i'd like to welcome my very special guest, richard fisher. richard? >> well rick i hope so. i certainly hope to get on the golf course every now and then. but we'll see. >> all right. let's start at the beginning with something easy but super important. if you had to rate the u.s. economy zero to ten, ten the best zero being the least vibrant, where would you peg the u.s. economy at this point in time? >> in relative terms, relative to the rest of the world, close to the upper end of the scale broaching ten. we're number one. if you take the nafta countries as a whole, united states mexico, and canada this is the epicenter of world growth. that's why we have a strong dollar. that's why people are funneling month ty into the united states. we are a growth economy, as someone said earlier in the show. we're moving forward we have just had a huge tax cut in terms of oil prices. it may slow down employment growth in texas but it's good for the rest of the nation. we're in a sweet spot right now. the markets are high interest rate are low, the eco

i like richard fisher. he's a good man. stently overestimated the strength of the upturn and he's been, alas, wrong. wrong numerous times about the need to be vigilant when accommodation was called for. right now, he couldn't be more wrong. in fact, i wouldn't go so far as to say his call to action is dangerous. and will cause a tremendous downdraft if not a bear market in all worldwide equities and more important a dramatic decline in economic activity globally if the fed listens to him. fortunately, he's not a member and won't be participating in next week's discussions. i am not disagreeing with him that the tradition of the fed will be raising rates right now. the emergency rate is too low in a vacuum. we're in anything but a vacuum. right now the europeans are doing everything they can to debase the euro in order to get their economies moving at our expense and they've been very successful at it. we have important countries like mexico and brazil with currencies that are just being crushed right now. just on the fear th

. >> all right, pepsico announcing it has appointed richard fisher to its board. just days ago, he retired as president and ceo of the dallas federal reserve after a decade on the job. the pepsi ceo says fisher brings a deep knowledge of financial matters and breadth of global experience and expertise in international trade and regulatory matters. no doubt, fisher's a smart guy. but does he know the soda business? >> i think that ingenuity -- trying to build a board of people who really have a more broad look overseas. and domestically in terms of finance. economics. i will tell you that richard fisher -- i have said on this air that he was often wrong, because he's anti-accommodation. i add him to the pepsico board for that. you add him for his ability to provoke discussion. he's probably one of the foremost discussion provokers. >> what is he going to bring to the board? how do we market frito lay? how do we move volumes and cases of pepsi and diet pepsi? >> there's sometimes more to it than you want a board member who's got a worldly view if you're an internatio

that is in the minds of people like richard fisher.n the other side, the fed is very aware of the applications of its policy internationally. as for the tone of this ecology of markets you have a lot of borrowers overseas that are borrowing dollars. when interest rates rise that could put them on -- under some pressure. >> what is the new level if there is a new level? carl: we are still finding underage is. job creation has not all been that good. our feeling is that the fed may not be in as much as a rush to tighten. september would be the first suggestion for the rate increase. anna: is the economy -- with prices falling, perhaps that provides a boost to the consumer. are we seeing recovery in europe ? >> there is a favorable tone that we have not seen in some time and part of that is the momentum established but i would not underestimate the psychological benefit of the announcement of quantitative easing which is a tangible symbol that if mario draghi was saying it -- you would do what it takes, now he is actually doing it for all

richard fisher warns the delay in increasing rates risks triggering a recession.ming of the rate hike and he points out that the fed tightens policy and it has driven the economy into recession. the subject of unemployment is ending in the range of natural rate estimates. if he suggests the interest rates need to go up before 2015 let's have a look at what happens with the options market. that is where the traders think the rates will go with the chance of the increase by june. it seems there are increasing levels of betting going on in the market and we will see it. let's have a look at what is going on in new zealand. the dollar has been decreasing on the back of a scandal at a dairy company that had shares suspended. the primary industry says they will work closely and there has been a criminal threat to the formula. no evidence of contamination taking place. mark: the top story is melinda gates speaking on gender equality and saying that the u.s. has more to do. she told bloomberg that she does not think we are close to where we need to be. >> we have a woman

peter fisher stanley fisher richard fisher. confusing. at making news. we appreciate it. >>> coming up, -- there's a lot of sperlings too. scott sperling talks investing and the fed risks. and later biomarin stock -- you got it now. just sixes ago. the company's ceo joins us in just a bit. mfs, we believe in the power of active management. every day, our teams collaborate around the world to actively uncover, discuss and deba te invtment opportunitie s. which leads to better decisions for our clients. it's a uniquely collaborative approach you won't find anywhere else. put our global active management expertise to work for you. mfs. there is no expertise without collaboration. it's more than the cloud. it's security - and flexibility. it's where great ideas and vital data are stored. with centurylink you get advanced technology solutions from a trusted it partner. including cloud and hosting services - all backed by an industry leading broadband network and people committed to helping you grow your business. you get a company that's more

one of the fed's most outspoken members, richard fisher retires after a decade on the job. he once compared the market reaction to qe as akined to wearing beer goggles. in his final speech he urged the central baik central bank to end stimulus. holcomb will serve as active president. >> we want to get you up to speed on central bank policy grabbing the attention of investors. they kept their deposit rate unchanged at 1.25%. this doesn't go in line with what analysts were expecting. economists were expecting a .25% drop in their rate but here we are central bank of norway keeping their deposit rate unchanged at 1.25% despite a lack of cutting their rate. we are seeing a move in the equity markets. norway obx falling about .3%. the currency also strengthening against the euro after the norway central bank decision has come in. one of the countries given that it is western europe's largest oil exporting nation and has been negatively impacted by the drop we have seen in oil prices. >> absolutely. follows sweden's decision yesterday to cut rates further into negative territory.

many like the fed's richard fisher actually says the strong dollar is great for the economy. dollar was a big story. the euro is at an 11-year low against the dollar. absolutely amazing. you write about king dollar all the time. pro, con. what are you feeling? >> like anything, there's a balance here. the dollar has been climbing since june. >> eleven-year high, is that a balance? >> we have to go a long way to get back to where we were in the '90s and even further to get back to where we were in the '80s. estimates were coming down, a lot were the dollar. cost of goods go down, that's good. materials go down, that's good to the bottom line. it also keeps a lid on oil. oil is priced in dollars. that will benefit the consumer. there are pros. charles: i want to ask you, what do you think with the dollar, has it gone too far too fast? >> it's gone too far too fast. ultimately strong countries have strong currencies. long-term, it's a good thing the united states dollar is rallying this way. for the more near term, this is bad. the reason the dollar is soaring is because us equi

the plan being pushed by richard fisher would revoke the permanent position of vice chair it would be part of positions but wouldn't have an automatic vote. >>> opec will not take on the role of supporting prices alone. he added nonmembers need to share the responsibility and should participate if prices are to recover. the u.s. futures dipped on the comments. oil near the six-year lows. brent off some 1.6% today. >> and another sell-off in oil prices. speaking of oil, the world's biggest energy companies are selling record amounts of debt this year. taking advantage of low interest rates amid the plunge in oil prices. the financial times, the total debt raised in january and february jumped 60% from the fourth quarter last year. analyst say oil majors could be laying the ground for acquisitions borrowing to act fast if smaller produces become vulnerable. >>> coming up on "worldwide exchange." are investors friending facebook? we talked to one of the pioneers in the social networking space. we'll be back in a couple of minutes. [ male announcer ] ours was the first modern airliner, re

also coming up richard fisher's first interview since he retired after a decade as the president of the dallas fed. that's 10:30 a.m. on squawk on the street. that's it for today. have a great weekend. >>> good morning. a warning to the world with goldman sachs saying emerging market currencies are in for it. we'll talk to an investing man of mystery as well and ask the globe trotter what he makes of all the turmoil in global markets. and a big win for nike. the dow component. oh, that's right. i always forget that. posting better than expected earnings and an upbeat outlook on future orders. taking flight amazon gets the green light to test delivery drones outdoors so keep your eyes open. it's friday march 20th 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. it's a great day today. parts of europe are experiencing a total solar eclipse today. it happens when the sunrises at the north pole for the first time

visit ny.gov/business melissa: a few stories on our radar right now a big corporation move for richard fisherof directors. he just stepped down from his job at the bank on thursday. and a new tool helping parents monitor their children's driving. uh-oh. it is called teen drive. it will debut this year in the new chevy malibu. parents will get a report on how well their kids are doing behind the wheel. the system also will start nagging them when they're driving taos or their hair is too long -- too fast or their hair is too long. >>> 25 finalists fight it out for millions in prize money at the annual darpa competition. instead of feet one of them has tracks like a tank, it is called chimp and i'm joined by one of the lead designers of the national robotics engineering center. thank you so much for joining us. >> nice to be hoar, melissa. melissa: we're huge into robots in our family, so this is just enormous. chimp placed third in darpa in 2013, but now he's back. why is he ready to take the crown? >> yeah. we've within working hard -- been working hard day and night. we've got a great team o

we had richard fisher, the outgoing dallas fed president, he did an interview on the network earlier.r a, they're concerned he says there's a risk of a market correction and he thinks it's hyperover sold or they're mad because he's saying it's because traders are lazy and have been depending on the fed propping up the market too much. either way we're getting the traffic on it. number two on the hot list, here is one concerning for you, a survey was done something people whoo their first priority for saving should be. saving up for vacation got about 24% and saving for your ira about 8%. there is good news. 33% said maybe saving for a house. but still, vacation over the retirement account, that's kind of worrisome. finally, obamacare always pulls people in on the website. this time we got the irs, they sent out a bunch of lousy forms where if you're covered by obamacare, there's a mistake on it. they said you know what? you don't have to refile if you have already filed and we're not going to chase you for the extra money. sorry, folks. so a little breath of relief on obamacare there.

richard fisher the president said they need to make the move soon as we look at strong job growth. to europe it's not good news for businesses that are selling products and services overseas as they are seeing that significantly lower over the past couple quarters with a stronger dollar. let's look at the big board see how we're doing so far this morning and the dow giving up all of yesterday's gains right now. down about 186 points. michelle and franking back to you. >> not a good start. okay, jason brooks from kcbs news thank you. >>> parents of students at hayward's tennyson high school are on alert after a student tested positive for tuberculosis. a letter went out to families yesterday. it told parents the unidentified student will stay home until testing negative for the disease. tb is contagious through close frequent contact and it usually takes several exposures to become infected. >>> let's go to liz quick. she has a traffic alert. >> we do. it's all happening in berkeley but the backups are clear to pinole now. so if there's a freeway you want to avoid, it's the eastshor

former dallas fed president richard fisher only just retired, but he already has a new gig joining theays fisher brings global expertise in international trade and regulatory matters to the company. >>> the apple watch may have a bunch of fancy apps, but one crucial thing is missing, a web browser. of yeah. if you want to search the internet, you have to ask potential assistant siri and hope she comes up with the right information. samsung's gear smartwatch comes with full-fledged browsers already on them. >>> and apparently americans would rather have a fictional president than the real thing. only 46% of americans have a favorable opinion of president obama. compare that to martin sheen's "west wing" president who was rated favorably by 82% of nbc viewers. even kevin spacey's dark, twisted character comes out on top of president obama. he kills a passed-out congressman, but if you're a president, sure. 57% of the poll responsibilities said they have a favorable opinion of him. respondents. that's just sick. >>> all right, 2016 election officially kicked off with a tweet, texas senato

richard fisher of the dallas fed , he is not going to vote in the next meeting. what he had to say caught people's interest. the fed cannot wait to long for these interest rates. they run the risk of overshooting on their employment goal and causing unemployment to get artificially low which could cause a recession down the road sometime. whether or not he has any insight on with the fed will do next, people are paying attention. betty: it is inevitable. what are the other catalysts for the short term? mike: companies have this record amount of cash on their balance sheets right now. will the m&a wave continue to go on? look at qualcomm with a $10 million buyback this year. -- $10 billion buyback this year. everyone is wondering what they will signal. betty: what about sectors? mike: consumer discretionary is doing well. cheaper oil is helping. technology is doing well. raw material companies are doing -- a lot of that has to do with building materials. companies like balkan materials. betty: yesterday, we were talking about -- this six-year bull run is going to

charlie evans, richard fisher esther george. who do you like to pay attention to? >> fisher is retiring so his comments are likely to be a farewell speech. evans is in the weight told next year to raise rates camp. esther george, somewhat hawkish. she will give some insight intoonomy. williams is closest to janet yellen. somewhat of a moderate on the committee. betty: you would pay attention to him? >> he has been holding to that midyear timeline. -- tightening timeline. betty: this is a big job. karl, thank you for joining us. ♪ betty: moving and shaking this m morning, cornell detailed plans on how he will improve the business as a retailer which includes job cuts. the focus, debtor merchandise -- better merchandise. making changes like pulling out a candidate in january and refocusing target on key categories of merchandise. he said special attention will be spent to improving target's babies kids and grocery sections. smaller locations to cater to the urban dweller. target aims to cut $2 billion in the next two years, including about $500 million this year. tha

dallas fed president richard fisher is calling for the central bank to end it's monetary policy and press ahead with the interest rate hikes. he is steps down after ten years at the fed. >> it's been ten years? >> we know he'll probably be an nbc contributor? i would think. put in a call. really take his career to the next level. >> we should definitely do this. >> definitely. take his career to the next level. really make something of himself. among our stocks to watch this morning, qualcomm announcing it will buy back up to $15 billion of its shares and share it's quarterly dividend. shares of urban outfitters getting a boost. posting better than expected squartly results. same store sales rising for the first time in a year and sky works solutions will join the s&p 500. it will replace pet smart. >> let's check out the markets. yesterday you did see stocks bounce back again. looks like this morning we are hooking at triple digit declines in the early hours here. dow futures down by 100 points right now. s&p futures off by close to 12 and the nasdaq down by 18 points. in europe and the

the weather's very very important but a remainor to those saying like richard fisher departing the fedit's important that we raise rates right now. i struggle i struggle because what's so important about it? yes, the employment number but no wage growth. everything elses punk. it's not that great. >> interesting. >> absolutely. meantime the euro 1.0495 over night. comes back a bit today. you need the dollar to have three consecutive days of strength. >> if they take to 90 where it came -- take it to 28 cents where it was, not long after, they -- then you're going to be in a situation, really importing deflation and that's important. i don't want to see it. our goods are going to be way too expensive versus theirs. >> news hitting on intel, cutting guidance. >> i figured that. >> i immediately went to assuming maybe it has something to do with the dollar. but let me read it to you. the company announces fir quarter revenue expected to be below previous outlook, now expects first quarter revenue to be 12.8 billion, jill, plus or minus 300 million, compared to previous expectations of 13.

what you want to avoid doing is getting complacent or lazy as richard fisher said on air about a a week ago. >> it's funny. speaking of alternatives, tia cref is one of the biggest owners of grape acreages and almond acreages in the world. >> bought forestry land. >> david swenson. >> jim lowell the dollar for weeks we were hearing the dollar is in for a long haul. got a bull market going on. ever since the last fed meeting when janet yellen discussed the dollar we've seen it kind of stutter step here. now people are questioning whether he will see this bull market continue. is this a pause to refresh or are we seeing a little top of the action here, do you think? >> i bet it's a pause to refresh, especially the next six to nine months. there are plenty of things to worry about, all of them material. this is going to be driven by earnings. they may come in a little bit weaker than expected for q1. europe not only is not recessing, it is in fact growing as well. and japan is certainly growing on at least some measure. so we think when major economic regions are growing and jobs are still

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i think richard fisher who also has the best way of putting it. "the ad hocery of what we are doing is a bit of a concern to all of us at the table, but let's acknowledge the fact that we are in extraordinary circumstances, and we have to play ball according to what's on the field." now, janet yellin throughout this thing is more concerned than others around her with the economy, more concerned with declining inflation, lower unemployment. here's one thing she does bring to the table. she says "another disturbing sign of how tough things are getting is that people are going to be breaking into their piggy banks to make ends meet." tyler, there's one line in there that says yellin who ran simulations said if we did this according to the models we would have a negative federal funds rate of 6%. that's how much stimulus the fed's models at the time we had to do. >> they were stuck at zero. they would not go negative but the models at the time they were looking at showed 6%. this was a time of extraordinary history, extraordinary fear around the table

make sure to catch rick santelli's exclusive interview with dallas fed president richard fisher of amind with mr. santelli. that will be tomorrow on squawk on the street. time now for a business news update this hour. here's sue herrera with our headlines. sue? >> indeed bill. here's what's happening at this hour. an italian cruise line reporting five passengers from one of its ships were killed in that muslim attack in tunisia. four italians and one russian were killed. eight passengers were injured and costa now says it has canceled all upcoming stops in tunisian ports. >>> a verdict against dzhokar tsarnaev in the boston bombing marathon trial could come as soon from two weeks ago. that's what the "l.a. times" is reporting. earlier today, a massachusetts prosecutor says tsarnaev still faces that murder charge in connection with the death of an m.i.t. officer. >>> california's governor and other lawmakers calling for $1 billion in emergency drought spending. they unveiled a package today during a news conference. it includes local drought relief and infrastructure projects. nasa es

. >> so i think the story is that richard fisher said two things that one i think is worth paying attention to. the other one maybe -- he called for immediate rate increases, and i don't think that's going to be followed by the federal reserve, but he did discuss the issue of if they wait too long they're going to have to have a steeper incline of rates once they get there. i think that fear is shared on the federal reserve. the fed is going to want to begin increasing as soon as they think it's the right time to increase rates. i don't know when exactly that is. fisher throwing out the lack of wage growth. i think other members of the federal reserve think that's more important. >> yeah. a lot of different views on what exactly the right time is right? steve, thank you so much. let's get down to bob and take a look at the action there. there is a lot of action and it certainly seems to be caused by a perfect storm, bob. >> yeah. it's funny. we have most of the damage in the first 15 minutes, and then we were steady for the next several hours. now that europe has closed we drifted lower aga

. >> in a recent speech richard fisher, the president of the dallas federal reserve bank, has suggested a reorganization of the federal open market committee. specifically advocates for a rotating vice chairmanship of the federal open market committee, as well as a stronger role for regional banks on the committee. do you support any of mr. fisher's proposals? and why or why not? >> well, senator shelby, i think the current structure of the federal open market committee and the voting structure was decided on by congress a long time ago, after weighing a whole variety of considerations about the need for control, in washington, and in the importance of regional representation. it's, of course, something that congress could, if it wished revisit. very well. we have a broad range of opinion that's represented at the table and active debates. the decision to appoint the president of the new york fed as vice chair reflected the reality that the new york fed conducts open market operations on behalf of the system. and has special and deep expertise pertaining to financial markets, and i thin

now, i'm going to believe in richard fisher the dallas fed president, who insisted up and down over thecession, if you want to call it, that the texas economy is more diversified than oil. if that's the case i think the impact will be less than other crashes we've had in the oil marks. >> i heard your wonderful interview. >> that's right. you were in houston. >> i had a couple of questions of my own. keep it here. that's for a different day. you can catch the fed decision live tomorrow, of course, 2:00 eastern time. that's about four minutes ago, but in 24 hours, that will be followed by fed chairman janet yellin's news conference. the questions, the conference those are the big meetings. so let us now bring in diana olick. because steve and diana, don't make me get between you, because the two of you have been going back and forth on twitter, rather politely, over today's housing starts numbers. the commerce department said that starts fell 17% last month to their lowest level in a year. steve, you said it's the cold weather is the reason. diana, you said not so fast. diana, i'm going