. >>> speaking of departures of the fed, today is federal reserve governor dan tarullo's last day inffice. he called the volcker rule too complicat complicated. he also suggested annual bank stress tests may not need a qualitative review. he was the main guy for bank regulation on the federal reserve board. a programming note, steve liesman will talk to him exclusive exclusively, "squawk box" 8:15 a.m. eastern. >> i don't think we should underplay this. this is significant. the banks, even though tarullo is outgoing, the banks will be pleased to hear this from someone who had been traditionally been their critic, seen as the enforcer of these rules. the volcker rule such a political one. they all argued, the banks, that they don't want to bring back prop trading but it's stopping their ability to market make to act with those security positions. if ever they have to take those positions on the balance sheet for the short-term, it's made it so much more prohibitively expensive and complicated to do that, to make markets for other clients because of the way the volcker rule is worded t

outgoing fed governor dan tarullo. final hour of "squawk box" begins right now. ♪ >>> live from the most powerful city in the world, new york. this is "squawk box." >>> good morning, welcome back to "squawk box" here on cnbc live from the nasdaq marketsite. i'm joe kernen along with becky quick and andrew ross sorkin. >> there is a financial times square in london. >> the "l.a. times" square. >> "new york times" -- >> i thought we were going with squawk square. >> longacre square. >> futures right now. >> turn green momentarily. we'll take a quick look. i think the s&p -- yep, green across the board now. had been lower. the s&p and now indicated up 1.6 points. the dow jones indicated up about 28. and the nasdaq indicated up around two treasury yields have risen a little bit. it was as low as almost under 2.3 yesterday on the ten-year. 2.36 basically today on the ten-year. >> knock our top stories this morning, the company that owns crispy people and keurig green mountain is adding panera bread to the mix. j.a.b. is tha

former fed governor dan tarullo has been the acting chair. some on wall street did not like dan tarullo thinks he was too tough on it. >> putting quarles there, it's not like you're putting somebody who disapproves of the agency or any rules at all. it's probably a different way to enforce some of those rules. >> right. >> but not somebody who is going to throw out every rule and say we're starting from scratch. >> right. >> like putti ting gruden in che of the epa. >> right. >> that was one of those things, dan tarullo knew where he stood. also by the way, the other news in politico this morning, richard kwad dry is going to be pushed down. >> go the easy way or the hard way. he said that he didn't make it quite as definitive, at least the reporting goes that he doesn't make it quite as definitive because it sounded like he wants to run for governor of ohio. >> nice way out? >> well, although they're worried about making it much easier for him to run if they give him a lot of publicity by forcing him out, it sounds like. here is the story th

our senior economics reporter steve leishman speaking earlier with dan tarullo and on the heels of this. a lot to discuss given tarullo's own retirement, exit interview. tell us the highlights. >> exactly. well, first i want to talk about the adp report which surged past the street's 180,000 estimate coming in at 260,000. this quickly prompting at least some wall street economists to boost their jobs forecast for the friday report which comes from the government. now, fed governor dan tarullo is leaving office after more than eight years on the job. he says the data bodes well for the outlook. >> the confidence and the durable goods orders, business investment plans are starting to move up as well. and those are some of the indications that in the next couple of quarters you will see renewed -- >> so now the february number was revised down substantially but it's still correctly pointing to the above consensus report. so the forecast was upped for march. look for others to do the same. it could be higher than the current 175,000. he said he's with the consensus and that calls for two mo

taking a shot at dan tarullo who rezi left recently.back to wilfred in paris. >> hi, sara. i wanted to step away this time from those tragic developments in paris yesterday and just ask more broadly the question of how people are planning to vote in this election. yesterday i hit the streets of paris and asked people exactly that. how they plan to vote. >> i'm going to vote for melenchon. i think it's the best candidate in order to make france great again. >> macron is not from the left, neither from the right, just in between. i think it's what we need in france. >> fillon. he has experience. looks like a president. >> do you think donald trump and marine le pen, there's similarity there's? >> probably. they go too far, too extreme to be credible. you have to have everybody together, not against each other. >> two big takeaways from yesterday doing that. nobody in paris told me they planned to vote for le pen. that's not much of surprise. we know she's stronger in rural areas. nationally she polled 28%, here in paris, 10%. and lots of

fed corner dan tarullo will be speaking this afternoon.morrow. >> on today's washington agenda, president trump plans to hold a town hall meeting with about 50 corporate leaders to talk about the ways to improve the business climate. among those expected to attend, ceos of citigroup, blackstone, jetblue, mastercard, new york stock exchange, and others. discussions will likely focus on infrastructure, modernizing government, workforce development, and creating a pro-business climate. andrew? >> the new york public corporation, is that what the actual group is coming together? >> the what? >> what is it, the new york corps -- new york public corporations. >> oh, is that -- >> i think that's the guys that are part of this group. but, different group every day these days. president trump signing a repeal of obama era broadband privacy rules. those rules never went into effect but they would have required broadband and wireless companies to get permission before sharing sensitive information about you, such as your location or websites you visi

i would refer people to what dan tarullo said about glass-steagall. go to the job summers. joining us, brad bechtel. the estimate is 180,000. what are you looking for? 145,000.fries is at we moved the forecast -- 180 -- 185,000. we moved the forecast up. it feels like the market is expecting something on the high side, there is a contingency looking for some weather-related give back. we have a little bit of latitude on the support given a wide expectation range. jonathan: in terms of how the payrolls report sets things up in the market, i do not remember the last time euro-dollar overnight was the slow going into a payrolls meeting. what is the signal in that? brad: absolutely. volatility remains low especially in light of the military action by the u.s.. it is externally. the market is relatively complacent. we have very covetable, at least, in terms of where things stand, and to me, that is a little bit surprising. i think risks are still underpriced relative to what could potentially happen. it is a bit surprising. alix: what is the asymmetric ris

dagen: is going to take over and for dan tarullo, dagen.dagen: talked about geopolitical risk are the 10 year yield to two and a quarter%. that's significantly off their recent highs. is that a sign that the market is anticipating geopolitical uncertainty and unrest? >> we have this compressing again. for the first time we've seen again down to 17 basis points possibly going negative again. all of those effects are pushing money into treasuries again embarrassed that constant data under the market. >> earlier we were talking about tax reform. how much in his earnings as a reflection of anticipation as companies may have the business friendly climate. >> there's a lot of unknowns on health care. they don't know how to play and insurance companies. a lot of unknowns about tax landing whether it's reform or tax cuts. there's a lot of things holding back people in terms of blending. most of the people who really have leveraged a period trained to donald trump says this is one of the more important parts of the policy, the rolling back of regula

yesterday head ofjamie dimon, the jpmorgan, and the man who has been his chief regulator, dan rive dan tarulloing regulations to be used and daniel tarullo agreed and some specs. joining us now is benjamin banbain. jamie dimon has been saying which should have less regulars in, but daniel tarullo with even some aspects of whic stress tests says we could come back on this one. what are you hearing out of washington when it goes to deregulation of the banks? benjamin: tarullo said it might be time to phase out some of these stress test, something that has been a headache for banks and they have complained about for some time. but we are starting to see in washington is really a pivot of these big platitudes of how we are going to come as trump would say, do a big number on dodd-frank coul. yesterday he said putting a big haircut on the law and putting it into action. we are seeing interesting points of agreement. you pointed out one from yesterday and points of disagreement. ashington is in a very calm place moment. a lot of people on capitol hill and industry side are waiting on what the trump

dan -- sue has the story. sue? >> i do, kelly. here's what mr. tarullo is saying.oo complicated, the dodd-frank rules did not hurt the economy, and says reduction of capital at u.s. banks would be ill-advised and suggests higher capitals for u.s. banks, but he did repeat the call to exempt ball banks and community banks from the dodd-frank rule. back to you. >> sue, thank you very much. you know, mike, obviously one of the most important regulatory figures that we have, but tomorrow's the last day, and we have an exit interview with him. >> true, but he gives voice to the theme out there about dodd-frank, one of the elements that is overbroad, so there might be -- >> means more trading in banks. >> you know, to some degree. i think a lot less kind of pain taking to categorize things as done as market making. i think it's more of a recordkeeping and one of these things that is a chilling effect. >> arguing for liquidity because inventory. >> i think they are flnot goingo tie on a will the of risk, but it's more about loosening up restrictions. >> we'll have more in