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 lying. If theyre not, then i dont want them to do it. Simple. I agree. Just to clarify one point, and we should really talk about cisco, but the reason why i would argue its not a back door anymore now that ive spent time with tech people is it doesnt matter after this phone. All of the new phones have a completely different technology. So the whole thing is irrelevant. You can always pose the bigger question. If it comes to the point where theres no if there isnt anything left for a back door, something that goes away totally, is the government going to come in and say, no, you cant do that, you need to save this stuff so we can look at it . Thats what you would do. Thats so far from how thats written. Then theyre going to be able to use that system. Always. Then youre not going to stop terrorism. Lets talk about cisco. Lets talk about whats happening in the landscape right now. Where do you see things . We had jack welch here yesterday. He said in december things looked like they were starting to slow down significantly. What do you see . We saw the same thing. Our Quarter Ended in january. January was very tough for us. We still executed great through the quarter, had growth, grew top line 2 , bottom line 8 . We saw a weakening in january. I think a lot of that was driven by the equity markets, volatility. I think we saw enterprising pulling back. People stopp eped spending. Exactly. So not commenting on our current quarter, with the equity markets being more stable, it does look brighter. We definitely saw it in january. Another question i wanted to try to get to was china broadly, meaning how slow has the market gotten there . For us in china the last two quarters, weve been doing great. Youve been doing great, but is that operational to you . I think well, i think it is. We had a couple years of very, very tough situations. We stayed in china. We invested, stayed close to the governments. We expanded our go to market. I think were finally seeing it pay off. The last two quarters weve had every product line be up over 20 . Its pretty broad based. Were bullish. I think our relationship is pretty strong. In the grand debate around buy backs and dividends, you guys have increased both. What does that say about your ability to find things youd otherwise want to buy or use that cash to develop . Thats the great debate in this country about Companies Across the board. Exactly. The beauty of cisco is were doing both. We announced a 24 increase in our dividend, which is great. We increased our authorization of our buy back. The strength is there. Were continuing to buy acquisitions. We announced a couple just last week. Its a combination of all that. Were blessed with fantastic cash flow. Were sitting with 60 billion in cash. Real quick, in the buy back debate, do you look at the stock and say, its cheap, thats why i want to buy it back, or do you say i have too much cash . How much of is it is about being opportunistic . Were extremely opportunistic. Weve been modestly bringing it down. When the stock was very depressed like in january, we were very active. Again, the reason we increased our dividend as well is we want to, you know, continue to give consistently that back to our shareholders. Again, attract some people into the stock. I think were undervalued. There you have it. Kelly cramer, thank you. Great to see you. When we return keep up the fight. Thanks, joe. Youre welcome. When we come back, well talk about the whacky world of Small Business regulation. How about getting arrested for selling cookies or a 200question test just to become a tour guide. Plus, mcdonalds expaending the breakfast table after hearing from its customers and getting a boost in sales. Right now as we head to a break, take a look at yesterdays s p 500 winners and losers. In new york state, we believe tomorrow starts today. All across the state, the economy is growing, with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. Like in buffalo, where the largest solar gigafactory in the western hemisphere will soon energize the world. And in syracuse, where imagination is in production. Let us help grow your companys tomorrow today at business. Ny. Gov we believe in the power of active management. Management, by debating our research to find the best investments. By looking at global and local insights to benefit from different points of view. And by consistently breaking apart risk to focus on longterm value. We actively manage with expertise and conviction. So you can invest with more certainty. Mfs. Thats the power of active management. Welcome back to squawk box, everyone. Its time for the executive edge. Its no secret that Small Businesses struggle with government regulations. Kate rodgers is in charleston, where one wouldbe Business Owner is fighting back. Kate, good morning. Reporter hi, becky. Ghood morning. We are here in beautiful charleston, south carolina, at the battery where wouldbe guides face a 200question test based on a nearly 490page book. After you pass that, you move on to an oral exam. But Kimberly Billups says she failed that test, and its keeping her back from launching her business despite her studying for three months. Now, the Nonprofit Law Firm the institute for justice is taking on the city of charlestons tour guide licensing laws on behalf of billups and two other wouldbe guides, saying theyre in violation of their free speech rights. You know, right here in our own very backyard, the fathers, authors, and signers of the declaration of independence and the constitution are buried here in our backyard. The hypocrisy of all of this, you know. I know theyre rolling over in their grave. Reporter now, the city of charleston says these regulations have been in place for decades and that millions of people visit this metro area annually and that its their responsibility to protect tourists from being swindled out of money by unreputable guides. Sounds like its a tough test because the city did tell me in 2015, the pass rate was just over 50 , meaning the fail rate was just about 50 as well. Back over to you. Wow. Just one example of heavy regulations. Kate, i know youve been looking at other situations too. What are some of the other issues that jump out when you start looking at Small Business regulation . Reporter yeah, absolutely, becky. We have a whole lineup of stories today. Another one were looking at is what they call a cookie ban in wisconsin. Youre not allowed to sell any home baked baked goods if theyre not made in a commercial licensed kitchen. If youre caught doing that illegally, you could go to jail. In iowa, were looking at regulations for african hair braiding. You have to get a full cosmetology license. Theres a bill right now thats being looked at in the state legislature that would exempt african hair braiding from the traditional definition of cosmetology in that state. Certainly big hurdles for wouldbe entrepreneurs and important issues to keep looking at. Back over to you. Kate, thank you. Well be watching throughout the day. And if it works for you, i guess keep doing it and doing it more. Mcdonalds is expanding its allday Breakfast Menu after customers took to social media to express their frustration that their favorite breakfast choices had been cut. Most mcdonalds serve a limited allday Breakfast Menu. Certain locations are now serving the entire Breakfast Menu all day. What were they not serving . Lets see. It launched in october. We need to know that. Helped boost mcdonalds samestore sales by more than 5 in the u. S. I do know that chipotle, you can get that norovirus any time of day. You can get it for breakfast. Im sorry. I apologize to chipotle shareholders. But another one. This time it was just employees. Yesterday. Its on the menu. Do they have breakfast burr ree o burritos . No. No breakfast at chipotle . Not yet. They should. Opportunity for the stock. Real mexican food. A couple of them might do it. Not across the board. Coming up, the battle for florida. Winner take all state with 99 delegates is up for grabs. Governor rick scott will come on. He hasnt endorsed anyone. Well talk about the rifts in the gop. And later, donald trump will be checking into the show at 8 00 a. M. Eastern time. As we head to break, heres a quick check on whats happening. It was the hash browns most of them werent serving later. Anyway, theres the european markets right now. Youre an at t Small Business expert . Sure am. My staff could use your help staying in touch with customers. At t can help you stay connected. Am i seeing double . No maam. Our at t buy one get one free makes it easier for your staff to send appointment reminders to your customers. And share promotions on social media . You know it now im seeing dollar signs. You should probably get your eyes checked. Good one babe. Optometry humor. Right now get up to 650 in credits to help you switch to at t. At ally bank, no branches equals great rates. Its a fact. Kind of like grandkids equals free tech support. Oh, look at you, so great to see you none of this works. Come on in. I provide for my family. I will use my education to help my community. I will inspire our next generation of leaders. I am a college student, but i am only 1 . Only 1 of College Students are american indian. Donate now, and help our numbers grow. Welcome back. Its time for the squawk planner. Markets are going to be watching closely at 7 45 eastern time when the European Central bank reveals its latest Interest Rate decision. At 8 30, we have the ecb president mario draghi. He will begin a News Conference. Well bring you the ecb news as it happens. Back here in the u. S. , well get the closely watched jobless claims data at 8 30 a. M. On the earnings front, Dollar General expected to report around 7 00 a. M. That is todays squawk planner. Joe . Florida is one of the big contests in next weeks super tuesday with 99 delegates up for grabs in a winner take all contest. The gop candidates are spending million on attack ads in an effort to win those delegates. Joining us with more on the battle in the sunshine state, Florida Governor rick scott. Good morning, governor. Not only are the billionaires moving here, theyre spending all their money in our great state. I love everybody spending their money here. Governor, you have your finger in the air. Youve got your ear on the ground. Im trying to think, maybe im mixing metaphors. But do you know anything about first you can tell me whos going to win at this point, in your view. Second, do you know anything about jeb bush and what hes trying to accomplish by meeting with the three other candidates and not donald trump . Is he trying to ask the other two to get out and throw their weight behind cruz . Wheres it stand right now . Im not sure exactly what governor bush is doing with regards to those meetings. The Biggest Issue in this state, clearly, and probably nationally, is jobs. Ive said all along that the biggest thing weve got to do is elect somebody thats going to do what weve done in florida. Cut taxes, reduce regulations, and do what weve done. Weve added 1. 25 million jobs. I think the election is clearly about jobs. Okay. And you have been hesitant to throw your weight behind anyone yet. There was a rumor you were going to follow Chris Christies lead and throw your support behind donald trump. Was that just a rumor . Well, as you know, i havent endorsed. I dont ive said im not going to do an endorsement before our primary. If you remember back to my race in 2010, everybody had endorsed my opponent. People called me from washington, d. C. , asking me to get out of the race. I relied on the voters. I trusted the voters. I believe in the voters. And i won. I believe thats the same way today. I believe florida voters are going to elect somebody, and i still believe its going to be whos got the best plan for jobs, whos going to turn the economy around, similar to what weve done in florida. You have had your own runins with Mainstream Media, governor. Do you have some empathy for the approach that most media take to donald trump . Youre both sort of outliers, or at least in the view of certain entities. Youre both outliers, are you not . Do you sympathize with him . Well, look, i think any time you run for office, its not an easy endeavor. I think its important to have a message. My message was how we got, you know, turned our state around and got jobs. I think whoever has the right message, whether youre an outsider, whether youve been in office, if you have a plan that people believe in for jobs, youre going to win. Okay. Out of the four guys that are left, do you have preference for any of their jobs generating plans that youve seen that theyve put forth . Are they all fine . Would you support will you support the republican nominee down the road, whoever he . I will absolutely support the republican nominee. We cant have four more years of barack obama. Thats what well get out of Hillary Clinton or Bernie Sanders. Its going to be the same old thing. You believe our nominee, the republican nominee, will focus on cutting taxes like weve done, reduce regulation, like weve done, and turn this National Economy around like florida has done. Florida is the winner right now. Were beating texas and the other states for job creation. Its the Biggest Issue in the country. Yeah, and i know youre going to get in your licks on talking up florida for sure, but lets youre an experienced guy in both the private sector, and youre the hard knocks from politics now too. When you watch the behavior of certain, what were now calling republican establishment, as they try to figure out how to deal with this fractured party and the 35 or 40 of the populist republicans that are backing donald trump, what would you do if you were a party elder right now . How would you handle that so that you dont, you know, cut off your nose in spite of your face . Well, what ive done is ive said, lets trust the voters. We have plenty of debates. Were going to have a great debate tonight in miami. Lets make sure that theyre talking about issues. Lets make sure theyre talking about the most important issues, which is in our state jobs, its education, its public safety. But lets make sure theyre talking about whats important to the citizens of our states. Then lets get out there and support the candidate thats going to do that. You know, i tell everybody, get involved in politics. It impacts your life. I know in my case growing up in public housing, the most important thing to me was a job. Thats why i got into this. I think everybody ought to get involved in this race but rely on the voters. You know Florida Politics pretty well by now, i would say. After a glimmer of hope, it seemed like senator rubio was closing the gap in florida a little bit. Now it looks bleak again. I know theres a few days left, obviously. But theres talk a big loss in florida could damage his political career, even as a florida senator. Ing you comment on that . Would you urge him maybe its cut your losses now and if theres people you think you should throw your lot in, maybe you should do that now . Marco is a good friend. I know hes worked hard in his political career. Hes worked hard as a u. S. Senator. Hell make the best decision for himself long term. Im just glad that, you know, its what i believed all along. Its going to come down to florida. The debate tonight is going to be important. I believe hopefully all of them are going to talk about their plans for jobs. You know, part of trumps appeal is he just says exactly whats on his mind at any time. You didnt tell me anything that was totally out of control. You didnt give me one answer. Like, you didnt say, oh, yeah, rubio should get out, hes going to get toasted down here. You didnt say any of that. Maybe you ought to try it. Is there anything youd like to close with thats out of control . Give me something. Move to florida. Move to florida, spend all your money in florida. We love everybody coming down here. That will never be the lead on drudge. Always on message. Have a great day. Thanks, governor. Well be joined by the president of focus brands. Shell give us an update on her sweet and savory business model. As we head to break, look at where the u. S. Equity futures are. Dow futures up by 40. The nasdaq up by 11. We have the ecb decision less than an hour away. Squawk box will be right back. Jake reese, day to feel alive jake reese, day to feel alive jake reese, day to feel alive ngo to ziprecruiter. Com and post your job to over one hundred of the webs leading job boards with a single click. Then simply select the best candidates from one easy to review list. And now you can use zip recruiter for free. Go to ziprecruiter. Com. Joining us live this morning from the young president s organizations edge conference in dubai, is the annual gathering of thousands of ceos from around the globe, focus brands Group President pat cole is here with cnbcs exclusive partners. Cinnabon is the brand we all know. When you think of u. S. Brands, given whats going on in politics and elsewhere, what do you see going on . Reporter the reality is that consumers that fall in love with brands around the world whether its cinnamon or annie anns pretzels it takes politics to start to get involved to disrupt their love for brands. Right now were seeing relatively consistent brand love and franchise go and markets are volatile where it affects the business climate. From a consumer perspective they are still buying their delicious treats. Jim cramer last week was talking about donald trump and worried about the impact that donald trump would have on Companies Like starbucks and other American Companies trying to do business elsewhere. Does that make sense to you or not . Reporter well, certainly any type of american politics that gets sensationalized will become the front of every newspaper in most countries around the world but i really am not seeing a connection to whats going on with the u. S. President ial election and how a food or beverage brand is being perceived in other countries. Not yet. Can we talk about the supply chain for food these days given what happened at chipotle. You also own a mexican chain as well. Have you seen any impact good or bad as a result . Reporter the positive impact is that mo, the brand that we have, one of the Fastest Growing restaurants in the country capitalized on everything happening by reinforcing our food safety and taking the opportunity to reinforce with our franchisees and consumers that food safety is of the utmost importance because of the risk. Its tougher when youre going from farm to table, using smaller local farmers to ensure that security. Its not impossible just tougher. So we put in systems in place to make sure we have stronger, more consistent programs. One of the big debates of the political season has been minimum wage and what it would mean. Some people calling for an increase up to 15. What would that mean to your company . Certainly the discussion around elevating minimum wage will upset the business but the challenge is not what it will be or when it will be. Its difficult for our franchise owners and Business Partners to plan. So whatever it ends up being, we want a seat at the table so it can be pro business as much as possible. As long as we have a consistent view where it will be ahead and plan appropriately for the business. But it will have implications. Theres that mcdonalds movie. I would like to try to subsist only on cinnabuns. Would that be harmful . Anything in moderation, but im willing to volunteer to do that. Yeah. Reporter to live on cinnabuns. We say our brands are an indulgence. If you eat it for breakfast, lunch and dinner you might have a tummy ache. Everything in moderation. I eat my green salads and lean chicken breast and then my cinnabun. Let me know if you need a volunteer. We should plug the other all right. Got about two or three episodes. Of this season . Of last season. Its so good. Whats that . Theres the song. Coming up, the countdown to the ecb. Opportunities arent always obvious. Sometimes they just drop in. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. We believe in the power of active management. Management, by debating our research to find the best investments. By looking at global and local insights to benefit from different points of view. And by consistently breaking apart risk to focus on longterm value. We actively manage with expertise and conviction. So you can invest with more certainty. Mfs. Thats the power of active management. Serena williams. 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. Countdown to the ecbs big announcement on Interest Rates. Mario draghi and Company Expected to launch new stimulus measures. Markets on edge. Paul mcculley straight ahead. Sanders keeps swinging. Madam serks ill match my record against yours any day of the week. Both candidates making big promises on immigration and taking the opportunity to attack donald trump. I called him out when he was calling mexicans rapists. I think the American People are never going to elect a president who insults mexicans. Debate reaction and the road ahead is minutes away. And the business of toys and paying for them. The cfos of toys r us and paypal for whats driving business as the second hour of squawk box begins right new. Announcer live from the beating heart of business, new york city, this is squawk box. Welcome back to squawk box, everybody this is cnbc, first in business worldwide. Im becky quick along with joe kernen and Andrew Ross Sorkin. It is decision day at the ecb. The markets are in wait and see mode. Were 45 minutes from that decision. The futures ahead of all of that have been slightly higher this morning. Kind of waiting to see what the ecb does. Expectation is they are going to provide more stimulus, potentially for qe and lower Interest Rates. Further below zero. Dow futures up 50 points. Nasdaq futures were higher as well. In europe things have turned positive for many markets. Dax superby a quarter of a percent. The cac is up over a tenth of a percent. The ftse is a little bit negative. Did you see . Yes, i did. You are the dude. You are the dude. Do you mind if i call you the dude the fed of bod. If it works for you, joe. You got the same hairdo. Not the eagles. We stopped saying that for little while. Eagles were okay. We digress. Andrew try to get out of that. Ill try. Lets tell you about some of the stories investors will be talking about. Labor department is set to report on first time jobless claims coming up at 8 30. Economists looking for a slight drop. Amazon drying to cut shipping costs. Now will lease as many as 20 boeing 767 jets. They want to reduce its. Dependence on outside carriers. A deal between two wellknown exchanges, nasdaq purchase d deutsche boss. New York Stock Exchange owner Intercontinental Exchange said it may make a rival offer. Were less than 45 minutes away from the European Central banks decision on Interest Rates. They expect Interest Rates to be cut further into negative territory. Good morning, sir. Good morning to you. We got three main tools that mario draghi can use. One is cutting rates were at minus 1. 3 . Consensus is we wekt it to go to 1. 4. He can extend the length of the qe program that mends in march 2017. Looking for three to six months increase. If he increases the size of the bund buying. With that if he increases the size does he change the size of which bonds hes buying. Does he throw risky assets in there. That could be the thing that if he does, that would be a positive surprise for markets. Consensus looking at a 10 million crease. If he changed the makeup. What market expects. Ill bring up the chart for the last month of the euro. Were expecting more easing, weve seen the euro weaken in the last 30 days. In the last ten days the euro has bounced back a little bit. Investors are sitting on the sideline. They are reticent a little bit to aspect too much from mario draghi but a little bit of a change in the bondbuying is whats expected. We had an analyst who mentioned every time you count on something from the ebc you get disappointed. Theres this expectation they are going to do more but probably the germans end up holding them back. Until December Mario Draghi was the one to make a promise and stoic his word. December was a big negative surprise because he didnt step up to the plate. I disagree always is the case. Certainly more political issues that mario draghi has had to deal with. Different constituencies. Exactly. On the flip side, the chair n of the bund back is more on this side, not in december theres a change in the short term but a year ago german is more on side. They know europe is week especially with the brexit coming up. You did not bring the you say the ch because i fought it was pronounced with a j. Not terms i use regularly. Oh, please when youre at dinner you call by the first name because its more familiar now. Right. I dont think thats a very common title anyway across the board. I wish it was. I love you when you call me. You will always be that for me. Fantastic, joe. Thanks. Lets say hi to the market. Our guest host for the next two hours is Paul Mcculley newly named ceo in macroeconomics at Cornell University and former chief economist at pimco. Good to be here. Lets talk about this ecb decision today. What do you think of negative Interest Rates . Im not a big fan of negative Interest Rates. I look at them as an indictment of Something Else wrong in the policy mix. If you have to go to negative Interest Rates, and even more negative and its not having a particularly positive effect, then it tells you that there are other tools that need to be used, and both in europe as well as in japan. The big tool that needs to be used is fiscal policy and in an aggressive sort of way. Thats been the case for a language period of time. They tried it in japan . Yes they have. I give japan more credit for trying. Japan needs to try some other things. But in europe its simply a matter that youve got fiscal austerity in various form. You keep reducing Interest Rates. And the only real positive effect from that effect is to grab up asset prices but draw down the currency. Thats the issue. Which on a global basis is a zero sum game but to the extent its effective it drives down the currency. Hasnt been so effective, the euro bottomed last august when you were looking when we were moving in different directs. I guess thats because our fed has slowed down versus what the ecb has done. It has. Therefore i think the return to going even deeper negative is not very high. Actually if mr. Dramario draghi an incredibly surprise rather than drive down the currency just sell the currency. That would be a shock. Again not a forecast. But thats the objective function is to drive down the currency. Thats trying to steal aggregate demand from the rest of the world which basically what the world needs is a big fiscal expansion to expand everybodys aggregate demands. Not a good policy mix. What do you think happens in terms of what the fed does next . Were watching this so closely because we figure that the fed is kind of hamstrung by what the ecb is doing. Is that fair to think . Is it the right way for our central bank to be reacting . I think its fair but push back on the word hamstrung. I dont think the fed is hell bent on raising Interest Rates. A lot easier if we werent worried about the dollar rising so dramatically and that in turn impacting our economy. I think thats true. I think thats one ambiguously true. I think the fed wanted to get off of zero. That was a big important issue. When i was here with you last summer i called it the coming valecdorian of getting off zero. They did it. Once they got off zero they western on a predetermined path to drive up Interest Rates and to the extent global influence slowed the projected trajectory thats totally fine because we actually want inflation to go up. So they are not behind any inflation curve its a policy thing if inflation overshot 2 . Were looking potentially in the next couple of months of being at the feds inflation targets for tend of the year because things have been starting to climb, oil prices and chods pick up. You could see that move quickly. That would be a cool thing. 2 is not a ceiling. 2 is the target. Logically you should be on both sides of it through time and weve been on the south side of it for a long terrifiperiod of. If weve been on the north side of it for a period of time its a good thing. Its not a ceiling. Its supposed to be a mean not a ceiling. Well talk a lot more about this. Paul is with us for the rest of the program. Big banks rolling out online payment services. Should paypal be worried. The cfo on the online global Payment System joins us after this break. At 8 00 a. M. Eastern time, donald trump the candidate will join us. Futures at this hour continues to show some positive gains. That would be seven out of eight. For the dow. Welcome back to box. More results from globals cfo Council Survey and asked members where they believe the idea range for price of crude is. Most cfos say the price is too low and believe the ideal price is above 40 per barrel. A third of the respondents saying the tweet spot is between 50 and 59. Ebay is separating into a separate company. Theyve seen 280 billion for 2015 and 17 million new customer accounts. Can the company continue its tremendous growth and what are they doing combat tremendous competition. Much more on this topic, paypals cfo and former United Airlines cfo, might have an idea on whats going on at united as well. Good morning. You want to Talk Payments or craziness over at your former employer. Lets Talk Payments. Lets start with payments but i do want to get there and would love your view on crude. The united story is gordon e bethune and oscar coming back after heart transpant. I knew oscar well and gordon too. Would you like gordon back as chairman . I cant comment. Youre at a Different Company now. For that reason. Does it need shaking pup they are on the right track. They are making a lot of progress. I just got in trouble yesterday for saying that sometimes flight attendants are in a bad mood and people who were telling me that was sexist. Flight attendants are not all women. I was not talk about one sex or another being in a bad mood. They dont give you peanuts any more. They never give me a can any more. They do if you ask. If you ask. Lets Talk Payments if we could. Which is how does this is something i think about a lot now. In an age when everybody has tried to do some form of electronic payment, everybody is trying to get into this game, how does pay pail differentiate itself from those other players without owning the hardware or operating system. Were different from everybody else. Is that were technology and platform die agnostics. We have a peer to peer application. We have huge growth. We grew over 200 last year and had a billion dollars in payment value in january. So because we participate across so many different aspects of that system we have a lot of different ways we make money and it makes us unique versus some of our competitors that focus on one thing. Then if thats the case look out 12 months, 24 months, in terms of the mix is payments still going to be the biggest part of the business . It will be. Does dynamic change they all work together. Where we do back in processing it allows us to have the presentment of paypal or credit. Payments are still our bread and butter. When you look at apple pay are you surprised it hasnt had the uptick i think early on at least the hype suggested . In some ways no, andrew. What apple pay does is its a different way to pay at point of sell. Its a form factor change. Doesnt change the Value Proposition of customers. When you think about your top ten paying points pulling out a credit card isnt that difficult. Were following the customer with the mobil device. Thats where everybody is going to. Black friday for the first time saw more sales online than off line. Mobil is about 30 of our business right now and grew at 45 last year Nuclear Program not just phones, its in pads. In terms of the margin, one of the other thing march beginnings coming down on these products when people talk about the block chain, bit coin, long term, just straight payments what do you think will happen to margins . Margins are coming down. We seen compression. Part of that is because of a deliberate strategy we have to expand to larger merchants. Think about the history of paypal, it cut its teeth in the business on ebay and smaller merchants. As we try to increase this were moving to larger merchants which will benefit from volume based pricing. The challenges i have as cfo to make sure were off setting that decline and making sure other costs dont go up. How big a business does the credit piece have to become . Not very big at all. We use credit because of the fly wheel effect. When we issue credit to a customer, we see that customer will spend 25 to 30 more. But were not in credit for credit sake. John, thank you. You want to ask him any more questions . Hes 26 years old and cfo. I wish i was 26. Add 20 years to that. When you took that survey what did you say for crude . Its something that in my former job i followed every day perhaps more so than the stock price. Its interesting you tended to see airlines trade exact italy opposite of oil until it got below 40 then as you saw it come down more, oil stroocks traded down more. Now that you dont work on airline do you think babies should be allowed in first class . Im not touching that. Were you the person who refused to lower ticket prices by the same amount oil prices coming down. That was not me. Come on back. Thank you. Coming up, sad news for one of my icons. The most interesting man in the world becoming a little less interesting or maybe he just only interesting for so long. They may get rid of that but were not. Well have the details after the break. But this man, a new man might be able to take his place. Were 30 minutes away from this man very interesting and well hear from him at 8 00 a. M. The most interesting man in the Republican Party donald trump. Well hear from him at 8 00 a. M. Announcer time now for todays aflac trivia question. Which American City famously dyes its river green for Saint Patricks day. Your hands on the controller. Look out ohhhhhhhhhh. You know what, im just gonna email it to you. Yeah thats probably safer. Ok, cool. Announcer now the answer to todays aflac trivia question. Which American City famously dies its river green for Saint Patricks day . The answer, chicago. His personality is so magnetic hes unable to carry credit cards. His enemies list him as their Emergency Contact number. He never says something tastes like chicken not even chicken. Hes the most interesting man in the world. I dont always watch cnbc but when i do i prefer stocks to watch and the animal orchestra. Keep watching my friends. After roughly nine years, the brewer of dos enuis beer has decided the man isnt that interested. The tan, suave, bearded most interesting man will be fading into the sunset of advertising icons. Dos equis is dropping the most famous man in the world. But they plan on replacing him with an equally interesting but hipper interesting man. Heineken, the number of cases of beer shipped grew by 35 . Thank you. Thanks to that ad campaign. It was a great ad campaign. I dont know if its geico like. When we come back were awaiting the ecbs decision on Interest Rates. Well bring the breaking news when it happens. Up next how are the nations top cfos feeling about donald trump as president. Well take a look at the trump economic plan. Keep it locked right here. Donald trump will join us the man himself, 8 00 a. M. Eastern time. Take a look at u. S. Equity futures. They are trending higher. Dow futures up by 63 points. S p up by eight and nasdaq up close 20. Tomorrow starts today. Tate, we e all across the state, the economy is growing, with creative new business incentives, and the lowest taxes in decades, attracting the talent and companies of tomorrow. Like in buffalo, where the largest solar gigafactory in the western hemisphere will soon energize the world. And in syracuse, where imagination is in production. Let us help grow your companys tomorrow today at business. Ny. Gov welcome back to squawk box. Among the stories front and center were a couple minutes away from the ecbs latest policy statement. The bank expected to cut its key rate and announcing new stimulus measures. Twitters has some oil controversy. Several users tweeted out its weekly data on oil vince without its permission. Its available to users by subscription. Deleted the post after receiving complaints. Is that before it was released on the wires. Because once we talk about it you imagine its public information. We dont know. Check out shares of general. Beating estimates by four cents with Quarterly Earnings of 1. 30. The Company Raised its Quarterly Dividend to 25 Cents Per Share from 22 cents. Squawk sports news theres nothing steph curry that do. Last night he added another feather to his cap, warriors taking on the utah jazz. With time running out, curry a shot out from beyond halfcourt and of course that went in. It was estimated to be from 55 feet. The warriors won 11594. But, you know he probably likes to switch everything. So it was a little hard. Who cares. Who is counting. It still went in. I was shooting some baskets the other day to try to do some cardio stuff with my trainer. It was nothing there. I can barely throw it that far. From the threepoint the pro threepointer, not from the college threeinter. Thats a hardline. You should hit something. You had the hoop lower down. No. I cant palm the ball because my hands are small. The nations top Financial Officer has prospects of donald trump getting the nomination. According to the latest results when we asked the question regardless of your personal political affiliation who do you think will win the nomination for president of United States by december it rose to 15 and at that point senator marco rubio had close to 60 . And then, again, we asked earlier this month, at that point trumps number jumped to 66. 7 . Rubio has about 17 and cruz came in at 12 . Donald trump will be checking in with us ahead of the latest gop debate. Well talk to him live at 8 00 a. M. Eastern time. At 8 45, Carly Fiorina will join us to talk about throwing her support to texas senator ted cruz. Bowling, bowling is another thing. And we were talking, that explains his sort of obsession with the dude. If you take those glasses off i mean take the glasses off and say nice marmaut man. But the fact is you told us off camera one of your friends is in that scene, bowling behind the dude when hes with sam elliott. The bowling adviser on that film was a hall of fame bowler named barry asher who is the pro at my home Bowling Alley in fountain valley, california. And the quid pro quo for him being an adviser they gave him a cameo at the very end. Hes the solo guy bowling in that very last scene. Hes a fantastic guy. And i see him quite regularly. The last time i was hanging out with bill gross, bill and i were bowling with barry asher. Have you ever said anyway they are telling us we got to go. We got to talk about john torturo. Cant say his name. Polishing up the ball. Lets talk about the race for the white house. Were joined by maybe, if he stuck around, peter navarro. Eaves from the left coast. You would like him in certain ways. Our guest host continue, Paul Mcculley. Theres no really explaining or predicting any time this around in the 2016 race and im talking about on both sides, peter. Really. Arent you still arent we all scratching our heads but entertaining. Entertaining, but i think good for the markets at least if mr. Trump gets in there for one simple reason. You know, back in the 80ss reagan had this supply side revolution, cut taxes, cut regulation, the economy boomed. Trump has the same epiphany about the trade deficit. The trade deficit and associated offshoring of production costs this country a percentage and a half of gdp points a year. In other words, its a difference between 2 gdp growth versus 3. 5. What does that translate into . That translates into over 100,000 new jobs created a month that we would have if we were able to simultaneously crack down on unfair trade practices and balance our trade and on the other hand eliminate the push of our corporations offshore because of the highest Corporate Tax rate in the world and donald trump wants to reduce that tax rate, of course, to 16 . So in terms of just pure economics with all the rhetoric, its a good deal for america and im sure sitting there on squawk if you have a jobs report coming out every month that had more than 100,000 additional new jobs on top of what were doing we would have a bull market. I wasnt expecting that from a California Academic but irvine is in Orange County so i sort of get that a little bit, peter. I dont bowl but i do shoot hoops, joe. We are on the left coast. We did say earlier, we did a report on how certain Business Leaders have grudgingly sort of come around to at least the idea that donald trump could be the nominee. Youre actually taking it not everybody is in your camp yet that it might be a positive for the u. S. Economy, still fairley, you know of course Mainstream Media generate ad lot of the they fill a vacuum with their own narrative. Lets do the einstein thing in terms of relativelity. If you look at the other candidates. Bernie sanders has it right in terms of his trade rhetoric but a disaster on taxes including Corporate Taxes. Were not getting growth out of here and hes not beating hillary unless that benghazi thing blows up. Hillary has been behind every trade deal going back to nafta. Her husband was the guy that brought china into the wto and handed over our markets. Shes been sort of flirting with the transpacific partnership, although sanders has backed her off of that. On the right side, cruz talks a good game on taxes, of course. But on trade issue he has no credibility because of his previous issues with china. And heres a prediction four all. I would love to short marco rubio, no pun intended because on tuesday hes going down. Hell be about out of the race by tend of next week. The reason is, florida. He has no chance at all of winning florida. People who dont know florida say thats his home state. Guess what . He got elected with Tea Party Support and as soon as he got into office he backed off of that. They dont like marco rubio there. Plus, florida has this early voting there and people have already voted. A lot of people have already voted. So hes done. California colleges, i wasnt at uc irvine thats a possibility. This is Orange County, joe. I know. Come on. Do your geography. Uc irvine we bowl out here, joe. Just avoiding princeton. Okay. For a lot of reasons, paul. Anyway, thank you peter. Were counting down to our interview of the morning, republican frontrunner donald trump will be joining us at the top of the 8 00. Maybe we should cut a sound bite from that. He would love to hear that. Be sure to stick around for that interview. After watching ford mustang gallop behind the chevy the camaro in sales last year and Dodge Challenger coming up fast. Gm is intent on making sure the redesigned camaro reestablishes itself as the countrys leading muscle car. Phil lebeau joins us with more from las vegas. Good early morning. Reporter good morning, becky. Couple of new versions of the camaro in 2016 that will be rolling into show rooms starting this month, including this convertible version we had a chance to drive over the last couple of days. What stands out about these two new version. First they are adding a four cylinder turbo model and it does have plenty of giddy up and go. A conversion model going into show rooms in the next couple of days. Heres the goal for chevy. They need to catch up to mustang. The previous generation of camaro was leading in sales until the last year where the mustang out gamed them. The head of Product Development for General Motors said this muscle car is a little bit different than camaros of the past. Instead of a muscle car we have a sports car. You know, the cars were driving today are all about, you know, handling and precise steering and brakes and thats a different formula than what the muscle car is known for. Guys, real quick. Sales up 44 this year even though they dropped 10 last year and yes you still have that camaro sound. Take a look at shares of gm struggling over the last year like so many auto stocks. Guys, ill send it back to you. Phil, thank you. When we come back the ecbs decision on Interest Rates. Well have that decision and the reaction out in a few minutes. Check out the european markets ahead of this. The dax superby 1 . If you look here at the United States our futures have been picking up through most of the morning too. There we go. Dow futures up by 67, s p by 9 and nasdaq up by 21. Squawk box will be right back. Welcome back to box, everyone. Were awaiting the ecbs decision Interest Rates. In the meantime Steve Liesman and our guest host Paul Mcculley are both here to talk us through a lot of this. Steve we havent heard from you this morning but, again, expectation is that there will be additional stimulus added. Yeah, i think we just have a headline crossing, becky, that the ecb did take additional action. Were waiting to see what is that. What were waiting for is expectation European Central bank goes further or more deeply into negative Interest Rates and also announced additional qe and on the third front liquidity problems that they have over in europe right now. Real quickly to tell you about the refi rate the ecb is cutting it from 0 to 0. 5 . Should also be a deposit rate. Its not out yet. The euro is already falling on the ecb decision. Futures picking up a little bit. Dow futures up by 90 points. S p futures up by 11. The euro youll see quickly the whole intent of this we expected was grab the euro lower and its at 1. 0916. Im fascinated in pauls if negative Interest Rates were a broadway play i believe it would be closed down already because the reviews have been so bad. Theres a lot of concern that really negative Interest Rates work against the intent that they have, which is really to provide liquidity and to boost lending and the concern is the pressure that they put on the banks and one interesting commentary i saw was that if you increase quantitative easing you increase excess reserves. What do you do . You end up charging the banks through negative Interest Rates for greater excess reserves creating this velocity and volatility in excess reserves. Overall, while fed officials have talked less negatively about negative Interest Rates, they are waiting for additional announcements. I dont think they are nye in the United States. Paul, im not hearing the deposit rate is also down cut to 0. 4 from 0. 3 and thats what the market had. That was the one everybody was focused on. That negative three things in play, the stat rate, the size of the qe program and the longevity. Whats the score on the second two fronts. I dont think well get those at 8 30. Only the policy rates come out at 7 45. At the beginning of Mario Draghis press conference at 8 30 we listen to that and the outlook we expect a downgrade of the inflation outlook. Paul, to steves point you talked about this earlier this idea of negative Interest Rates are almost universally hated by economists and a lot of people we talking to on a daily basis. I think thats very reason scrabble. Negative Interest Rates is watering your potted plants with a fire hose. Youll get them wet but theres a lot of Collateral Damage thats not positive and i think thats particularly the case in the current environment in a euro land s on intensib s on stenwith n rates. But at the same time you have a regulatory push thats against bank lending. So this all come down to does he or does he not drive down the currency which is stealing aggregate demand from somebody else. Im not again him doing that. But thats the only reason to do it is to hope your currency falls a lot. And sure enough we can see that the euro is down by 1. 2 this morning on this news. Steve . Becky, we did get the qe announcement at 7 45. Its been expanded to 80 billion from 60 billion. Thats pretty much in line. So on the two important fronts here it looks like mario draghi has delivered or met market connectation and were creating a contrast when mario draghi disappointed in december. He got his committee in line. Got enough votes to cut the deposit rate and additional quantitative easing. So we got Ian Shepherdson to kind of agree that it would be nice that we didnt diverge too much from what we were doing here and now that it looks like were doing well enough to have another rate increase maybe shock and awe wasnt what we were looking for because we dont want the dollar to strengthen or hurt our exports but these guys just care about keeping the punch bowl full with meth and crack and any free money around the world they will buy the markets. Joe, it would be one thing to do this, these additional measures that came along with strong Structural Reforms aimed at the weakness in the European Banking system, including attacking some of the bad loans on their books, including raising additional capital, including greater super vision of capital rules. But thats really not the case. Paul is right and your question, joe, is exactly right. That it seems like were playing a global zero sum game of the only way for countries to strength their economies is by essentially exporting their deflation or borrowing demand from other countries. Thats problematic at best. I figure your stocks should go but our stocks shouldnt go up. We like free money. We dont care where it is. Well buy it. It hampers the feds ability to raise rates here too. The other thing that happens, though, the fed looks at this as a tightening. If paul were in his right place which is a member of the board of governors there at the fed, you know, i think this would be something that would have to give him pause about additional rates, watching the world going the other way and see the u. S. Become relatively tighter in this world. He would be the scalia of the board of governors but on the other side. He would be like the the ruth baden ginsburg. Dont you think the dude should be on the fed. That would be a cool thing. I did. The dude on the fed. Thats way to go. We said the fed seems stoned most of the time. They dont need mcculley bringing his stash in there, i dont think. I agree with steve if youre sitting at the fed and see the dollar go up which is a deflation engineer ary inpulse Interest Rates go down and our stock market falls in love with that. The lankages here are not difficult, not strange, not weird at all. So, basically when you look at whats happening with the ecb, the two results should be the dollar goes up and u. S. Stocks go up. Although thats what should happen. Four them to go up. Oil goes down and the dollar goes up. To say the euro should go down, u. S. Stocks should go up and Commodity Prices effectively are the tiebreaker. Steve, thank you for joining us today. Paul will be with us throughout the rest of the morning. Coming up more on the ecb Rate Decision and then news maker of the morning, we got donald trump. Hes going call in at the top of the hour. Were back in a moment. I am a technological breakthrough. This morning i read over 4000 articles on leukemia. In less than a second. speaking japanese i can understand euphemisms, idiosyncrasy and complex metaphors. I know every detail of every public Quarterly Report in the last 20 years. And im just getting warmed up. Hello. My name is watson. Together we can outthink the limits of whats possible. Welcome to the cognitive era. Coming up, huge hour that will make squawk box great again. Republican frontrunner donald trump will be our guest after the break. Well hear his plans for the economy and obviously well talk florida, ohio, last tuesday, next tuesday and tonight. Plus former president ial candidate Carly Fiorina tells us why she said that ted cruz, in her view, is the right man for the job. Squawk box is coming right back. News makers and news breakers. First up, donald trump ahead of tonights gop debate. The president ial frontrunner joins us live. Plus former white house hopeful Carly Fiorina throwing her support behind senator ted cruz. She will be here to tell us why. Super mario to the rescue. Ecb president mario draghi ready to answer tough questions as the central bank rolls out more stimulus indianapolis and Global Market reactions straight ahead. Business leaders, celebrities and philanthropist teaming up for a Big Education push. Announcer live from the most powerful city in the world, new york. This is squawk box. Welcome back to squawk box right here on cnbc, first in business worldwide. Im Andrew Ross Sorkin with becky quick and concern. We ready to talk with donald trump but first the days top market story. After the latest policy moves by the ecb, cutting their main Financing Rate to zero. It pushes its deposit rate into negative territory to 0. 4 from 0. 3 and expanding the asset purchase program. Stocks reacting in a huge way. Dax is up by 2. 5. Cac is up by 3. 25. Italy that market up by 4 . In spain markets are up 3. 4 . Its put additional pressure on the euro. Now at 1. 0835. Here in the United States our futures and traders here like what they hear. Dow futures up by 161 points. Track drag will be holding a News Conference on those policy decisions coming at 8 30 eastern. Donald trump taking his grip on the gop rays for the white house and getting ready for two big primaries next tuesday. The battleground states of florida and ohio. Those are both winner take all contests. Ahead of tonights debate republican frontrunner donald trump chairman and president of trump organization. Mr. Trump, good morning. Great to have you on. Good morning. Were going to get right to politics and polls and primaries but you just heard the news that were reporting here, and weve said it. What were really talking about with the ecb, mr. Trump, is they want their currency down and youve bean person that talks about other countries taking their currency lower to take advantage of, you know, of trade and we see it almost every where. I mean how would this be something that the United States would respond to under your administration . Well, you see it almost every where except the United States and whats happening in the United States is were losing a lot of jobs, our good jobs, not the jobs you report about with the 5 number which sobviousis obviously not a real number. Were losing our good jobs and its a sad situation. Everybody is doing what i just heard your report and everybody is doing that except us. And manufacturing is going elsewhere. And lots of other things are going elsewhere. And we still do nothing about it. And weve even had almost universal agreement that when you have a bigger thy neighbor and when everybody races to the bottom, it doesnt help anyone and takes away from real structural things that need to be done in these countries. Thats another thing thats resonated the public. We do nothing about it. Everybody does it. We dont do it. We do nothing about it. We sit back and let everybody do it. Thats getting to be very dangerous as far as im concerned. You look at the jobs that were losing. Look at the companies were losing. Were losing companies. Were losing large amounts of, did you know when you see pfizer and these companies leaving the country, there are thing that are very structurally wrong with what were doing. I wonder what we do and what kind of action makes sense that you know, you talk about mario draghi, you talk about china, you talk about connectiono, theres days r basement currency every where. How should the United States respond. Should we take the same route or stop these other people theres only one thing you can do. You can do devalue but you can do Something Else which is much better, you can charge a surtax or a tax for products that they sell in the United States. They are taking advantage of our country. We dont have strong leadership. I dont think we have strong Economic Leadership at all. You look whats going on with the world. And you look what other people are doing to us and what other countries are doing to us. I mean china is the grand master of all. My relationships with china are fantastic. I have great relationships and business relationships with china. And even those people say they cant believe what they are getting away with. Mr. Trump, you havent had all good days in the media, in the press, not even at the journal. Today you had a good day on the editorial page suffering from trum trumpophobia. Get over it. Even on the front. The lead story. Free trade loses political favor. A lot of republicans that say you are not a republican because or not a conservative because of your antifree trade or what they see as antifree trade suddenly that seems to be coming in vogue too now in both parties. Well, joe i ham a free trader but to be a good free trader you have to have smart people on our side also. Were being out negotiated at every corner. So i like free trade but you have to be represented by very, very good and smart and cunning people and we are not. Other countries are. And thats why they are all taking advantage. The concept of free trade, i love it. I love it. I think thats great. The bad news is its not good when you dont that have right people representing you. Its not all good news. Theres some poll that came out and a lot of positive poll. One came out yesterday polling everyone about what percentage could eventual support you and its still not a majority. Just a plurality. I know polls change. Im not sure im not sure whether that couldnt change in the future but why do you think that is youre a lightning rod and you do conjure up some strong feelings in people that are antitrump. Can you bring these people into the fold somehow if you become the nominee so you can beat Hillary Clinton and how would you do that . Well, i think so, joe. Its very interesting, the whole thing with the polls, when i started out in june, a long time ago now it seems but when i started out it seems there were 17 people. A lot of people. Obviously i started very strong in terms of polls and i went to the top and almost have been at the top from the beginning, just about from the beginning. Ive been in the center of the stage from the beginning. And, you know, ive taken a lot of incoming as they like to say, a tremendous amount. And ive had to give it back. When you give it back and i gave it back harder. I wont mention names because they are gone. But when you look at all of the people, all of whom have been on your show many times in many cases, you know they were very tough on me and i was tough on them and they got down to zero or 1 and im now at 49 . The last poll, cnn poll i was at 49 and number two is at 15. So thats a big difference. To do that youre not necessarily as politically correct or as nice as you would like to be or as you are as a person. I think what it gets down, its ending fairley soon i think and u see very much different. Ive taken my positives up a lot. But its hard when youre in a battle like this because you want to win the battle and you have to win the battle. So thats the way it is. I will say this. The biggest story in all of politics worldwide is the amount, for the massive amount of voters going out to the primaries and voting, theres never been anything like this in the history of politics in this country. And you see whats happening. They are up 65 from four years ago when you had a very failed candidate named mitt romney who is a failed, horrible failed candidate and should have won the election and didnt and what happens were up now 65 . People that never voted before are going. Many people who never voted, 50yearold people, 60yearold people never voted before and voting enthusiastically. People that are democrats and republicans. Massive turn outs in every state. Now the democrats are down 35 . Theres no enthusiasm. So i think im doing okay. Mr. Trump, you pointed out that youve had to get tougher than you might have otherwise in the primary up to this point just because it has bean very difficult race, a lot of tough things, things have been thrown around by a lot of the candidates. You said you like to take it more positive, you have been bringing up your positives. Once you get to the general election, lets assume youll go up against Hillary Clinton will it be a positive campaign or again drags down into some of the mostly clear . Muck . I cant say. You dont know until the moment. I get a kick out of these guys. At this state well do that. It doesnt work that way, in my opinion in real life. You have to see where you are at the moment. Thats how ive been running it. Thats the way its been working. Some people that are down now are establishment people and i wouldnt say they are exactly thrilled with donald trump but tend result has been a very positive result and, you know, my whole theme is make America Great again. When i hear your report just before i got on and ive been watching it during the morning, i watch you folks all the time, but you see so many reports. A lot of these reports, these things are done to take advantage of the United States. And were like the money supply. Were the one that gives them the money and gives them so much. We have so much power we dont use it. But when you look at komatsu tractor and how well they are doing. Japanese use numbers on the end in terms of devaluation so its hard to compete. Very difficult situation. We have to be stronger as a country and have to get better people in that know what they are doing. We cant let the world take advantage from us from an economic standpoint. Just staying on trade message we did have larry kudlow here this week and he mentioned he endorsed your tax plan. One issue he disagrees with you is on the trade situation. He seems to think you can be a little mallable. Some of this is talk but when you get out there youll reach out on both sides and negotiate. Larry is terrific guy and hes given me great marks on my tax plan. Larry is free trader. So am i. But it has to be fair trade. It has to be good for us. It cant be fair trade where we lose 100 and they gain 100 . It has to be fair. Even if it wasnt 100 fair it has to be reasonably fair. Take china as an example. The numbers they have in terms of trade imbalances is astronom astronomical. If you want to do business in china its very hard. I have friends that are manufacturers. Very hard time getting their product into china and if they do get it in it gets taxed. Now china on the other hand has a very easy time getting its product into the United States and theres never even a talk of a tax because they are free traders. But china is not a free trader because china taxes its products. I know of examples that are horrible what china has done and the amount of the taxes astronomical. Im talking about taxes so high you wouldnt believe it on the show. Nobody ever talks about that. As much as i watch your show i never see you talking about that. You should do an investigation of how much china is taxing product going into china. Well free trade means were not taxing each other. You cant have one nation being taxed and the other nation not being taxed. So, you know, a lot of things wrong and i believe i will be able to straighten it out. Donald can we talk sacks for just a second. Everybody wants lower taxes. But there are two analysis done suggesting that wean dynamic scores, forget about stat i can scoring that your plan adds 10 trillion to the deficit. Yeah, but they havent seen the caught. They havent stein waste, the waste in this country, the tremendous fraud in this country, the tremendous amounts of money that will be cut and they dont look at that. Nor have i necessarily spent a lot of time on doing that because youll see that as you get in and as you get there. But theres tremendous amount of waste, fraud and abuse that well be able to cut in addition to the fab that the economy will become dynamic. Right now you look at gdp for last quarter it was essentially zero. Okay. If that ever happened to china it would be a depression, the likes of which nobody has ever seen. China is open and its massive disruption. Were at zero. Were actually at zero. And slightly above. But whoever heard of a thing like that. Its not even a big story. So we need we need to do things to number one we have to do things to keep countri Countries Companies in this country. Its far worse than what you report. Pfizer to me is incredible that pfizer is moving. They are moving for a number of reasons. They are moving because taxes are too high. But its corporation inversion and they are moving for Something Else. They cant get their money back. I know companies that are thinking about moving because they cant get their money into this country. The amazing thing is the democrats and the republicans agree we should all let theres 2. 5 trillion outside, i think its 5 trillion. I dont think our country has any idea what it is. I think its more than 2. 5 trillion. Stale lot of money. 2. 5 trillion should come back in and easily. The democrats and republicans agree. Everybody agrees for three years theyve agreed. They cant make a deal because they dont have leadership. I could make a deal in 15 minutes by getting people in a room, 15 minutes. Everybody wants that money to come in to the United States. We cannot get a deal. It would be so easy because we dont have leadership. Mr. Trump, youve heard about these p. A. C. S standing together. We use this word republican establishment and republican elders and the secret meetings supposedly in a private island off georgia which, donald, that was sea island they were talking about, thats not like a private island down there. But my question is, you know, you had to sign the deal that youll support the nominee and i figured they all signed it so now to a lot of them its not going the way they wanted it and its almost like they are reneging on their pledge to support the nominee and you said if youre not treated fairley its not going to be pretty. Who is it . Is are you being treated fairley . Im being treated fairley by is voters. So the voters get it. The voters are smart. They hear me. They hear me speak. I have the largest rally. I had 25,000 people the other day in orlando. We have rallies the likes of which nobody has ever seen. Its the biggest story. The likes of which nobody has seen. What should happen the establishment whatever that is because i dont know what the establishment si was probably a member of the establishment in may and then in june when i decided to run i probably became no longer a member of the establishment. I was a member of the establishment in very, very good standing, i could tell you that. Whatever the establishment is, they should embrace what ive done because ive brought look at the ratings. Look at your ratings. Look at the ratings of the debates. The debates used to be throwaway. They never got ratings. Now they get 24, 25 Million People watching them. Its the biggest thing. Teen other night where i won so much, i won the three big states. The ratings, the viewing was tremendous of the votes coming in. You know, the establishment or whoever, whatever name you want to call it, some people call them the elites which would indicate im not elite, which is fine. But whoever these people are, they should embrace what has taken place, and, you know, i will say this. If, for some reason, i dont make it or i dont you know, if it ends, i dont get there, they are going to have millions and millions of people that will walk away from the polls and never vote and the democrats are assured a victory. If the democrats win they will pick four or five Supreme Court justice and the country will never recover from that. Youll never have scalias. Youll have people that are extremely liberal on every issue so when they Start Talking about thirdparty, they are talking about an absolute guaranteed victory for demonstrate and if they do that youll have four or five judges. I pick very conservative judges, the kind of judges you would be very proud of, frankly. But it is a very strange thing. Even democrats have told me i cant believe that the republicans could be so stupid as to not embrace the millions of people that are coming in. Were taking people out of the democrats, were taking out of the Democratic Party, were taking millions of people and its hard to believe. I mean so many people as an example, democrats a man comes up to me the other day mr. Trump ive bean democrat all my life. I just joined the Republican Party because of you. Hundreds of thousands and millions of people like that and that includes independents. You would think this movement which is a movement. Its benton cover of Time Magazine now four times. You would think that the republicans would say wow we have hit pay dirt. This is incredible, lets embrace trump and lets win election and lets get the judges we want, lets get these assets. Instead they are, i guess they are upset because maybe i dont want money. Im selffunding my campaign and they want to put money into people so they control them and they feel maybe ill do the right thing for the country but im not going help them. Im going to help everybody because you have to help everybody to turn the country around. Mr. Trump, you just pointed you you have drawn from former democrats, drawn from independents. One of the things that ted cruz has said about you is youre not a true conservative. He says hes the one who would be appointing incredibly conservative justice. Would you have a litmus test a fiscal judgelike litmus test for anybody you put on the Supreme Court . I would. I want conservative but extremely competent. The problem with ted is that hell never get anything done. Bigger problem its impossible for him to get elected. Hes very strident. Hell never win states that you have to win. He cant. Because of his views on things. And i actually happen to be very conservative except some people say on trade im not because im not a free trader but as i told you before i am a free trader but fair trade now. Smart trade. Its not going to be stupid trade. What we have in our country now is stupid trade and all you have to do is look at what they are doing to us with your previous report. Just take a look at that and youll understand exactly because thats all about how do we get more business, how do we suck more blood out of the United States. Donald, i know you want to bring people together but i wonder if you can react to this quote from mayor bloomberg. You had him on the apprentice twice. He said you have run the most divisive and demagogue president ial campaign playing on peoples prejudice and fears. You said obama and others have been divisive. How do you bring people together . Well ive always been a unifier. Ive always been someone thats been able to bring people together. Were in the midst of a very tough campaign, very harsh campaign. They say one of the harshest. Ive even been able to get along with joe for many years. If you can do that you can do anything. Joe is a friend of mine. Ive always been able to bring people together. We have an africanamerican president. And i thought one thing, i was not thinking he was going to be a great president because i disagreed with a lot of his views but i thought he would be a great unifier but he turn out to be great divider. Theres a Great Division in this country. And interestingly, as an africanamerican, look how poor a job hes done for africanamericans and its incredible to me. Africanamerican youth is 59 unemployed. The even africanAmerican People in the age of 30 to 50, very prime ages has a very high rate of unemployment. Hes done very, very poorly for africanamericans and they should be insulted and they should be angry about it. But they dont seem to be which to me is amazing. So i am a unifier. I am not a divider. I think when things settle down and when this very vicious event thats going on right now is over, i think that people will see that. Do you think that if you were to just take senator rubio aside as, i dont know, some day your friends, at this point do you think youll win, youre back up 20 points in florida. Do you think he should not go through with his political career with the vote next tuesday he should come out theres been some scuttlebutt that maybe some of his advisors are thinking that. Should he go forward and let florida perhaps hand him a what would be a humiliating loss or should he hang in there . I think if he does lose who knows what will happen. Maybe hell have a great come back but he has to do it quickly. I think it will be very bad for him. I cant advise him. He has to can you win ohio, mr. Trump . Kasich is ahead there . I think i can win ohio. Im very close. You know youre going against sitting governor. They have a lot of problems in ohio. I think that i request win in ohio, yes. Were working on that right now. Five days is an eternity for me. For the life of trump, five days is an eternity. So we have five days. Well see what happens. I think i have a good shot in ohio and i think i have a much better than good shot in florida and the polls are, you know, have 20point lead in the florida. Im in florida now. I own a lot of property in florida. Built a lot of jobs in the florida. With that being said, these stupid people like club for growth, these are stupid people, they come to my office ask for 1 million and i say for what. They said were the club for growth we would like to you give us 1 million for club of growth. What is the club for growth. They said its this and that and they gave me an explanation that didnt make any sense. They wrote me a letter and asked for a million dollars. I very nicely said no. Then all of a sudden they became hostile and doing ads all over the place. They are they are extortionists. They are terrible people. I have a lot of ads in florida and elsewhere from the club for growth which is a phoney organization and from other people that arent necessarily phoney that dont know me and ive taken tremendous incoming in the last week. Thats why im so surprised i won michigan and, you know, i won in hawaii, i won michigan. I won mississippi in a landslide. Mississippi almost 50 . That was supposed to be cruz territory. It was supposed to be his win and i won in a loaned slide. Westchestlch was on yesterda whether an indictment would be a good or bad thing for republicans. If Hillary Clinton was indicted they would bring out joe biden and then Elizabeth Warren would be riding in the carriage with him and that would be a much more Formidable Team to take on the republicans. Some doesnt want an indictment. Do you think it would be a positive or negative or either or neither, it wouldnt matter for your campaign. I dont think it will matter. I think you have to do whats right and whats right is its very unfair to a lot of people that have done far less than her and ended up going you know where. Its been a its a very, very unfair situation. And i think shes being totally protected. They wouldnt let it go this long. Certainly if they would do something they wouldnt let it go this long. I think shes being protected by the democrats. How could they let her go this far out and without knowing something. Everybody knows what the situation is. Every time you turn on television or pick up a paper you read a legal analysis of what she did. And almost without exception shes guilty. Now i dont know that shes guilty but any time i read a top lawyer talking about what she did they say shes guilty of some pretty serious things. So you say why are they allowing it to go this long. Its very interesting. I imagine shes being protected and therefore will be the nominee. Mr. Trump you must be thinking about potential running mates. Is Chris Christie on your short list . Well, did you say Chris Christie . Yes, thats right. Well, chris endorsed me and i was very appreciative. He sees whats happening. He called me up a couple of weeks ago and said its amazing whats going on and i would love to endorse you and i took his endorsement with gratitude. Hes a terrific guy, did a terrific guy in a couple of debates especially with marco where marco just melted down. Ive never seen anything like that. It was rather incredible to watch. But, you know, chris is a good man and chris is somebody that i very much appreciate. But he did not suggest anything for that. Nor would i listen to that. Its too early. Its too early for me to be thinking about that. Im somebody that likes to get the deal closed and i know how to close deals and sort of like we have to know how to win. The country doesnt win any more. Our country doesnt win any more. We dont win at trade. We cant beat at isis. We dont win at health care. We dont win at anything. Thats the problem. Thats where this movement is such a strong movement. At the right time ill pick somebody that will be very good. If it comes down to a two man trump versus cruz situation will you be will it be scorched heard will we hear lying ted or some day a trump cruz ticket. I guess thats not happening any time soon. But anyone that went up against you could any of them serve as your Vice President after, you know, what you need to do to win the nomination . Without mentioning names there were 17 people total when we started and were down to four and down fewer than that pretty soon. Were down to four. Over the course period of time yes i respect a number of those people. Not all of them, to be honest. But i do have a Great Respect for a number of those people that were up there fighting and some of whom are not fighting for this. But i do respect some of the people i competed against yes. There are some signs when you do headtohead with cruz its very close between 2000. So thats why i asked. And there are some studies when i go against cruz headtohead that have me absolutely killing them a lot. Do you think it will come down to that . Kasich and rub jobs i dont know the path seems difficult unless they alban together knock you off in those winner take all states. You know what i do . I just do my thing. Focus on what i have to do. Its been working really well. It may be against cruz or may be against somebody, who knows. Who knows what happens. Its politics. Crazier than business. Crazier than business. And, you know, whatever happens im totally prepared that i can tell pup thanks for all your time, mr. Trump. We appreciate it. Dont be a stranger. Well see you again you know were very close, if youre in new york were right im sure you have a building around here somewhere. On 6th avenue. We have the ground floor studio. Never been in here. Over in new jersey like theres something wrong with new jersey. But now were close enough where you can come in here, all right . I will get there. Believe me ill get there i promise and this has been a lot of fun pup have a great show and a lot of people watch it. Great influence and very important show. It really is. Thank you. Thank you very much. Much more still ahead this hour. Up next twitters cofounder biz stone is leading the charge of 50 Business Leaders, philanthropist and entrepreneurs called the best school day. Then mario draghi speaks out on his countrys biggest move. Weve been watching shares and stocks up sharply. And Carly Fiorina will join us. Well get her thoughts on donald trump and the race ahead. Right now as we head to the break take a look at the u. S. Equity futures. The futures skyrocketing. Dow up by 140 points. S p 500 up by 17 and nasdaq up by 45. Youre watching squawk box on cnbc, first in business worldwide. Professor richard thaler. You are called the father of behavioral economics. Ive been called a lot of things. I have read all of your books. Did you learn anything . I learned that humans are complicated. Were emotional. Absentminded. And we make some really bad decisions. My tradeoff analytics can help Companies Make better decisions, but i am still learning what makes people tick. What makes you tick watson . Natural language processing, reasoning algorithms, statistical parsing. Now you are just showing off. Big news of the morning, ecb president mario draghi just started speaking. Hes holding that News Conference in frankfurt. Were monitoring his comments and bring the headlines as they happen. The markets are up on that ecb action we heard just over about 35 minutes ago. First though, if you take a look at the futures, dow futures are up about 147 points. S p up by 18. Nasdaq up by 47 on all this additional stimulus coming from the ebc. Well get to in this a moment. In the meantime another great news maker on set. Twitter cofounder biz stone is here. We call it bestschoolday. More than 50 Business Leaders, celebrities and philanthropist are teaming up to flash fund donors in their respect home towns. That means teacher request for supplies, field trips and books and more entirely being funded today. Biz stone is cofounder of jelly and most importantly is your birthday, sir. Oh, yeah. I forgot. 43 years young. Dont say. Im in my 40s. Im in my 40s now. Its the new 27. Yeah. Thats right. Happy birthday. This is basically my birthday present. Tell us what this birthday present is. What is best school day. Its flash funding. Thats when you seek and plan to fund an entire geographic location and you fund all the classroom projects. And its a huge surprise to all of the teachers. So they are just finding out about it for the first time. They are like oh, my god every project i have is funded. Teachers make about 50,000 a year. Do you know how much money out of their own money they use to buy School Supplies . 1. 6 billion annually. Thats what teachers out of pocket. The projects on here, anyone can donate five bucks. You can be a philanthropist for five bucks. That can be the five bucks that tips over this classroom project. Some of these things are 19th century stuff. My wife and i recently funded a classroom that needed chairs. A classroom that needed sweat shirts because the kids were cold. A class roomg that need pencils. This is the future of our nation and were asking the teachers to groom them without books. So who is getting the stuff . How much all in . So, all in . I think its about 14 million. And were covering i think 46 states. These are all requests or wish list stuff thats put on your site. Its all classroom project, like we want 25 copies of this book or whatever. They are all going to get funded. 46 states. And then theres 3. 2 million that very generous people have put up to match, match any citizen donations for the states that werent covered. So we should be pushing for more donations today. Yes. Everyone should get involved. Everybody should put in five, ten, 25 bucks towards any project they are passionate about. I started with 25 bucks. I was hooked. Its amazing. Im more than happy to be in for 25 bucks. Tell me how this process works. We have one of the best feedback loops ever. Ive dealt with a lot of charities. They nail it. First charles best is a wonderful human being. And hes just so grateful, hell thank you over and over again just for giving ten bucks which makes you feel good because then you want to give morgan. Hes so grateful. All the kids draw and write you thank you letters and mail them to your house and they are like heart melting. They are amazing. We just had a number one thing kids say, why would somebody do this for us . We dont understand why somebody would give us sweat shirts. Its like unbelievable. Youve made the sale. Go to donorshoes. Com. Five grand right now. Pick something youre interested in and fund it. Anything you want. Tweet it out which is my segue to this. You have to give us your analysis of whats going on at twitter. I know youre an adviser at this point. Im very much removed because im working on jelly. Jack has taken back over. The guy who i started twitter with, the man with the vision, and this is something this is a big ship that hes trying to in the air round. It wont happen overnight. You have to think in term of years not quarters. And hes got the right vision and hes the man to turn it around. Hes going to get this boat headed around. People talk about him having two jobs. Is that too much . Not for jack. Hes got two jobs and still manages to make time every wednesday for lunch with me. It likes he was in a chamber and aged 40 years and came back out in two minutes. Hes this amazingly smart confident guy. We have to go. He cares about the product but i imagine you care about the product but also the stock price because you own some still. I do care about the stock. I think its going to go way up. Just going to take time. Ive always loved amazon and love the way they operate and jeff bezos says dont love how we do it dont invest in it. You love the jelly of the month club. Thats not what it is. Jelly. Com. Its askjelly. Com. Its a search engine. My bad. Thats the gift that keeps on giving all year round. You got to come back. Well talk more about jelly and thank you, donorschoose. Org. Happy birthday. You graduated from high school. Now back oh, well. Now back to the market except now back to the market story of the morning. The ex, Steve Liesman is monitoring Mario DraghisNews Conference. Minor coming out . I love the market reaction. Just so classic, isnt it . Were getting a kind of a super mario. And the sense im getting from economists, joe, is that he is over delivering here. Let me give you the bullet points. 20 billion increase in qe. Four ltros that were out there. Bringing in Corporate Investment grade debt, nonbank debt, Investment Grade into the qe purchase. And he just said that the ecb expects that Interest Rates will remain at the current level lower throughout through the qe purchase horizon. What is that . He just moved that out as well. He had been in september 2016 now saying well continue this qe through march 2017. So the ecb presenting joe the idea here is mario draghi wants to step forward and say a couple of things. One is heres more what we can do and yet more we can do. Trying to fight against this notion in the markets that a, what the central bank is doing is ineffective and b, they are running out of bullets. Mario draghi saying we have a lot of bullets now and were using them here now. All right, Steve Liesman. I always complain about their market reaction, but okay. Ill take it. Im happy. Certainly, joe, more than was expected. Very forceful words from the central banker here. Excellent. Thank you, steve. When we return well have much more on the ebc and the big market moves but first a rival no more. Former president ial candidate Carly Fiorina throwing her support behind ted cruz. She will join us live when squawk box comes right back. Pm aggregates all the options data you need in one place and lets you visualize that information for any options series. Okay, cool. Hang on a second. You can even see the anticipated range of a stock expecting earnings. Impressive. Whats up, tim. Td ameritrade. Gop frontrunner donald trump not holding back this morning on box. We asked him about Carly Fiorinas endorsement of his competitor, senator ted cruz. The problem with ted is that hell never get anything done and the bigger problem is its impossible for him to get elected. Hes very strident. Hell never be able to get elected. He has no chance. And hell never win states that you have to win. You cant. Because of his views on things joining us right now is former gop president ial candidate and former hewlettpackard ceo, Carly Fiorina. Tell us what was behind your decision to decide to endorse truz . Ted cruz i ran for president because i think we need someone who will challenge the system, challenge the status quo and we need a conservative in the white house because we have too much political and economic power concentrated into the hands of too few. Donald trumps sound bite that you played is very revealing. Spoken like a guy who is not a conservative. Hes not. Spoken like a guy who has no intention ever challenging the system. He is the system. Hell cut deals all day long. Only trouble is those deals benefit him and they will harm the people who are voting for him. So i think ted cruz is the principle conservative we need. I think he will challenge the status quo and he has beaten donald trump and the only way to beat donald trump he is ballot box and thats what ted cruz will do. Hes still running behind in some of the polls weve seen and states coming up and what people said of ted cruz hes had the easy part of the map behind him, he has a tougher road ahead of him. What do you say to that . Whats the Campaign Strategy to increase his odds in the states to come . Well, first i do think this needs to get down to a two man race. Its a whole different ball game when donald trump has to go as he would say manoamano. The republican marital has to unify behind a conservative that can beat donald trump. Thats why i endorsed him yesterday and i hope its a signal to others, its time now. We need to get behind ted cruz and beat donald trump. Its also fair to say that people have been progress no, sir prognisticting this race. Im going to work hard just as i did as a president wral candidate, im going to work hard and talk to people about why ted cruz is the right guy to get behind now so that we can beat donald trump and go on the beat Hillary Clinton because shes as much a part of the system as donald trump is. A question about the super p. A. C. News. Youve seen the headlines about it. Ted cruzs super pac paid your gave a donation to you earlier in the campaign, 500,000. What was that about . I have no idea, frankly. That was as big a surprise to me as i think it was to the ted cruz people. Look, let me tell you something, we had a virginia primary, and i had to vote in that primary. And i saw my own name on the ballot. That was kind of thrilling, but i ended up voting for ted cruz for all the reasons were discussing here. The reason i tell you that is because i voted for ted cruz long before he and i ever had a conversation about an endorsement. So, this isnt about anything other than i think hes the guy we need to unify behind now to beat donald trump, i think he is the conservative leader who can challenge the system in washington, and that system desperately needs challenged. Im calling everyone ms. Fiorina, even though weve known each other so long. I dont know, maybe we just need to do it. So, ms. Fiorina, i thought it was rich. Youve got to admit, remember what harry reid did to mitt romney, and then mitt romney, same deal. I mean, thats immediately what i thought of, theres something in this tax return, after it burned him so badly, and it was such a low blow from harry reid, because it probably wasnt true. So, its weird the way things change. Now theyre going after trump on his Business Career. And i think about what the Mainstream Media, how it characterized your Business Career, which i thought was stellar for you to rise to the ranks of ceo of hewlettpackard or any fortune 500 company from a secretary, and i thought it was unfair the way that it was characterized, basically to impune your ability to be a good manager. I dont know what you could have done because of part of what you said, but theyre doing the same thing to donald trump right now. Hes had a pretty successful Business Career, and if you listen to the Mainstream Media at this point, you know, its just bankruptcies left and right, trump university, trump steak, you know, the casinos, blah, blah, blah. Do you feel any empathy at all for him that hes suffering those slings and arrows now . Well, you know, first of all, i wouldnt compare my Business Career to Donald Trumps in any way. I started out as a secretary. He started out with a big inheritance. And its a fact that many of his businesses have failed. Its a fact that hes declared bankruptcy. Its also a fact that hes a highly successful businessman. But look, its fair game in politics to vet someones record. Donald trump hasnt been vetted yet. The Mainstream Media, all of them, all the Media Outlets are sort of in the tank for him. Its kind of surprising to me. They give him just unlimited air time. Wow. We had a super tuesday election on tuesday. Every Single Network cut to his press Conference Live for a solid hour and failed to mention that ted cruz beat john kasich for second place in michigan and won idaho. Those are pretty big news items. No, the media didnt talk about it at all. They just cut live to donald trump. Yes, hes entertaining, absolutely right, but his Business Record is absolutely fair game to be vetted. More importantly, his views are fair game to be vetted. So, guess what, i cant support anyone who has supported partial birth abortion, i cant support anyone who believes its okay to buy people like Hillary Clinton off so that his business prospers, i cant support anyone who asks his supporters to pledge a loyalty oath to him. Listen, the president of the United States pledges a loyalty oath to the constitution and to the voters of this country. It shouldnt be the other way around. Ms. Fiorina, i want to thank you very much for your time today. We appreciate it and its great to see you. Thanks. Nice to be with you. All right, lets see what is coming up. The ecb president , well talk about him some more, mario draghi answering some tough questions in frankfurt right now. Were going to look at the Global Market reaction when squawk box comes right back. Vo know you have a dedicated advisor and team who understand where you come from. We didnt really have anything, you know. But, we made do. Vo know you can craft an Investment Plan as strong as your values. Al, how you doing. Hey, mr. Hamilton. Vo know that together you can establish a meaningful legacy. With the guidance and support of your dedicated pnc Wealth Management team. Thats why i run on quickbooks. Details. I use the payments app to accept credit cards. And everything autosyncs. Those sales prove my sustainable designs are better for the environment and my bottom line. Thats how i own it. We believe in the power of active management. Management, by debating our research to find the best investments. By looking at global and local insights to benefit from different points of view. And by consistently breaking apart risk to focus on longterm value. We actively manage with expertise and conviction. So you can invest with more certainty. Mfs. Thats the power of active management. U. S. Futures posting a big advance on the ecb position. The nasdaq is up by 34. Joining us is greg epp, chief economics commentator at the wall street journal. The ecb delivered, didnt fall short like back in december. What does this mean . I think there were two market reactions important to watch. One is the euro, because so much of the ecbs chore of getting inflation back, getting the Exchange Rate down. The euro fell today. Thats good. The fed looks to resume its rate campaign, thats also good. Divergence is positive in terms of getting the euro down and inflation back up. The second positive thing was the rally in European Bank stocks. The European Central bank has been working at cross purposes with regulators in europe. Its been trying to get banks to lend more while the regulators are forcing them to raise capital, bailing in their bondholders. Bank stocks tanked earlier this year. Thats probably taken away more stimulative firepower from the ecb than its added. We have to turn that around. Why are the bank stocks up with negative Interest Rates . The Interest Rate declined to 0. 4 from 0. 3 , bad news for the financials. There have been a lot of negativity built into the bank stocks in here as well, by the way, the United States, over all the time about negative Interest Rates. There has been talk to be getting more negative than minus 0. 4 basis points. I think the fact that theyre extending their quantitative easing of Corporate Bonds is positive and will loosen credit overall and adds a positive riskon sentiment to all the markets. What could the ecb do in interactions with the regulators to say quit raining on our parade . Well, i think that they have emphasized that they were very unhappy, or that they were not actually party to some of the bailouts which really hurt bank sentiment out there. I think they would like emphasis on Capital Raising instead of banks being shrunk. But the problem europeans are having is that they took, you know, here in the United States we did the stress test, we rebuilt the capital in banks back in 2009. It has taken the europeans two, three, four, five years to get to the same point. Very quickly, you mentioned that the regulators are working across purposes. That was happening here in the United States for a while, too. It was actually the same officials who were basically speaking out of both sides of their mouth. Sure, yeah, raise your capital, dont make risky loans, all those sorts of things. I think that probably hurt the recovery here, but most of the Capital Raising done in the United States was actually issuing new capital, so were sitting here with banks that have all sorts of means to lend. Even bigger problems, fannie mae and freddie mac, nobody wanted them to lend any longer, so that was a big problem, but again, those problems are behind us. Europes still working through them. Greg, thanks, great to have you with us. And paul, thanks for spending the morning with us, and congratulations on the new job. Professor, right here. See you, dude. Thank you, everybody. Make sure you join us tomorrow. Squawk on the street begins right now. Good thursday morning. Welcome to squawk on the street. Im Karl Quintanilla with jim cramer at the new York Stock Exchange. Draghi surprises the market with rate cuts, expanded q nenk both size and breadth. Euros at a sixweek low and futures are higher. Europes gains in the 2 range. Watch the bond market. Jobless claims hit the lowest level since october. Even china cpi overnight surprised on the up side. Our roadmap begins with the ecb cutting rates, sending ripple effects throughout the Global Markets. Draghi speaking now and well brick you the latest. President ial candidates not in