i mean, listen, i'm not going to front run tim sloan here. for only the second time ever, i'm probably going to agree with rick santelli on air, and say that haigher interest rates fro that standpoint is probably not the worst idea in the world. >> hey, rick, let me just take it off our shores for a moment. you've been doing a lot of reporting and discussing of japan and the jgbs this week and the fall on the yen. give me some take of the volatility we're seeing in the nikkei, the yen and particularly the jgbs, and what it could mean particularly for this u.s. market on the bond and the stock side. >> i think it's a philosophical question more than anything. we just heard one of our guests early in the segment say, you know what, it depends on what ben does, what the committee thinks. you know what, it also depends on what the positions in very old markets like the jgb with their historic low yields. they've had days where they've had 30 welco, 40% of the entire ten-year yield change hands in one section, from 32 to 65 basis points. today the

tim sloan, then, will join us on closing bell for a first on cnbc interview at 3 ook p.m. eastern.w you will stay up to watch outline those. >> we will, seema. thanks very much, indeed, for that. now, as well, we'll be heading out to augusta national golf club, as well, to take in the sights and sounds of the masters. >>> meanwhile, let's bring in shandi rice and gerard cassidy, as well, to talk about bank earnings. thanks very much indeed for joining us. let's kick it off with you, gerard. the investment banking is expected to bring in the bulk of the profits. what are you looking for in particular? >> what we're anticipating for the investment banking area, the fixed income activity is the area we expect to see strong growth relative to the fourth quarter. first quarter results for fixed income trading for all the investment banks is expected to be strong. where the weakness will be is in equities opinion equity trading as well as equity underwriting. the fixed income should be the real horse in the first quarter for the investment banks. >> and the stock has done pretty well, ri