Yellens comments. Check out the futures this morning. 227 points for the dow. Now down by about 25 points for the dow futures but up 5 points for the nasdaq and down by. 57. The big story is the dollar. The dollar got slammed on this news but the euro surging past 110 at one point. It was the currencys biggest move since march of 2009. Of course you have to keep this all in mind looking at the dollar verses the euro in recent months. The euro is back at 10898. Michelle will be joining us with more on what happened in just a moment. In the meantime lets get you caught up on the other big stories were watching this morning. Target agreeing to pay 10 million to settle a Class Action Lawsuit related to the massive 2013 data breach. Individual victims may receive up to 10,000 in damages as part of the deal. A hearing on the settlements is set for today in minnesota. Apple officially a member of the dow this morning. This is the first day of its membership. The Company Ranks 5th in the price weighted index and today tesla has a Conference Call set for noon eastern time. We set this up earlier in the week when musk tweeted earlier he vowed to end range anxiety. So well find out what that means. Well check on the broader markets as we like each morning. First well look at europe after yesterdays big move in the dow. Asia, run through these fairly quick quickly because i want to talk about how rich the whole action was yesterday. The asian markets, you can see its up. Shanghai is up. Look at oil. Its not going to be strong. Oil should be going up but its not. Hit 42 for awhile. The ten year which probably after all was said and done knew too much and went down. Lets check out the dollar. As we said we do talk about it getting slammed. Slammed back to 106 on the euro and then finally gold down at 1150 or so. Well see the response after all of this. At least its 1166. The thing that was so amazing to me yesterday was okay were going to possibly raise rates so the market goes im going down. Wont worry. But the economy is not as good as we thought it was so the spoiled brat do not want a strong economy. The idea of the first rate hike in ten years is more negative to them than a downgrade in the prospects for the economy. So theyd rather buy stocks based on a quarter point. What they would say is the fed is getting more realistic about what the economy is really like. We had the argument. Whats real . Gdp or unemployment . They admitted that 5. 5 is a joke. But then you should say the economy is not in good shape. You want to argue with me right away on this. What part do you have a problem with for what i just said. I would think you would embrace that. What part . The 5. 5. Im not embracing it. Then you would say its not in as good shape as its supposed to be. I want the economy to be better. Yesterday grant was on saying the fed can make things appear better but it want warrant the higher multiples and valuations. Here were back to not caring whether its really an improvement in the economy or Business Prospects for people in the United States. Were just back to staying at zero is why we bid up asset prices even more not based on underlying fundamentals. Maybe eventually the fundamentals catch up. Thats what theyre hoping for. All along. She took out patient but patient doesnt mean impatience. Talk to me. Get out of my life too. Theyre trying to massage the markets. Dont get too worried. Dont have a bad knee jerk reaction. She got 200 points or whatever it was at the end of the day. She managed to make everyone feel so good. I actually laughed when she said that doesnt mean that were impatient. The spoiled brat traders will be more we will trade a crappy economy for staying at zero. Give me more free money. But the way i interpret it though is this is the fed being more realistic. Every number has been a little shady. Theres been concerns about the market and more broadly whats happening is people are worried about what happens if we embark on raising rates at the same time that the rest of the Central Banks are lowering rates. This is more than protection of the dollar even though nobody will say that. This is trying to make sure that were not helping those. We dont want the dollar to go up. Its protecting us against the currency wars coming to our shores without saying that. We moved to this location so we should probably get going. Before we do that given the currency wars. Dont you live here . She does. If you blinked at about 402 yesterday afternoon you missed a lot in the currency markets. Michelle is here with more on what thats all about. Were going to run through four charts of the dollar. Dollar index and dollar euro and dollar yen and dollar swiss franc. Incredible volatility at 4 00 in the afternoon. Euro dollar is about 1. 06. We go into 4 00 p. M. Its at 1. 08. Lets show you the dollar euro now. In a nano second it goes from 108 to 110 and back again which in the currency markets is a move of epic proportions. You can see in the dollar yen and swiss franc as well because now this morning were back to as you saw below 107 again. Its raising the questions we had before. Remember october 15th and the huge move we saw on the ten year yield where it moved in a nano second 33 basis points. Is it Market Structure or lack of liquidity. Can one big player do that . I think it probably could. Couldnt they . Should one big player be able to move what in theory are the two most liquid markets in the world . The treasuries and the currency markets . His honor i can mean dollar jurors owe . Futures contract and it went right back to where it right which is their concern. I dont know just seems like if you had Something Like that, how much none, if youre talking billions couldnt you do it. Possibly yes. Theres talk about all the liquidity provided that end up driving out all the trading liquidity and i talk to a lot of folks in emerging markets debt because of what i do and they historically complain about lack of liquidity. They say its worse than its been and now that its spreading to what should be more liquid markets, you guys were off that day but the ceo was in and his big concern was lack of liquidity in the bond markets. That makes sense to me because you have sen trillion banks buying massive amounts of bonds but they think its effected the liquidity because . They talked about this as well and they say its overall Financial Market lack of liquidity liquidity. Part of it could be boca rule because so many houses can no longer trade. Theres crack downs as well. What happened at 4 00 . Lets get more on the feds message. The economy and how the markets are going to react. Where is this . Were your neighbor right across the street. You can be here in three minute with the elevator involved. He is chief invest lt officer of clear brook Global Advisors and a lot of that was history, what i just went through but the point being were going to sell the market if youre going to raise rates but the minute you tell us the economy was not as good as you thought it was were going to bid the market up. Shouldnt we be more cynical about these guys . Heres what i think happened. She wanted to drop patience and in order to get a unanimous vote to do that, to get the doves to go along with it you had to m come back and say were not going to tighten all that much. I think this was partly a compromise within the board. She had been talking about moderate increases for sometime and what she said about moderate increases were inconsistent with the feds own Feds Fund Rate forecast. This also was an attempt to bring those forecasts into line with the rhetoric. Tell us what you mean. Explain to people that werent watching what youre talking about. When we do tighten it wont be as much as usual and it will be moderate. Yeah. That was inconsistent with the forecast of the federal funds rate that were made by individual fomc members. That showed a much faster rate. So there was a convict between the rhetoric and what did they think they were going to do. This makes the rhetoric more credible because they brought their own fed funds rate forecast back down to what indeed, would be a very moderate pace to tighten. What joe is getting at which i agree with is this is such baby steps. Were taking such tiny steps toward the idea of ever being able to raise. We take out the extended period phrase and we place it with patient. We take out patient but we have to promise you all of these other things so no one thinks this is ever going to happen. Well theyre baby steps but its inevitable that they have to take these types of steps. But my concern is they only take baby steps and they need bigger than bayby steps. You need to build up a reserve so that when bad times come you can ease again. If theyre going to be in such slow mo when they tighten heaven help us when theres a real problem and they need to cut rates and they dont have much left. In the wall street journal they layout the opposite case which im still trying to get my head around which essentially says by going slow theyre trying to prevent that very problem from happening. The big worry is deflation. They worry if they raise rates too quickly and to mix all the metaphors we have been hearing, tip the apple cart too far. Theyre trying to prevent the recession we would need the dry powder for. Did they really have to vote on that word . Did they really have to vote unanimously to take patient out . Is that what our life has come to now . They dont have to vote unanimously. But they have to vote on whether to take that out. Are you serious . Really. No i think what hes saying is absolutely true. Its credibility. They at a certain point in time had to put into effect were going to raise Interest Rates. Its going to be 25 basis points in order not to scale the markets to an extent where actually on the news they would actually sell off the market. So you got a rally yesterday but now its back to reality. Housing starts are are bad. Now where are we . Were sure all of this transparency is good. They raised rates. We would have no idea. They wouldnt tell anyone anything. They would just do it. They had some nerve. They didnt worry about market consequences. We have been caudeled so much to get a quarter point raise after 10 years. Is this the first raise in ten years . It will be. First increase in rates in ten years and were like are you okay . Are you sure . Okay. Were going to slowly remove this but its coming. Risk to avoid a taper. We may go to quarter point Interest Rates from zero. At some point. It hasnt happened yet. It also makes them so important and so part of our whole, intertwined with the whole economy. Is it that important . Should they be that important. We had a guy yesterday that said lets get rid of the fed completely. It is important from the standpoint in that they can give a semblance of order to the markets in terms of rates where theyre going to move so that the traders on wall street get a sense of how can i position myself without getting a surprise. The biggest problem we would have is a surprise and if there is a surprise you could see a dramatic sell off. Michelle your point before the market doesnt have liquidity. If you really go out to try to sell bonds today, theres really no bids in the market. So theyre saying what if there are a dramatic sell off in the markets. You really if anyone is on the wrong side of this trade dont they deserve to lose money . If theyre that stupid . Absolutely right. But theres so much money chasing yields and overpriced assets theres nowhere to go. The fed just gave them a little more time. Exactly. When it begins to unravel it could be a real price market. How good is it when you cant get a bid on a bond. A person that cant trade bonds why should they care . A great example would be all the money thats gone into the etfs from the Retail Investors they dont understand what they own but in the end when prices begin to unravel and the markets start to decrease and correct theyll have a serious issue seeing tremendous drops in prices. So the etf is priced here and suddenly it gaps down in a dramatic fashion they never anticipated could happen. Exactly. Look at the rates over the past couple of weeks from february to march the ten year went from 160 to 220. Thats quite a dramatic move. If you think about it across the spectrum of fixed income that could be really dramatic. Yesterday jim grant said the one dislocation you can point easily to is the junk bond market. Its way overpriced right now. I dont think thats big enough to be systemic or hurt that much the other way. But could you make the same case for the stock market in general . And then maybe traders are right. Maybe the only reason it is here is because we have been at zero and the minute it does start maybe some of the air does come out. What if its in corporates . Maybe its somewhere were not even talking about. Heres the story, your rates are so low you can have a money market where you go from 0 to 1 to 1. 5 and cash is still not going to be very attractive so i dont know that the market is that vulnerable to the first 100 to 150 points. They are trading lightly. The market is not their problem. They dont need to constantly think that theyre involved with it. Let it do what it needs to do. They want to think theyre involved in the bond market. But are they that involved with the stock market . Should they hebe . Why would they care about the taper tantrum. That we lost 5 in the stock market. All along they have been promising this would be a graceful exit that it wouldnt be dangerous because they can get out of it. If markets start to go a little chaotic not only is it not the graceful exit but they dont have much powder. Much that they can do anything about it. You have to stop the avalanche. How many people talk about the fed like this in the United States. I think we know all of them. People are talking about food and they get to this and theyre like what is the 19 minutes on the fed. What is the fed. Its the central bank. It actually matters. Everything thats happening in the economy. We get excited about it. I do. Itunesed in yesterday at 2 00 to see what was happening. Anyway, thank you folks for being here today and coming over so quickly. Michelle well see you in a little bit. Where are you going . I thought you were international. Do you have something planned . No currencies are international. Do you have any tickets . No but i am ready to go two or three different places. I have bags packed. What are the two or three . Greece. Im waiting for capital control heres. I was in italy last week. Italy last week. Interviewed the italian finance minister. It was lake como. Did you bring back stuff . What did you buy there . Cheese. What . Nothing. Did you put that in your carry on . Hopefully not. Yeah i did. Why are we talking about this. It was sealed. Other Corporate News this morning yahoo is losing china closing the last operation move in beijing. Yahoo turned over control to alibaba in 2005. Also shares of guess getting a big boost this morning after the apparel retailer beat the expectations and expenses declined. Also the Online Business grew. Watch apple supplier jabil today. It topped expectations helped in part by the strong iphone sales helped in large part. Michael corbats annual compensation by more than 10 last year. They site high Legal Expenses and the fail to meet Regulatory Approval. Bank of america must allow shareholders to vote on a proposal. Theyre telling the firm it cannot exclude the proposal from the corporate bailout. Coming up warren buffet fans making a pilgrimage to the annual annual meeting could stay in his childhood home. Target raising the minimum wage for their workers. But first heres a look back at this date in history. Welcome back. Target raising its minimum wage to 9 an hour. This follows similar moves by rivals wall street and tjx. The retailer wont confirm the change saying it Wont Disclose wage levels at least publicly. But thats the word on the street. Invest like warren buffet and live like hill too. Airbnb is putting his childhood house up for grabs. The hospitality website turned the opportunity into a contest. If you want to win a weekend stay at his childhood home entrants have to answer questions like what are you most excited to experience in omaha. The retail value is 2,250 although some buffet fans would consider it priceless. Entries have to be submitted by april 1st. He has groupies. He does. Its a cute little house but a lot of houses like that around. Coming up madness on the court and the office today. I love productivity numbers during march madness. That doesnt include leading up to when the tournament starts when everybody is looking at their brackets and changing that. Right. Anyway the ncaa tournament ready to begin. Plus starbucks ceo with criticism following his company hes program that was designed to improve race relations. That story and the controversy coming up next and as we head to break, heres a look at yesterdays s p 500 winners and losers. Can data help cure a disease . The right treatment for you is out there. The problem is some of its in this lab. Some of it is in her head. Some of its in this new journal. And the rest of it is in your personal medical history. Ibm watson can not only read this data, but understand it. Its trained by doctors. And its always learning. It can help find hidden correlations and help your doctor recommend Treatment Options for you. Theres a new way to work and its made with ibm. Welcome back this morning. Were in the shares talking about the stories that are getting our attention. The big one this morning Howard Schults getting a lot of flak for this race together campaign. Having them write it on the. Coffee cups. On the coffee cups. Its on social media. Huge push back. One of the pr people for starbucks ended up actually deleting their twitter account because they were getting personally attacked so often. He has done this before. In 2012 when the fiscal cliff was going on he had them Work Together on them. He commented on this yesterday and we have a clip we want to show everybody. All were trying to do is potentially do something catalytic to start a conversation. We dont want to be intrusive. Were trying to raise the awareness, the level of empathy and compassion necessary to bridge the Cultural Divide in this country today. If a customer or barista wants to opt out of it it