of the russian government is right out in the open. For some time we have seen effort to paint our primary process as rigged by elite in the party, in the democratic party, and by the corporate media. Efforts to divide democrats, one emphasizing, both the centrist and progressive split and the split within progressives. As i mentioned before, the iowa caucus debacle was a flashpoint of those efforts. We saw attempts to, for example, paint the delay in reporting of ats as a part conspiracy to deny senator sasse senator sanders a clear victory, emphasizing, you know, conspiracy to reason about ties between other candidates and the company. And the app really about a much broader effort where russia and their underlying goal is to paint the democracy is feckless and ineffective for reasons that have to do with their own domestic politics, the desire of Vladimir Putin to speak to wouldbe activists at home and to dampen the appeal of democracy to them. In other words, to make us appear weak. And keepto weaken us us distracted and divided from playing a broader global role against russian interests. Alone or arerussia there other state actors . Sica the use in asymmetric tools like cyberattacks and disinformation, and we should not underestimate the possibility that other russiasll learn from operations and success and use the tools to their own interest. If we only look at this problem through the narrow political of our current political moment, we are at risk of losing the forest for the trees. David really appreciate your time, Jessica Brandt. Coming, fed chair Jerome Powell takes action amid the coronavirus outbreak. We get the look from capitol hill and Trey Hollingsworth of indiana. Thats coming up next. This is balance of power, on Bloomberg Television and radio. This is bloomberg. David this is balance of power , the big news of the day is the surprise emergency rate cut of 50 basis points at the federal reserve. Jay powell explaining why he did it, the markets have reacted but not always in a good way. We are off the session lows and all three major averages are still lower by more than 1 . Many in the market wanted an aggressive response, but now they have to weigh the efficacy of the rate cut. Will it do much to combat the Economic Impact of the coronavirus . Does it signal about the health of the u. S. Economy . Broadly,eing taken up though you are seeing some areas around performance in the likes of the utility sector, which is a high dividend paying sector, upon the proxy getting a boost from the fact that yields are moving much lower today. On the 10 year yield we are down 12 basis points, around 1. 03 , a fresh record low that puts us on 1 watched. Of course it is not just the 10 years moving, yields are controlled by the fret the fed but it is a monster move that we are seeing in the bond market. One upside is the homebuilding sector. Of the bestone performers today, 4. 4 lenar is one of the best performers today, up 4. 4 . Toll brothers, moving higher. One final group of stocks i want to check on as it is super tuesday is managed care, they got a big boost yesterday from joe biden, the idea that maybe Bernie Sanders will be the nominee and lower odds of a medicare for all plan taking affect. You are seeing some of the dates from yesterday being given back, United Health down by roughly 1 to 2 . It isnt of course just politics, the coronavirus as well is at play. Pandemic itcome a could cut 16 off of earningspershare for some of these companies. Those are moving on the down day for this equity statement. David we will get responsive from the capitol hill to the rate cut, coming up next. This is balance of power, on Bloomberg Television and radio. This is bloomberg. David this is balance of power , on Bloomberg Television and radio, im david westin. Jay powell explained the Central Bank Surprise announcement of a rate cut today, saying that it was all about achieving their dual mandate. We are always going to make a decision in the interest of the American People to Carry Forward and try to achieve the mandate that congress has given us. We are never going to consider a political consideration whatsoever. We wont do that and it is important the public understand it. We welcome now congressman Trey Hollingsworth, indiana, member of the house financial services. Mr. Representative, thank you for joining us. What is your reaction to what the fed did today . X i a quad the whole government approach being taken to prepare the economy and the Health Care System for the imminent threats the coronavirus poses. Policy onemonetary of the best ways to address it . He said that we can deal with these issues and stop the virus. His Monetary Policy the best way . Representative hollingsworth its a great question and maybe it means a fiscal response or monetary response, but approaching it from every angle is hugely important. A pint of sweat today saves a gallon of blood later and this is the approach that the Trump Administration and all agencies and government are taking to make sure we are prepared from every dimension. Fiscal stimulus, Small Business for yourself, this is something you are rest congressman are saying right now that the problems they have are the Small Businesses who live on with hourlyframe employees. If they leave, they cant be there, they could be really in trouble. Is there any movement afoot to give fiscal stimulus to Small Businesses specifically . Not yet, butworth congress is prepared to react if it becomes more dire. Were preparing for the imminent threat as it may grow. We will be prepared to react. It is our goal as representatives of the people, servants of the public, to make sure the public hills safe and can go about their business and do the things we want them to be doing on a daytoday basis. David in order to become safe, we have to know the facts, and lets be frank, coronavirus surprised everyone around the world. Are you confident that we are reacting good enough on the information from . It we have enough people in a good enough read on how many people have the virus now in the United States . Rep. Hollingsworth the reality of the threat is that you should always be doing more, be testing more people, allocating more dollars towards research. I know that we have got a lot of smart people in the Hoosier State and across the country developing strategies on the health care front. Also developing a strategy within the biotech industry to make sure that we have the capabilities needed. David whats the risk of recession in your judgment . Rep. Hollingsworth fairly low. Hopefully a bounce back in the following quarter will be called for. I dont think that the Recession Risk has risen dramatically, but i applaud the fed in taking preemptive action to make sure that we stabilize the outcome because of this. David what are you hearing from hoosiers question mark what are you concerned about specifically . Rep. Hollingsworth you hit the nail on the head, its Small Businesses relying on it works from china and exports to china that will be the most impacted and i continue to monitor that situation. I have had several roundtables and town halls looking at how to make sure they stabilize products, businesses, and customer needs. Most people feel this might be shortterm and we want to make sure it is shortterm. The whole of government is prepared for any dire outcome. Should the government be acting now to make sure that people have the resources to take care of themselves properly . If you have the pay for the tests, not everyone can afford the virus afford the test. Rep. Hollingsworth everyone exhibiting symptoms needs to know they have the ability to get tested so that we can and hownd the pathogen it continues to evolve, so i want to make sure everyone has the ability to walk in and get those results quickly. Thats hugely important so that we have a strong feedback loop to understand who has it. David where are we in the process of the supplemental that the president asked for . Democrats wanted a larger supplemental as i understand it. When is it likely to be appropriated . Heard 4 billion to 5 billion dollars. Its being debated. I think we have to make sure that this is policy focus. The last thing i want is more for those on the other side to use this as a political moment to drive home the messaging rather than focusing on a policy response that is necessary because of the threat of coronavirus. Thats the debate, what should be included and what should be excluded. Thed im glad you raised question of politicization. I spoke to dick durbin recently said that he was concerned and that this should be as apolitical as possible. Whats your sense of the political temperature on capitol hill. Can people put this behind them and say lets get this done . Rep. Hollingsworth i think we can, we have seen that again and again, members coming together to say that this is not about a party or geography, but as understanding the American Public is understand understands that there interests are better off because of our representation here. I want to see more of that and i work every day to make sure that we see more of that. I think that that approach will prevail. Congressman, really appreciate your time today. Voting on capitol hill, is underway in 14 states and one territory. Today marks the busiest day in the 2020 congressional primary calendar. This includes primary challenges to two veteran lawmakers. Joining me with more now is our colleague from bloomberg government. Greg, i will pick one of my favorites right now, former senator jeff sessions, going back in there now. Whats his chance . A senator foreen 20 years before becoming President Trump us first attorney general, finding himself in a close fight to reclaim his former seat, the seat held like democrat doug jones. Several republicans are running in the primary, including sessions, and there is no guarantee that he will win the majority vote needed to win the runoff. Hes on in a tough fight. David another veteran trying to come back is darrell issa, running as i understand in a different district from the one he represented for many years. His chances . Hes running closer to san diego and the district he represented for 18 years. He retired in 2018 from that district, which trended democratic. He might have lost it in 2018 and have gotten out at the right time. But now with Duncan Hunter resigning, a republican seat has opened up and it is much more trump finley with darrell issa running pro Trump Television advertisements. Hes looking for one of the spots in the election. California has a top two primary in which the candidates from all parties run on the ballot and the vote getters regardless of the Party Affiliation advance of is election, darrell issa fighting for one of those spots and he may well get it. California takes time to count ballots. It may not be clear tonight or tomorrow if he makes the general. We have a fight going on between democrats in massachusetts with ed markey in a fight with kennedy. Thats right. Even though they vote for the president ial primary today, they separate the president ial and congressional primaries. The congressional isnt until the summer, but the race has already heated up and we have already had a debate between ed markey and joe kennedy. They dont disagree much on the issues, but they are both progressives or liberals. Ed markey has been in congress for four years. Of kennedy, one of the sons robert f. Kennedy, in his fourth term in congress. David one thing we are watching closely is the president ial primary in the state of texas, which may will be ins in dispute. Greg you have a lot of action going on in texas, six republican members of congress retiring, three of them from safely republican districts. And one of them you have President Trumps former physician seeking to run. Darrell issa, who we mentioned before, running in a different Congressional District based in waco. You also have three open seats along the border, one in dallas, ft. Worth and another in suburban, houston. Republicans are trying to reclaim a couple of seats in the dallas area that they one from republicans in 2018. David i dont want to virtue on the spot here, but given what you know right now, does the senate and house say republican or democratic and Credit Suisse . Greg one or both could it switch . Greg one or both good switch. Republicans would need 20 seats to win back the house. It will be tough for them to do that. They would need a lift from the top of the ticket. It would depend on the popularity and quality of the democratic president ial nominee, which may not be known for some time. Tothe senate they lead 53 47, with a net game of three or four seats running on the outcome. That will be hard to do as well, ricardo requiring the democrats to unseat several incumbents in the election. Thank you so much for that the you so much for that report. Abigail . Abigail on the open we were down almost 1 and on the emergency fed rate cut we were up 1. 5 , down, then up, right now down, off the lows. Lots of volatility around the emergency fed rate cut. The advancetioning of their meeting with a could have done it. If the motivation was to sir the animal spirit to invoke confidence in the situation of the coronavirus tragedy, not really working right now, although i will say it myself, head of accommodation in 2008 and 2009, the initial reaction, typically the markets go the other way the next day. If the initial reaction is down, tomorrow might be green. David you are dating yourself, a whole 12 years. [laughter] sectorss abigail tell the story, we have rain falling in the 10 year yield now. We were talking yield curve earlier, i misspoke, its steepening a little bit. You could even say that one of. Hem is to mobilize from the standpoint of yields falling like that, down 2 on the day, the top sector is not what you want to see. Interestingly its up in a big way with high dividends there. It is really influencing sector competition, probably not in a way that the fed once. The fed stepped back in october on trade war uncertainty and started a repo action because of liquidity issues where the markets went up 20 . In the last week on correction we were down at the level prior to that liquidity. You could make the case that that move should never have happened. What tools does the fed have next . Some investors are again questioning the soundness. David commodities, gold, whats going on . We have a bigl surge for gold. Stocks, laura, commodities, higher in a reverse from what we have been seeing. One worrisome factor in recent weeks was the commodities were down, but the dollar was weaker. David driving up the price. Abigail thats exactly right. When it is mismatch like that, what folks dont know is the environment of the unknown around the coronavirus tragedy. David my goodness, thank you so much. Up, coverage of the fed and the markets on Bloomberg Television and radio and tune in to our special coverage of super tuesday tonight. Live announcements starting at 7 p. M. Eastern time. This is balance of power, on Bloomberg Television and radio. O. Awesome internet. Its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] can you help keep these iguys protected online . . Easy, connect to the xfi gateway. What about internet speeds that keep up with my gaming . Lets hook you up with the Fastest Internet from xfinity. What about wireless data options for the family . Of course, you can customize and save. Can you save me from this conversation . That we cant do, but come in and see what we can do. Were here to make life simple. Easy. Awesome. Ask. Shop. Discover. At your local xfinity store today. This is an extra edition of bloomberg markets. For the next 30 minutes tom and i will be bringing you analysis of the fed emergency rate cut this morning. Tom, several banks had called for this. Was it shock and off . Was, as you frame it, the older economists, the residents of history, the great conservative alan melzer, theegie mellon, looking at bloomberg Academic Team out of gapigan, there is an age polarity were the younger say whatever it takes, do it, and