This amid reports theyre following in wall streets footsteps with a minimum wage hike. The sec paves the way to vote on a potential spin off. And welcome to Worldwide Exchange. The fed did it again. Removing the word patient but saying the rate rise would not come as likely. The nasdaq composite breaking 5,000 briefly in yesterdays session. Lets take a look at u. S. Futures right now. They are pointing to a lower open despite the rally that we saw yesterday so it does seem like theres a little bit of nervousness in the market. Investors still trying to assess what that fed statement means for Global Markets. The dow down 53 points in todays trade and premarket but back to the rally we saw yesterday utilities moving higher and lower Interest Rates makes dividend yields look relatively more attractive. In response we saw the dow utilities gain 2. 6 in yesterdays trade. Energy stocks also gained ground in yesterdays trade and a surprise by many janet yellen addressed the negative impact of the stronger dollar. We did see it post the worst day since march of 2009. In response emerging markets rallied and you have to take a look at the euro dollar trade but very interested in yesterdays trade. The euro gaining ground against the dollar but a reverse in todays trade. The euro at 1. 6. We had 110 against the u. S. Dollar. So janet yellen what she had to say, major implications not just for equity prices but the currency market as well. Well be discussing that later in the show. We saw a yield compression across the border at the 30 year yield from 2. 52 so we had more compression on that yield overnight but we did see more at the short end as one would expect of course given the nature of Interest Rates that janet yellen was talking about it did fall to 1. 96 but i would temper the moves given that janet yellen last spoke late february. We saw yields move on the ten year below 2 to 1. 9 and quickly back up to 2. 1 again when the data continued to come out and i wonder whether these moves weve seen over the last 24 hours will quickly be he erased if data continues to be impressive. Lets look at commodities. Also a very interesting move yesterday. Of course the strong dollar coming back allowed oil prices to rally. We saw brent up as much as 6 yesterday and wti up as much as 3 . That has been reversed today. Weve seen the u. S. Dollar bounce back again to strength today and thats hurt that rally that we saw in oil prices yesterday lets have a quick look at european markets. They continued where the u. S. Left off yesterday though not with the same enthusiasm. You can see the dax is just below flat. France just above flat but the ftse 100 is leading higher. We had more strength about ahalf an hour or so ago. The ftse 100 did hit a fresh all time high. It had a strong day yesterday even though Continental Europe was weak polling the u. K. Budget and minutes. Its at 6962 up a quarter of a percent today. Quick look at asian market which is found a bit of strength off the rally. Sensex up today. Japan up. 3 . The fed frees itself to start raising Interest Rates but signals its in no rush. The fed dropped its pledge to remain patient but sharply lowered its projected path for rate hikes amid growth and inflation. The market is pricing in an october lift off abandoning previous forecasts for june but janet yellen says a move this summer is not off the table. We consider it unlikely that Economic Conditions will warrant it at the april meeting. But it would be warranted at any other meeting depending on how the economy evolves. This does not mean that an increase will necessarily occur in june. Also we cant rule that out. And i guess this is what it looks like when doves fly. Despite what futures are indicating right now a Global Market rally we saw yesterday it was interesting to see the equity out performance on wall street. Nasdaq also pushing higher. Janet yellen could not have orchestrated a better fed statement because she did use a hawkish tone in terms of removing patients but then lowering the growth outlet which means a rate hike is not coming in the near future. I was surprised to see the extend of yesterdays risk on mover. Because we basically got what we expect expected. I dont think this changes when we expect rate rises to go up. Thats where we were before and as i said i think we should point back and remember he when she made her commentary in late february in front of congress. That was interrupted as dovish at the time but very quickly as the data continued to be good we saw rate rise expectations stay around june. Thats what we should be focussing on. There definitely seems to be a lack of clarity on when well get the rate rise but it was interesting to see how janet yellen did reference the stronger dollar which has been a big market story over the past couple of months. In the Asian Financial crisis in 1998 when we did see the strengthening of the dollar the fed didnt reference the dollar at any point but she is saying it could be a concern. It has had an impact on export growth. Absolutely a strong dollar we could expect them to mention i suppose given how strong the rally has been despite of what you say in 1998. Still no clarity on when well get rate rises. I dont think we can have clarity. What we have is its possible to happen this summer and thats why i maintain we should be focused on the data and not the rhetoric. We should be delivering a crisp and precise fed statement but its not as easy to do. What if the data changes in between. You cant say were going to do it in september. I think the fed should know more than the market and what to expect. They cant predict the future though. Thats what economists do. They should know what were going to see. Tightening of the labor market and when inflation will rise. She took out the word patience allowing a rise from june onwards but still data dependent. And janet yellen a mastermind of words. One of the feds 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 doesnt 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 europes largest oil exporting nation and has been negatively impacted by the drop we have seen in oil prices. Absolutely. Follows swedens decision yesterday to cut rates further into negative territory. Lets give you a run down of what to watch in the u. S. Weekly jobless claims are out at 8 30 a. M. Eastern. Theyre expected to rise but seen falling as the overall job market improves. Also at 8 30 we measure the goods and services out of the u. S. At 10 00, the survey that tracks regional conditions in the monthly index is out. As for earnings look for results from the opening of the home builder and after the close from nike. Lets look at the other top stories at this hour. Apple makes its debut as a dow component today. Theyre replacing at t which has been in the dow for nearly a century. While its a nod to the strengthening of the companys brand its not likely to be a market moving event. It was the most heavily weighted stock in the nasdaq 100 which is based on market cap. Its only 5th weighted stock in the dow based on stock price. Despite having a largest market cap, apple does rank 5th in the dow and thats because the dow is price weighted not market cap weighted. I wonder as well approximate this is going to over the longterm workout perfectly for the nasdaq because apple lead the nasdaq higher over the last decade or so and its moving after it had a great run itself. If it does now pull back it wont pull the nasdaq down with it. In terms of price action what to expect with apple now officially joining the dow, recent data means this does not necessarily translate into immediate gains. Data shows that new blue chips tend to on average underperform after joining the dow. Well have to see if apple follows history or bucks the trend. Absolutely. Also raises a separate question about what is the point of the dow being equal weighted. Love the passion. Needs to update with the future. Why are they listening to us . Hopefully they are. Lets stick with apple. The launch of the apple watch a month away. Theyre bracing for fresh competition from the tech giant but the president spoke to cnbc at the world trade show and insisted that Swiss Technology was far superior. He certainty has nothing to do with the price. The he certainty has to do, can it be repaired in 1,000 years . Can it be repaired . Lets make it easy in 80 years . Can your Children Wear the watch . No. Why . Because it will not work anymore. The technology will be gone. So it has nothing to do with the price. It has to do with the way you make it. A rather out spoken executive. Meanwhile they have unveiled a 40 million watch at the event in switzerland. Its still up for sale. The time piece is called the fastinator. Its a detachable 38 carat pear shaped pearl. My 30th birthday is coming up seema. I will accept it warmly. Okay. I will keep that in mind for you. So this is the most expensive time piece ever created. You can read all about that watch and plenty more on our website, head to cnbc. Com. Putting a lot of focus on watches given the unveil of apple watch which was just last week. Will it be a game changer for the company . Will it be something that is receptive among customers . Absolutely on sale in a month. One aspect to watch. Next up here on Worldwide Exchange tensions flair between greeces Prime Minister and the countrys creditors ahead of todays eu summit. We cross live to brussels after the break. The dollar fights back after the biggest daily drop in 18 months yesterday. Target set to pay out 10 million for the massive data breach and a spin off if the lender opposes the move. Tensions are running high between greece and its creditors ahead of todays eu summit in brussels. Last night the Prime Minister said the government would end austerity. He is due to meet with his german and french counter parts on the sidelines of the summit this evening. Lets get out to julia live in brussels. Is it becoming a blame game rather than a solution game . Well theres a lot of talk and theres been a lot of noise regarding what the situation is in greece. A lot of tension between the finance ministries of greece and germany. The hope today is we can bring together them and come up with a political solution. Thats the hopes on the greek side. Certainly as far as theyre concernedly quiddity Liquidity Provision was something they gained and thats the comment i have been making each time i have been in brussels and greece has been the topic of conversation. We know they have to make debt repayments and roll tbills and right now the situation as far as theyre concerned is tense. We also had the president of the euro group comparing the greek situation with see press and the fact that capital controls remained in the euro zone. That inflating concerns in greece that this is not the situation that greece finds itself in. The question is can they rise above some of the noise and come out with a solution but of course as you mentioned also, he is saying to his own people were not going to have austerity. Well stick by it. We also saw them talking about the humanitarian crisis bill in parliament yesterday. At the same time germany and Angela Merkel have to go back to her population and appease them and whats crucial is the shift weve seen in germany just in the last month. According to the latest poll 59 of germans willing to see greece leave the euro zone. Thats an 11 point shift in the last month. Thats what merkel is dealing with back home. The greeks have their own crisis to deal with too. Can both of these leaders come together and wrestle out some form of solution in the interim. Time running short. Guys back to you. Julia, thank you so much. Lets look at todays other top stories. Target agreed to pay 10 million to settle a Class Action Lawsuit over the retailers massive data breach in 2014. At least 40 million cards were exposed resulting in the theft of 110 million peoples personal information. Separate reports say target will boost the minimum wage for all employees to 9 an hour effective next month. This matches moves driven by wall street and tjx the parent of tj maxx. This is just a report but suggesting raising the minimum wage for workers to 9 an hour. Price action down. 2 in frankfurt. Rakuten has confirmed it will purchase overdrive for about 410 million. It offers ebook rental services to schools and libraries. The deal expected to close next month, comes a week after they lead a 530 million funding round for u. S. Ride sharing service lift. Now the sec clears the way for bank of america shareholders to vote on whether the bank should form a plan to break itself up spinning off its Investment Banking business. This is a victory for bart naylor who works for the nonprofit public citizen. Its also a reversal for the sec that rejected nearly identical proposals at bank of america, citi group and jp morgan. Lets have a look. Its down about. 3 . Still to come on the show as netanyahu attempts to form a new Israeli Government how will he impact u. S. Nuclear talks with iran . We cross live to find out after this break. Stick with us. Shopping online is as easy as it gets. Wouldnt it be great if hiring plumbers carpenters and even piano tuners were just as simple . Thanks to angies list, now it is. Weve made hiring anyone from a handyman to a dog walker as simple as a few clicks. Buy their services directly at angiealist. Com. No more calling around. No more hassles. And you dont even have to be a member to start shopping today angies list is revolutionizing local service again. Visit angieslist. Com today. Benjamin netanyahu celebrated his win with a visit to the wailing wall in jerusalem. But hes met with international criticism. The disapproval of him abandoning his commitment to a palestinian state. U. S. Secretary of state john kerry is continuing talks with his iranian counter part in switzerland with a deadline for a nuclear deal fast approaching. Hadley, stern words coming from the u. S. Thats right. You have a situation where he said theres not going to be a twostate solution if i am in power and they did vote him in again. He got 30 seats. So clearly thats something that theyre very passionate about and something that they agree with and you also have him on another Foreign Policy issue deer dear to the united states. Thats his visit to congress a few weeks ago for that very controversial speech ruffling feathers in the administration though they were less likely to say anything publicly. Of course that relationship has never been a very positive one. Its always been quite contentious but this speaks to the new and broader strategy coming from the white house late yesterday which is theyre taking this as the green light to move ahead with the issues they feel strongly about and one is Palestinian Statehood and it seems as if president obama has decided to kind of skirt the Prime Minister. We talked a lot about yesterday about how Prime Minister benjamin netanyahu, simply Prime Minister again how his Foreign Policy has become a liability for this country and if the president moves forward with the palestinian issue which he seems likely now to do and also of course with the Nuclear Negotiations it seems as if he has pretty much sidelined benjamin netanyahu. Hadley thank you for that. Lets take a look at futures. Janet yellen has run out of patience and wall street couldnt be happier fuelling a major rally on wall street but futures indicating this rally will not last. The dow down about 35 points in premarket trade. The nasdaq down a point. S p down 2. Were back with more of this short break. A big market day. Welcome to Worldwide Exchange. The federally fizzles. U. S. Futures point to a lower open after a late rally on wall street yesterday but european markets push higher with the ftse 100 hitting a fresh record high. The dollar fights back after the biggest daily fall in 18 months yesterday. Todays move puts oil back on the slide with wti hovering around 43. Target agrees to a 10 million settlement for last years credit card breach. This amid reports the retail giant is following in wall streets footsteps with a minimum wage hike. The sec paves the way for bank of america shareholders to vote on a spin off of its invest lt bank but the lender stands against the plan. If youre just tuning in thank you for joining us here on Worldwide Exchange. Heres how markets are fairing ahead of the open. Futures indicating a lower open. The fed removing the word patient from its statement but sounding a dovish tone that a rate hike wont be in the near future. In response we did see a rally on wall street. The dow closing above 18,000 and following the rebound in the u. S. And overnight in asia european markets right now joining in on the cheer. In fact the ftse 100 hitting a record high this morning. The xetra dax reclaiming a bit of ground up about 16 points or just below 12,000. Cac 40 at 5,044. Lingering concerns around greece. The greek equity stock market down. 14 . This despite the move in the euro which is strengthening against the dollar as traders covered their shorts as yellen of course referenced the negative impact of the dollar. The dollar index by the way selling off in yesterdays trade witnessing its biggest move in six years and that had a big impact on emerging market currencies but before we get to that take a look at the euro at 106 against the u. S. Dollar. Markets did rally quite significantly. The dollar got a bit soft and you can see that has been reversed in full for wti today. Its down some 3. 3 today. Brent off 1 . Were looking at 55. 3 for brent. And gold continues to be soft in and around the 1100 to 1200 levels. Now the u. K. Government declared victory. Delivering the final budget he hailed britain as the come backcountry. The leader of the opposition confidently predicted we would fail. The shadow chancellor repeated that prediction last week but i can announce this to the house, the hard work and sacrifice of the british people has paid off, the original debt target in my first budget has been met. We will end this parliament with Britains National debt share falling. The sun is starting to shine and we are fixing the roof. We will be talking to him shortly in the program. Another big story apple makes its debut as a dow component. The iphone maker is replacing at t thats been in the dow for a century. While apples inclusion is a nod to the strength of the companys brand its not likely to be a market moving event. It will be the fifth weighted stock in the dow and as we were discussing before the dow is a price weighted index and not a market cap weighted index. Well be looking to see what happens with it. Why is it based on equal price action. Historically its one of the first indexes to be created on wall street. Perhaps thats what they had back in the day. Versus the nasdaq which of course as we know is market weighted. Exactly all major indices are which is the sensible approach but price weighting is for historical reasons but it doesnt make sense anymore. Data does show that historically when companies do join the dow they dont necessarily out perform. Well have to see if apple bucks the trend or follows history. That will be something we will watch. In other words they unveiled a 40 million watch at the world event in switzerland. The time piece is called the fastinator and coated in white diamonds. It has a detachable diamond in case you want to wear the ring. I think its risky. It falls off and you lose it. Its the most expensive time piece ever created. You can read about that and more on our website. Head to cnbc. Com. Coming up people everywhere are suffering today from a case of march madness as they gear up for a marathon weekend of college basketball. Even president obama is getting in on the action. We look at the big business of the ncaa tournament coming up next. The u. K. Government declared victory in the final preelection budget. On set with me is our u. K. Business editorful thank you for joining us this morning. The sun is shining. Chancellors budget yesterday has gone down very well. Is that causing you concern this morning . Well i have been involved in budgets in our country for 20 years and one of the things you learn is that you cant judge a budget until 24 or 36 hours because on the first day the chancellor gets the headlines and then people look to see whats really going on and i think what were already seeing is that the independent office for budget responsibility are highlighting that the cuts in public spending in the next three years will be deeper than the last five. That will be dangerous to our public services. When you look at the Living Standards people are worse off than in 2010 and not better off and if you look at the quality of our recovery on exports, on Business Investment, on productivity Business Investment revised down and weak productivity lasting through the forecast period so im afraid its rather more murky than the sunny day youre describing. It says its going to be a roller coaster ride having the deeper cuts but essentially what George Osborne unveiled yesterday was rolling back of austerity. That really brings spending on the state to 36 of gdp. So what is your problem with that austerity program. Look 36 is as a goal is unprecedented in post war britain. There was one year under labor when we got it down to that level but it was too low and we then increased spending in the years after. I think as a goal this was difficult to achieve. They will be more severe than in this parliament. People think its been tough already. A big scaling back of our armed forces. More cuts to police. I think in the end youll cut our National Health service and both of those will be very worrying to people so the end of George Osborne austerity i think youre buying the spin. The substance doesnt accord with that at all. Ahead of the budget yesterday your colleague said he had no problems making millions of pounds. Is that the view that you share. Of course. And will that not send a message against that and similarly price setting for energy companies. Look i want to live in a country where its fair and working people get a fair part of it and we back entrepreneurs and Small Companies and in a country where people that earn large salaries pay their fair share and i think its fair to say to people with houses worth over 2 Million Pounds we need you to make a contribution to save our National Health service. Those high Value Properties are undertaxed compared to other properties. Similarly its fair to say to people in the highest earnings we want you to pay a higher tax rate while we get our deficit down. I think thats fair. I think also we should be abollishing the bedroom tax which is a real assault on the vulnerable and raising the minimum wage in a sensible way in the next few years. All of these are consistent. Its a different vision of society from George Osborne and David Cameron but its one in which we back Wealth Creators and ask people in the highest incomes to pay a fair share so that we can have Strong Public Services and support working people. Thank you very much for joining us. We appreciate it. Back to wall street and the rally we saw yesterday. The second largest retailer in the u. S. May be following the moves of wall street and t. J. Maxx. Theyll boost the minimum wage for all employees to 9 an hour effective next month. Shares did fall about 1 in extended trade but keep in mind shares up about 20 over the last six months. March madness tips off today with 16 games down for decision. Basketball fans are busy filling out brackets ahead of the big dance. What will the tournament bring to the host city and the broadcasters . Eric joins us to break down the march madness numbers. Yeah. There will be 16 games. Theres a lot of money. They made over 1 billion in commercials. Spent 10 billion for the rights to the game for several years and General Motors spent 83 million by themselves on commercials. Theres a lot of big sponsors here. Were looking at super bowl type numbers and on the slip side theres a lot of gambling going on here. Worldwide estimates of about 12 billion will be spent on the tournament. Casinos are looking to profit about 100 million and what does this mean . A lot of lost productivity. Some estimates range between 1,000,000,002 beside per hour in lost productivity for American Workers focussing on their brackets rather than doing any work at all and if youre looking for one school thats the main School Everyone is talking about the university of kentucky theyre about a 50 chance of winning the entire thing. Thats the big favorite. President obama picking kentucky but thats a safe and conservative pick. Everybody expects them to win, right . Well thats the problem. First off we talk about lost productivity. Here we have president obama that spent time making his own bracket and put it on television and yes he went with kentucky. Thats the team that everyone is picking because they went undefeated this year. So you either pick kentucky or somebody else. Obama if you think about what is he doing, going with the safe pick. The conservative pick. Hes not taking a risk. If he gets it right he looks like he made the smart move. If he gets it wrong nobody can blame him because he went with the favorite team. I would do something more aggressive and take a risk because if kentucky wins the tournament youre not going to win the bracket because somebody will probably beat you. Obamas brotherinlaw was the head basketball coach at oregon state. His whole family grew up playing. Michelle obama was a big basketball player too. This is a basketball family. They do know a lot about the sport. Obama picking kentucky but what about some of the Hedge Fund Titans out there . Do we know what their top picks are . I know lawrence wrote a story at cnbc. Com. He has all the hedge fund picks out there. Check that out. When i talk to the professional gamblers that i know they look at teams like villanova. Think about stocks that dont give you a conservative trade but you could out perform the market. Villanova can be really risky and get you far into the tournament. Ncaa march madness kicking off. Thank you for joining us early in the morning eric. We appreciate it. Other news yahoo is pulling the plug in china. Reports say the company is shutting down its Research Center in beijing and cutting 200 to 300 workers. The only fiscal presence in Mainland China was made up of engineers. Marissa myer is under pressure after they urged her to cut cost by up to 500 million. Shares of yahoo up about 1 in frankfurt. Uber is looking to overtake rivals in china. The San Francisco based firm signed a deal with luxury auto dealer for discounts on car purchases for uber driver. They face head winds in europe following a ban yesterday on the services in germany. Before the break lets remind you of the headlines. The federally fizzles as the dollar fights back after the biggest daily drop in 18 months. Target setgets set to pay 10 million and shareholders get the green light to vote on the spin off but the lender opposes the move. Strong for the ftse 100. Today slight strength across the board in europe but nothing like the strength in late u. S. Trade yesterday after Janet Yellens comments that were interpreted as dovish. Lets have a look at the euro dollar. That saw a lot of price action yesterday. Statements suggested a rate rise was further away than previously anticipated. We saw the euro bounce back strongly against the recent trends although today that is un unraveling once again. Euro is weaker against the dollar. Quick look at commodities. Brent up 6 . Wti up 3 . Completely unwound today. Thats down 3 for wti. Brent also losing some ground. Down. 7 at 55. 5. Well of course it was the rebound in commodities and the weakness in the dollar that sent u. S. Stocks sharply higher. We looked at the dow up better than 1 . The s p 500 also up 1 . The tech heavy nasdaq breaking 5,000. A fresh 15 year high for the nasdaq composite. Thats how we ended in yesterdays trade but check out futures indicating a very different open. A negative open. Down about 34 points in premarket trade. S p 500 down about 4 points in premarket. Now as expected the fed dropped its pledge to remain patient but also sharply lowered its projected path for rate hikes amid weaker forecasts for u. S. Growth and inflation. As a result the market is mostly pricing in an october liftoff abandoning previous forecasts for june but janet yellen says a move this summer is not off the table. We consider it unlikely that Economic Conditions will warrant an increase in the target range at the april meeting such an increase could be warranted at any later meeting depending on how the economy evolves. This change does not mean that an increase will necessarily occur in june. Joining us to discuss is lindsey piegza. A stunning session on wall street. The markets cheering the feds rather dovish statement but also seems like the fed is becoming more cautious. Second guessing the help of the u. S. Economy so perhaps markets shouldnt be cheering and thats why u. S. Futures are down right now. There certainly was a lot going on yesterday. A little bit in line with what we see from march madness but it was a clear position. On the one hand the fed did remove that clear wording of patience suggesting that the fed was ready to raise rates in the near term as soon as possibly june. On the other hand the fed significantly lowered their forecast for growth inflation as well as the pathway for rates suggesting that the time line for lift off was much further out into the future. So although this did seem seemingly contradictory this is a very crafty move by the fed. On the one hand they were able to control the markets reaction or overreax to removal of the key language. They were able to extend the market eck peckation for a mid year rate increase out to the end of the year. By doing these two moves in tandem they were able to control an overreaction by changes in language. We saw the u. S. Ten year back around the 1. 9 levels was back in late february following congress. Rate rise expectations back closer. Should we be more focused on the data. Data continues to be good. Exactly. You have to look at one thing it is the data. The fed has been clear that they remain data dependent. If they continue to underperform that will be the key driver of a change in Monetary Policy and that time line for lift off. Possibly 2016. The quote of the day was just because we removed the word patient doesnt mean we are going to be impatient. There were so many tweets right when janet yellen said that. My question to you rate estimates for 2015 16 and 17 have come down considerably. Is that because the fed is reacting to the recent bout of disappointing data or does this have to do with expersonal factors like weakness in euro and stronger dollar . This is a new level. Talking about being impatient, patient, back and forth but the pathway for rate increases and significant deline to. 625 kpem my identifies how we see the fundamentals in the u. S. But its both the fundamentals domestically in declining inflation and lingering under utilization of resources but also the International Development including Central Bank Policy around the world. Geopolitical turmoil. A rising u. S. Dollar. All of these factors providing barriers and burdens to that even actual lift off. Are you surprised that janet yellen referenced the stronger dollar and the impact on export growth . It seems like she is listening to what markets have been saying over the past couple of months. Its interesting it was a rare move in january that they even added in the wording of International Development to the statement. Prior to that the fed had really discount discounted the weakness on the global stage but it was very acceptable for her to further expound on the impact that International Developments are having on the domestic economy including the external sector as a rise in u. S. Dollars makes u. S. Made goods relatively less attractive to the markets. Absolutely. The dollar now up about 20 over the past 1 year. Well leave it there. Chief economist at stern ag. Thank you for your time. Lets get you a run down of what to watch this trading day. Weakly jobless claims are out and theyre expected to rise but continuing claims are seen following as the overall job market improves. Also out we get the 4th quarter current account which measures the flow of goods and services in and out of the u. S. The deficit expected to have widened and the latest fed survey which tracks conditions and monthly index of leading indicators is out. The swiss frank has weakened. The currency remains overvalued and should weaken overtime. Stay tuned because european and u. K. Viewers can hear more on what the central bank has to say in our interview with the snb chairman coming up in just over an hours time. But for now thats all weve got for Worldwide Exchange. From here in london have a lovely day. Im wilfred frost. Im seema mody. Next up is squawk box. Have a great day everyone. Just because we removed the word patient from the statement doesnt mean were going to be impatient. The Global Markets this morning. Plus breaking Corporate News target agrees to pay 10 million to settle a lawsuit from the big data breach and watch the shares of apple. The stock is officially a dow component. Its march 19th 2015 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. Im becky quick with joe kernen and andrew ross sorkin. Trying to make sense of what the fed has done. A rate hike could come as early as early june but they also slashed Interest Rate projections over the next few years and cut the outlook for the economy. After the initial increase in the target funds rate our policy is likely to remain highly accommodative to support continued progress toward our objectives of maximum employment and 2 inflation. Feds funds futures indicating the shift in a probability of a rate hike from september to october. Thats part of what caused them in the feds statement and