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 NationsNuclear 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