Coming out of europe. Right now the markets are relatively flat. Dax is flat. The cac is essentially flat. The ftse down by half a percent. The currency markets, which are going to key off this as well, if there is additional stimulus, it could very well weaken the euro and strengthen the dollar. Right now the dollar is up against the euro at 1. 0978. Dollar versus the yen is at 113. 46. Lets tell you about other storying were watching this morning. Square posting better than expected results in its first Quarterly Results since going public. Square Ceo Jack Dorsey sitting down on closing bell, responding to investors betting against the company. I think we need to constantly show that were focused on the right things. Were focused on building great tools for sellers and that they value them. We continue to see that growth. I think were not only a first mover in a lot of areas, an innovator in a lot of areas, but also we have the best experience. We certainly compete with a lot, but what we find is that our competitors are only going after one part of the equation, whereas were looking at a cohesive endtoend of what a seller truly needs. Jack dorsey is of course running twitter as well. An article in the wall street journal this morning reporting that the social need ya company has been offering additional restricted stock and cash flow to retain twitter talent. Also, twitter cofounder biz stone is going to be one of our very special guests during the 8 00 a. M. Hour. You dont want to miss that. We should tell you this morning, the Cloud Storage company box posting smaller than expected loss. It saw subscribers increase, helping its bottom line. That stock still trading under its ipo price of 14 a share. Joe . Andrew, welcome back. While you were gone, did you see this stuff about twitter supposedly like being accused of defending hillary . Have you seen that . I have seen that. Youre leading that. I will do that, absolutely. Okay. His name is biz stone. Biz stone. When i was in san francisco, i dont know whether you can see this, but i bought a stone. Its got some chinese writing on it. Its just what i need every once in a while, especially in this political environment and on this show and stuff. It says tranquility. It says tranquility in english. What do you think is really says . I googled it. Both of those symbols do say tranquility. Youre back and everything. When i was there, i actually thought of looking at all of them. I thought about buying you some stones. I said, you need to pick out your own. Right. What do you think youd get . Serenity . The deal with oh. Serenity might be good. Peace. Tranquility does mean peace and repose. Repose. Id take repose today. If you see me like this today its just a stone youre rubbing. The nations top chief Financial Officers are coming around to the prospectins of donald trump getting the gop nomination. When asked the question, regardless of your personal political affiliation, who do you think will win the nomination for the republican nomination for president , from 4 respondents, the answer in august was zero. By december it rose to 15 for donald trump. At that point, senator marco rubio had close to 60 as he was the designated recipient of all the establishments love. That didnt work out. When asked earlier again this month, trumps numbers jumped to 66. 7. Rubio now around 17 . And cruz at 12 . Donald trump will be checking with us ahead of latest gop debate. Were going to talk to him live at 8 00 a. M. Eastern time, then at 8 45 a. M. , Carly Fiorina will join us to talk about throwing her support to texas senator ted cruz. I saw a bunch of editorials on the last show that they had found. Antitrump editorials. There were some that said beware did you see the journal today . Beware trumpophobia. Elite oped in the journal. Grudging. They seem to start facing the reality of that possibility. At the same time, can you believe this . People say trump is not a conservative because hes not a free trader. Suddenly another thing he started saying. Now free trade loses political favor in both parties. Its weird. Its weird to be able to tap into, you know, some sentiment. I dont know. Do conservatives now is free trade a slam dunk for conservatives anymore . Not in the Republican Party. Not the leadership of the Democratic Party anymore. So does that litmus test suddenly start fading from whether youre a true conservative or not . Yeah, makeup of the party. Youre coming back into this. Youve been out there talking technology or something, right . I like tpp, as you know. I was a tpp fan. Most people do. Apparently not. Maybe its true that you need to be more you told me that supporting tpp made me a capitalist. And i think that in general, thats true, but maybe theres something to the notion that weve given away too much in the past. Maybe theres something to that you can negotiate better deals that the American Worker does better with. And there are wide swaths of the population who lost out under these trade deals and who are the ones who are very vociferous. I need this now. Tranquility stone. You know hes sick. Shoot. Are you . No, im getting over a cold. Can you wash my stone . Here. Oh, thank you. Thank you. Better. There you go. This is like a Republican Debate all the sudden. Lets talk about the Democratic Candidates facing off last night. Hillary clinton and Bernie Sanders trading blows at the univision cnn debate. Sanders defending himself and his record when it came to the crisis in the auto industry. No, i did not oppose the bailout for the support of the automobile industry. No, i do not support vigilantes. That is a horrific statement, an unfair statement to make. [ cheers and applause ] the purpose of my political career, fighting for workers, fighting for the poorest people in this country. Madam secretary, i will match my record against yours any day of the week. Clinton was also asked if she would drop out of the campaign if indicted over her handling of emails on a private server while she was serving as secretary of the state. This was her response. If you get indicted, would you drop out . Oh, for goodness. Thats not going to happen. Im not even answering that question. [ cheers and applause ] the debate drama continues tonight as gop candidates face off again this evening. Okay. Lets tell you about some other news this morning. Chipotle receiving praise for its handling of its most recent health issue. The food chain closed a boston area restaurant to clean up after a norovirus scare. It will reopen today. Also, moodys will be paying calpers 130 million to settle a lawsuit over grades the Rating Agency gave Residential Mortgage securities. They reached a similar settlement with moodys last year. Also, valeant and rno have settled a series of lawsuits. Making a payment of an undisclosed amount to valeant. All right. Another check on the markets this morning. As we showed you, the futures are slightly positive ahead of that decision from the ecb. The dow futures up by about 21 points. S p futures up by 3. 5. The thats dnasdaq up by about. When things closed yesterday, the dow closed higher, as did the s p 500. Take a look quickly in europe. Again, this is ahead of that ecb decision coming at 7 45. The question is, will there be additional stimulus added . Right now markets are relatively flat ahead of that with the dax and cac sitting just below trading just below the flat line. The ftse down by about half a percent. In asia overnight, we saw that the nikkei ended up by 1. 25 . The shanghai composite was down by 2 . We took a look at oil prices. This was the big story yesterday. Energy led all sectors in the stock market. It was boosted by a nearly 5 gain for wti. Giving back just a little bit of that today, down 30 cents to. 37. 99. The tenyear note looks to be yielding 1. 86 . The dollar is a little stronger against other currencies as we head into this Rate Decision. Its up against the euro at 1. 0971. Gold prices yesterday slumped a little, hit their lowest level in about a week. This morning theyre down another 9 to 1,248 an ounce. Lets get back to todays big main event, the European Central bank is meeting. Joining us now is Ian Shepherdson. We are expecting, at least the market is expecting, some additional stimulus from the ecb today. Whats the risk of negative Interest Rates . Well, banks dont like it, thats for sure. Unfortunately, i think theyre going to get one. Probably not a big one. Maybe ten basis points. More qe. Probably an extension of the qe, pushing out the end date, maybe through the summer of next year. Unfortunately, the recent record of the ecb is they tend to pick themselves up then not deliver. So it could disappoint the market if its not as much as we thought . Betting on disappointment has been a winning trade with the ecb for a while. Im not expecting them to do anything that stops everyone in their tracks. More likely theyll underdeliver a bit. Meaning the stock market will have a luke warm reaction at best, and the euro wont necessarily weaken the way they potentially hope. They definitely want it to weaken. You could argue this whole objective and theyve been unsuccessful at that. What i think will happen is theyll disappoint a bit and markets will say, whats next . When are they going to do some more. Rather than blowing everyone out of the water and making it clear this is it. They continually disappoint. Their markets should go down. Ours shouldnt go down. Were worried were going to diverge too much. Weve had good Economic Data over the last couple weeks, especially with jobs. Now its back on the table, another rate increase. But we still dont think its coming in march. It was zero and its back to 100 for this year. So it would help if they didnt diverge too much by getting you know, by weakening their currency. This should help us because it shouldnt cause the dollar to surge. No, it certainly shouldnt. That makes things a bit easier. They love easy money wherever it is. Absolutely. Free money is a great thing. So they always buy the market on more and sell it on less, but they shouldnt. Theyre not thinking it through. Theyre not thinking it through. Ultimately, as weve seen here, endless free money isnt necessarily going to give you the outcomes in the economy you actually want. Youre smart. You agreed with me totally. Did i . Thats surprising. Actually, i felt smart because because he agreed with you. Because he didnt say i was an idiot. Free money for a very long time. The outcome in the textbook says the economy should get better, better, better, and it hasnt. Something is wrong somewhere. We had fed governors back in september saying the earlier rate hikes might spur rather than restrain growth. In other words, weve gone too far and were distorting Capital Allocation decisions. The fed is telling everyone that everything stinks, so everyone acts accordingly. Do you think draghi at this point is saying im not worried about, you know, shock and awe . I want our currency weaker to help us. Or has he looked at negative Interest Rates and that its been ineffective in japan anne saying maybe we dont want to go down this path. He really wants the weaker currency. His objective, without a doubt, is to pump up the european economy so when the next downturn comes, we dont get immediately flung into another sovereign debt crisis. The problem is that the mechanism to weak than currency substantially, cutting rates further and further, is now damaging because its hurting the banks. Hes in a difficult position. Hurting the banks because they need additional lending. They cant pass on negative rates to their retail customers. Its a margin squeeze. What they need to do, i think, is to do bigger, bigger qe. If you want shock and awe, you cant do it through Interest Rates anymore. The objective that he wants, he doesnt really using Interest Rates isnt the tool thats going to give it to you anymore. The banks are clearly suffering. Is the fed doing the right thing by holding off . I know you had concerns last week. They could be getting behind the ball. They are. You know, core inflation on their target measure is 1. 7, which is below the target of 2. Janet yellen said in december, the factors are depressing between a quarter and a half. The underlying rate is already above their target. She keeps telling us Monetary Policy works with a long lag. Given that core rate is rising, theyre already behind the game. Not behind the market, because the market doesnt even believe their own forecast. But they are now getting whine the real economy. Okay. Ian, thank you. Thanks, ian. Sad news to pass on today. John gutfreund has died. Under his leadership, solomon went public, played a key role in creating mortgagebacked securities, and so many other things. He was dubbed the king of wall street by business week in 1985 and was immortalized in the Michael Lewis book liars poker. He was a frequent guest host on squawk walk as well in the early years. He was 86 years old. Coming up, what the cnbc global cfo council is saying about the security feud between apple and the fbi. You were out in tech land. You on the right side of things yet . I am on the right side of things. Youre with me . No, no. Do you know that song find the cost of freedom . Do you need to go back to the 60s to get into this . Start rubbing the stone. If one person is not free, though one is free. I got a lot of sayings for you. And were going to talk cybersecurity and making deals with cysco cfo kelly kramer. First, this day in history. Welcome back to squawk box. While march madness is getting ready to dominate the sports headlines, in the meantime we have to get these conference tournaments out of the way. But some more contracts are being signed in the nfl. The houston texans, this was interesting, reportedly signing quarterback Brock Osweiler for four years and 72 million. He took over for peyton for a while. Then peyton came back in. He was the heir apparent at denver. I dont think they came up with 72 million though. Something happened. Hell instead be a texan next season. I havent heard yet what happened to the jets guy. Theyre far apart. Yeah, we may lose fitzpatrick . We may lose him because theyre millions apart supposedly. Wow. And he did pretty you know quarterback problems that are well documented. That wasnt the main problem. Oh, really . Im told rg3 could end up in denver. Thats deep too. Its that oblong thing. How many innings . Four innings. Two halves. How many quarters . Usually in any whole, theres four. Are there hoops . Okay. I dont know what hes talking about. Some sport. The results of cnbcs global cfo Council Survey are in. Some people think i dont know. It asks members to weigh in on the ongoing confrontation between the apple and the fbi. Nearly 69 of respondents agree that korcorporations have responsibility to fight terrorism. However, 85 believe the corporations have a responsibility to protect consumer data and keep it private. Trying to square that circle. Those results may help explain why cfos were split on saying whether apple should comply with the fbi. 22. 9 believe they should not. What about the rest of them . 40 like, uh, what . I dont want to respond. I dont know if you want to put your name on that. I dont even know what youre talking about. Sort of like me with the sports. Apples encryption debate clearly front and center for many in the tech space. Kelly cramer joins us with a business update. Shes the cfo of cisco. Also a member of cnbcs global cfo counsel. Shares have now risen 20 since bottoming back in january. There you go. Good job. Thank you. Before we get into it, you were asked this question. Yes. How did you respond . I am i will say cisco has signed with other Tech Companies supporting apples position. Yay, good. Thats why your stock is up. Youre doing the right thing. It may not be that. I think thats more performance. But yeah, i think in this world of cybersecurity hacks and everything, i think encryption is more important versus less. Weve had a long standing position of opposing back doors. Is this about wanting the government to come and set some sort of standard so its not a casebycase basis . Yeah, i think the precedent is very important. I think, you know, the government and private sector need to figure out some way to have some open standards on these kind of situations. But again so hold on. That means youre backing off a little bit. Open standard, what does that mean . Well, i think, again, we at cisco oppose and have long opposed back doors. I think theres a balance between privacy and security. I dont think theres an easy answer, but i think companies and governments need to work through situations without setting a precedent that would thats based on a law from 1789. Which we dont agree with. Everyone agrees its more about the precedentprecedent. Let me ask you a different question. If you were doing business in china, which you do, and one of the government officials secretly come s to you and says we have this problem with this terrorist attack. What would you do . We dont provide back doors for any government. You wont do anything about it . You would fight it . We will not weaken our products. Not weaken the product. Weaken a specific individual product to get it a specific individual thing. Nuance. Nuance matters. Nuances are well documented. You know its not a clear answer. When you get someone to admit maybe theyd like to help with security, youre like thats not true. We know its not a blackandwhite issue. Encryption is something the whole world is going to need in the future. Such a simple you make it so complicated. Nobody is asking for a back door, by the way. Thats the distinction. Its a distinction as to what you think im happy to hang my hat there. Then apple is lying. If you want to call tim cook a liar, then continue to do that. Would you like to do that . No, im not, but youre saying its not about its just one case and they can do one case without it hurting anybody else. Both sides have tried to take advantage, unfortunately, of a terrible moment. Thats what i would say. Actually, both sides have done it. Im under the impression if they do it once, there could be a risk to the whole encryption. If theyre lying, theyre lyin