xxxxinto good morning. stock he rallying around world. and apple calling the justice department desperate. we'll have the arguments from both sides, straight ahead. and here is a change, a kinder, gentler gop debate. meeting for the last time before next week's key primaries in florida and ohio. it's friday, march 11, 2016. "worldwide exchange" begins right now.

♪ good morning and welcome to "worldwide exchange" on cnbc. happy friday. >> i was going to say exactly the same thing and i am going to say it. happy friday, everyone. get straight to the market action. u.s. equity futures right now looking pretty positive, of course, taking a lead from gains we're seeing elsewhere in the world, particularly in europe. very mixed reaction yesterday to that ecb decision. today we're seeing a more positive response and we can see right now, the dow is called to open up by 156 points, the s&p by 18 and the nasdaq by 48. let's have a quick look at the yield on the u.s. ten year. we did see yields pick up yesterday, despite the announcement that we would have more bond buying in the world. we did see yields pick up across the world, 1.949, close to 2% on that u.s. ten-year. >> we've got a global market

rally on our hands. let's show you the global picture. in asia overnight, you'll see green across the screen. the japanese nikkei index up .5%. a 1% gain in the hang seng. that was the first rally for hong kong all the week long in the shanghai comp closing up fractionally. here is the big deal overnight. the peoples bank of china set the yuan mid point at its strongest level of the year. the strongest level of the year for the chinese currently, wiping out all the losses. they got room to do this because the dollar weakened so sharply against the euro and other currencies yesterday. that is seen as a good sign by global markets, commodities, stocks, all cheering that move. let's show you the early action in europe where we're seeing gains, as well, fighting back the losses from yesterday. there's green from germany to france to the uk, italy and spain. the german dax is up 2.5% on that china move. yesterday, wilfred, the euro stoxx index closed down 1.7%.

we made up for that today in today's rally. >> yeah. the rally today, more down to the china move. we're going to continue to debate throughout the morning. let's have a -- >> the index. >> the index of both, of course lths. we can take sides, makes it more fun. let's have a look at broader markets. the euro, fascinating move. it's dipped down to the 108 ham at times yesterday. we're looking at a move of the yen down by .6% against the u.s. dollar and the pound is basically flat. a quick look at oil, oil is rallying, too. that is down to some monetary stimulus in the ecb and positivity out of china today. we're close to 40 now, close to 39, 38.7. oil, indeed, over the last couple of weeks and the couple of months, seriously, stimulus for equities, as well. finally, gold where we have had a good start to the year, but we've seen a little bit of profit taking in the last week or so, 1264, the price at the

moment. following yesterday's big ecb decision, mario news conference, investors are trying to make sense of the ecb president's comments. >> rates will stay low. very low. for a long period of time. and well past the horizon. from today's perspective and taking into account the support of our measures to growth and inflation, we don't anticipate that it will be necessary to reduce rates further. of course, new facts can change the situation. and the outlook. >> and just like that, the giant rally we had seen in uran stocks and the sell-off in the euro completely reversed course. what are we to make of it? julia chatterley joins us from outside the ecb in frankfurt.

what have we learned since draghi announced all of those measures and made that odd comment which turned the markets around? >> morning, sara. i think you laid out the timetable really well there. the initial positive reaction when we were bombarded with new stimulus measures. then he mentioned in the q&a, the idea that rates aren't going to go any lower. they're going to take a pause here. i think that was what made people think, hang on a second, is that it now? they're running out of options and that's when we saw the optimism, we saw the euro spike. but i think we have to understand why he said rates aren't going to go lower. just prior to that, he mentioned the impact that negative deposit rates have on the ability of bank. he said at some point, there's a tipping point .you have to be careful not to have a reverse effect where the benefits are outweighed by the down side. so i think this was an effort to support the banks.

then you look at some of the other measures, the four year long-term refinancing operations, pushing cash out to the markets. and get this. it's the banks beat a threshold for net lending, they will be paid to lend for the real economy. so once again, another measure to support the eurozone banks. this was about mario draghi saying, look, we're going to focus on credit easying now. at least that's what i think. yes, you can be concerned about whether or not this will mean banks make riskier loan webs is this measure to support the weaker banks allowing them to roll over some of those nonperforming loans rather than addressing them. but i think the real message is here, we're going to buy more time in particular for the eurozone banks here. and he said we're going to buy corporate, as well. this is a move the markets weren't expecting.

i'd say bottom line, it's a whole host of information. investors just needed time to process it. all the chat in that meeting was about the banks. you have to feel incredibly sorry for eurozone savers here. the message was rates are going to remain low for a long time. look at the front cover of one of the german newspapers here showing mario draghi light ago cigar and setting fire to a 100 euro note the. i think they're clearly saying how they feel about further stimulus measures here. >> we'll try to get that for you goose because it is quite an imagine. >> what an extraordinary move yesterday and julia just saying that, sara, investors needed time to digest what this meant. they've dot guested it this morning in positive fashion and we've seen markets move up significantly. i think when you look at the roles of the dice that central bankers are making around the world, this is as good of a roll

of the dice they can do. he's not just focused on the currency. he's tried some measures. we know qe doesn't work simply in european system as it does in the u.s. >> they went all in on that, too, 80 billion euros. >> absolutely increasing that. but i think some of these targeted measures, buying corporate bonds, that increases the invest end for banks to lend. the question it comes down to is there loan demand on the other side. that's really what the issue when the tros came out the first time and that will be the answer. sfwh so what you're saying is no matter how markets reacted or whether the algorithmic traders picked up on some communication blunder, whatever it is, the impact is on the real economy and so bank lending. and he went pretty much as far as he can go. >> i think we saw what happened in japan when they went to negative rates. the yen for a couple of days. just focusing on the currency negative rates i think would be a mistake. if we look at that turn around the markets experienced when he mentioned, okay, maybe rates won't go low any more, i think

for me, the reason that saw an immediate yesterday afternoon negative reaction from investors was because it brought back the number one fear of this year so far. that is that central banks don't have the ability to act any more. when he said that, it was like, okay, maybe this is the last. now they're digesting it and there's hope some of these specific measures can work. >> and to tie it altogether, china's central bank is in charge, as well, setting that yuan mid point at the highest of the year, which is encouraging for traders around the world as we march into another heavy week of central bank news with the fed and the bank of japan before that, as long as commodities, traders say, can continue to rally and stabilize like we're seeing in the price of oil this morning, the central bankers don't upset the markets with any kind of communication mistakes or raising any expectations too high for tighter policy or die verging policy, we'll see if this rally can hold. >> we certainly will.

in other news, u.s. based stock funds break outflow streak. now to corporate news, the high profeel fight between appearling and the government took a turn for the worse with things getting hostile. good morning, landon. >> good morning. the department of justice taking the latest swing in a file calling apple's rhetoric, quote, false and corowsive. of institutions best able to cause riots. here, apple raised technological barriers and going on to say that apple alone can remove those barriers. the tech giant described the prosecutor's motion as a cheap shot saying the doj has become so desperate that it has thrown all decorum to the wind.

and apple says they plan to file a reply by next tuesday. the can company will be another chance to hear that. >> and aman saying yesterday this could go all the way to the supreme court. speaking of apple, hedge fund giant bridge water associates is hiring a executive who spent years working with steve jobs. this according to a client note seen by reuters. the hedge fund has been working to transition responsibilities away from the founder ray dalia. some sdoks for you to watch today, state straight announcing its chief financial forewill step down within the next year. reporting higher fourth quarter profit, but revenue missed profits. the food chain's guidance at the low end of the consensus. tesla says it will vig husbandly

defend against the lawsuit filed by the virginia automobile dealers association that it is keeping the car company from opening a second car company in that state. first quarter profit guidance disappointing. do you want to take this one, too? >> no. this is all you. >> reporting earnings on both the top and the bottom line, the retailer offering up guidance and saying it will speed up its share buyback program up 12.6%. a different story for bojangles, saw profits dip last quarter as profits declined. . coming up, your trade of the day our focus a play ahead of next week's big two-day federal reserve meeting. >> but first, today's business birthdays. rupert moisture do know dock is 85. also, just tied the knot again last weekend.

jimmy iverne turned 36. he co-founded beats electronics with dr. dre which they sold to apple, of course, for $3 billion. "worldwide exchange" is back in a couple of minutes.

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happy friday to you. lots to talk about in the markets been in asia, we saw the highest mid point on the yuan for quite some time. we've got green across the screen. a little bit muted, but still green. hang seng up 1%. let's have a look at early european trade today. the response to mario draghi's stimulus yesterday. yesterday, clearly, it was very mixed. we're looking at significant gains, particularly fort banks. the banks stoxx 50 index is up by about 4%. germany up 2.6%. france up 2.6%. and all of this means positivity for u.s. equity futures. let's have a look at what we're expecting. about 170 points open to the upside for the dow jones. sara. >> and if we continue with this strong rally, we could actually see the week go positive for stocks. the shelves look pretty bear today in terms of economic data in store. there is one report to watch and that would be february im pore prices, dollar strength and weak global command is expected to keep im pore inflation pressures

subdued. and in terms of earnings, the buckle, last week that clothing store did say same-store sales fell nearly 9% in february. it is time for today's trade of the day. so yields on the ten-year benchmark pressure note yield speak spiking back kneed near the 2% level ahead of the fed's interest rate decision. we crunched the numbers to find out how investors can profit if the ten-year yield continues to go higher. they found in a rising rate environment, oil services, the regional banks which makes sense, kre etf moves higher among others. on the flipside, gold miners and gold etfs are the weakest performers. some will even go to cnbc.com and check out cnbc pro. all of all those, the banks make sense that it's directly tied to the business model. >> and pretty big moves, as well. we're not talking about under

1%. >> a lot of people say post draghi with the sort of semi bailout of the banking sector over there, that could translate into further gains for u.s. financials. >> we'll have to see at the open, the moment the futures pointing significantly higher. coming up on "worldwide exchange," the race to the white house, presidential hopefuls counting their delegates ahead of next week's crucial primary. we'll bring you the highlights in last night's gop after the break. but first, your weekend weather forecast from the weather channel's jen carfagno. >> welcome. i can't believe we all came to work today. temperatures yesterday unbelievable. 79 degrees in central park. going to be a little cooler today, although still above average and could be more rain showers throughout the northeast as we see a front stuck in the area. the moisture that has been soaking the south in a deluge in the southern plains and the lower mississippi valley, that moisture drawn up along the front and gets pulled all the way into the northeast. not the magnitude of rain up there. we have another several five plus inches of rain yet to fall

across louisiana and mississippi. california, a couple of big storms lined up to come in this weekend. central california is going to get more active weather. everywhere across the country. temperatures remain above average. have a great weekend. "worldwide exchange" continues after this. with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. like in buffalo, where the largest solar gigafactory in the western hemisphere will soon energize the world. and in syracuse, where imagination is in production. let us help grow your company's tomorrow - today - at business.ny.gov

welcome back to "worldwide exchange." 23 you're just waking up, let's get you up to speed on the market action. your wall street setup is

looking pretty bullish. and u.s. futures are joining the party. s&p up 20. dow futures now up 170. nasdaq futures up 53 points. digesting draghi and checking out the chinese currency, the yuan at its highest level of the year and wiping out the losses from 2016. the euro, which surged yesterday is now heading south by almost 1%. the dollar is rising against the yen. even the battered british pound is getting a boost. commodities marching higher, as well. brent crude oil, the international benchmark, also at 41. >> nancy reagan will be laid to rest in southern california.

the services will take place at the royal library in napa valley. james a. baker, who served in president reagan's administration and tom brockwith well will also give remarks. more than 3,000 people passed his casket during public viewing. >> now to the current race for the white house, donald trump looking for a knockout primary punch next tuesday. but last night, trump and the remaining gop candidates made an effort to showcase their softer sides in the latest debates. tracie potts has the highlights from washington on what was a pretty civil debate. >> they've definitely toned it down inside that debate hall. but outside, there are questions about some of the more violent incidents that we've been seeing lately at the trump rallies.

audio we will hear more about today that involve trump's campaign manager and a reporter and a disputed incident. donald trump speccing an endorsement today from former rival ben carson. and late last night defending his campaign manager saying a reporter fabricated reports that he roughed her up. >> i cannot believe how civil it's been up here. >> they stuck to issues, often three against one with trump alom loan on social security, cube yeah, tax in china pb, and a two-state solution in israel. >> he's right about the problems, but his solutions don't work. >> marco rubio desperate to win florida held a rally in west palm beach this morning. >> i'm not interested in being politically correct. i'm intg interested in being correct. >> john kasich warned against crowning trump too soon. >> there are only two of us that have any mathematic yag path to

get there. >> a moment of civility in what continues to be a tense race. now the democrats will continue to be today. ohio is where hillary clinton is focusing and we're seeing former president bill clinton. she's focusing on ohio trying to make that her midwest comeback after that devastating loss for her in michigan. >> i was going to ask about that, tracy. i wonder if the clinton campaign has changed their strategy at all after that surprising upset in michigan with a lot of people saying that michigan can be somewhat of a barometer for ohio because of the similar base and manufacturing. that trade he issue, which is really come front and center. >> yeah. they are very similar in terms of the demographics and the issues that affect the states. and the other thing that's sort of a wild kald card here are the polls. she was up by double digits and then lost michigan. in michigan right now, we're seeing polls that range anywhere

from hillary nine points ahead to 30 points ahead. that is a big range. and so it's sort of unclear right now what the real picture is in ohio. >> tracy, thank you very much. wall street commuters could have a rough commute come monday. the railway may be shut down in advance of a strike. they've gone without a new contract for nearly five years. now for some sports news. kobe bryant and lebron james shared the court for the last time last night. bryant will retire after 16 more games this season. he notched a season high 26 points at the staples center last night while james grabbed 24 points. the cavs winning the game, 120-108. the on-court rivals shared a hug, which was nice for fans to see at the end of the game and

bryant got a standing ovation as he checked out of the game with two minutes left. >> very nice indeed. other sports news, yahoo! is teaming with the national hockey league to stream four games a week. this is part of the tech company's attempt to use sports and incorporate the advertising agency. other stocks are in ral hi mode this morning. the dow expected to open up by more than 170 points. much more coming up on suspect "worldwide exchange."

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good morning. happening now, stocks soaring. a triple digit gain to the dow. new this morning, a war of words heating up with apple and the government. and it's friday, march 11th, 2016. you're watching "worldwide exchange" on cnbc. ♪ good morning and welcome to "worldwide exchange" on cnbc. happy friday. i'm sara eisen. >> you almost forgot your name today. >> you are fiery today. someone didn't get enough sleep. >> global markets are on a roller coaster ride following yesterday's ecb decision and

mario draghi's news conference. let's check in on global markets. u.s. futures points to go a resoundingr resound open. we're looking at the dow, up 1070. the s&p 20 and the nasdaq by about 5 the points. lots of positive heat coming from europe today where the pons to those ecb decisions and announces have been very clearly positive whereas yet waits missed. >> so perhaps digest whag we saw overnight in asia, the chinese strengthens their currency to the highest point of the year. early european trade is green, as you can see. weakness in the japanese yen helps the exporters. the nikkei finished with a half a percentage point gain. and the hang seng in hong kong. that was the first ral i had of the week with a gabe in of 1%.

the people's bank of china setting that yuan mid point at the strongest level of the year and wiping out losses for earlier in the year. they've really taken control of this currency and that has encouraged investors around the global. >> i think also just that understanding of what mario draghi was trying to do yesterday. we talked about it a little all right, the fact that when he implied interest rates wouldn't go any further, the euro started rallying again. i think that was because it reminded people of that big fear of the year where central banks have run out of stimulus. >> but he didn't goodive any forward guidance. usually in this environment when central banks ease like this, they leave it open ended. he did not do that. >> although what i think he will

focus on today is they're all in in terms of interest rates. >> and the question, if they do see through, will be if there's enough on the demand size. let's have a look at broader markets. the u.s. dollar first up. the euro, perhaps, is the best way to tell that story of the turn around in terms of how people interpreted the ecb moves. but 110, now just 111. we did touch 108 yesterday and it's basically selling off a little bit today. the yen has sold off itself against the u.s. dollar. oil prices have been absolutely key for u.s. equities and global equities. we're close to $39 for wta. and goal, which has had a good start to the year has seen some profit taking in the last couple of days. we're at 1264. copper is up .6%.

some of the industrial metals are rallying, as well. get to go corporate news, the high profile fight between apple and the government are getting worse. landon dowdy joins us with the latest with the war of wards. dm that's right. the battle continues in the department of justice taking the latest swing in a filing yesterday calling apple's rhetoric false and corowsive of institutions best able to safeguard. apple deliberately raised tech languageal barriers and an iphone containing evidence going on to say apple alone can remove those barriers. the tech giant described the prosecution's motion as a cheap shot saying the doj has become desperate. and apple says they plan to file a replay. apple also announcing a media event where they're expected to launch a new iphone.

and it's interesting because we're going to discuss the ongoing debate and it's perfect timing. it's march 21st, the day before the march 22nd hearing. i'm sure it will be interesting to hear what they have to say. >> it sure will. at least we have a couple of dates to focus on, although i doubt we'll get appearses just yet. in other news, the fcc proposes privacy rules for internet companies to disclose data and report any breaches. the fcc says it will not extend the privacy rule to site like twitter and facebook. remember last year's a avon hoax? the man behind that was raechtded in bulgaria and is now the target for extra diction.

the fake gentleman your per day, they're accused of a 2012 hoax on shares of a colorado candy company. i remember this because it was so bizarre. lvs a fake s.e.c. filing. the shares spiked. it was a kaez day. >> so he made it the whole way to bulgaria. >> i guess so. jet blue says trafk rose more than 19% last month. there we go. prices are basically flat off the back of it at 20 bucks. united technology's open r open i opening. colgate raiding its dividend up about a pepny per share. some other movers for you,

el paro loco, raising attempts. the food chain's guidance was at the low end of the year. they rallied hard into this announcement. earnings beating the street. the telecom firm posting better than expected margins and that stock is up.7% in the early action. the first quarter has been challenging for the entire sector due to financial market, according to his. but in his words, he has to be thinking mario draghi coming from the banks. >> and that's why he said that.

>> would you say that risk -- if you go back to early january when things were so spooky in the markets and you have major sello sellouts, oil is near collapse, the european banks found themselves in the eye of the storm on many days. does this eliminate that risk? >> i don't think so it eliminates the risk because you're still facing negati negative .4%. it's just that the tros allow them to borrow at free rates, perhaps even be paid to borrow, depending on the criteria that they meet. >> that is going to be the key question abdomen to whether these targeted measures for mario draghi work. for all this breathing space

he's created, we haven't seen the fundamentals he's been having for for governments. >> so super mario delivers again, really. love it. today's trending stories now, jessica alba's company, honest company, which built its reputation on being environmentally friendly is being called out by "the wall street journal." the paper commissioned lab tests that showed that the company's laundry detergent contains a harsh chemical that it swore it never used. the compaes as the company shou throw it out there. >> exactly right. it's a very important fact tonkt straight. nearly 3 million boxes of frozen digohno pizzas, stouffers

meals are being realliy realli after -- >> you don't have frozen pizza? >> i don't think so. >> report customers found glass in their food. parent company nestle says nothing has been founded thursday far according to watchdog charity navigator, one of the largest veteran support groups in the country is only spending $60% of its $340 million on charities. cbs news has done a lot of investigations into this finding for the fraud and the abuse and the abundant spending of conferences on this charity. >> we'll have to see if it makes changes. police in south padre

island, texas, are using drones to crack down on this year's partying. the drones are outfitted with high resolution cameras and were hover in shops where kids are going do be for spring break. do you think this will ruin the party? i think the partiers will have no clue and if they do, they can chuck a beer can at the drone. hopefully it will accept with safe measures. coming up, wall street journal is calling mario draghi's best shot. and speaking of the ecb dust check, move over new york post. march quo draghi.

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. welcome back. u.s. stock futures are in rally mode following the back of what is strength in europe and asia overnight. stell, we're looking at a strong gain of more than 1% at the o n open. sps futures up 20. nasdaq futures up 52. after all the draghi drama yesterday, stocks closed flat. part of the story is strength and commodities. brent crude, the intrnl

benchmark marching towards $41 a barrel. thanks in part to a stronger choin he's currency overnight and some digestion of the massive bazooka that mario draghi fired yesterday. >> the draghi drama, i like that phrase. mario mayhem, that is the topic of what i must read today. mario draghi, it's the fact that we got a negative response to what he they keps as his best shot. the quote from the article, maybe ungrateful investors, mario draghi didn't do enough to save europe yet because he's never be able to. this aural rgument is to save e, you have to have more in your

armory. >> european bank really are leading the charge. not on pour cold water on the glowing reviews of draghi -- most of the reviews aren't glowing. >> there's a different reaction to monetary easing than what we saw in 2015 and 2014, the entire post recession financial crisis era. all of a sudden this year investors are starting to again the efficacy and the longevity of these policy pullettes. >> absolutely. and i think most of the commentary is very credit wall with. some people noticed that he's not trying to do the simple interest rate cut.

he's trying to do a little bit more, trying to be more specific. but either way, people are losing confidence. >> but sort of. because then you've got this rally off the people the's bank of china setting the yuan rate even higher. we'll see what the fed says next woke. communication is going to be key and janet yellen kelly graphing the next move. my pick is on politics after the debate last night. it's an editorial board's take on trade. a trade tutorial they call it for donald trump. they have particular problems with donald trump going after japan. okay. he's gone after china and mexico, but japan, they say, and they reference his quote about ka ma tu saying shares from japanese automakers have increased production in the u.s. and produce dollars shipping

costs. they want to get the facts straight on japan, because trump says japan is part of the problem. they're stealing jobs. but japanese companies have moved a lot of production over here. yes, the yep has weakened, but they say it came from extremely joifr valued positive. >> i think of all of trump's policies, i'm fought sure which can beep, weep, peep but he knows how will this is striking a tone. >> it is. >> but he continues to push on it. >> the democrats are pushing on it, to. >> and i think it's something that the -- exactly right. >> but maybe they had a point.

maybe tree trade isn't as beneficial as we thought it would be. >> eem sure there will be lots of arguments about it. we are approaching the top of the hour, so that had means the team is getting ready for "squawk box." becky quick joins us from new york this morning with a look at what is a receipt might nice rally. he kind of at the end suggested this was as much as they're going to need, that he doesn't anticipate additional cuts needed, additional stimulus. and that may be why the market had that strange reaction yesterday. we'll talk about that. also, david blitzer and john writing will be here to talk about all these issues. and we're going to dig into the wti market and more with tom petri. plus, we'll talk about a lot of

officials. jeff former. the ceo will be joining us later to talk about how to be successful as a new entrepreneur. >> how to deal with mark cuban as your mentor. i will imagine that's just as interesting of a topic. >> obviously, he's pretty enthusiastic about this. thank you. >> becky, ten minutes. up next, join the gop debate. which of these are not like the other one? that's when we come back in just a few minutes.

sdmrooe abuse of the monetary devaluations are doing against us. it's very, very hard for our companies in this cup, in our country to compete. >> toe me, that was the moment of the night when donald trump linked monetary policy in light of the ecb's actions yesterday to his main message on trade and on other countries stealing our jobs. of course, we just had this had discussion about it, but on monetary devaluations of currencies, bringing that into the mainstream conversations with voters could receipt nation ask be on the front page of nearly every paper. >> i tend to think for most voters, it's not usually the top issues. there is some annoyance with some people. but the biggest thing for the debate last night it was was civil. it was a big more warm.

not quite tea worthy, but --? but they stand the jerry spring er insult. digesting it perhaps a little better. also digesting what we saw with the signiest currency going stronger overnight. a broad rally, u.s. futures, commodities, industrial middles all joining the party. joining us now to discuss whether the rally can last from the ecb all the way into the fed meeting next week, michelle meyer, deputy head of u.s. economics at bank of america merrill lynch. it's good to say you. >> you, too. >> did this have any implications for the fed? >> i don't think so. i don't think the fed was preparing to make a policy change at this meeting. it's just a meeting to discuss

financial conditions in the beginning of the year. i don't think at this point they true think know what the ecb action is going to mean for the economy and for the markets. it's a time for them to take a step back, look at their forecast, look at their rate trajectory. >> you're saying that you don't think march will consider another hike. even though it's been better dates in the last couple of weeks? >> i think its was a consideration in december. the recent data has improved and i think that was important. but the fed has made it very clear. they want to see patterns in the data, signs of real improving back stop in the economy and i don't think that they have enough evidence of that for the march meeting. >> so all of a sudden, communication has become the most important tool and we learned that yesterday after mario draghi suggested interest rates weren't going to go completely together. >> incredible.

>> what sort of words -- if she says something along the lines where we think that we've seen sufficient tightening in the labor committee, as a result we anticipate we're going to skres interest rates x number of times this year, and be very specific with the fact that they are committed to hiking rates this year and they're willing to look past some of this in the market and they're truly called that. so i don't know if it's the code word, necessarily, but it's more about their commitment to normalize this year. >> and if we get a commitment to normalize, do you think the worse will be for the u.s. banks? europe's banks are facing negative .4% interest rates whereas the u.s. is not. and at times, some of the big he names have sympathy ewe lar

ewations. the bank, are they looking more attracti attractive. >> to me, that's what probably spooked a lot of market earlier in the year. can you actually get negative rates in the u.s.? and janet yellen had to answer a lot of questions about that in her testimony. since then, it seems like the fed has now done a decent enough job at convincing the markets that that is a last resort and they're unlikely to have to take that step. so i think that's helped. but obviously it's something that's on the table. >> quickly, michelle, the data has shown that the u.s. is not heading into recession. a lot of people pinning the rally recently on that view. perhaps it was too pessimistic earlier. are we going to continue to see data that points to that? >> i think so. it's a bumpy measure. >> thanks for that.

what are you watching? >> i'll be watching the chinese courtesy of the week erasing the losses for the year. that's adding a lot of relief. >> on five seconds left, thanks for watching. have a lovely weekend wherever you're watching from new zealand to new york.

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good morning. mellow in miami. the gop debate was mellow this time. how long will the good behavior last? also, the draghi bounce keeping markets in rally mode with futures higher this morning. .some honest answers, hopefully consumer products started firing back after a claim that its laundry detergent. we're going to talk about it. it's march 11, 2016. "squawk box" begins right now.