just like kung pao fish. thank you, ping. reliably fast internet starts at $59.95 a month. comcast business. built for business. good morning. a fed divided. yellen's comments solidify the division between fed members, but the markets don't seem confused. 2016 high stocks at home and abroad rallying as janet yellen strikes a cautious tone. impeachment nears. the head of brazil, the world east seventh largest economy, is one step closer to being ousted. it's wednesday, march 30th, 2016. "worldwide exchange" begins right now. good morning and welcome to "worldwide exchange" on cnbc. i'm sara eisen. >> and i'm wilfred frost.

let's get straight to the top story. fed chair janet yel hn the floor yesterday, and she made it clear she isn't on the same page as her hawkish colleagues. she's moving ahead carefully with the central bank's decision on future rate hikes. >> in particular, developments abroad imply that meeting our objectives for employment and inflation will likely require a somewhat lower path to the federal funds rate than was anticipated in december. given the risk to the outlook, i consider it appropriate for the committee to proceed cautiously in adjusting policy. >> her dovish tone lifdhe dow and the s&p, both indices posting their highest closing levels of the year. the s&p is now up half a percent for 2016 as a whole and has fully recovered after seeing its worst january since 2009. let's have a look at futures at this hour. we're expecting that positivity post-yellen to continue.

the dow called higher by 93 points. the s&p by 11. the nasdaq by around about 25 points. let's also have a look at the bond market. the u.s. treasury yield moved down as expected. we saw equity buying, bond selling. the yield at one point 8% this morning. >> still, a lot of conflicting sentiment coming from fed officials. not all members of the fomc feel that the cautious tone is needed. for instance, john williams of san francisco, dennis lockhart of atlanta, james bullard of st. louis, and ester george of kansas city all have said in the past week or so that an april rate hike is a possibility despite the headwinds. i will tell you, wilfred, after that speech that janet yellen gave yesterday at the economic club of new york, she took control of the message. almost in a way that she has never done. she gave a detalted and firm view about why caution is warranted. investors should be listening to her, not to the other noise.

that was pretty much her message, i think, yesterday. >> well, she took control until we hear from more of the voting members again. the votes are equal in that sense. we'll have to wait and see. >> but they're not. the board backs her. she is the chairman. >> she's the chairman. there's other people, though, that have similar sort of weight in that sense, who are on her page. that's why this matters. i do still think there is division in the ranks. i don't expect it will go the whole way through this morning with this continuous dovish stance. this comes back to what we've said many, many times. not so much the domestic situation but the international situation and how much the fed is giving consideration to issues outside the u.s. she mentioned it again. between december and march, the baseline is a slightly projected weaker pace. >> she also is weary of the rise in core inflation, which is part of the dual mandate, which gives her an excuse to say the caution is warranted. there's a lot of economic

commentary out this morning about whether she was clear or not clear on when the next interest rate hike is going to come. i thought it was a very detailed explanation. she wants to see a sustainable rise in inflation. she wants to see global headwinds calm down, potentially stabilization of commodities and the u.s. dollar. there's the road map. >> and she once again as well said the way expectations change is a self-fulfilling move in the fed in its own sense. let's have a look at how this has affected broader markets. first up, commodities unsurprisingly rallying as well in the face of dovishness. we can see oil up 1.8% again today, pushing $39 for wti. the ten-year note, we saw a little bit of a fall in the yield. let's have a look at currencies. the u.s. dollar against the yen is a little softer today. a quick look at gold as well.

it's a little above flat today, 0.3%. >> the dollar saw a sharp move lower. overseas, the move has to be about emerging markets. strength in emerging markets. china had the best session it's had in about a month. the shanghai composite closing up almost 3%. also green in hong kong. really giving these emerging markets their currencies and their stock markets a sigh of relief. the only notable red on the screen is in japan, which isn't a surprise because you saw the japanese yen weaken -- strengthen, excuse me, on the back of that weaker u.s. dollar. we know the japanese nikkei does not like that. we also got a pretty weak economic report out of japan. let's show you some of the pictures in emerging markets. they really are having a strong month of march. a lot of that can be attributed to the dovishness of janet yellen reiterating yesterday.

let's show you the early trade here in europe, which continues the party from janet yellen. that message of caution, of waiting when it comes to interest rate hikes. giving a boost across the board. german dax up 1.5%. really 1.5% gains across the continent. >> very much commodity names, oil names doing well. >> the question is how long does it last. how long did she put a floor under markets? >> i think last time post that meeting, we saw a more concerted response. we're seeing a decent response today. we'll have to see if that lasts a bit longer. let's switch focus. in brazil, the president is one step closer to being ousted. the country's largest party said it's leaving the governing coalition and pulling its members from her government. according to report, once members leave, they can vote for her impeachment. in response, the chief of staff says she will announce a new governing coalition before the end of the week. the opposition is pushing for

her ouster for allegedly breaking budget laws. interestingly, sara, off the back of this, for all the doom and gloom around brazil, the rial is up nearly 10% year to date. the brazilian stock exchange also up. that speaks to that wider point you were just highlighting with emerging markets this year. interesting in sort of eye of the storm that the rial has continued to rally. this of course a longer term chart highlights that it's very weak. >> that's the dollar going up and the real getting crushed. then you see that last leg down lower. strong brazilian stock market. it's up about 30% on optimism she will actually leave and that will be good for business. >> when we got that first rate hike in december, how much all of those emerging market currencies were being hit by the

expectation of hiking. as we've come away from hiking, they've rallied. >> even though brazil is in deep recession. now back to the u.s. we've got another busy economic agenda to tell you about. the focus starts to turn toward friday's big jobs report. first, it is wednesday. that means march adp data is out at 8:15 eastern time. forecasts call for employers to have added 200,000 jobs to private payrolls, down from 214,000 in february. then we've got some earnings. carnival and lululemon reporting before the opening bell. and of course fed speak. charles evans speaking to the economic club of "new york post" yellen this afternoon. before that, he will sit down with our very own steve liesman for an interview on "squawk box." he tends to back yellen. he tends to actually be even more dovish than the main core of the fed. so it'll be interesting to hear his interpretation of that yellen commentary yesterday. >> switching gears to this morning's top corporate news. boeing says it will cut more

than 4500 jobs in its commercial airplane division by the middle of the year. as it looks to cut costs. let's have a look at share price reaction. it's up fractionally in premarket trade. >> updates on the fight between apple and the fbi. a california judge has now officially vacated the order asking apple to assist the fbi hacking into the phone of the san bernardino terrorist. separately, nbc is reporting an israeli company is actually the firm that provided the tool which enabled the government to unlock the phone. according to cbs, the fbi now owns the proprietary rights to the method used to get into the device. no word on what, if any, evidence they've found inside. >> more stocks to watch today. dave & buster's fourth quarter results beat forecasts. the arcade and restaurant chain also giving an upbeat revenue outlook for 2016. however, the company is projecting same-store sales growth of 2% to 4% this year,

down from 9% in 2015. sonic's second quarter profit rising 41%, topping forecasts on continued strong sales at the drive-in fast food chain. sonic says core menu items along with limited time offers drove results and helped it gain market share. mccormick is raising its offer for the u.k.'s premier foods to about $773 million. the 65 pence share bid comes after premier rejected a previous offer from the u.s. spice maker. mccormick is calling on premier's board to engage in talks. premier up nicely since that bid. >> what are mr. kipling cakes? >> you don't have them here? they're like dessert cakes, puddings. the advert is actually an incredibly posh british old man called mr. kipling.

>> of course. some other stocks to watch today, restoration hardware's fourth quarter profit falling 22% with adjusted results missing forecasts. the retailer also cut its earnings outlook for the current quarter, citing shipping problems and additional costs related to that new line of modern furniture. it's been an ugly chart. the stock down about 50% over the last year. taiwan's foxconn has agreed to buy sharp officially, cutting its original offer, following a month of talks of potential liabilities. this does mark the largest acquisition by a foreign company in japan's technology industry. it gives foxconn control of sharp's screen technology and helps its pricing power with apple. sharp getting a bit of a boost on that. verint's fourth quarter profits fall sharply, missing forecasts. they're projecting 2016 results will be roughly flat. weighed down by its security intelligence unit. also launching a $150 million

stock buyback. that is the company's first, though that's not helping shares much. down more than 12%. microsoft hosts its annual developers conference in san francisco starting today. the company may give a glimpse into what to expect for products and software for the rest of the year. landon dowdy joins us with three things to watch. >> good morning. microsoft's conference kicks off today. while analysts don't anticipate any big product news, they are expecting positive updates. here are three things to watch. first, the cloud. the ceo's keynote address will be full of cloud talk with a large portion likely dedicated to advancements in the company's assure platform. second, updates on hollow lens and windows. analysts say watch for more insight on new uses for the hololens augmented reality heads headset. also look for new live tiles and

notifications. and the third thing to watch, comments on pc weakness. pc revenue is microsoft's most profitable segment. analysts will be watching closely for signs of continued weakness and whether momentum from the cloud can offset those declines. people at the conference will be able to try them on. it's a whopping $3,000 a pop. >> i guess they won't mention their chat bot, which they had to pull offline for offensive remarks. landon, thank you. when we come back, find out what word is now on the banned list for employees at bank of america. plus, out twitter and facebook we did this morning. we're asking you, post-yellen rally, when will the fed actually raise rates next? before september this year, september through december, next year, or perhaps never. tweet us or facebook us your results. we'll share them with you later on "worldwide exchange." we were born 100 years ago into a new american century.

born with a hunger to fly and a passion to build something better. and what an amazing time it's been, decade after decade of innovation, inspiration and wonder. so, we say thank you america for a century of trust, for the privilege of flying higher and higher, together. ♪

great time for a shiny floor wax, no? not if you just put the finishing touches on your latest masterpiece.

timing's important. comcast business knows that. that's why you can schedule an installation at a time that works for you. even late at night, or on the weekend, if that's what you need. because you have enough to worry about. i did not see that coming. don't deal with disruptions. get better internet installed on your schedule. comcast business. built for business. welcome back to "worldwide exchange." a very good morning to you, if you're just getting up. let's get up to speed on the market action. nothing inspires equities to rally like a dovish fed chair. that led us to the s&p and the dow's highest close of the year. yesterday they rallied off their lows once she started speaking. we're continuing that momentum this morning. the dow called higher by 90 points. s&p by ten. the nasdaq by about 0.6%. european trade looks pretty similar. in fact, even more pronounced of

a rally as you can see. 1.6% gains for the ftse 100. similar amounts for france and germany, particularly the commodity names. oil prices rallying as well this morning. let's get to asia for an update of what happened there. akiko fujita is in singapore with an update. >> good morning to you, wilfred. you talk about those dovish comments from janet yellen, certainly lifting the markets here in asia as well, along with the weaker u.s. dollar. all major indices in positive territory except for the nikkei. the nikkei below that 17,000 handle, down about 224 points there. new numbers out from factory output weighed on investors there. industrial output falling more than 6% month on month in february. that's the most since 2011 immediately after the triple disasters, the earthquake, tsunami, and nuclear disaster in japan. when you combine that number

with retail numbers that were out yesterday that showed a more than 2% drop, certainly shaping up to be a very weak start to the year for japan. also in japan, shares of sharp in focus after the company finally signed that deal with foxconn, giving the taiwanese company a two-thirds stake in the struggling electronics maker. that deal valued at $3.5 billion. that's about a billion-dollar discount from that initial deal that was scheduled to be signed last month but was put on hold. over in hong kong, the hang seng ending the day up about 2%, up 437 points there. the biggest ipo of the year there failed to impress. in their initial debut, they fell, closing the day down about 0.5%. b back to you. >> akiko, thank you very much. turns out bank of america is warning senior staff not to use the word brexit when talking to clients.

according to the "financial times," the bank told managers no the to provide opinions or influence voters at all in the run up to the june 23rd vote on whether the u.k. should leave the european union. what did they tell them to call it instead? >> well, i think just not really to mention it at all. this is quite interesting. >> the existential referendum of the united kingdom? >> just trying to get clients to get employees to not even mention it to clients because they don't want to take a political side. it's interesting because it's an important part. what will the banks do? voters need to know. i get that's not dow to lower level individual employees. it's down to the management if they want to come out and. >> it's also financial risk. >> so i think they're going to be up against it. part of this was because they'd come out to say they were going to donate money to campaign. that caused a bit of an issue. now they're not making that donation, according to reports. >> so catchy, though, brexit. >> it's a great word. to brexit or remain.

that is the question. >> i bet bank of america would let their employees say that. >> maybe, but that would sway political sentiment even further. right. let's move on and get to today's trade of the day. conflicting signals on slow growth and employment make a tricky environment for investors. our team found some time when is these conditions existed and looked at which dow components did well. there were six quarters since 1990 when real gdp growth was between naught and 2%. at the same time, the unemployment rate was 4.9% to 5.9%. the top performers on the dow were consumer oriented. they tend to do well since the consumer has a job and is willing to spend at low prices but doesn't feel overly confident about the future. some decent moves there for walmart, 2.74%. >> well, they're defensive stocks. >> for more on that, go to cnbc.com and check out cnbc pro. spotify has raised a billion dollars in convertible debt from private equity firm tpg and

hedge fund dragon ear investment group. the deal is expected to close this week. sources telling cnbc the fundraising put spotify's valuation at the same levels previous rounds. that was about $8 billion. by raising debt instead of equity here, spotify adds to its war chest out the possibility of setting a lower price for its stock in an eventual ipo after a tumultuous week for its competitor pandora, bringing back its founder. snapchat has unveiled a major update, boosting its chat function with a range of new multimedia features. the move adds more than 200 sticks such as aliens and snapchat signature ghost, which can be searched by keyword. there are also easier controls to start a video control. >> that is so complicated. i don't understand. for sure, you will be doing it. wilfred is the king of snapchat. >> well, no, i think i'm perhaps the prince. i learned quickly, but i'm

certainly not the king yet. >> and i learn from you. >> you don't really learn at all, i'm afraid. . >> i'm terrible at it. soda consumption in the u.s. falling to a new 30-year low. interesting statistics here. the only one i would highlight in terms of the brands, one brand did well. that was dr. pepper. moved up the list to number four. so it's coca-cola, pepsi, diet coke, now dr. pepper, and then mountain dew. dr. pepper displacing mountain dew as the number four soda. overall, soda drinking is down. two bright spots also. sprite and fanta. who knew? both managed to gain share. >> fanta is back to old times. yesterday the chair sitting here, he recommended dr. pepper as one of his stocks in the consumer space. >> people like it because it doesn't have as much international exposure as coke

and pepsi. >> there we go. still to come, donald trump strikes a defiant tone defending his campaign manager, despite charges being filed against him for incidents at a campaign rally. we have the latest in this wild story from washington. first, here's today's national weather forecast from the weather channel's jen carfagno. >> middle of the week, sara and wilfred. we have a big storm in the middle of the country. today it's all about the severe weather risk, especially across parts of texas, louisiana, into arkansas. storms with really big hail, damaging hail, strong, damaging winds, and there is a risk for tornadoes here as well, especially into the afternoon. rain will extend all the way up towards the canadian border, and we still have snow falling into wyoming, especially the mountains of colorado as well. what a great end to the ski season in colorado. we have cooler than average temperatures in the west. that's going to be the story again today. warming up where we're going to see the storms. in florida, a more sort of typical day for late march.

temperatures back into the 70s. that's your national forecast from coast to coast. i'm meteorologist jen carfagno. "worldwide exchange" continues after this. but nothing could be worse for the whales. most of the orcas at seaworld were born here. sending them into the wild wouldn't be noble. it could be fatal. when they freed keiko, the killer whale of movie fame, the effort was a failure and he perished. but we also understand that times have changed. today, people are concerned about the world's largest animals like never before. so we too must change. that's why the orcas in our care will be the last generation at seaworld. there will be no more breeding. we're also phasing out orca theatrical shows. they'll continue to receive the highest standard of care available anywhere. and guests can come to see them simply being their majestic selves.

inspiring the next generation of people to love them as you do. band a parade rained onr the sales team's parade. and they still made the meeting, without actually going to the meeting. before any of this, cdw orchestrated a mobility solution, using the hp elite x2 1012 with intel core m vpro processors. mobility by hp. orchestration by cdw. but are you gonna bring fiup that stock again? well you need to think about selling some of it. my dad gave me those shares, you know. he ran that company. i get it. but you know i think you own too much. gotta manage your risk. and you've gotta switch to decaf. an honest opinion, even if you disagree.

with 13,000 financial advisors, it's how edward jones makes sense of investing. good morning. let's get you up to speed on the market action. futures positive, building on the janet yellen rally. looks like we're adding to those gains. dow futures up a nice 92 points. s&p futures up more than ten. nasdaq futures up 25.

the dollar continues to weaken, and european sptocks are lookin strong as well. donald trump is on the defensive. he's fending off attacks from his closest rival, senator ted cruz, while supporting his campaign manager following a battery charge. nbc's edward lawrence joins us from washington with more on the story. >> reporter: wilfred and sara, this is playing out with heated comments at a republican town hall in wisconsin last night. there were accusations, explanations as the republican candidates try to get wisconsin voters to choose them. senator ted cruz, donald trump, and governor john kasich tried to sway wisconsin voters during a town hall ahead of next week's important primary in the state. a defiant trump defended his campaign manager in the wake of a battery charge against him. >> i'm a loyal person. i'm going to be loyal to the country. i'm going to be loyal to wisconsin. we have to tell it like it is. it would be so easy for me to terminate this man, ruin his

life. >> reporter: trump says he will not fire him, even though security video shows him grabbing a reporter. ted cruz, fresh off an endorsement by wisconsin governor scott walker -- >> i've chosen to endorse ted cruz -- >> reporter: says the incident shows a greater problem. >> now physical violence. that has no place in a political campaign and has no place in our democracy. >> reporter: kasich agrees. >> if it was me, if i was in this circumstance, i would take some sort of action, either suspension or firing. >> reporter: democratic presidential hopeful hillary clinton applauded the reporter for following through on the incident. >> certainly suggests that, you know, the authorities thought that her story was credible. >> reporter: and wisconsin has 42 delegates in a winner take all primary. donald trump needs those to get the 500 more he needs to get the republican nomination. the few polls that are going on

in that state show that donald trump and senator ted cruz are in a dead heat. wilfred, sara? >> edward, thank you very much for that report. still ahead here on "worldwide exchange," this morning's top stories. plus, earnings from lululemon. we'll break out those numbers for the yoga wear retailer as soon as they cross. you're watching cnbc, first in business worldwide. we're back in a couple minutes. yeah, so? it stinks in here. you've got to wash this whole room are you kidding? wash it? let's wash it with febreze. for all the things you can't wash, use... ...febreze fabric refresher whoa hey mrs. webber inhales hey, it smells nice in here and try pluggable febreze... ...to continuously eliminate odors for... ...up to 45 days of freshness pluggable febreze and fabric refresher... ...[inhale + exhale mnemonic]... ...two more ways to breathe happy wrely on the us postal service?

because when they ship with us, their business becomes our business. that's why we make more e-commerce deliveries to homes than anyone else in the country. here, there, everywhere. united states postal service priority: you

thank you. ordering chinese food is a very predictable experience. i order b14. i get b14. no surprises. buying business internet, on the other hand, can be a roller coaster white knuckle thrill ride. you're promised one speed. but do you consistently get it? you do with comcast business. it's reliable. just like kung pao fish. thank you, ping. reliably fast internet starts at $59.95 a month. comcast business. built for business. good morning. a fed divided.

yellen's comments solidify the division between fed members, but the markets, they don't seem confused. 2016 highs. stocks at home and abroad rallying as yellen strikes a cautious tone. and strike a pose. bill gates learns a new dance move that's all the rage among the cool kids, or so sara tells me anyway. wednesday, march 30th, 2016. you're watching "worldwide exchange" on cnbc. good morning and welcome to "worldwide exchange" on cnbc. i'm sara eisen. more on bill gates, but janet yellen is the story of the morning. >> really? okay. >> we'll show those dance moves. >> granted. though we have to hit janet yellen first. i'm wilfred frost. good morning to you. let's check in quickly on the futures board before we get to that fed discussion. green on the screens yesterday. green on the screens again today. the dow called to open higher by almost triple digits, 98 points.

we've seen green across the screens in europe as well. in fact, more pronounced than we're expecting here in the u.s. the german dax up 1.6%. france a little higher. the ftse 100, a similar amount, particularly commodity names. asia slightly more mixed. green across most of the main markets apart from japan. some disappointing manufacturing data from japan. also, the stronger yen. that's weighing on the nikkei. elsewhere, risk-on rallies. hong kong and shanghai both up. >> very good day for the chinese stock market. up almost 3%. yellen moves the markets. and it's not just u.s. markets. check out the emerging markets picture. emerging markets in march are up more than 10.5%. they went up another almost 2% overnight. this idea that she's going to be cautious, take things slowly,

watch for international pressures, it gives much-needed relief to these economies that are suffering from outflows to their currencies, which have been absolutely crushed. she's crushing the dollar. it sends their stock market higher. the question is, is this going to be a brief correction that she's engineered here? or is this going to be setting the tone for the rest of the trading day and rest of the trading year, i would say, considering some of these countries, like emerging markets, still have weak fundamentals. >> march in particular in the last couple days as well highlights the fact that the u.s. dollar is so crucial for financial market trades. best highlighted by the emerging market trade. whatever the fundamentals for growth is really just what the money flows are doing based on domestic situations here's and in europe and japan. all these carry trades, whether they're being implemented or unwound has perhaps a bigger impact than the fundamentals in any of these economies, particularly in em with these moves in march. even back here at home when the data is improving, it's not that which we respond to.

it's janet yellen. markets, equities in particular, love a dovish fed chair. >> i think it shows two things. one, she's in control here, not the markets. in terms of dictating how they should be trading and what her vision for fed policy is. she defined what data dependence means to her. she's wary of the inflation creep up that we've seen. she's wary of the international developments and of course the stronger u.s. dollar. and she also controlled the message on the federal reserve that had been blurred over the last few weeks with other fed presidents coming out and saying april is a live possibility. well, guess what? all the economists writing overnight she took april off the table, maybe even june. let's start talking about september. >> the question, of course, as you raised in the first half of the show, how long will this rally last? to know it's going to last a little longer than those temporary rallies we saw will be to watch volumes. volumes have been incredibly low

the last couple weeks, particularly the last week and this week itself. if we see a concerted pickup in volumes match the converted prices, we can start to think, okay, there's conviction there. don't count your chickens yet when you see how low volumes get. >> also, let's see what the data does. if we get a super strong jobs report on friday, maybe the market goes the other way, challenging janet yellen's caution. maybe the data is going to move you faster than you might like. let's show you the broader market picture. for now, interpretation of janet yellen continues. strong commodities on the back of that weaker dollar. wti crude, 38.88, up 1.5%. brent, the international benchmark, hovering just below that $40 a barrel level. we'll be watching that. weak crude yesterday was what took stocks lower. yields falling lower after janet yellen today. we're at 1.81 on the ten year. and the dollar continues to be

the story. weaker, weaker. almost a 1% move on dollar index. it continues today. the euro up to 113.11. the dollar is weaker against the yen, which hurts the japanese stock market. the yen being stronger but the british pound is weaker in itself. it's moving on its own factors. >> it's basically flat. look at that, it's close to 1.44 again, back to the levels pre the brexit vote date announcement. that's pretty surprising. we've had disappointing numbers out of the u.k. continue to have a dovish mark carney. more so than janet yellen. >> we'll start to watch opinion polls as we get into -- >> opinion polls are beginning to show that the exit camp is picking up a bit of steam. i think that one will continue to face pressure. as you rightly say, we're a long way from june 23rd. >> quickly, gold shot up yesterday on the back of the weaker dollar. we saw the best move for gold yesterday in about two weeks.

a little bit of strength again this morning. though, that has been tempered a bit, up two bucks. to this morning's corporate stories. retail. american apparel has appointed a former chief executive of liz claiborne as its chairman. this is just the latest move to revamp its board as the firm attempts to stage a comeback following losses. a split with its controversial founder and a lot of headaches. it's a small company. interesting that they hired a new chairman. >> stocks to watch today. boeing plans to cut about 4500 jobs by mid year. most will come from its commercial airplane division. the rest from a unit that conducts flight and lab tests. boeing will use a combination of voluntary layoffs and by not filling open positions. just above flat this morning. a california judge has officially vacated the order asking app toll assist the fbi in hacking into the san bernardino shooter's iphone.

apple up half a percent in premark today. shares of takata falling nearly 20% in j.a. ban today. reports say the auto parts supplier could face $24 billion in costs to recall its air bag inflators in a worst-case scenario. that would far exceed industry estimates of $3.5 billion if it's found to be liable for the defective parts recalled thus far. so down just shy of 20%. more stocks to watch for you. mccormick is raising its offer for the u.k.'s premier foods to about $773 million. it's a 65 pence a share bid. it comes after premier rejected a previous offer from the u.s. spice maker. mccormick is calling on premier's board to engage in talks. mccormick has been on a roll. it's down 2.25% on this. >> do you have oxo stock cubes? >> no idea what that is.

>> it's for gravy. they make very, very good gravy. crucial, of course, for a sunday roast. >> stock cubes for gravy. >> they're going to fully export all my favorite british foods. no one is going to buy these goods because you don't even know what they are. >> you'll introduce them to us. >> maybe they want to hire me as the face of it. >> i have a few more mccormick stories for you. chesapeake energy ceo receiving $15.4 million in total pay last year. that was up 5% from 2014, capping a year when the energy producer actually lost more than $14 billion. the company says it hasn't set pregnancy targets yet this year, citing volatility in oil and gas prices. more compensation news here. aig ceo peter hancock's comp rose more than 3% last year to $12.5 million. that's despite the board's determination. aig's board awarded hancock and other executives three quarters

of short-term comp amounts last year with half of those payouts deferred until 2017. here's what's on today's agenda. the focus starts to turn towards friday's jobs report. the march adp data is out at 8:15 a.m. eastern time. forecasts call for employers to have added 200,000 jobs to private payrolls, down from 214,000 in february. carnival reports earnings before the opening bell. we've also got some fed speak from chicago fed president charles evans. an interview on "squawk box" with steve liesman ahead of that. now to today's trending stories. nasa planning to test an inflatable house on its next trip to mars. the house will be attached to the international space station. it will be delivered as part of spacex's resupply mission april 8th. this is really cool because apparently it folds up so they can transport it. then it inflates when it gets to space. >> all things space travel, particularly mars, is pretty cool. >> who's going to live in it? >> i'd be happy to go, once

they've proved it works. very cool technology. red robin will start selling a burger with a bun made out of ramen noodles. it will be available for about two months after april 4th. the first 22 college students in restaurants that day can get a bottomless meal for 22 cents. not sure about this one. what do you think? >> i think it's already been done. there's a place called ramen burger in brooklyn that's been doing this for a while for hipsters. it's a trend. kpst actually excellent. it's really good. i'll take you one time. even me who eats veggie burgers. >> we can have some mr. kipling cakes. >> bill gates going viral. he tweeted a picture of himself doing the popular dab dance move. this wasn't his first attempt, believe it or not. he posted a video last month that made the rounds on reddit. the carolina panthers replied to this tweet with one of cam newton dabbing. newton is credited with

spreading the move after a touchdown against the seahawks last season. there's bill gates' attempt. >> go bil, bill, i love it. >> i love it when ceos and corporate executives do things like that. still to come, today's must reads. why we may have lost our phone privacy long before the apple fbi battle. "worldwide exchange" is right back. sara and i are going to practice our dance moves in the break. >> our dabs.

thank you. ordering chinese food is a very predictable experience. i order b14. i get b14. no surprises. buying business internet, on the other hand, can be a roller coaster white knuckle thrill ride. you're promised one speed. but do you consistently get it? you do with comcast business. it's reliable. just like kung pao fish. thank you, ping. reliably fast internet starts at $59.95 a month. comcast business. built for business.

now for this morning's must reads. i went to "the washington post," where columnist richard cohen took on the idea that, okay, even though apple did not help the fbi gain access to our phone and the fbi gained access anyway, he says we have already lost our privacy. he goes on this very detail description about how he himself was on the phone with microsoft and this woman named carolina who was helping him install windows 10 was remote controlling his computer from the philippines. there she was digging around the inards of my computer doing things i didn't understand. she came to represent all the people and companies and god only knows what who i deeply suspect muck around in my computer all the time. just making the point that we really just don't realize how much control and access companies and governments already have into our computers. we already don't have privacy,

even though this debate between apple and the fbi opens a whole new window into that. >> i think really computer ill literal people, not just millennials who know how to operate a smartphone v a big, big advantage. those guys that know how to code. they can really control these things that certainly you and i can't. >> i can't even imagine. who's reading your e-mails? >> exactly. they think log in, have a look. >> scandalous. >> the pick for me is in "the wall street journal." it's titled "the trump-sanders china syndrome." the main point of this article is to highlight the point that although trump and sanders continue to attack china and outline protectionist measures and say there's these currency wars, of course it makes the point that so far year to date, china's been propping up its currency, not artificially pulling it down. >> i love this. >> a false argument, perhaps, they've been making. the reason i pick it out, is just to remind earn of these issues year to date that haven't really been solved despite seeing these market rallies.

this actually goes in, swels the trump and sanders points, to explain quite nicely the problems china has. china has no good options and only a choice among painful ones. the reason i bring it up today is another day when when we markets rallying in the face of just a little talk of dovishness from the central bank governor. have we solved any of the issues that we faced at the start of the year? this is just a nice reminder of it. >> but perhaps janet yellen, as fed chair, has given countrie, e emerging markets like china, some breathing room to dive in and solve their problems. china potentially has some work to do. we're approaching the top of the hour. that means the team is getting ready for "squawk box" in new york city. becky joins us with a look at what's coming up. >> good morning. how are you doing today? >> very god indeed. >> doing well. have you ever heard of mr.

kipling cakes? >> no. >> me neither. >> this must be a british thing. is this a wilfred thing? >> it maybe coming to the u.s. if mccormick gets its way. >> mr. kipling cakes. >> it's one of the leading brands in premier foods that mccormick is making a bid for. >> are they any good? >> they are good, but they're more -- they're very good, but i remember them in my childhood. they're not things one sort of buys like a krispy kreme. >> like twinkies. something we haven't had in decades and has a shelf life of 17 years. sounds delicious. guys, i know you've been talking a lot about the fed today. that's something we're going to be focusing on. we have a huge lineup for you of economists and officials who are going to come through and give us their take after janet yellen spoke yesterday.

we have a huge hawk, richard fischer, who used to be the dallas federal reserve president, who's going to be joining us to talk about what he thought of janet yellen's message yesterday. obviously it was much more dovish than people had been expecting. and we have charlie evans, who's currently the chicago fed president. he has been a huge dove. it sounds like yellen is really seeing things his way, not richard fischer's way. we have them all here today to talk about all these things and dig through what this means for the markets, if we're going to see two more rate hikes from here and beyond. plus, we have the adp numbers. this is our first look at what could be a hint of what's to come friday for that big jobs report. we're going to be talking about that. steve liesman is here. we have a lot to get through. >> love it. sounds like a great show. >> thanks, becky. still to come, the fed follow through. the reaction to a dovish janet yellen. jim o'sullivan, chief u.s. economist at high frequency economics, will give us his take next. don't go anywhere. we're back in a couple minutes.

hi watson. you are a fierce competitor. i've heard that. i have analysed your biggest matches. oh really? when down a point, you serve an ace 5.8 times more than other top players. you sound like a coach. i am not. but i can customize training programs based on biomarker data. watson, that's pretty impressive. you might say i am the serena williams of cloud-based cognitive systems. nah, i wouldn't go that far. we'll be with you shortly.. yeah right... xerox predictive analytics help companies provide a better and faster customer experience. hello mr. kent. can i rebook your flight? i'm here! customer care can work better. with xerox. wait i'm here! mr. kent? (gasp) shark diving! xerox personalized employee portals help companies make benefits simple and accessible... from anywhere. hula dancing? cliff jumping! human resources can work better. with xerox.

you can fly across welcome town in minutes16, or across the globe in under an hour. whole communities are living on mars and solar satellites provide earth with unlimited clean power. in less than a century, boeing took the world from seaplanes to space planes, across the universe and beyond. and if you thought that was amazing, you just wait. ♪ before a movie star unwittingly gave you a global product endorsement. and millions of women everywhere decided, "i love that shoe." and the company's data center handled the spike in traffic without any drama. before all of this. cdw orchestrated a scalable software defined data center solution using vmware nsx technology. scalability by vmware. orchestration by cdw.

fed chair janet yellen says the federal reserve needs to proceed cautiously. her words when it comes to lifting interest rates. the markets have rallied in response. stocks closed at 2016 highs yesterday and are continuing the celebration this morning. joining us in studio, jim o'sullivan with his take on the fed chair's comments. jim, i thought she took control of the message, of the entire fed, and she laid down what they're looking for. do you agree? >> well, she made it very clear. it was an elaboration of her press briefing from march 16th, i'd say. i look back again at the text of the press briefing, and what she said yesterday was very similar. >> but she needed to do that in the wake of other comments that came last week. >> even the word cautiously was in the press briefing. but you're right. a couple fed speakers since the meeting have kind of suggested that maybe they're not as dovish as people interpreted the fed on march 16th, but she clearly said the same thing as they said on

march 16th. the immediate message, of course, is that it doesn't look like they're going to go in april. frankly beyond that, she's very open ended, data dependent. could be upside as well as downside surprises. more than likely, they're not going in april. >> data dependent but also clearly a lot of emphasis on this weaker global growth environment. how quickly could that turn around and eradicate this dovishness? >> she's suggesting they've marked down their expectation for global growth a bit, not dramatically, and in turn that was a key factor why they went from looking for 100 basis points of tightening this year to 50. so they're saying that's more or less offsetting. to the extent global growth surprises them even more on the downside, they could even tighten less than 50 basis points. if things go the other way. or the domestic economy continues to show strength, if the employment numbers stay strong, if there's more evidence that core inflation is picking up, which so far sees very much down playing, then they could go back to more than 50 basis points. personally, i would still take the over on the 50. they're not going to go in april, but i think there's still room for them to go.

>> clearly the market likes what they heard. critics might say she's totally blurred the dual mandate, she's totally confused the market. if the dual mandate is maximum employment and stable prices, well, guess what, we're seeing both of those things, and employment has been creeping toward their 2% level. introducing all these other factors is just confusing the message. >> well, she's suggesting those factors will kick in over the next year, that we've had this turmoil in the markets this year and she's suggesting that maybe with a bit of a lag, that'll filter into the u.s. economy and hold us back. she is calling for tightening though. she's not saying we're not going to tighten. frankly, i think in the end, they'll probably tighten more than they're saying. i think she's rightly saying global factors do play into their decision. >> that said, we could get more than 50 basis points. when will we get our first one? that was our twitter question today. if it's not april, when? >> the next meeting is june. i think that's a fair bit of time.

>> so you're in the before the september camp? >> yes. i'd be june. of course, that's data dependent, as the fed would say. i think june is very feasible. >> very good fed chair. >> plurality is september through december. what are you looking for for jobs friday? >> pretty much more of the same. 205, that's a little below the trend. the labor market continues to chug along. >> any currency pairs where you think the dollar could change its direction? it's been quite broad recently. >> not something i would forecast specifically in terms of currencies. >> is the message from yellen buy stocks? >> i mean, i don't think you sell them -- i don't think we're going into recession, which would be the big negative story for stocks. that doesn't necessarily mean stocks are a great buy either. so i guess obviously the trade yesterday was a bit of an up. it doesn't necessarily mean the stock market is going up 10% in the next year. >> jim o'sullivan, always good to see you. >> that's it for "worldwide

exchange." "squawk box" is coming up next. have a lovely morning.

great time for a shiny floor wax, no? not if you just put the finishing touches on your latest masterpiece. timing's important. comcast business knows that. that's why you can schedule an installation at a time that works for you. even late at night, or on the weekend, if that's what you need. because you have enough to worry about. i did not see that coming. don't deal with disruptions. get better internet installed on your schedule. comcast business. built for business.

good morning. a caution flag from the fed causes stocks to hit 2016 highs following dovish comments from ja janet yellen. but not all the central bankers are ready to pump the brakes. so much for the loyalty pledge. gop candidates backing off commitments to support presidential nominees other than themselves. their comments straight ahead. and a small business is booming in detroit. we'll tell you what's bringing tech entrepreneurs to motown. it's wednesday, march 30th, 2016, and "squawk box" begins right now.

live from new york, where business never sleeps, this is "squawk box." good morning, everybody. welcome to "squawk box" here on cnbc. i'm becky quick along with joe kernen and andrew ross sorkin. right now you can see the dow futures up by close to 100 points above fair value. s&p futures up by over 11. all of this fueled by what janet yellen had to say yesterday or what she didn't say about potentially raising rates any time soon. overseas in europe, they've been following our movements. the dax is up by about 1.6%. the cac in france is up by 1.7%. the ftse in london up by 1.5%. in asia, the hang seng and shanghai composite both rose by over 2%. japan's nikkei fell by about 1.3% after factory output in japan fell by the most since 2011 when a devastating earthquake disrupted the supply chain. take a look