that's our steve liesman with the fed vice chair stan fischer, and, steve thank you so much.eresting the contrast between his remarks, especially at the end on that optimistic note and what we heard from alan greenspan yesterday but i guess you would imagine the fed vice chair to strike that kind of optimism. >> i think the key headline, it's about time to raise rates. that's what mr. fischer said. zero interest rate policy is far from normal he highlighted. the dollar strength is reflecting the strength of the u.s. economy. he gave a quick overview of the global economy. and he's optimistic about the u.s. economy. >> we'll see if that's borne out. there's much more to come on "closing bell." >> here is sue herera with a cnbc business news update. hello, sue. >> hi bob. here is what's happening. tim cook telling requesting the telegraph" the apple watch might replace the need for car keys. the paper quoting him saying the watch's battery will last the whole day and will 23409 take as long to charge as the iphone. >>> a u.s. agency says california will not get any federal wate

outlook for fed policy and the outlook for growth part of the interview i have coming up with stan fischer>> i'm excited for that steve liesman. don't get to hear from stan too often. the maestro of monetary economics. we'll look forward to that later on. >> i wouldn't call him -- sara i wouldn't use that term because the last time somebody was called maestro, it didn't work out too good. >> the great adult. that was his nickname. >> that works. >> that works. >>> retail now. tale of two turnarounds, different paths here. jcpenney missing estimates, while gap beat. both companies detailing path to profitability for investors on conference calls yesterday. courtney reagan joins us with details. the theme here is challenging environment for retail. >> definitely. retail in general going through major industry shifts with the integration of technology and the increasingly mobile 24/7 shopper. retailers are going through transformation of their own. for the past three years jcpenney has been going through transformation in two distinct stages. under two very different ceos. shares fell more th