we'll speak with former morgan stanley asia chairman stephen roach.e president is suffering from trade deficit disorder. plus, a new statue appearing in the financial district. it's a young girl standing up to the iconic bull of wall street, the ceo of state street global advisors is going to join us to explain. hey gary, what'd you got here? this bad boy is a mobile trading desk so that i can take my trading platform wherever i go. you know that thinkorswim seamlessly syncs across all your devices, right? oh, so my custom studies will go with me? anywhere you want to go! the market's hot! sync your platform on any device with thinkorswim. only at td ameritrade and her new mobile wedding business.tte at first, getting paid was tough... until she got quickbooks. now she sends invoices, sees when they've been viewed and-ta-dah-paid twice as fast for free. visit quickbooks-dot-com. i'm val. the orange money retirement squirrel from voya. i represent the money you save for the future. who's he? he's the green money you can spend now. what's up? gonna pay

. >> and roach's history is that he was the former head of morgan stanley asia, he knows a lot abouthinese, japanese economy. has been a strong voice for those economies. >> on the flip side, one problem is that china has savings rate are too high, because consumers are not having enough children, they're saving money and not shifting to being a consumer-led economy. >> the administration is focussed on trade deficits. my pick is in the "wall street journal." everybody's digesting what is called obamacare 2.0. it's a nuanced take in describing some republican plans, positives and negatives. here's one piece. instead of requiring grown-ups to shoulder their own health risks, it forced certain customers to buy overpriced policies so other customers could receive underpriced ones. the gop says it will retain a questionment th me part that requires insurers to cover pre-existing conditions. it's worth a read as we try to figure out some key components, and which ones will be political viable. >> holman jenkins a fan of the show that follows us. becky quick joins us from new york. >> sorr

stephen roach, former chairman of morgan stanley asia, thank you for joining us.arket closes next. take a look at how things are trading now with four minutes to go. no change for the dow. actually, no change across the board for the major indices. is what we are keeping an eye on, below $50 a barrel. ♪ ♪ scarlet: we are moments away from the closing bell. "what'd you miss?" marking the eighth anniversary of the bull market, but the big story the reveal of the 10 year treasuries topping 2.59%. [bell] scarlet: i'm scarlet fu. joe: i'm joe weisenthal. if you are tuning in on twitter, welcome to the closing bell coverage. ♪ scarlet: we begin with the market minutes, it is t minus one day for the jobs report. in the meantime, not a lot of action. joe: but it is misleading, because there is not much action here, but we have interesting stuff to talk about. scarlet: the eighth year anniversary of the bull market. 9, the s&p 500ch climbing 250%, a 97 month old bull market. and on a percentage gain basis, the third biggest rally trailing the rally from 1990-2000 and 1949-

asia has the dominance? mike: not too soon. the u.s. investment banks, goldman sachs, morgan stanley, they gain market share last year.s have the strongest balance sheet in a generation. -- they canplay deploy those balance sheets for investor activities. u.s. banks right now in a position of relative strength. vonnie: it turned bearish and then last year, there was a major news story that you changed your outlook for the bank. now you think there might be a little bit of rest. mike: i'd say, for the first time in the last year, i am now saying that perhaps too much of the trump bond has been -- the trump bump has been priced in. i think we will hear two words over the next several weeks, "sector rotation." first-quarter earnings should be pretty good but then i think you will see a rotation out of bank stocks. the aware of the short-term. vonnie: that interest margins look to be rising. that is a good and a bad thing for banks. which outweighs which. mike: the net interest margin is down 1/5 this decade, the lowest level since that's 55. it has been done. our earnings forecast, i think that net interest margins to in

asia has predominance again? mike: not too soon. the u.s. banks, investment banks -- goldman sachs, morgan stanleyare last year. the u.s. banks have the strongest balance sheet in a generation. u.s. banks can deploy those balance sheets to facilitate more investor activity. are in as right now position of relative strength. vonnie: you were super bullish on banks in the 1980's and then turned bearish team in 1990's, turned bearish, and that you change your outlook for the banks, very positive again, and now you think there might be over exuberance. mike: i would say for the first time last year i'm now saying that perhaps too much of the in.p bump has been priced there is short-term potential issues. i think we will hear 2 words over the next seven weeks, those are sector rotation. first-quarter earnings should be pretty good for the banks, but either at the time or before that, you will see a rotation out of bank stocks. be aware in the short term them even though i'm constructive over the several-year horizon. vonnie: net interest margins appear to be rising. which outweighs which? mike: higher