wait and see. that's the approach on wall street ahead of the fed decision we'll tell you what to watch straight ahead. facebook fallout shares continue to tumble in the wake of that major data collection scandal new details coming your way. and weather alert again. another major snowstorm is bearing down on the northeast. it's wednesday, march 21, 2018 "worldwide exchange" begins right now. ♪ good morning welcome to "worldwide exchange" on cnbc.

i'm dominic chu. >> there's nothing like getting one day into spring and having another nor'easter bearing down on us. >> number four of the season >> the five big things you need to know now. stocks mostly higher as investors add to yesterday's gains. dow futures are up you can see that -- well, no, they're down slightly, a third of a point not the same story for facebook. shares continue to move lower. a group of facebook investors are suing the company over the cambridge analytica scandal. the fed wraps up a two-day policy meeting this afternoon. we'll get the latest decision on interest rates salesforce buying mule so softfsof soft for 6$6.5 billions. and nbc news is reporting

that the suspect in the string of austin bombings it believed to be down and neutralized >> we'll keep on that for sure more on those stories coming up, first the latest on the growing facebook scandal shares tumbling again this morning added to losses we've seen over the last few days. arjun kharpal is live in our london newsroom with the latest. >> good morning. yes. so let's quickly recap 50 million facebook profiles have been har fevested for data and n passed on to cambridge analytica. uk lawmakers have called on mark zuckerberg to testify in front of them. david collins called facebook's role a craatastrophic process.

now, over in the u.s., the federal trade commission will reportedly investigate facebook and its violation of a decree that the ftc had with facebook in regards to data on top of that, you have the investor lawsuit the investors here are claiming facebook made materially false and misleading claims that caused them to lose money. so this is a number of issues. just added to that, whatsapp co-founder brian acton tweeted out delete facebook. the cambridge analytica ceo, alexander nix who was caught admitting helping donald trump win the 2016 election as well as admitting to using bribery an sex workers in order to help politicians gain favor in their

respective countries, he has been suspended by the firm after that undercover sting by channel 4. investors are reacting negatively to the news pre-market facebook is still down there's a lot of questions, where is mark zuckerberg why has no senior management made statements regarding that i just want to flag up one important bit of news coming out of the european union today, that's the so-called eu digital tax. the eu is expecting to release some details about how it will tax big tech firms, the likes of facebook, google, amazon here on not just where the eu subsidiaries are based but where they're booking revenues whether it's in the uk, italy, france, germany, that's how they want to tax some of these tech companies. we expect that announcement later. back to you in the studio.

>> arjun, this idea that all of these big tech companies are in focus for european regulators, they've been so for a while now. do we have any sense now that this goes beyond the facebook big data side of things? i'm referring to specifically other social media stocks like twitter and what's happening with snapchat and snap is this regulatory scrutiny going to have an effect on what happens with trading for those stocks as well >> that seems to be the case so far. you've seen the social media stocks take a hit on the back of the facebook story, that's because regulators are trying to clamp down on companies use data over in the eu a new regulation is coming to force in may called the general data protection regulation and that makes it more difficult for companies to exploit data, there's stricter rules, more requirements and laws around the way they hold the data, the way it's moved

around that could have an impact on the way that these companies, these social media companies are able to monetize that data. i think as the year plays out, we'll see increasing scrutiny from european regulators on how data is held, used and monetized by the big social media companies. >> it will be interesting to see how u.s. regulators follow suit on that front. joining us is a tech reporter from "the financial times. we have yet to hear from mark zuckerberg or sheryl sandberg on this case. what's the appetite in europe from hearing from the people who head this company? >> there have been calls from the chair of the british select committee, who has been looking at this issue. he's written a letter to mark zuckerberg asking him to appear in front of a parliamentary inquiry. you've heard strong words from regulators who -- the irish data protection authority is investigating, so it the british

data protection authority. they have ten full-time staff. they're try doing a raid of the offices of the british analytics firm, cambridge analytica that is kind of at the center of all of this. so there is huge appetite in europe >> aliya, the facebook company sent out a statement yesterday saying the entire company is outraged we were deceived we are committed to vigorously enforcing our policies to protect peoples information and will take whatever steps required to see this happens you can see shares of facebook are just plummeting and there's news from cambridge analytica which suspended its ceo yesterday, alexander nix what is likely to happen with regulators regarding cambridge analytica? >> the british data protection authority is leading that investigation. nothing can happen until they go

in and search cambridge analytica's databases and see what they have, and what was done with it facebook hired an external firm and sent them in to cambridge analytica's offices on monday to do their own audit they called it an audit of the company. and then the uk data protection watchdog asked them to stand down and withdraw those people because they were worried it would compromise the independent investigation. so, we're kind of waiting to see what happens they need a search warrant before anyone can actually go in i was at cambridge analytica's offices yesterday, you could see people who didn't identify themselves wheeling boxes in and out of the building. the data protection authority said they didn't send those people >> aliya ram, thank you very much for joining us. the fed is the focus on the wall street agenda the central bank will announce its rate

decision at 2:00 p.m. eastern along with the latest economic forecasts. jay powell will then hold his first news conference as fed chairman at 2:30 on the economic front, data from the current account and existing home sales as for earnings, tencent, general mills and winnebago before the opening bell. five below is out after the close. let's talk more about today's big fed meeting and the impact for the markets, joining us is art hogan. art, great to have you in the studio with us for this early call this is a big deal it's jay powell's first press conference, his first real rate decision yet the markets are certain what will happen. what could either derail things or make the markets go higher? >> the biggest concern is jay powell is new. we don't know exactly how he handles himself, and he is a straight shooter and answers

questions honestly and uses plain english. when he was up on capitol hill a few weeks ago, the street looks like it's at 3, what gets you to 4. he answered the question the market got unravelled, because he said if the economy picks up, forecasts pick up, we see increasing inflation, the market is used to a more nuanced fed chair that uses oblique language i think we'll get used to this also a press conference after a fed meeting is much easier than answering people on capitol hill the press conference is more germane to what his role is. >> the political posturing that happens and questioning on capitol hill >> right >> when we're talking about inflation, how much attention are we likely to see paid to the role of inflation and the broader economy and what will we hear from jay powell

>> that's the hard part. employment is looking good there's slack in the employment, but we can point to the fact that we're at or close to full employment we continue to press on that inflation, the way the fed measures that is difficult we're still at 1.5, they're at a 2% target. the other piece that's tricky is all of the things we heard from jay powell and most of the fed speakers have been before the threat of tariffs. so the threat of tariffs is relatively new i will tell you this, at some point in time the fed will have to address this. if you take nafta and make that go away because of the trade policy, you take 50 basis points out of our gdp growth. at some point in time they have to juxtapose those two things. >> your job is to strategize, navigating this kind of market if we have a situation where the stock market is still hovering close to record highs, yet interest rates are heading higher, how exactly do you

reconcile the fact that interest rates heading higher may be met with the same move lower in the stock market if there is a pullback usually there's a correlation between the two. this doesn't happen often i guess is my point. >> right i think one of the reasons we had a little february shock in the marketplace and we were assuming the fed would be more aggressive and the yield on the ten-year got close to 3%, we think there's a magic light at 3%, and that's negative for equities that's never been the case historically if we work our way to 3.25 by the end of this year, stocks will be fine what won't chltfine what won't be fine are the crowded darling plays. some of the real estates, some of the stables, some of the telecoms, you have to be careful there. those are tied to an ultra low yield on the ten-year. we're much more concerned about the yield between the two and the ten.

if it gets skinnier, so the two moves up faster than the ten-year, that's where you have concern about a recession. >> art hogan, thank you very much >> thank you we're just getting started on "worldwide exchange." up next, salesforce making a 5 $6.5 billion bet on the cloud. details ahead. and bearing down thousands of flights cancelled as the northeast braces for the fourth major storm in three weeks. we're live on the ground with the latest -- when i say we, i mean not me. when "worldwide exchange" returns.

. welcome back to "worldwide exchange." if you're just waking up, let's get you up to speed on the market action. u.s. equity futures are flat to slightly lower the s&p will open down by 2 points the dow jones by about 21. the nasdaq down about 20 points if things hold the way they are now. japan is closed today, the rest of the asian markets were generally lower. the hang seng in hong kong off by a half percent. the shanghai down by a quarter of a percent european trading, similar themes flat to slightly lower in europe with major markets the dax off by a quarter of a percent. the ftse 100 off by a third. >> stocks to watch today, sales force is buying mulesoft for 5.9 billion in cash and stock.

the deal values mulesoft at $45 a share. a 36% premium to monday's closing price. mulesoft creates applications to allow companies automatically to integrate software devices and data and helps networks run faster sal salesforce is down 2.3%. nordstrom ended buyout talks with the founding family saying they couldn't get them to raise their offer. earlier they rejected a 50 bucks a share offer to take the company private. the family members own a third of shares. fedex expects better-than-expected third quarter results, however there were some disruptions due to weather. fedex shares are off by three

quart others a percentage point. we have u.s. public pension fund calstrs opposing to the pay package of tesla's elon musk the package does not include a salary or cash bonus but sets reward based on market cap rising to 6$650 billion over th next decade. that would give musk control of a quarter of the company. johnson & johnson says its cfo will retire by september he will be replaced by the former cfo of thei iajansen pharmaceuticals unit. and steelcase is projecting first quarter earnings below analyst forecasts. shares are still up by 2% premarket. 5:18 on the east coast up next, we're following two

major snowstorms first the snowstorm bearing down on the northeast we're live at laguardia airport with the latest. and the other storm we're following, the one brewing in washington congress has until midnight friday to avert another government shutdown. we'll have the lest enatwh "worldwide exchange" returns i've made my ideas real. ♪ i made my own way, now it's time to make yours. ♪ everything is working, just like it should ♪ oveso try febreze one toers gently clean away odors. with no aerosols and no heavy perfumes. so you can spray and stay. febreze one.

. welcome back to "worldwide exchange." in political news we are days away from another potential

government shutdown. lawmakers are scrambling to pass a new spending bill by midnight friday to keep the lights on in washington tracie potts is live in d.c. why do i feel like i'm living in a groundhog day loop here over and over again >> because we all are. we've been here before here we are again. two days, 1$1.3 trillion, the possibility of a shutdown. the plan was to have a bill out there last night so it could come up for a vote tomorrow, but that didn't happen here is where the holdups are. funding for the president's wall he offered $25 billion for 2.5 years of extending daca protection for young immigrants and democrats said no, they want a permanent fix for daca background checks, and whether to expand them that is something that is a holdup and a rail project in new york and new jersey that the president has threatened to veto

all funding if that is included. all those things holding this up here is where we are, friday is the deadline after that congress is supposed to be off for about two weeks. and then, you know, they're talking at this point about maybe working through the weekend to try to make that deadline before their long break. yeah it's groundhog day we're there again, and there's significant issuing holding this up >> we wouldn't want to interfere with their time off. tracie potts, thank you. now switching gears. the northeast is bracing for another monster storm. it's the fourth nor'easter in less than three weeks. thousands of flights up and down the east coast have been canceled as the storm moves in let's get over to morgan brennan live at laguardia airport with the latest do we see a lot of traffic, a lot of irate customers yet >> i wouldn't say a lot of irate

customers, there are more people here than you might expect at this early hour of the morning many of them have been canceled because of canceled flights. millions of americans have seen their plans upended today because of this snowstorm. the fourth nor'easter in three weeks. forecasts calling for up to a foot of snow in some cases from philadelphia to new york to boston washington, d.c. expecting up to eight inches, notable given that lawmakers are down to the wire to hash out that spending deal and the federal reserve is scheduled to hold a press conference later today we expect strong wind gusts across the northeast as well all of that means travel disruption look at laguardia at these departure boards rows of red, these are canceled and delayed flights. flight aware says so far more than 3300 flights into, out of and around the u.s. have been canceled and it says for this march

already it is the worst on record for cancellations more than 10,000 flights scrapped month to date that has issues for here in the region but also ripple effects within the transportation networks of these commercial airlines, across the country and beyond amtrak not much better already seeing modified service there with dozens of trains along that highly profitable northeast corridor scrapped for the day. the other thing you will want to watch is power outages we've seen millions of homes and businesses lose power earlier in the month due to the previous storms the expectation now, 2800 customers are without power. utility companies say they have crews on stand-by and they are bracing for another round of widespread power outages when you lose power, that's a big business financial impact for many companies along the east coast >> morgan, we'll be watching and hearing from a lot of those updates from you throughout the

course of the day. thank you so much. >> part of the problem here, too, these are already packed flights because it's spring break, spring training they're seeing record volume of air traffic. so rebooking people on canceled flights is difficult >> you're telling me the timing is terrible. >> right we have breaking news out of texas. let's get to frances rivera. >> that breaking news out of austin, texas. law enforcement sources tell nbc news the suspect in the austin bombings is believed to be dead following a confrontation with police here is a live look at the police activity and that scene there where the suspect was taken down we all know austin has been on edge after a series of package or other bombs detonated across the city killing two and injuring five others a separate blast at a goodwill last night is believed to be unrelated. president trump reportedly ignoring warnings not to

congratulate putin on his re-electi re-election. the president's tuesday briefing included a phrase do not congratulate in all capital letters. trump later told reporters he congratulated him in a phone call senator john mccain said an american president does not lead the free world by congratulating dictators who win sham elections. a british man has set the world record for the fastest speed in a jet engine bodysuit that's richard browning. he sped down the world's fastest zip line and the lostengest at miles per hour >> i would try that. >> that sparked my interest about how fast you can go on your own >> bye, frances. still ahead on "worldwide exchange," starbucks is at it again. they have a new take on the unicorn frappuccino.

the internet is buzzing abou t we'll be back after this break

ready, set, hike the fed in focus as investors await a big decision on rates. and the fallout grows. facebook shares down again this morning following that massive data collection scandal. amazon hit a major market

milestone. full details ahead it's wednesday, march 21, 2018 you're watching "worldwide exchange" on cnbc. good morning welcome to "worldwide exchange" on cnbc. i'm dominic chu. >> i'm contessa brewer things this morning are looking slightly into negative territory. s&p 500 has moved flat, but the dow jones just flat really so we're also watching shares of facebook they're down again this morning as the fallout grows from the company's data scandal a group of shareholders are suing the company and lawmakers in both the u.s. and the uk are demanding answers from ceo mark zuckerbe zuckerberg shares of facebook are down nearly 11% this year >> down 2.5% right now in the

premarket. >> the other big story we're following is the fed policymakers wrap up a two-day meeting this afternoon with a decision on interest rates that will be followed by jay powell's first news conference as chairman of the federal reserve. joining us is drew mattis from metlife investments management drew, it seems as though it's a forgone conclusion the market has priced in a 25 basis point rate hike almost certainly. as we talk about the fed, what is the most important thing we will be watching in the statement or press conference? >> a lot of people will be looking at the forecast they put out. this is powell's first thing as chair. it's a question of is he influencing the forecast what is his main set of goals? we'll look at how he answers the questions. if you look at how he talked to congress, people better be

prepared for him to answer the questions. art hogan was talking about that earlier. it's exactly right he brings an unusual method of talking the markets, so he actually answers questions that are asked. people have to grow accustomed to that. >> how much is on his plate? how much responsibility does he inherit that may be different from what janet yellen was shouldering? >> it's interesting. there's 100% chance priced into the markets. if he had not wanted to go today, he's kind of locked in. it's the future of the next couple of rate hikes how much stock he puts in f financial conditions will determine how fast he goes our view is is if the yield curve is too flat, it will prevent the fed from tightening. so i will be looking for

ratification for that view >> if you don't think the fed will tighten unless the yield curve stays somewhat steeper, we have to see long-term rates like the ten-year treasury note yield head higher. is that the call from you guys >> yes we're expecting 3.25 at the end of this year so not a giant ramp up in rates, but if we have a har tid time getting above three, they'll have a hard time going more than twice. >> let's talk about inflation and how the fed factors in their target for inflation with where we are and what to do about it >> a lot of the move in ten-year yields since the start of the year has been real yields. it's not inflation driven, it's a view how fast the economy can run going forward. i think we are interested in inflation because we have not seen a lot of it what worries me about the inflation front is not that we'll get 2%, 2.5%, but the fact

that people trading these securities on wall street have never seen inflation at 2.5% you don't have to go back too far before the financial crisis to see 4% inflation. at that time everyone seemed okay with it >> so there's a lot of young people on wall street. >> a lot of people younger than me on wall street. >> let's talk about whether we will see those the financials are in focus. there's a question about whether or not we will see these rate increases flow tru hrough to depositors, people who go for savings accounts and cds is the fed watching that as well >> i think so. one of the things that perhaps has led to the economy kind of shrugging off all these rate hikes -- there's been a fair number so far, is the fact that deposit rates have not moved if you're making an investment decision as an individual, your alternative is not 150 on fed

funds, it's 6 basis points or 5 basis points so it's pushing more people into the markets. so as those yields begin to move higher, if the banks follow suit and push yields higher with deposit rates, people will face a trickier decision on whether to invest money or leave it in their savings account. >> thank you drew mattis big day for the fed and for a lot of traders out there >> thanks. in corporate news, salesforce is buying mulesoft for 5$5.9 billion in cash and stock. the deal values mulesoft at 45 bucks per share. mulesoft makes applications that allow companies to automatically integrate software, devices, all of their data across all networks to run faster the stock is up 5% right now, it was up huge yesterday on some initial rumors

it's official, amazon has now passed alphabet to become the world's second most valuable company. it trails apple. amazon has a market cap of 768 billion. as of yesterday's close. apple's market cap is 889 billion. amazon has added roughly 350 billion in value over the past year as it has expanded into new markets such as brick-and-mortar grocery store businesses. travis kalanick is back. the former uber ceo is the chief executive of a small real estate startup called city storage systems. kalanick took to twitter saying his investment fund ten-one hundred is buying a controlling interest in the startup for 1$10 million. we'll see if this is the next chapter that gets him away from the uber spotlight khosla ventures is raising

up to 1.4 billion for funds. we're seeing a fund-raising boom in the vc world. the top trending stories, ringo starr was knighted yesterday at buckingham palace the 77-year-old is now sir richard starky and was knighted for his services to the music industry what will he do with the medal he joked he would wear it at breakfast. >> what else do you do with it how long have we been calling paul mccartney sir paul. isn't it about time? >> maybe it is >> the co-founder of wathatsapp urged people to delete their facebook accounts. brian acton tweeted it's time, #deletefacebook. facebook bought what's app in 2016 it became a trending hashtag on

twitter yesterday. he wasn't the only one, maybe one of the most prominent people to do so, given that facebook made him rich. >> and jim carrey also one of those people in hollywood that jumped on this bandwagon about getting away from facebook the fallout continues. >> you know who loves this all the people who never got on facebook see, this is why i didn't do it. >> that's not how this works if you loved starbucks unicorn frappuccino, there may be a sweeter treat there's rumored to be a crystal ball frappuccino as soon as tomorrow the crystal ball frap will be peach tea based with a white chocolate gem drizzle and turquoise sparkles i will say this, as part of our programming and our journalistic views, we did order the original unicorn frappuccino. i tried it it's a calorie bomb.

it is very, very, very sweet >> should we -- you want to make an over/under on what the calorie count will be on a crystal ball frappuccino >> i can only imagine. starbucks is holding its annual meeting today in seattle. we will hear from starbucks president and ceo kevin johnson at 9:30 a.m. eastern time. still to come on "worldwide exchange," privacy problems, why the facebook scandal is just the tip of the iceberg for technology the must-reads are straight ahead. and the latest on the saudi crown prince's big u.s. visit. we'll tell wlau is at stayou whe here when "worldwide exchange" returns. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time.

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welcome back to "worldwide exchange." mohammad bin salman is continuing his tour of the united states. he's meeting with some of america's biggest defense companies today. sources tell cnbc that representatives from lockheed, boeing, ratheon and general dynamics will meet with the crown prince just yesterday at a meeting at the white house, they urged saudi arabia to continue buying american made weapons. time for the must-reads. a column in project syndicate focuses on the activism in investors and companies after the parkland school shooting retailers have promised to stop selling guns to anyone younger

than 21. best western, hertz, delta, chubb have cut their affiliations with the nra even when faced with potential repercussions. lucy marcus writes are guns the next target for conscientious enve investors? such action ises are a part isu change if companies continue to do harm, those investors will take their money elsewhere. remember lyft and bumble, gucci and aetna are supporting march for our lives this saturday. we're looking at what other businesses are doing to support that march or influence the general conversation here and why they do it what are the financial factors they have to weigh before making a decision that can be controversial for some customers. >> the economic and capitalistic

approach to promote activism in the marketplace. >> my pick is from the w "washington post." we live in a world of uncertainty and tech is making it worse the digital revolution has tended to take power from large institutions and organizations and transfer it to individuals waiting for certainty is no longer a luxury available to the most powerful agencies the future will belong to those who act wisely but decisively in spite of imperfect knowledge it talks about technology has enabled the individual to become much more in control of their destiny, now companies are looking for that leverage again. i look at it with facebook about why companies look for the information they do, why people like cambridge analytica consult for organizations trying to learn more about us. they want leverage over people it's a big balancing act >> and whether individuals have

the motivation and the willpower to take the reins and insist on their information remaining private and not being used >> we are approaching the top of the hour so the team at "squawk box" is getting ready. becky quick is live in new york at the nasdaq market site for a look at what's coming up >> good morning. great to see you both. we have a lot of things going on first day of spring, so we'll wear bright colors and wait for the snowstorm to bear down on us we'll talk about the issues that we've been covering for the last several days facebook will be front and center again today we will be joined by ken aletta, the new yorker writer and article. he will talk about how he sees the evolution of facebook. he thinks it's a problem of engineers running the company and being excited about what they can do. we'll dig into his theories. and the big issue that the street has been concerned about is what this will mean for

potential regulation this morning we will be joined by adam schiff, the ranking member from the intelligence committee in the house he can tell us what he thinks is going on, what he would like to hear from facebook and what may be coming down the pike for not just facebook but other silicon valley companies and then what to expect from the administration alex azar will be our "squawk" newsmaker this morning, talking about the budgeting, and health and human services issues. all this is coming up plus you have the fed meeting we have nathan sheets who will be talking to us about what you can expect to hear from the first press conference from our new fed chairman all of that in a few minutes back to you guys >> jam-packed show up next, a double dose of countdown clocks

we're counting down to the big fed decision and we're inching closer to another government shutdown. we're heading live to washington, d.c. for the very te when "worldwide exchange" returns.

a double dose of countdown clocks this wednesday. first we're about 8 hours away from the fed's latest decision on interest rates. that's followed by jay powell's first news conference as fed chair. we're also just days away from another government shutdown. it sounds like we're saying this as much as we're saying there's a nor'easter coming. congress has until midnight friday to pass a spending bill to keep the lights on and the government up and running in washington >> let's get the latest on the government shutdown threat ylan mui has more. it feels like deja vu all over

again. >> that's what i feel like i'm experiencing in washington once again lawmakers said they would finish negotiating that 1$1.3 trillion spending deal by midnight once again i woke up and there is still no deal the house planned to vote on thursday so the senate could wrap up its work before funding for the government runs out friday there's already rumbling amongst rank and file members of congress that they could have to pass another stop gap temporary funding measure to buy them more time and another shutdown, even a brief one, is a distinct possibility. the challenge is republicans and democrats will need to work together to get this done. they need 60 votes in the senate the gop needs help from democrats in the house because the conservative freedom caucus is expected to oppose the final deal i talked to david bratt of virginia, he said he can't support piling on to the national debt.

>> we don't like this. it's trillion dollar deficits now as far as the eye can see. we're about ready to hit 21 trillion the only group up here who doesn't have a lawyer and a lobbyist are the kids. >> the kids are the ones who have to eventually pay for this whole thing. guys, first thing's first, we need to see a deal and everyone here is waiting on bated breath for that to happen >> is there impetus for the lawmakers to do something more permanent than just kick the can down the road a couple weeks or months >> this deal was supposed to be a grand agreement to fund the government for the next two years so they wouldn't have to kick the can but there's a bunch of side deals about issues like the border wall, issues like low-income housing credits that are holding this up. so they can't seem to make it by that friday midnight deadline.

>> ylan, thank you >> let's talk more about this, joining sus tous is tony fratto. i imagine at this point constituents are feeling like we do yeah yeah, we've been down this road, we heard it before get to it and do your jobs >> it's becoming more of a feature of how we budget in the united states. constituents and markets also. if we were talking about the prospects of a shutdown, you would think markets would anticipate it. they know this has become normal drama of washington. there was a time in the past when appropriations committee would pass bills, we would get these things done without coming down to these deadlines. >> tony, you worked in the white house before you worked in a role that you had to face the public and tell

them what was going on is there a sense now that this kind of new regime, this new paradigm of only doing short-term budget funding deals to move things incrementally, is that just how we do things how frustrated does the american public have to be with that framework in place >> look, i think it's very confusing for constituents they know at the end it gets done there's some kind of deal. we see the countdown clocks. he with see members.shuttling te house and back and deals get done when you learn in a textbook how to do these things, it's not like this. i think it's actually a problem for the country. people don't get to see the individual bills they don't see the debate over why we're making decisions to spend money on the things we are. the immigration fight is a

perfect example. this has become a tradeoff between how much money for the wall versus how much time for the dreamers, the daca beneficiaries. there's no debate on it really >> and the wall, as most people might realize, it has been a big part of president trump's objective. lesser known is they're arguing if there's money going in for the rails on the east coast, how much do these behind-the-scenes tit-for-tat negotiations factor into the political calculations about how far can you go, how far can you take a stand >> it's all wrapped in together. you're trying to get votes to get this very big omnibus bill passed you're trying to find them where you can. the white house says it does not want the funding for the tunnel

between new jersey and new york city those of us who travel on the acela would love to see more investment there there are members of congress who want to see that funding members of congress on both sides of the immigration issue and other pieces of it because the freedom caucus will be sitting this out and because they need 60 votes in the senate, so they need democratic votes in the senate, it's this kind of horse trading on individual pieces of the omnibus to get a bill across >> if there's one thing that could be the key to unlocking a budget deal in this sit wauatio what would it be in. >> it's the president insisting on funding for his wall. democrats are holding out for -- they would prefer a permanent fix to the solution. if the president wants a permanent wall, they would like to see permanent protection for

dreamers that's what it will come down to >> appreciate that that's it for "worldwide exchange." "squawk x"s nebo ixt i'm leaving the track behind, but i'm not standing still... and with godaddy, i've made my ideas real. ♪ ♪ i made my own way, now it's time to make yours. ♪ ♪ everything is working, working, just like it should ♪

facebook fallout continues as shares tumbled yesterday. they look lower this morning as well following that major data collection scandal weather alert. another major snowstorm bearing down on the northeast. was yesterday -- i heard yesterday was the first day of spring i'm not sure we have the latest business travel forecast ahead. and it's fed day the central bank expected to hike rates and jay powell will hold his first news conference we'll tell you what to expect from that.

it's wednesday, march 21, 2018 it could be 16 inches. "squawk box" begins now. ♪ live from new york where business never sleeps, this is "squawk box. good morning, everybody. welcome to "squawk box" here on cnbc we are live from the nasdaq market site in times square. i'm becky quick along with joe kernen and mike santoli. andrew is off today. yesterday ended on an upnote for the markets after seesawing back and forth. this morning things are relatively flat. the nasdaq is under pressure as joe mentioned facebook shares looking like they'll be opening down today this morning the nasdaq is off by 14 points looks like the dow is flat as are the s&p 50