Florida, as well as a handful of others. For senator Bernie Sanders, based upon my reporting, i can tell you two things. They are trying to develop some type of operation for a contested invention that has been in the works for several months, but two, to try to change the trajectory and dynamics of the race it what increasingly feels like a unified Democratic Party be fined behind joe biden. David many thanks to Kevin Cirilli reporting from washington. A lot of this market is about testing. Hhsust had alex a czar, the saying 75 thousand by the weekend. Now they say they will not get that out. Drew with an Infectious Disease like this, the key message we have in our arsenal is to try to stop this is to say identify people who are infected and stop them from spreading into other people i saying stay home or be in the hospital or whatever, depending on how sick they are. Ifyou cannot ask people you cannot test people, you cannot do that. We are seeing these afterthefact cases where somebody get so sick they end up in the hospital. While this person was in the community they affected their coworkers. You are basically always behind. Without why diagnostic testing to be able to surveilled this the way we do the flu and other diseases, you are perpetually several steps behind. David you Cover Health Care so carefully. What is between us and the why diagnostic testing. Is it money . Is it manufacturing . Drew all of those things are probably the answer. Private companies are now bringing this stuff online. The big issues is these tests have only been available in a select number of Public Health labs. That is not how people interact. When we have a severe case or an incident that you going do that diagnosis. What people have not been able to do but hopefully will be able to do is say i am feeling symptoms that seem to be this thing. Go to their doctor, get the test, and then get good medical advice where you can put the entire Health Care Workforce into the effort of trying to contain this disease for both people who may be only mildly ill but spreading it around, as well as people who are severe that you need to treat more carefully. David opec. We have Annmarie Hordern, normally in london, here with us in new york. A bid meeting a big meeting in new york and they are playing hardball with vladimir putin. Annmarie they are putting him in the corner and it is a risky bet. They did not come out with the communicate last week on the day opec met. Today they decided to say opec agreed to cut a Million Barrels a day. They say moscow needs to pick up the 500,000 barrels extra. Russia does not want to pot. They do not need to cut. Is a risky gamble. If russia wants to walk away, it will be interesting to see what the sallies would do. Vonnie does the million go away if the 500,000 does not get done . Annmarie that remains to be seen. The sallies are playing hardball. Are playings hardball. We could see a massive price collapse, which we know the saudis would not be happy with. David thanks to Annmarie Hordern reporting from new york. You can find more from the opec meeting on bloomberg commodities edge. They will talk to the ceo of chevron. Now lets get a check on how the markets are doing, if we want to know. Here is abigail doolittle. Abigail it has been bearish. Risk off. A new volatility regime where we are having moves up and down depending on the sentiment of the day. We have the major averages lower. The dow transport, which has been leading the way down to the beginning of the coronavirus outbreak because of course the airlines hit so hard. Just yesterday United Airlines think they will cut flights and put hiring on a phrase. The unknown around this coronavirus and what the impact will be on the Global Economy. Now the u. S. , we are just talking with drew armstrong about the lack of testing. Testing, we dohe not know what the true impact will be. David are we watching the Authorities Say we will fix it, and then on the other hand they are saying is worse and we thought, markets go down. That seems to be a backandforth between are they going to fix this or not. Abigail there is some sort of push pull between having a sense they will fix it and maybe they will not. Right now, if they are not testing people, it is impossible to fix. That uncertainty for companies, because all of the sudden if they get the tests out, and i do not know what the infection rate will be, if they get one million tests out, that could create concerns and to that point close movie theaters, schools. That is what investors are looking at. David it could be bad news but at least we would go. Abigail there is no bottom. We are seeing that with these down days. There is a huge bid for bonds. The Kbw Bank Index in particular in a bear market, confirmed to get much worse. It seems as though the volatility ins uncertainty youre talking about could extend further. The japanese yen is up sharply, up 4 , an incredible move for a currency. David thanks to abigail doolittle. Now we will turn to Mark Crumpton here with first word news. Mark massachusetts senator Elizabeth Warren is dropping out of the democratic president ial race. Bloomberg has learned warren told her staff this morning and plans to make a public announcement later today. Senator warrens path to the nomination has been narrowing since the first round of voting in iowa, where she placed third and subsequent contests in New Hampshire and nevada, she dropped down to fourth. In South Carolina she came in a distant fifth and on super tuesday she failed to win any states. 11 people in the United States have now died of coronavirus. Federal authorities are investigating a seattle area nursing home at the center of a virus outbreak. At least six of those who died lived in kirkland. Federal officials are sending inspections to decide along with experts from the center of disease console Disease Control and prevention to figure out what happened and whether the facility followed guidelines to prevent the spread of infection. Turkey is sending special forces to protect its border with greece. Ankara creek icials migrants pushing to repel thousands of people trying to breach the border. The European Union and its former member britain are far apart in trade talks after the first round of negotiations. Michel barnier says the main sticking points relate to the socalled level Playing Field judicial cooperation, governance, and fisheries. The teams are expected to meet every does go to three weeks, alternating between brussels and london. 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 thanks very much. Coming up, another one bids farewell, and it is now a two man raise between Bernie Sanders and joe biden. Will discuss the pathways for each. That is coming up on balance of power on Bloomberg Television and radio. David this is balance of power on blaber television and radio. I am david westin. It has been quite a week in the president ial race. Toth carolina gave a wind joe biden and the field narrowed wildly. Of theome our panel founder of conservative women for Better Future and former chairwoman of the massachusetts Republican Party. She comes to us from boston, and the Senior Vice President of the Public Affairs firm who joins us from washington. Mark, let me start with you. Elizabeth warren is out. Is is a two person race. What are the paths for Bernie Sanders and joe biden . Bidens winds on super tuesday were normas. We have not seen anything like that in a number were enormous. Acrossdouble digit wins the board. We saw increased turnout in virginia, record turnout, 60 to , you saw joe biden win by 30 . That is something people do not expect but you are seeing the party and voters consolidate around joe biden. Going into the next round of primary states, march 10 and march 17, he is in a good position with delegates. David house a look from the other side of the aisle. After iowa and New Hampshire it did not seem like there would be much voter turnout. Does it look more troubling for the republicans because there seems to be quite a bit of enthusiasm, getting a lot of voters on the democratic side. Jennifer i think the democrats are doing a great job of being able to excite voters. Here is the issue on the republican side. There is no primary, so there is no reason for the voters to turn out on that side. In massachusetts, 56 of our electorate are on enrolled voters. That means on primary day they get to choose to vote in the republican or democratic primary. So many people i know ended up voting in the democratic primary because they felt the stakes were so high. I do not think that necessarily translates to election day. David as we look at this two person race between joe biden and Bernie Sanders, has Bernie Sanders demonstrated any ability to bring out more voters that would not be voting otherwise . He likes to appeal to the young based but it is not clear he is getting more young people voting this time then four years ago. Mark that is an important thing to think about. Senator sanders has talked about getting out the vote, about increasing the number of young people. So far we have not seen that. In states where you have seen an increase in turnout, it has largely gone to joe biden. It is happening across the board. You are also seeing joe biden able to create a governors coalition. You had him a diverse coalition. You had him winning 60 of africanamerican voters, you see support from suburban women who help repel the blue wave in 2018 for democrats, i think that is one of the things he will have to do moving forward and joe biden has already shown he can do that. David jennifer, i wonder what you think about the lay of the land. Coronavirus, it looks like it will keep going for at least does go to three months, has changed some of the political dynamic. The voters may be looking for something different. President trump was strong on the economy, on tax cuts come on growing the economy. Now people are worried about their safety and the economy itself, they waver a bit. Does that make a more difficult path for donald trump in november . Jennifer i do not think so. In politics, six months is an eternity. Coronavirus will not last past the summer, just like the flu ends, this will end at some point. There will be vaccines. The nicer weather will break this up. As long as the economy stay strong, the president remains in a good position. David i wonder if you agree with that . I did talk with larry summers, and he said if you look at the numbers, what happens in the second quarter, particularly peoples disposable income, really influence their voting positions in november. There is a lag. Mark one of the things to think about is the message the Vice President is deploying in the primary. He is talking about growing the helping thoselso in the bital class that your seeing wages increase, that looking also at some of the actions he and obama took in order to steer the economy in the right direction following the economic crisis. That will continue to be an issue and i think putting forth plans the Vice President has come other candidates have as well. David i wonder how you think health care in the issue of Health Care Coverage will play in november. As the Supreme Court making it more complicated because they have actually taken the case where the administration is arguing against obamacare and they will not decide before the election, but the arguments will happen before october. Doesnt that make it more tricky from a political point of view . Jennifer i dont think so. At the end americans know that if they can put a roof over their families heads and they have a job they can go to every day, that is the most important election factor. I do not think anyone is looking at anything else. Bernie sanders and elizabeth warrant made such a big deal over health care and wears a lib Elizabeth Warren today and where is Elizabeth Warren today . She is not in the race. Bernie sanders is only appealing to young voters. We know young voters have not come out in elections. It is mostly old voters and suburban white women. If youre not appealing to them, these other issues will not make a difference. David i wonder what your responses to that. We certainly hope that by the summer the coronavirus will not be that big of an issue and we will go back to the question of mi better off . Does it doesnt President Trump still have the upper hand when you look at the numbers for the country . Mark that is an important question. The key will be understanding how to put forth policies that will continue economic growth. At the end of the day, there are number of things will be looking at. You mentioned health care. Donald trump and the Republican Party do not have an alternative. They want to go after the Affordable Care act, but they are not offering an alternative in terms of policy. They are also not articulated very well why health care is important, why it is a big issue. They have not addressed that. Until they do, that will be a big liability. David i wonder from your point of view, if i could speak to the republicans, if you had your choice in november, what issue would you like this election decided on . Jennifer at the end of the day this will be between joe biden and donald trump. The issue is going to be who do you trust more with what is going on in your home . What is going on with your family . What job do you have. Who do you feel secure when it comes to the economy . If the economy collapses, Everything Else goes with it. People that feel unstable. I think the economy is the number one issue. ,avid many thanks to jennifer founder of conservative women for a future, and mark, great to have you both with us. Up, the coronavirus rips the country. We speak with the huawei chief Security Officer. Ons is balance of power Bloomberg Television and radio. David the coronavirus is gripping the Global Economy and has brought an immediate shock to supply chains that threatens the future. One of the companies coming to terms with the challenge is chinese tech giant huawei. We welcome the chief Security Officer of Huawei Technologies coming to us from chicago. Thank you for joining us. Give us a sense of how many of huaweis operations are in exposed regions . Andy i am not sure how may people we have working there. In the short term we were able to sustain what we need from our supply chain and our facilities. As time goes on, there could be a greater impact on our ability to sustain production. David how much has come back from what initially happened . You have a sense of the percentage of capacity you are operating at in china . Andy we are at fairly high capacity. We have not shared what percent we are accurate we were able to function at a high level of operations. For the immediate future, things to look bright for us. Our primary concern is making sure our employees are safe. David what about that . You have employees that have been exposed to the coronavirus . You have cases youve had to deal with. Official report as we did not have any cases we are taking extreme measures internally and if identified Key Employees that can work from home done special measures in terms of multiple testing each time people enter a building. Cleaning public spaces every hour. Closing major cafeterias. Extending the shuttle buses so people do not have to ride public transportation. We are taking the kind of precautions where our employers are well aware of what they need to do. David the Chinese Government has done quite a bit to contain this. That has curtailed travel and curtailed a lot of opportunities with china. It understanding why they would do that because the safety of the people in the country. Is that interfered with your ability to get your Business Done in china . Is it difficult to move people and goods around the country . Andy it has not impacted our ability. We have many people working at home and we have discouraged , only essential travel is supposed to be conducted at this time. David that is at the supply level. What about the demand level . Is it curtailing people purchasing things huawei is manufacturing . Andy we have not seen any recent statistics in term of the impact of consumer purchases and company purchases. We Just Announced we have 91 5g contracts and are moving ahead with that. Much of an seen impact along those lines yet. David what about the acts by the Chinese Government is to be like the economy from the central bank but also the government . Is that helping the situation in china . Do you have a read on that. Andy as for stimulus, whether it is the stimulus by the United States or china, i do not know how much that impact will be. Theres a lot of debate about whether the cuts in the United States made a difference. There are a lot of people saying that the Global Economy has a likelihood of contracting this year regardless. As a general proposition, i think stimulus by government is probably a good thing. David what have you learned from your experience . You are ahead of a lot of u. S. Companies in the sense you are in china at ground zero. What have you learned that would be helpful u. S. Companies just now starting to come to terms with these issues . Andy in terms of the issues regarding the virus . David exactly. Andy recognizing that over time the consensus of the medical community such as nih in the United States, quarantine is one thing, but making sure people actively take the precautions as individuals that it would take to prevent the possible spread of the flu and recognizing the kinds of people at risk. Going into special facilities to be treated in a way theyre in a quarantine situation and getting the special care they need. Over time, as lessons are learned, hopefully that could be more transparency from the beginning and throughout. The information can be shared and people will be protected as quickly as possible. David thank you so very much for joining us. That is andy purdy coming to us from chicago. Up next, once hailed as a front runner, Elizabeth Warren exits the president ial race, making the democratic primary a two man race. We discussed with one of Bernie Sanders backers 2016. This is bloomberg. From new york, this is balance of power on Bloomberg Television and radio. Im david westin. Or bloomberg first word news, we go to Mark Crumpton. Mark senator Elizabeth Warren has dropped out of the 2020 democratic president ial race after seeing virtually no path to the nomination. On did not win any states super tuesday, not even her own state of massachusetts. She has not address the question as to which remaining candidate she will endorse. Bloomberg has learned worn plans to tell her stop this morning and make a public announcement today. In the dubai desert, seven World Health Organization workers are racing to sort, package, and send out hundreds of shipments to medical supplies to countries around the world battling the coronavirus. Isand for medical supplies skyrocketing as the virus spreads around the world. Cases have been reported in about 80 countries. Willdent trump says he deny federal funding to socalled sanctuary cities. The president cited last months court ruling which said his administration could block Law Enforcement funds to states and cities that dont cooperate with federal immigration authorities. Shouldsident said they change their status to do do noty and added protect criminals. Federal prosecutors have charged a former head of the United Auto Workers of embezzling more than a million dollars. The government says gary jones conspired with fellow Union Leaders to steal from assets over a nineyear until beginning in 2010. Prosecutors say they use the money for Luxury Vacations as well as high and liquor and cigars. Jones resigned last year after being implicated in the corruption scandal. Federal agents raided his home in august. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im Mark Crumpton. This is bloomberg. David we have some breaking loose on the convert news on the coronavirus. The telegraph is reporting the first death in the united kingdom. We will keep you apprised of that as it develops. Lets come back to the United States and what is going on here with the coronavirus. Congress is stepping into combat the disease. The senate is scheduled to vote on a bipartisan emergency spending bill to fund the response to the disease. Legislation has passed the house yesterday in an overwhelming vote of 4502. Welcome, we now jeff merkley. Thank you for taking the time to join us today. You follow this quite a bit, you backed emergency funding. Give us a sense of what is in the bill, what does this 7. 8 billion go to . Jeff the fda subcommittee focused on acting quickly and promptly in all aspects. That includes drug importation, ingredient importation, looking of keyinuous production ingredients in the u. S. , so we are not vulnerable to supplies outside of the u. S. , looking to facilitate the movement of equipment, making sure that we are prepared to facilitate the steps necessary for the development of a virus. David focus on the testing, particularly test kits. Conflictingd reports about how many we will be testing, we have heard a million, and now the secretary 0f hhs saying maybe 750,00 will go out. Will this bill help us get the testing done . Jeff the bill will provide a lot of support for testing across the nation. The challenge we have had with the numbers is the lack of specificity. Example, the Vice President came before the Democratic Caucus and said they would be a million tests in the mail. Well, no, not quite. By the way, you need a couple of tests for each person. It means that they will be mailed out to clinics across the country. When will they arrive . How many will be at one particular clinic or hospital . This was emphasized with the secretary and the Vice President. Do not overstate the response. If it means that we will be able to conduct, if you will, 100,000 tests on friday of this week, put it that way, so people have a realistic understanding of how we are responding. Confident we are on a path where we can get to the point where we can test, to know the size of the problem . We dont really know the size of the problem in the United States right now. Are we on a path to get there, and if so, any sense on the time horizon of that path . Isf the administration saying we are on that path, but the numbers are very confusing coming from them, so i dont have complete confidence as to when every doctor can say i have a test. You have a symptom, lets find out. That is what people want to know. My impression is that is quite a few weeks away before he reached that point. The numbers are coming at us in a number of different ways. But lets think about a couple key pieces of this. People will not go to get a test if they think it will cost a lot of money and cannot afford it. They have to pay their rent or mortgage or utilities. As a matter of national policy, we should say these tests will be free to those who get them. That just makes such a good sense. We are told Something Like 40 of households in the country cannot afford a 400 emergency, and i understand these tests can cost 2000. Im not sure that we can get the testing we need, if people have to pay 2000 to do it. Of the bill,ction i dont know, that is not a part that i worked on. My sense is that it does not say that it is free but it should. We were pressing the secretary of the hhs this morning to have a policy that these tests will be covered. If we need more money, lets get more money to cover them. Lets also make sure that those who are afraid that ice will be hanging out outside health centers, that they will be assured that they will not be targeted. A lot of people are concerned that they will become a public charge if they get a test and lose their immigration status. We have to make sure that is not the case. And we need to make it clear we are past the point at which this is an issue of quarantining those who are sick. This disease has been moving quietly through our population for many weeks. We have many people showing up who had no traceable source. That means we have to understand a more like the flu than disease that you can capture at the point of entry. We havere you confident the protocols in place to deal with this as it pops up . We had a case in westchester county, where somebody went in with a problem with their lungs, and they expose a lot of Health Care Workers to coronavirus. Do we have protocols across the country to protect our Health Care Workers . Jeff we are not there yet. Five states had the first case yesterday, i believe. It is spreading fast. Different Health Care Units are developing their strategies tested what they do when somebody comes in with symptoms. Aese symptoms are common with host of diseases, so you have a lot of people who could possibly be affected by the coronavirus that will turn out to be negative, but you have to treat it from the beginning as if they are infected. Those protocols have not been developed, there are still inges an supplies, but we are not yet there. David i want to interrupt you for a moment. Hasprime minister of israel reportedly fallen short of a parliamentary majority, according to the associated press, after the third election. To the associated press, he will not be able to put together the coalition. Let me come back to the question on coronavirus. We have been talking about testing, dealing with people as they come into hospitals. What about the longterm treatment and vaccines . Any time horizon . We heard from the former fda that may be in the fall for treatment, and then much longer for a vaccine. Jeff we raised that this morning when we had the secretary of hhs and other key Health Professionals for everything in the senate. They said when you hear this fall, set that aside. That is not going to happen. This fall maybe somebody commenting on phase one or phase two on the development of a vaccine, but you are really looking at a year and a half or more to make that happen. David i appreciate your time today. Senator jeff merkley of oregon. Now we are going to turn to Elizabeth Warren. She will be speaking outside of her home in cambridge, massachusetts momentarily. Lets listen to what senator warren has to say. I say this with a deep sense of gratitude for every single ,erson who got in this fight every Single Person who tried on a new idea, every Single Person who just moved a little in their notion of what a president of the United States should look like. I will not be running for president in 2020, but i guarantee, i will stay in the fight. For the hardworking folks across this country who have gotten the short end of the stick over and over. That has been the thought of my life and will continue to be. What guidance would you give to your supporters who dont know who to support . Lets take a deep breath and spend some time on that. We dont have to decide at this minute. What do you have to say to the women and girls who feel like they were left with two wightman white men . That is the hardest thing. All of those little girls who will have to wait another four years. That will be hard. Will you be making an endorsement today . We know that you spoke both with joe biden and Bernie Sanders. Not today. I need some space around us and i need to take some time to think more. Been listening to Elizabeth Warren speaking outside her home in cambridge, massachusetts, saying that she is suspending her campaign for president. She says it was a difficult , especiallymake because she was conscious of the fact that she was the last woman in the race. She also says she does not expect to make an endorsement today. Beents that she has speaking with joe biden or Bernie Sanders, but is not ready to endorse anyone. Officiallyarren suspending her race, surrounded by her husband and dog. Up, as the nation and the world tries to come to terms with the coronavirus, we speak to an expert on bio ethics, and the legal arguments around an epidemic. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. Medicine and science necessarily drive the push to address the coronavirus, but law and regulation and policy are a short step behind. We welcome an expert on Global Health law, dr. Nicholas diamond. He teaches at georgetown university. Thank you for joining us. Give us a sense of the issues we should be thinking about in the area of ethics, law, as we look at testing which we are trying to wrap up, and treatment, and ultimately a vaccine. Its really important to Pay Attention to how the different players of government are responding in the situation. We have seen the who take quick action on the global level. Here in the u. S. , we see individual states taking significant steps. If we are a pharmaceutical firm right now feeling a lot of pressure, also opportunity potentially in the area of testing or treatment or vaccine, what should we be thinking about as possible risks . Gonever you have something out, whether a test kit or vaccine, something will go wrong. Vaccine on a development side, a number of different players have been focused on very intensely lately. The senator said it best a moment ago that we dont really know how long it will take before we have a vaccine show up. Example, the for success rate for taking a vaccine from candidate stage to licensure is around 15 to 16 , which is not uncommon for other biologic products. As manygests we need candidates as we can to go into testing to increase the likelihood that we will have a vaccine hopefully in the 12 to 18month time period. David as congress and the administration thinks about how to move this quickly forward, should we think about things that would maybe limit liability . If you had a false positive, or if a treatment went wrong, or if there is a vaccine, that it went wrong . Nicolas i dont think of liability issues are really at play here. I say that based on Prior Experience with other outbreaks. We didnt see liabilities like that show up around h1n1, so i dont see that being a bigger issue. I concern the understand the concern, given what we have heard about the test kits. David one of the concerns is we just dont know how big the problem is, how many people have coronavirus right now in the u. S. It could be modest, it could be an awful lot. We dont know. That . We facilitate as the senator said, it costs a lot of money. Nicolas funding has certainly been an issue. Situation, you want to make sure that the people who need those are able to receive them. Making sure providers have availability of the test kits is important. We will have a similar issue once we have the vaccine or coronavirus as well. Access is the main thing we should focus on. David does our governmental structure potentially get in the way because we have federal authorities, state, local authorities, and it is not an integrated Public Health system. Does that get in the way, or can that be a strength . Nicolas i actually see it as a strength. Wellpositioned to respond in situations like this. The federal government can take a strong role, as it has been in the situation. We see good coordination between those entities, and i think we will see that here. Also, significant emergency authorities that we are now seeing california exercise, that can be important in the quick response. David are there things that are not being done that you think we should be focused on . We had this legislation in the senate. Passedse has already 7. 8 billion. Are there other things that we should be doing that we are not moving fast enough on . Nicolas i will leave it to the folks on the hill to say how much funding is necessary. It is definitely positive we are seeing movement on the funding front. When we compare this to prior outbreaks, the Global Response has been incredibly coordinated and very rapid. That is a positive sign. With other outbreaks, other coronaviruses, we have not seen the level of response that we do now. I take that as a positive. To the extent we can all stay coordinated moving forward, that will be our guest bes best bet from a Public Health standpoint. David how different is this from sars, do we know . Nicholas it is hard to tell with a lot of specificity at the moment. One of the things that is different about this particular covid19 is that it spread much more quickly than sars did, as well as much more quickly than middle east respiratory syndrome did. In that sense, it looks different, we saw a lot of cases quickly with covid19. I think that is really a distinguishing factor, which is, to my mind, further emphasizing the fact that we need that global coordinated response. David thank you so much. Nicholas diamond, reporting today from washington. Bracing for turbulence. A 113s could see billion loss in revenue because of the coronavirus. How the industry is preparing. That is coming up. This is balance of power on Bloomberg Television and radio. David this is balance of power on Bloomberg Television and radio. Im david westin. The stock of the hour. American airlines is dropping by more than 9 today, bringing its decline for the year to more than 40 , as the industry continues to contend with the coronavirus. Airlines are really getting hit hard in america today. Kailey every Single Airline stock is down today. They are under immense pressure. American downgraded by bank of america today, had its price target cut at bernstein. Analysts saying its impossible to handicap the outcomes of the spread of the coronavirus. Just in the past 24 hours, you had united and jetblue trimming their flights because of reduced demand. Southwest cutting their revenue outlook because of less demand. You have the International Trade transport association saying airlines could face a 113 billion hit to revenue from passengers declining. Fromwould be a 19 drop 2019. We havent seen anything like that since the financial crisis. Fall thisdemand could year for the First Time Since 2009. David it is also the supplier to the airlines. Just temer their numbers down for profitability and free cash of their spare parts. They say they will not need as many because they are not flying as much. Kailey when you think about people not traveling, that affects credit card stocks, fewer crossborder transactions. You can go on and on. The entire travel complex is down. Cruise lines are down. Travel stocks like expedia are lower. The fact is, consumers are not eager to travel right now with the coronavirus spreading. It would hitught travel first, but does not mean it would be limited to travel. How about markets generally . They are having a rough day. Kailey the s p 500 is down about 3 . I would say that is shocking, but we have fluctuated dramatically every day this week. This is the seventh time in the last nine sessions that the s p has moved up or down by more than 2 . This is a market that is struggling for direction, trying hard thejust how coronavirus will hit the corporate profit outlook, what Central Banks are going to do about it. There is a lot going on here. Where you see more Decisive Action is in the u. S. Treasury market. 91 basis points on the 10year, but down 14 basis point on the day. Down a full percentage point in 2020. It is only march 5. David as you suggest, it is hard to know whether we know it is going to be bad, as we heard from southwest, or we dont know how good it is going to be. Kailey more and more companies are rolling out these mornings, saying we are going to get hit hard. But a lot of them are limiting it to the first or second quarter. Very few are saying this is what we s for the full ar because there is this large unknown unknown. David thank you for that rather grim report. Balance of power continues on bloomberg radio. In the second hour, will be talking to shawn donnan and his interview with larry kudlow. By the way, that is on the cover of bloomberg businessweek. This is bloomberg. When you move homes, you move more than just yourself. Thats why xfinity has made taking your internet and tv with you a breeze. Really . Yup. You can transfer your Service Online in about a minute. You can do that . Yeah. And with twohour Service Appointment windows, its all on your schedule. Awesome. So while moving may still come with its share of headaches. No kidding. Were doing all we can to make moving simple, easy, awesome. Go to xfinity. Com moving to get started. Beyond the routine checkups. Beyond the notsoroutine cases. Comcast business is helping doctors provide care in whole new ways. 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