rick rieder is cio at black rock, put out a new blog on the problems with negative interest rates. he's no fan. he's a fan of cnbc. he keeps coming back. rick rieder, welcome back. >> appreciate it. >> what perplexes me in part about negative interest rates, apart from the mind bending logic of it is the question, can you or can anyone cite an example where negative interest rates have been used and have produced the desired results? namely an increase in bank lending and an increase in overall economic output? >> so i would say, you know, i would say no is the answer to that. however, it is hard to prove when you implement a negative interest rate what the counterfacts would have been, what would have happened if you didn't. you create so many logistical problems. when you drop interest rates to such severely low levels, you're taking money from savers and handing it to borrowers. you saw that -- we dropped interest rates in 2009, 2010, and you had to do that to create some satisfaction for the system and to delever the economy. moving to a negative interest rate, it creates all s

joining us now is rick rieder, he oversees $1 trillion in assets under management.of something. our guest host is j.b., the co-founder and managing partner of his group. do you disagree with anything mr. liesman said? >> i think the comments were spot on. the new toy is we're going to negative rates. i don't think the federal reserve is in negative rates. we got a lot of data. they won't go with march. if you think about the next press conference is june, there's four pieces of employment data that comes out, four pieces of cpi, four pieces of core pc. there's a lot of data. i do think they will go down the road pointing to global conditions. absolutely. the market is not moving. i think the u.s. economy is slowing and the global economy is slowing. i think with itting be hard for the fed to go many times this year if at all. the markets are moved to -- >> i know you think that. on the market, do you think the market has priced in the down side? >> you talking about stocks or credit? >> both, actually. >> i think there's more volatility. i think we're still going to