Lets get straight to the top story. Fed chair janet yel hn the floor yesterday, and she made it clear she isnt on the same page as her hawkish colleagues. Shes moving ahead carefully with the Central Banks decision on future rate hikes. In particular, developments abroad imply that meeting our objectives for employment and inflation will likely require a somewhat lower path to the federal funds rate than was anticipated in december. Given the risk to the outlook, i consider it appropriate for the committee to proceed cautiously in adjusting policy. Her dovish tone lifdhe dow and the s p, both indices posting their highest closing levels of the year. The s p is now up half a percent for 2016 as a whole and has fully recovered after seeing its worst january since 2009. Lets have a look at futures at this hour. Were expecting that positivity postyellen to continue. The dow called higher by 93 points. The s p by 11. The nasdaq by around about 25 points. Lets also have a look at the bond market. The u. S. Treasury yield moved down as expected. We saw equity buying, bond selling. The yield at one point 8 this morning. Still, a lot of conflicting sentiment coming from fed officials. Not all members of the fomc feel that the cautious tone is needed. For instance, John Williams of San Francisco, Dennis Lockhart of atlanta, James Bullard of st. Louis, and ester george of kansas city all have said in the past week or so that an april rate hike is a possibility despite the headwinds. I will tell you, wilfred, after that speech that janet yellen gave yesterday at the Economic Club of new york, she took control of the message. Almost in a way that she has never done. She gave a detalted and firm view about why caution is warranted. Investors should be listening to her, not to the other noise. That was pretty much her message, i think, yesterday. Well, she took control until we hear from more of the voting members again. The votes are equal in that sense. Well have to wait and see. But theyre not. The board backs her. She is the chairman. Shes the chairman. Theres other people, though, that have similar sort of weight in that sense, who are on her page. Thats why this matters. I do still think there is division in the ranks. I dont expect it will go the whole way through this morning with this continuous dovish stance. This comes back to what weve said many, many times. Not so much the domestic situation but the International Situation and how much the fed is giving consideration to issues outside the u. S. She mentioned it again. Between december and march, the baseline is a slightly projected weaker pace. She also is weary of the rise in core inflation, which is part of the dual mandate, which gives her an excuse to say the caution is warranted. Theres a lot of economic commentary out this morning about whether she was clear or not clear on when the next Interest Rate hike is going to come. I thought it was a very detailed explanation. She wants to see a sustainable rise in inflation. She wants to see global headwinds calm down, potentially stabilization of commodities and the u. S. Dollar. Theres the road map. And she once again as well said the way expectations change is a selffulfilling move in the fed in its own sense. Lets have a look at how this has affected Broader Markets. First up, commodities unsurprisingly rallying as well in the face of dovishness. We can see oil up 1. 8 again today, pushing 39 for wti. The tenyear note, we saw a little bit of a fall in the yield. Lets have a look at currencies. The u. S. Dollar against the yen is a little softer today. A quick look at gold as well. Its a little above flat today, 0. 3 . The dollar saw a sharp move lower. Overseas, the move has to be about emerging markets. Strength in emerging markets. China had the best session its had in about a month. The shanghai composite closing up almost 3 . Also green in hong kong. Really giving these emerging markets their currencies and their stock markets a sigh of relief. The only notable red on the screen is in japan, which isnt a surprise because you saw the japanese yen weaken strengthen, excuse me, on the back of that weaker u. S. Dollar. We know the japanese nikkei does not like that. We also got a pretty weak economic report out of japan. Lets show you some of the pictures in emerging markets. They really are having a strong month of march. A lot of that can be attributed to the dovishness of janet yellen reiterating yesterday. Lets show you the early trade here in europe, which continues the party from janet yellen. That message of caution, of waiting when it comes to Interest Rate hikes. Giving a boost across the board. German dax up 1. 5 . Really 1. 5 gains across the continent. Very much commodity names, oil names doing well. The question is how long does it last. How long did she put a floor under markets . I think last time post that meeting, we saw a more concerted response. Were seeing a decent response today. Well have to see if that lasts a bit longer. Lets switch focus. In brazil, the president is one step closer to being ousted. The countrys Largest Party said its leaving the governing coalition and pulling its members from her government. According to report, once members leave, they can vote for her impeachment. In response, the chief of staff says she will announce a new governing coalition before the end of the week. The opposition is pushing for her ouster for allegedly breaking budget laws. Interestingly, sara, off the back of this, for all the doom and gloom around brazil, the rial is up nearly 10 year to date. The Brazilian Stock Exchange also up. That speaks to that wider point you were just highlighting with emerging markets this year. Interesting in sort of eye of the storm that the rial has continued to rally. This of course a longer term chart highlights that its very weak. Thats the dollar going up and the real getting crushed. Then you see that last leg down lower. Strong brazilian stock market. Its up about 30 on optimism she will actually leave and that will be good for business. When we got that first rate hike in december, how much all of those emerging market currencies were being hit by the expectation of hiking. As weve come away from hiking, theyve rallied. Even though brazil is in deep recession. Now back to the u. S. Weve got another busy economic agenda to tell you about. The focus starts to turn toward fridays big jobs report. First, it is wednesday. That means march adp data is out at 8 15 eastern time. Forecasts call for employers to have added 200,000 jobs to private payrolls, down from 214,000 in february. Then weve got some earnings. Carnival and lululemon reporting before the opening bell. And of course fed speak. Charles evans speaking to the Economic Club of New York Post yellen this afternoon. Before that, he will sit down with our very own Steve Liesman for an interview on squawk box. He tends to back yellen. He tends to actually be even more dovish than the main core of the fed. So itll be interesting to hear his interpretation of that yellen commentary yesterday. Switching gears to this mornings top corporate news. Boeing says it will cut more than 4500 jobs in its commercial Airplane Division by the middle of the year. As it looks to cut costs. Lets have a look at share price reaction. Its up fractionally in premarket trade. Updates on the fight between apple and the fbi. A california judge has now officially vacated the order asking apple to assist the fbi hacking into the phone of the San Bernardino terrorist. Separately, nbc is reporting an Israeli Company is actually the firm that provided the tool which enabled the government to unlock the phone. According to cbs, the fbi now owns the proprietary rights to the method used to get into the device. No word on what, if any, evidence theyve found inside. More stocks to watch today. Dave busters Fourth Quarter results beat forecasts. The arcade and restaurant chain also giving an upbeat revenue outlook for 2016. However, the company is projecting samestore sales growth of 2 to 4 this year, down from 9 in 2015. Sonics Second Quarter profit rising 41 , topping forecasts on continued strong sales at the drivein fast food chain. Sonic says core menu items along with limited time offers drove results and helped it gain market share. Mccormick is raising its offer for the u. K. s premier foods to about 773 million. The 65 pence share bid comes after premier rejected a previous offer from the u. S. Spice maker. Mccormick is calling on premiers board to engage in talks. Premier up nicely since that bid. What are mr. Kipling cakes . You dont have them here . Theyre like dessert cakes, puddings. The advert is actually an incredibly posh british old man called mr. Kipling. Of course. Some other stocks to watch today, restoration hardwares Fourth Quarter profit falling 22 with adjusted results missing forecasts. The retailer also cut its earnings outlook for the current quarter, citing shipping problems and additional costs related to that new line of modern furniture. Its been an ugly chart. The stock down about 50 over the last year. Taiwans foxconn has agreed to buy sharp officially, cutting its original offer, following a month of talks of potential liabilities. This does mark the largest acquisition by a Foreign Company in japans technology industry. It gives foxconn control of sharps Screen Technology and helps its Pricing Power with apple. Sharp getting a bit of a boost on that. Verints Fourth Quarter profits fall sharply, missing forecasts. Theyre projecting 2016 results will be roughly flat. Weighed down by its Security Intelligence unit. Also launching a 150 million stock buyback. That is the companys first, though thats not helping shares much. Down more than 12 . Microsoft hosts its annual Developers Conference in San Francisco starting today. The company may give a glimpse into what to expect for products and software for the rest of the year. Landon dowdy joins us with three things to watch. Good morning. Microsofts conference kicks off today. While analysts dont anticipate any big product news, they are expecting positive updates. Here are three things to watch. First, the cloud. The ceos keynote address will be full of cloud talk with a large portion likely dedicated to advancements in the companys assure platform. Second, updates on hollow lens and windows. Analysts say watch for more insight on new uses for the hololens augmented reality heads headset. Also look for new live tiles and notifications. And the third thing to watch, comments on pc weakness. Pc revenue is microsofts most profitable segment. Analysts will be watching closely for signs of continued weakness and whether momentum from the cloud can offset those declines. People at the conference will be able to try them on. Its a whopping 3,000 a pop. I guess they wont mention their chat bot, which they had to pull offline for offensive remarks. Landon, thank you. When we come back, find out what word is now on the banned list for employees at bank of america. Plus, out twitter and facebook we did this morning. Were asking you, postyellen rally, when will the fed actually raise rates next . Before september this year, september through december, next year, or perhaps never. Tweet us or facebook us your results. Well share them with you later on Worldwide Exchange. We were born 100 years ago into a new american century. Born with a hunger to fly and a passion to build something better. And what an amazing time its been, decade after decade of innovation, inspiration and wonder. So, we say thank you america for a century of trust, for the privilege of flying higher and higher, together. Great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet installed on your schedule. Comcast business. Built for business. Welcome back to Worldwide Exchange. A very good morning to you, if youre just getting up. Lets get up to speed on the market action. Nothing inspires equities to rally like a dovish fed chair. That led us to the s p and the dows highest close of the year. Yesterday they rallied off their lows once she started speaking. Were continuing that momentum this morning. The dow called higher by 90 points. S p by ten. The nasdaq by about 0. 6 . European trade looks pretty similar. In fact, even more pronounced of a rally as you can see. 1. 6 gains for the ftse 100. Similar amounts for france and germany, particularly the commodity names. Oil prices rallying as well this morning. Lets get to asia for an update of what happened there. Akiko fujita is in singapore with an update. Good morning to you, wilfred. You talk about those dovish comments from janet yellen, certainly lifting the markets here in asia as well, along with the weaker u. S. Dollar. All major indices in positive territory except for the nikkei. The nikkei below that 17,000 handle, down about 224 points there. New numbers out from factory output weighed on investors there. Industrial output falling more than 6 month on month in february. Thats the most since 2011 immediately after the triple disasters, the earthquake, tsunami, and Nuclear Disaster in japan. When you combine that number with retail numbers that were out yesterday that showed a more than 2 drop, certainly shaping up to be a very weak start to the year for japan. Also in japan, shares of sharp in focus after the Company Finally signed that deal with foxconn, giving the Taiwanese Company a twothirds stake in the struggling electronics maker. That deal valued at 3. 5 billion. Thats about a billiondollar discount from that initial deal that was scheduled to be signed last month but was put on hold. Over in hong kong, the hang seng ending the day up about 2 , up 437 points there. The biggest ipo of the year there failed to impress. In their initial debut, they fell, closing the day down about 0. 5 . B back to you. Akiko, thank you very much. Turns out bank of america is warning senior staff not to use the word brexit when talking to clients. According to the financial times, the bank told managers no the to provide opinions or influence voters at all in the run up to the june 23rd vote on whether the u. K. Should leave the european union. What did they tell them to call it instead . Well, i think just not really to mention it at all. This is quite interesting. The existential referendum of the United Kingdom . Just trying to get clients to get employees to not even mention it to clients because they dont want to take a political side. Its interesting because its an important part. What will the banks do . Voters need to know. I get thats not dow to lower level individual employees. Its down to the management if they want to come out and. Its also financial risk. So i think theyre going to be up against it. Part of this was because theyd come out to say they were going to donate money to campaign. That caused a bit of an issue. Now theyre not making that donation, according to reports. So catchy, though, brexit. Its a great word. To brexit or remain. That is the question. I bet bank of america would let their employees say that. Maybe, but that would sway Political Sentiment even further. Right. Lets move on and get to todays trade of the day. Conflicting signals on slow growth and employment make a tricky environment for investors. Our team found some time when is these conditions existed and looked at which dow components did well. There were six quarters since 1990 when real gdp growth was between naught and 2 . At the same time, the Unemployment Rate was 4. 9 to 5. 9 . The top performers on the dow were consumer oriented. They tend to do well since the consumer has a job and is willing to spend at low prices but doesnt feel overly confident about the future. Some decent moves there for walmart, 2. 74 . Well, theyre defensive stocks. For more on that, go to cnbc. Com and check out cnbc pro. Spotify has raised a billion dollars in convertible debt from private equity firm tpg and hedge fund dragon ear investment group. The deal is expected to close this week. Sources telling cnbc the fundraising put spotifys valuation at the same levels previous rounds. That was about 8 billion. By raising debt instead of equity here, spotify adds to its war chest out the possibility of setting a lower price for its stock in an eventual ipo after a tumultuous week for its competitor pandora, bringing back its founder. Snapchat has unveiled a major update, boosting its chat function with a range of new multimedia features. The move adds more than 200 sticks such as aliens and snapchat signature ghost, which can be searched by keyword. There are also easier controls to start a video control. That is so complicated. I dont understand. For sure, you will be doing it. Wilfred is the king of snapchat. Well, no, i think im perhaps the prince. I learned quickly, but im certainly not the king yet. And i learn from you. You dont really learn at all, im afraid. Im terrible at it. Soda consumption in the u. S. Falling to a new 30year low. Interesting statistics here. The only one i would highlight in terms of the brands, one brand did well. That was dr. Pepper. Moved up the list to number four. So its cocacola, pepsi, diet coke, now dr. Pepper, and then mountain dew. Dr. Pepper displacing mountain dew as the number four soda. Overall, soda drinking is down. Two bright spots also. Sprite and fanta. Who knew . Both managed to gain share. Fanta is back to old times. Yesterday the chair sitting here, he recommended dr. Pepper as one of his stocks in the consumer space. People like it because it doesnt have as much International Exposure as coke and pepsi. There we go. Still to come, donald trump strikes a defiant tone defending his Campaign Manager, despite charges being filed against him for incidents at a campaign rally. We have the latest in this wild story from washington. First, heres todays National Weather forecast from the weather channels jen carfagno. Middle of the week, sara and wilfred. We have a big storm in the middle of the country. Today its all about the Severe Weather risk, especially across parts of texas, louisiana, into arkansas. Storms with really big hail, damaging hail, strong, damaging winds, and there is a risk for tornadoes here as well, especially into the afternoon. Rain will extend all the way up towards the canadian border, and we still have snow falling into wyoming, especially the mountains of colorado as well. What a great end to the ski season in colorado. We have cooler than average temperatures in the west. Thats going to be the story again today. Warming up where were going to see the storms. In florida, a more sort of typical day for late march. Temperatures back into the 70s. Thats your National Forecast from coast to coast. Im meteorologist jen carfagno. Worldwide exchange continues after this. But nothing could be worse for the whales. Most of the orcas at seaworld were born here. Sending them into the wild wouldnt be noble. It could be fatal. When they freed keiko, the killer whale of movie fame, the effort was a failure and he perished. But we also understand that times have changed. Today, people are concerned about the Worlds Largest animals like never before. So we too must change. Thats why the orcas in our care will be the last generation at seaworld. There will be no more breeding. Were also phasing out orca theatrical shows. Theyll continue to receive the highest standard of care available anywhere. And guests can come to see them simply being their majestic selves. Inspiring the next generation of people to love them as you do. Band a parade rained onr the sales teams parade. And they still made the meeting, without actually going to the meeting. Before any of this, cdw orchestrated a mobility solution, using the hp elite x2 1012 with intel core m vpro processors. Mobility by hp. Orchestration by cdw. But are you gonna bring fiup that stock again . Well you need to think about selling some of it. My dad gave me those shares, you know. He ran that company. I get it. But you know i think you own too much. Gotta manage your risk. And youve gotta switch to decaf. An honest opinion, even if you disagree. With 13,000 financial advisors, its how edward jones makes sense of investing. Good morning. Lets get you up to speed on the market action. Futures positive, building on the janet yellen rally. Looks like were adding to those gains. Dow futures up a nice 92 points. S p futures up more than ten. Nasdaq futures up 25. The dollar continues to weaken, and european sptocks are lookin strong as well. Donald trump is on the defensive. Hes fending off attacks from his closest rival, senator ted cruz, while supporting his Campaign Manager following a Battery Charge. Nbcs Edward Lawrence joins us from washington with more on the story. Reporter wilfred and sara, this is playing out with heated comments at a republican town hall in wisconsin last night. There were accusations, explanations as the republican candidates try to get wisconsin voters to choose them. Senator ted cruz, donald trump, and Governor John Kasich tried to sway wisconsin voters during a town hall ahead of next weeks important primary in the state. A defiant trump defended his Campaign Manager in the wake of a Battery Charge against him. Im a loyal person. Im going to be loyal to the country. Im going to be loyal to wisconsin. We have to tell it like it is. It would be so easy for me to terminate this man, ruin his life. Reporter trump says he will not fire him, even though security video shows him grabbing a reporter. Ted cruz, fresh off an endorsement by Wisconsin Governor Scott Walker ive chosen to endorse ted cruz reporter says the incident shows a greater problem. Now physical violence. That has no place in a Political Campaign and has no place in our democracy. Reporter kasich agrees. If it was me, if i was in this circumstance, i would take some sort of action, either suspension or firing. Reporter democratic president ial hopeful Hillary Clinton applauded the reporter for following through on the incident. Certainly suggests that, you know, the authorities thought that her story was credible. Reporter and wisconsin has 42 delegates in a winner take all primary. Donald trump needs those to get the 500 more he needs to get the republican nomination. The few polls that are going on in that state show that donald trump and senator ted cruz are in a dead heat. Wilfred, sara . Edward, thank you very much for that report. Still ahead here on Worldwide Exchange, this mornings top stories. Plus, earnings from lululemon. Well break out those numbers for the yoga wear retailer as soon as they cross. Youre watching cnbc, first in business worldwide. Were back in a couple minutes. Yeah, so . It stinks in here. Youve got to wash this whole room are you kidding . Wash it . Lets wash it with febreze. For all the things you cant wash, use. Febreze fabric refresher whoa hey mrs. Webber inhales hey, it smells nice in here and try pluggable febreze. To continuously eliminate odors for. Up to 45 days of freshness pluggable febreze and fabric refresher. [inhale exhale mnemonic]. Two more ways to breathe happy wrely on the Us Postal Service . Because when they ship with us, their business becomes our business. Thats why we make more ecommerce deliveries to homes than anyone else in the country. Here, there, everywhere. United states Postal Service priority you thank you. Ordering chinese food is a very predictable experience. I order b14. I get b14. No surprises. Buying business internet, on the other hand, can be a roller coaster White Knuckle thrill ride. Youre promised one speed. But do you consistently get it . You do with comcast business. Its reliable. Just like kung pao fish. Thank you, ping. Reliably fast internet starts at 59. 95 a month. Comcast business. Built for business. Good morning. A fed divided. Yellens comments solidify the division between fed members, but the markets, they dont seem confused. 2016 highs. Stocks at home and abroad rallying as yellen strikes a cautious tone. And strike a pose. Bill gates learns a new dance move thats all the rage among the cool kids, or so sara tells me anyway. Wednesday, march 30th, 2016. Youre watching Worldwide Exchange on cnbc. Good morning and welcome to Worldwide Exchange on cnbc. Im sara eisen. More on bill gates, but janet yellen is the story of the morning. Really . Okay. Well show those dance moves. Granted. Though we have to hit janet yellen first. Im wilfred frost. Good morning to you. Lets check in quickly on the futures board before we get to that fed discussion. Green on the screens yesterday. Green on the screens again today. The dow called to open higher by almost triple digits, 98 points. Weve seen green across the screens in europe as well. In fact, more pronounced than were expecting here in the u. S. The german dax up 1. 6 . France a little higher. The ftse 100, a similar amount, particularly commodity names. Asia slightly more mixed. Green across most of the main markets apart from japan. Some disappointing manufacturing data from japan. Also, the stronger yen. Thats weighing on the nikkei. Elsewhere, riskon rallies. Hong kong and shanghai both up. Very good day for the chinese stock market. Up almost 3 . Yellen moves the markets. And its not just u. S. Markets. Check out the emerging markets picture. Emerging markets in march are up more than 10. 5 . They went up another almost 2 overnight. This idea that shes going to be cautious, take things slowly, watch for international pressures, it gives muchneeded relief to these economies that are suffering from outflows to their currencies, which have been absolutely crushed. Shes crushing the dollar. It sends their stock market higher. The question is, is this going to be a brief correction that shes engineered here . Or is this going to be setting the tone for the rest of the trading day and rest of the trading year, i would say, considering some of these countries, like emerging markets, still have weak fundamentals. March in particular in the last couple days as well highlights the fact that the u. S. Dollar is so crucial for Financial Market trades. Best highlighted by the emerging market trade. Whatever the fundamentals for growth is really just what the money flows are doing based on domestic situations heres and in europe and japan. All these carry trades, whether theyre being implemented or unwound has perhaps a bigger impact than the fundamentals in any of these economies, particularly in em with these moves in march. Even back here at home when the data is improving, its not that which we respond to. Its janet yellen. Markets, equities in particular, love a dovish fed chair. I think it shows two things. One, shes in control here, not the markets. In terms of dictating how they should be trading and what her vision for fed policy is. She defined what data dependence means to her. Shes wary of the inflation creep up that weve seen. Shes wary of the International Developments and of course the stronger u. S. Dollar. And she also controlled the message on the Federal Reserve that had been blurred over the last few weeks with other fed president s coming out and saying april is a live possibility. Well, guess what . All the economists writing overnight she took april off the table, maybe even june. Lets Start Talking about september. The question, of course, as you raised in the first half of the show, how long will this rally last . To know its going to last a little longer than those temporary rallies we saw will be to watch volumes. Volumes have been incredibly low the last couple weeks, particularly the last week and this week itself. If we see a concerted pickup in volumes match the converted prices, we can start to think, okay, theres conviction there. Dont count your chickens yet when you see how low volumes get. Also, lets see what the data does. If we get a super strong jobs report on friday, maybe the market goes the other way, challenging Janet Yellens caution. Maybe the data is going to move you faster than you might like. Lets show you the Broader Market picture. For now, interpretation of janet yellen continues. Strong commodities on the back of that weaker dollar. Wti crude, 38. 88, up 1. 5 . Brent, the international benchmark, hovering just below that 40 a barrel level. Well be watching that. Weak crude yesterday was what took stocks lower. Yields falling lower after janet yellen today. Were at 1. 81 on the ten year. And the dollar continues to be the story. Weaker, weaker. Almost a 1 move on dollar index. It continues today. The euro up to 113. 11. The dollar is weaker against the yen, which hurts the japanese stock market. The yen being stronger but the british pound is weaker in itself. Its moving on its own factors. Its basically flat. Look at that, its close to 1. 44 again, back to the levels pre the brexit vote date announcement. Thats pretty surprising. Weve had disappointing numbers out of the u. K. Continue to have a dovish mark carney. More so than janet yellen. Well start to watch opinion polls as we get into opinion polls are beginning to show that the exit camp is picking up a bit of steam. I think that one will continue to face pressure. As you rightly say, were a long way from june 23rd. Quickly, gold shot up yesterday on the back of the weaker dollar. We saw the best move for gold yesterday in about two weeks. A little bit of strength again this morning. Though, that has been tempered a bit, up two bucks. To this mornings corporate stories. Retail. American apparel has appointed a former chief executive of Liz Claiborne as its chairman. This is just the latest move to revamp its board as the firm attempts to stage a comeback following losses. A split with its controversial founder and a lot of headaches. Its a small company. Interesting that they hired a new chairman. Stocks to watch today. Boeing plans to cut about 4500 jobs by mid year. Most will come from its commercial Airplane Division. The rest from a unit that conducts flight and lab tests. Boeing will use a combination of voluntary layoffs and by not filling open positions. Just above flat this morning. A california judge has officially vacated the order asking app toll assist the fbi in hacking into the San Bernardino shooters iphone. Apple up half a percent in premark today. Shares of takata falling nearly 20 in j. A. Ban today. Reports say the auto parts supplier could face 24 billion in costs to recall its air bag inflators in a worstcase scenario. That would far exceed industry estimates of 3. 5 billion if its found to be liable for the defective parts recalled thus far. So down just shy of 20 . More stocks to watch for you. Mccormick is raising its offer for the u. K. s premier foods to about 773 million. Its a 65 pence a share bid. It comes after premier rejected a previous offer from the u. S. Spice maker. Mccormick is calling on premiers board to engage in talks. Mccormick has been on a roll. Its down 2. 25 on this. Do you have oxo stock cubes . No idea what that is. Its for gravy. They make very, very good gravy. Crucial, of course, for a sunday roast. Stock cubes for gravy. Theyre going to fully export all my favorite british foods. No one is going to buy these goods because you dont even know what they are. Youll introduce them to us. Maybe they want to hire me as the face of it. I have a few more mccormick stories for you. Chesapeake energy ceo receiving 15. 4 million in total pay last year. That was up 5 from 2014, capping a year when the Energy Producer actually lost more than 14 billion. The company says it hasnt set pregnancy targets yet this year, citing volatility in oil and gas prices. More compensation news here. Aig ceo peter hancocks comp rose more than 3 last year to 12. 5 million. Thats despite the boards determination. Aigs board awarded hancock and other executives three quarters of shortterm comp amounts last year with half of those payouts deferred until 2017. Heres whats on todays agenda. The focus starts to turn towards fridays jobs report. The march adp data is out at 8 15 a. M. Eastern time. Forecasts call for employers to have added 200,000 jobs to private payrolls, down from 214,000 in february. Carnival reports earnings before the opening bell. Weve also got some fed speak from chicago fed president charles evans. An interview on squawk box with Steve Liesman ahead of that. Now to todays trending stories. Nasa planning to test an inflatable house on its next trip to mars. The house will be attached to the International Space station. It will be delivered as part of spacexs resupply mission april 8th. This is really cool because apparently it folds up so they can transport it. Then it inflates when it gets to space. All things space travel, particularly mars, is pretty cool. Whos going to live in it . Id be happy to go, once theyve proved it works. Very cool technology. Red robin will start selling a burger with a bun made out of ramen noodles. It will be available for about two months after april 4th. The first 22 College Students in restaurants that day can get a bottomless meal for 22 cents. Not sure about this one. What do you think . I think its already been done. Theres a place called ramen burger in brooklyn thats been doing this for a while for hipsters. Its a trend. Kpst actually excellent. Its really good. Ill take you one time. Even me who eats veggie burgers. We can have some mr. Kipling cakes. Bill gates going viral. He tweeted a picture of himself doing the popular dab dance move. This wasnt his first attempt, believe it or not. He posted a video last month that made the rounds on reddit. The Carolina Panthers replied to this tweet with one of cam newton dabbing. Newton is credited with spreading the move after a touchdown against the seahawks last season. Theres bill gates attempt. Go bil, bill, i love it. I love it when ceos and Corporate Executives do things like that. Still to come, todays must reads. Why we may have lost our phone privacy long before the apple fbi battle. Worldwide exchange is right back. Sara and i are going to practice our dance moves in the break. Our dabs. Thank you. Ordering chinese food is a very predictable experience. I order b14. I get b14. No surprises. Buying business internet, on the other hand, can be a roller coaster White Knuckle thrill ride. Youre promised one speed. But do you consistently get it . You do with comcast business. Its reliable. Just like kung pao fish. Thank you, ping. Reliably fast internet starts at 59. 95 a month. Comcast business. Built for business. Now for this mornings must reads. I went to the washington post, where columnist Richard Cohen took on the idea that, okay, even though apple did not help the fbi gain access to our phone and the fbi gained access anyway, he says we have already lost our privacy. He goes on this very detail description about how he himself was on the phone with microsoft and this woman named carolina who was helping him install windows 10 was remote controlling his computer from the philippines. There she was digging around the inards of my computer doing things i didnt understand. She came to represent all the people and companies and god only knows what who i deeply suspect muck around in my computer all the time. Just making the point that we really just dont realize how much control and Access Companies and governments already have into our computers. We already dont have privacy, even though this debate between apple and the fbi opens a whole new window into that. I think really computer ill literal people, not just millennials who know how to operate a smartphone v a big, big advantage. Those guys that know how to code. They can really control these things that certainly you and i cant. I cant even imagine. Whos reading your emails . Exactly. They think log in, have a look. Scandalous. The pick for me is in the wall street journal. Its titled the trumpsanders china syndrome. The main point of this article is to highlight the point that although trump and sanders continue to attack china and outline protectionist measures and say theres these currency wars, of course it makes the point that so far year to date, chinas been propping up its currency, not artificially pulling it down. I love this. A false argument, perhaps, theyve been making. The reason i pick it out, is just to remind earn of these issues year to date that havent really been solved despite seeing these market rallies. This actually goes in, swels the trump and sanders points, to explain quite nicely the problems china has. China has no good options and only a choice among painful ones. The reason i bring it up today is another day when when we markets rallying in the face of just a little talk of dovishness from the central bank governor. Have we solved any of the issues that we faced at the start of the year . This is just a nice reminder of it. But perhaps janet yellen, as fed chair, has given countrie, e emerging markets like china, some breathing room to dive in and solve their problems. China potentially has some work to do. Were approaching the top of the hour. That means the team is getting ready for squawk box in new york city. Becky joins us with a look at whats coming up. Good morning. How are you doing today . Very god indeed. Doing well. Have you ever heard of mr. Kipling cakes . No. Me neither. This must be a british thing. Is this a wilfred thing . It maybe coming to the u. S. If mccormick gets its way. Mr. Kipling cakes. Its one of the leading brands in premier foods that mccormick is making a bid for. Are they any good . They are good, but theyre more theyre very good, but i remember them in my childhood. Theyre not things one sort of buys like a krispy kreme. Like twinkies. Something we havent had in decades and has a shelf life of 17 years. Sounds delicious. Guys, i know youve been talking a lot about the fed today. Thats something were going to be focusing on. We have a huge lineup for you of economists and officials who are going to come through and give us their take after janet yellen spoke yesterday. We have a huge hawk, richard fischer, who used to be the dallas Federal Reserve president , whos going to be joining us to talk about what he thought of Janet Yellens message yesterday. Obviously it was much more dovish than people had been expecting. And we have charlie evans, whos currently the chicago fed president. He has been a huge dove. It sounds like yellen is really seeing things his way, not richard fischers way. We have them all here today to talk about all these things and dig through what this means for the markets, if were going to see two more rate hikes from here and beyond. Plus, we have the adp numbers. This is our first look at what could be a hint of whats to come friday for that big jobs report. Were going to be talking about that. Steve liesman is here. We have a lot to get through. Love it. Sounds like a great show. Thanks, becky. Still to come, the fed follow through. The reaction to a dovish janet yellen. Jim osullivan, chief u. S. Economist at High Frequency economics, will give us his take next. Dont go anywhere. Were back in a couple minutes. Hi watson. You are a fierce competitor. Ive heard that. I have analysed your biggest matches. Oh really . When down a point, you serve an ace 5. 8 times more than other top players. You sound like a coach. I am not. But i can customize Training Programs based on biomarker data. Watson, thats pretty impressive. You might say i am the Serena Williams of cloudbased cognitive systems. Nah, i wouldnt go that far. Well be with you shortly. Yeah right. Xerox Predictive Analytics help companies provide a better and faster customer experience. 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Scalability by vmware. Orchestration by cdw. Fed chair janet yellen says the Federal Reserve needs to proceed cautiously. Her words when it comes to lifting Interest Rates. The markets have rallied in response. Stocks closed at 2016 highs yesterday and are continuing the celebration this morning. Joining us in studio, Jim Osullivan with his take on the fed chairs comments. Jim, i thought she took control of the message, of the entire fed, and she laid down what theyre looking for. Do you agree . Well, she made it very clear. It was an elaboration of her press briefing from march 16th, id say. I look back again at the text of the press briefing, and what she said yesterday was very similar. But she needed to do that in the wake of other comments that came last week. Even the word cautiously was in the press briefing. But youre right. A couple fed speakers since the meeting have kind of suggested that maybe theyre not as dovish as people interpreted the fed on march 16th, but she clearly said the same thing as they said on march 16th. The immediate message, of course, is that it doesnt look like theyre going to go in april. Frankly beyond that, shes very open ended, data dependent. Could be upside as well as downside surprises. More than likely, theyre not going in april. Data dependent but also clearly a lot of emphasis on this weaker Global Growth environment. How quickly could that turn around and eradicate this dovishness . Shes suggesting theyve marked down their expectation for Global Growth a bit, not dramatically, and in turn that was a key factor why they went from looking for 100 basis points of tightening this year to 50. So theyre saying thats more or less offsetting. To the extent Global Growth surprises them even more on the downside, they could even tighten less than 50 basis points. If things go the other way. Or the domestic economy continues to show strength, if the employment numbers stay strong, if theres more evidence that core inflation is picking up, which so far sees very much down playing, then they could go back to more than 50 basis points. Personally, i would still take the over on the 50. Theyre not going to go in april, but i think theres still room for them to go. Clearly the market likes what they heard. Critics might say shes totally blurred the dual mandate, shes totally confused the market. If the dual mandate is maximum employment and stable prices, well, guess what, were seeing both of those things, and employment has been creeping toward their 2 level. Introducing all these other factors is just confusing the message. Well, shes suggesting those factors will kick in over the next year, that weve had this turmoil in the markets this year and shes suggesting that maybe with a bit of a lag, thatll filter into the u. S. Economy and hold us back. She is calling for tightening though. Shes not saying were not going to tighten. Frankly, i think in the end, theyll probably tighten more than theyre saying. I think shes rightly saying Global Factors do play into their decision. That said, we could get more than 50 basis points. When will we get our first one . That was our twitter question today. If its not april, when . The next meeting is june. I think thats a fair bit of time. So youre in the before the september camp . Yes. Id be june. Of course, thats data dependent, as the fed would say. I think june is very feasible. Very good fed chair. Plurality is september through december. What are you looking for for jobs friday . Pretty much more of the same. 205, thats a little below the trend. The labor market continues to chug along. Any Currency Pairs where you think the dollar could change its direction . Its been quite broad recently. Not something i would forecast specifically in terms of currencies. Is the message from yellen buy stocks . I mean, i dont think you sell them i dont think were going into recession, which would be the big negative story for stocks. That doesnt necessarily mean stocks are a great buy either. So i guess obviously the trade yesterday was a bit of an up. It doesnt necessarily mean the stock market is going up 10 in the next year. Jim osullivan, always good to see you. Thats it for Worldwide Exchange. Squawk box is coming up next. Have a lovely morning. Great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet installed on your schedule. Comcast business. Built for business. Good morning. A caution flag from the fed causes stocks to hit 2016 highs following dovish comments from ja janet yellen. But not all the central bankers are ready to pump the brakes. So much for the loyalty pledge. Gop candidates backing off commitments to support president ial nominees other than themselves. Their comments straight ahead. And a Small Business is booming in detroit. Well tell you whats bringing tech entrepreneurs to motown. Its wednesday, march 30th, 2016, 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 along with joe kernen and andrew ross sorkin. Right now you can see the dow futures up by close to 100 points above fair value. S p futures up by over 11. All of this fueled by what janet yellen had to say yesterday or what she didnt say about potentially raising rates any time soon. Overseas in europe, theyve been following our movements. The dax is up by about 1. 6 . The cac in france is up by 1. 7 . The ftse in london up by 1. 5 . In asia, the hang seng and shanghai composite both rose by over 2 . Japans nikkei fell by about 1. 3 after factory output in japan fell by the most since 2011 when a devastating earthquake disrupted the supply chain. Take a look