. >> you've just been listening to fed chair janet yelling -- janet yellen.ou is the message heard from today's testimony? >> negative rates, very back-and-forth on the legality of it, but whether she was prepared to use it. >> we had previously considered them and decided that they would not work well to foster accommodation back in 2010. in light of the experience of european countries and others that have gone to negative rates, we are taking a look at them again because we would want to be paired in the event that we needed to add accommodation. >> the mere fact that she is saying, again, confirming this is a tool we are considering, it may be something we are going to use -- it doesn't mean we are going to use it -- we are sharpening it, and it's an signal to markets. theater,le bit of psychotherapy, a lot of politics and very little information. i would disagree with one of brendan's characterizations. she was asked about the acts of negative interest rates. it doesn't mean that she are -- the ax of negative interest rate. it doesn't mean that they are

federal reserve chair janet yell federal reserve chair janet yellen is scheduled it testify before congress today. this will be her first appearance before lawmakers since the fed raised the key have rate in december. it was the first increase in nearly a decade. the fed expected to raise rates again sometime during 2016. store could go bankrupt by the weekend. sports authority missed a 20 million debt payment a month ago ago. negotiate negotiating with lenders, but if they don't reach an agreement or make a payment by sunday, they will have to file for bankruptcy and close half of the 450 stores and close half of the 450 stores. sports authorities spend $6 million a year to have its name on the denver broncos football stadium. meanwhile, sears says it will speed up the process of closing at least 50 stores. the store originally planned to shut down its slowest stores. and now they want to close them even faster. the retailer which also owns k-mart has shut down hundreds of sears and k-mart stores. sears is struggling to compete with other department stores and online retailers. new this mo

david: how sensitive is europe to what janet yelling is doing right now? ight now? >> interest rates don't really impact what we do. our the perspective of pricing is based upon where interest rates are today. as interest rates move up, our pricing changes. we put long-term debt in place that we are not subject to any near-term -- we never have a gun to our head from a capital markets perspective. stephanie: seeing that lending is getting more and more difficult for banks, banks are only ending up in worse shape, does that mean anything to you today? if banks can end up lending even less, will you end up lending more? >> it is a huge opportunity for us. the roles the banks are subject the banks areles subject to today present enough a partner for other people in the space. -- present an opportunity for other people in the space. stephanie: things have gone significantly worse for banks. are you changing your strategy or doubling down seeing that they are a bit more crippled? >> we build our business organically. debt team twoa years ago to take advantage of

. >> janet yell en. >> janet yellen? ♪ >> announcer: >> none of us really know.t they were saying is who really is janet yellen. is she a dove. is she a hawk? is she in charge? i think they all knew exactly who she was but none of us really, really do know who is janet yellen. i think that was the point. welcome back to "squawk box" here on cnbc first in business world wild. i'm joe kernen along with becky quick and andrew ross sorkin. we're counting down the employment report. likely added 180,000 jobs a big drop from the 292,000 december payroll number. unemployment rate is seen holding steady at 5%. we have an all-star panel here to get us ready. i ask myself who is mark zandi. who are you, really? are you and adp numbers cruncher, an economist. an enabler? >> i try to be in the middle. >> who are you? >> andrew has a recap. >> i have an idea who you are. we do. we know andrew. >> i think i do. >> to know me is to love me. >> that's very true. the news right now, citigroup says the markets are in well oiled death spiral. the firm's analyst point to four things

uh, janet, how about if i put your poor little tired feet up for you? i could do that too. ( yells ) here you are, janet. there's your coffee just like you like it-- strong with one sugar. ( chuckles ) you expect me to stir it? i can do it! thank you. how thoughtless of me. there you go. thank you, jack. that's ne, huh? yeah. mm-mm. thank you, chrissy. ( southern accent ): my, my, this is going to be a wonderful day. ( squawking ) you're a pretty little boy, aren't you? you know what today is? today's the day you get some nice clean sand come on, come on, say it. stanley. stanley. ( imitates bird whistling ) what are you doing? i'm making a noise like a parakeet. it's the only way to get your attention. i'd sprout feathers if i could. he gets lonely this time of the year. he likes me to talk to him. yeah, well, what about me? i get lonely all year long. wish you'd talk to me the way you talk to that bird. well, okay. you're a pretty little boy, aren't you? oh, stanley. you know, i bet you don't even remember what tomorrow is. tomorrow? tomorrow's sunday. now think. it only happens

janet. oh... i didn't know you had company. we don't. mr. and mrs. roper, this is jim walsh. how do you do? hi. he can't see. ( yelling ): i'm very pleased to meet you. this is my wife, mrs. roper. i'm blind, not deaf. oh, i'm sorry. pleased to meet you. i'm holding out my hand. now we're shaking hands. are you a friend of jack's? yeah, we were in the navy together. they let people like jack in the navy? people like what? you know... what? what's happening? oh, oh, mr. roper has one hand on his hip and he's tinkling with the other. not me, jack. oh, hi, mr. and mrs. roper. dinner's almost ready. we'll start on the salad. mr. roper, right over here. oh, my goodness the table looks just lovely. you sit right here. oh, thank you, jack. oh, isn't mr. walsh joining us? no. i'm waiting for jack to hit me. what? we were playing blackjack. i don't see any cards. no. they're in the kitchen. the kitchen. my lamb chops. i'll still be here, jack. say, jim, you know, i was just wondering if maybe you'd leave before you spoil jack's dinner party. yeah. can't you tell when you're not wanted? what kind of friend are you? you broads r

janet's birthday cake. oh, good. where's the birthday girl? she's keeping an eye on your birthday dinner. oh! ( yells ) oh, you shouldn't sneak up like that. you shouldn't turn around like that when i'm sneaking up like that. i was going to give you a big surprise birthday kiss. well, why did you have to sneak up? what do you want me to do? phone for an appointment? okay, you can kiss me now. no. the moment's ruined. maybe i'll go sneak up and surprise chrissy. it's not her birthday till january. why wait till the last minute? jack. i want my birthday kiss. all right. surprise. happy birthday. no, you. oh, right. you shouldn't have. my pleasure. ooh, ooh, gee, you're stuck. uh, well, there's no sense in wasting all this closeness. well, let's just save that for next year. just get my chain unstuck. i got it. oh, be careful. it's very special. why? my grandmother gave it to me. it used to have a beautiful cameo hanging from it. oh, did you lose it? no, i hocked it. it was about three months ago. we needed rent money. uh, jack, could i see you for a minute? sure. sorry, kid, you had your chance. hoo-ah

yelling over yellen. all right, david, for those that did not see it, let's talk to the viewers. >> the idea that janet yellen the idea that you would pay a bank to hold your savings is insane. favors are already getting killed. just about everyone in the country has a savings account. for them, not only are they making out very bad thing right now, they are getting very little interest. you have to pay a bank. i do not think that they will allow it to happen. it is very a responsible. >> would this hurt small savers? she said no. that is nuts. it is still higher than interest rates. inflation is higher. you are already losing. monetary policy from the fed. it enters the dude to you. you are obligated to get paid a certain amount. you are not supposed to lose your earnings. i worked hard to save a certain amount of money. i do not want that savings to be chipped away at. you have been more rewarded in the past. i think you should still be rewarded. i think that it is built on savings. if they pull their money out of the banks because they are getting charge for that money, what happens to savings and loans? t

yelling going on behind me as well. option pits get a bit rambunctious when questions and answers come into play. is it all about janet yellen? i can't tell you that. what i can tell you is with regard to the pre-release of her testimony the economy certainly isn't too high. now the real issue is that she didn't underscore that. that's too cold. that's my read t. reason that's important. i continue to say the biggest miscalculations of investors for 2016 may be that they look at what's going on within the economy and the global xi and decide that's enough to stop normalization. i think the feds embrking on normalization for many reasons, not necessarily all of them fall under conventional wisdom. look at it into today at five. it's a little bit long. a little bit short. a little of the cocoa bond. a little bit dead. a little equity. can you see it bounded around the time most of the reward were hitting the screen. open it up to a one week chart. this is fascinating. you notice the way we're holding 115. not interday on a closing yield basis. open the chart up to august of 2011. i've talked about the repeatedly the las

yelling on th hill. . >>> welcome back. we're live from post nine at the new york stock exchange. want to take you live to capitol hill. it is day two of janetyellen's testimony before the senate banking committee this time. as soon as the q&a starts, we will bring you there live. of course yesterday's testimony making headlines. she didn't whiexplicitly take mh off the table and that caused a little anxiety. those stocks finished flat yesterday. >> what is really interesting in today's show is the way in which you have presumably yellen being relatively optimistic about this economy again today as she was yesterday. when you hear from the ceos of expedia or pepsi, that actually the economy is not too bad, which raises the question as to why the markets keep falling. and why the focus of the markets in those falls moves from oil to high yield to china to the europe banks. and whether it's purely a market phenomenon, a repricing of assets almost irrespective of the underlying nature of what is going on because you don't have the fed blanket anymore or the perception of that. >> and then you get minto the question fifth day of the row with all