alix: michael feroli of jp morgan, michael crook of ubs, thanks a lot.with me. the bank of england follows the fed and the boe delivering an emergency 50 point cap. you are also seeing the u.k. chancellor of the exchequer present in the budget in parliament. joining us in london is anna edwards. is he delivering on the budget? the: we are just hearing chancellor of the exchequer starting his delivery of the budget. we have not had any striking headlines. interesting in itself he started buying knology the key challenge -- by acknowledging the key challenge, not the only challenge, the coronavirus. the key challenge. he says he wants the house to come together to try to deliver something on coronavirus. he acknowledges there will be disruptions to the u.k. economy. capacity will be reduced, but he says the impact will be temporary. it will exist, but the u.k. will get through this. that is the message we expect to hear from the chancellor at this point. it is a tricky budget because he has to address the immediate -- the immediate concerns. much of the ta

alix: michael feroli of jp morgan, thank you so much for chatting with us today.g up, jp morgan wealth clients get overwhelmed during the market rout. more on how banks are dealing with the virus in the fallout. if you have a bloomberg terminal, check out tv . you can watch us online, interact with us directly. go to tv under terminal. you can scroll through and check out anything you may have missed. this is bloomberg. ♪ viviana: this is "bloomberg daybreak." coming up in the next hour, cfo. gilvary, bp ♪ viviana: you are watching "bloomberg daybreak." todayin with the airlines feeling even more pain in the midst of a travel clamp down and falling demand. ryanair announcing it is grounding most of its fleet in europe, and postponing share buybacks. american and united cutting more flights. the parent of british airways cutting capacity the next two months by at least 75%. iag also looking to cut operating expenses. australia's qantas planning a fourth set of capacity cuts. over to france, where regulators hit apple with a big fine, more than $1.2 billion

reaction.rting to see jp morgan michael feroli just pulled his car forward to the march meeting. he said there is a risk they could cut all the way to the zero bound as soon as march or april. we are starting to see the sentiment for lower rates as a result of what we have gotten today. where are we in the economic cycle? what does this tell us? if the fed is going to cut and cut again, what does this tell us about how close we are to the end of the cycle? matt: they're looking at this is similar to what they did last year, which is not about being at the end of the cycle and taking out more insurance against the downside risk to a good outlook for the economy. that is the message jay powell reiterated today. what you are looking at is the response to unexpected developments with the hope that doing this will extend the expansion for the for siebel future. vonnie: matt bosler, fed reporter, thank you for jumping on that. i also want to thank our panel of carl riccadonna, chief economic at bloomberg economics, and marilyn watson from blackrock. many thanks to you coming on and spe