Economist john silvia will be joining us to kick things off. First, lets get to the guys in new york. Joe, my heart is breaking. I was traveling yesterday and out last night. I missed all of the masters disaster, been reading about it this morning, checking this stuff out. 11 inches . Missing . Ernie ells. Becky, im telling you yes, not you. Right. I read what he said this morning, and my heart really went out to him. After being so great you know what he said . He said, i got up to that first three footer for bogey. Number one is a really hard hole, and all the greens are really hard. Theyre so fast. The holes are cut so sharp. Theyre very scary. What he said really got to me. He said, i couldnt pull the putter back. I know that feeling so well. Its because hes still got the right hand low. I can tell you that ernie is going to be i dont think hes clawing yet, but i cant say for sure. But hes going to have to do something called the claw. Thats the only way. Also, what i found did you use that for a while . No, ive been using the claw. I cant use the belly anymore. Even though i have a great belly now. But you cant use the claw. Were going to talk a lot more about that. Where are you down there there . Is that studio where you are can we rent that studio . No, this is Movement Mortgage. Its a brand new building thats just been put together. Check this out. The lighting is gorgeous, right . Your lighting is spectacular. You look beautiful. Your lighting is spectacular. Thank you. If we had that lighting here doesnt she look gorgeous . She does. Could you ask them to call our lighting guys and just say, listen, were down here, we just jury rigged this in 15 minutes, but i look like this. Then show them a side by side. Its a gorgeous building. Wait until you check this out. Movement mortgage is a great story, too. I cant wait to tell you about it. It was founded by a former nfl player who played with the Carolina Panthers who started this business in 2007 right before everything fell apart with the housing industry. This was his second career of sorts. He started out with just ten employees back in 2008. Now they have massively built things up. They had 8 billion in mortgage originations last year. By the way, when he first sat down to figure out how to start this business, he had to google how to start a mortgage business. Here they are from that beginning. Nice. Wow. I just had an idea too. Youre down there with simpson and bowles, which has a nice ring to it. What if we just change the whole thing to bowlessimpson, send it back to president obama, and maybe he wont remember and try and do that. Like the fedex guy. Bowlessimpson. Maybe thatll pass muster. Maybe not. Andrew, i want to ask you one thing before you jump off. I heard this morning you talking with sara and wilf, and youre going to join them every morning for the tease. I was invited. It was a nice invitation. I wouldnt want to take the opportunity away from both of you. Thats awesome. Congratulations. I know how much you enjoy it. I was invited to do the morning papers with them. I love the show so much. You do such an awesome job. Im going to send them emails every morning with suggestions so you guys can talk about it. You know you cant do the tease for their show at 6 10. No, im going to send them the email and youre going to do it. Thats what im saying. Im going to suggest the articles and you guys can talk about them. Suggest their articles. They always pick the most progressive its usually right out of paul krugman. But thank you, becky, for picking up on that. What time is it . Lets see how much trouble we can get into. Im going to send the email early. Sara asked him to. You know they say camera time is like oxygen. I didnt want to take it away from you. Right now we split it evenly. I think its important we keep it that way. Lets start with the markets this morning. Stocks looking to rebound after yesterdays selloff. The dow had its worst daily performance since february. The s p fell more than 1 and is now negative for the year. Take a look at u. S. Equity futures at this hour. What youre looking at there is green arrows. Dow looks like it would open 96 points higher. S p looks to open 12 1 2 higher. The nasdaq at 33. Lets take a look at crude. Wti is 38. 54. A lot to chew on last night because some comments coming out of fed chair janet yellen, who said the u. S. Economy, she says, is on solid course and still on track to warrant further Interest Rate hikes. She pushed back against political talks, saying a bubble is ready to burst. We think its partly transitory inflaunss, namely declining oil prices and the strong dollar, that are responsible for pulling inflation below the 2 level we think is most desirable. So i think were making progress there as well. This is an economy on a solid course, not a bubble economy. Yellen was speaking last night on a panel. It was streamed live on cnbc. Com. Former fed chairs ben bernanke, paul volcker, and Alan Greenspan also on that panel. Steve liesman has more from the event. Hell talk to us later in the hour. Also, a bit of Corporate News this morning. Bill ackman telling cnbc the embattled drug company wont butt bausch lomb on the block. Quote, its a core asset and were only considering selling noncore assets. Ackmans Pershing Square fund has lost about 1 billion on valeant since taking a stake in 2015. But on an investor call yesterday, he says he expects to make back his losses on the drug company. That may take some time. Lets get a check on the Global Markets. Looks better many europe this morning, even though asia, as you can see, the shanghai is down. Just under 3,000. Now lets go to europe, which i thought might have the hangover from our rough session. Its not too bad. I think that shows you we sort of responded to the selloff in europe yesterday. Europe sort of leading us back today. As a result, were up pretty nicely on the session. Lets check out the tenyear note, which is still below 1. 8. Yeah, 1. 7. Almost ready to breakthrough there. The yen has gotten stronger. The euro has gotten stronger. Suddenly now everybody is talking about the dollar depreciating and that being problematic. We never know what the heck we want in terms of currencies. Take a quick look at is that harwood . I think i just saw harwood out on the street. Good looking guy. Theres gold. 1234. 90. Looks like its trying to consolidate those nice gains it made so far this year. Finally, almost tripledigit rebound today in the dow jones, up 98 now. Up 13 on the s p and 32 on the nasdaq. Couple of stocks to watch this morning. Retailer gap disappointing investoring as samestore sales tumbled in march. Also warning the profit margin could struggle this month. The Banana Republic division saw its sales dip the most. And Starboard Value has taken a nearly 7 stake in the drug maker depomed. Starboard saying it intends to nominate a slate of directors to that companys board after raising concerns about its decision to reject a takeover from horizon pharma. A couple more comments about the masters. We do like it a lot here. I think productivity in the entire country between 35 and 55yearold males just stops. Jordan spieth was out early. That sort of helped. He leads the field. Didnt have a single bogey after day one in augusta. He shot 8 under last year. Started with a 64 and led wire to wire. Then you know what kind of year he had. He started with a 66 this year without a bogey. The buzz of the tournament is what happened to veteran ernie ells on the first hole. The 47yearold from south africa had a short putt for bogey, a three footer. I want to the see his grip. I think hes still got the conventional grip. Im trying to see it. Has he got a left hand low . See, that already shows you hes having some righthand problems. Unfortunately, andrew, age something with the small nerves or the small muscles comes with age. It almost is impossible to pull the putter back at times. The claw works for me. Im not a good putter by any stretch, but this was frightening to watch. There was one where he tried to tap it in, and the holes are cut so sharply. Did you see this one . Does this one finally go in . No, this is the one. There are so many of them. I think there were six. He did one just sort of real nonchalantly from like this is it. Thats the one thats just killer. That was from about eight inches. Six putts is what he needed from pointblank rage. He ended up quintuple bogeying the hole. Ricky fowler had an 80. Jason day had a 31 on the front nine. Then got hurt on the back nine, on 15, 16. He went 31, 41 for 72. Heres a look at the leader board after day one. Spieth shot 6 under. Didnt have a bogey, despite wind gusts. The greens get hard and the wind continues. Its going to be fun down there. In his career, hes played nine rounds at this tournament and has never been over par on any one of the rounds. Hes never shot worse than 72. At this point, youd have to think hes the favorite. Bubba had a rough session. People thought he was going to do well. Its tough. Its a hard course down there. I think it starts again this afternoon, 3 00 this afternoon. Youve played it from experience . Its a great honor and privilege to ever walk on those hallowed fairways. It is. My scores were my nine hole scores are similar. As you know, mine would be way worse. I cant say a word. When we come back, well get down to becky, whos got big guests. Also, republican candidates making a push for new york voters ahead of the states primary on april 19th. Our chief correspondent john harwood is in town. The latest from the campaign trail. Back in a moment. Hey, jesse. Who are you . Im vern, the orange money retirement rabbit from voya. Vern from voya . Yep, vern from voya. Why are you orange . Thats a little weird. Really . Thats the weird part in this scenario . Look, orange money represents the money you put away for retirement. Save a little here and there, and over time, your money could multiply. See . Ah, ok. So, why are you orange . Funny. See how voya can help you get organized at voya. Com. Welcome back to squawk box. If youve ever ridden the subway in new york, this may be a familiar scene. Hillary clinton, while campaigning in the city yesterday, couldnt get her metro card to swipe at a turnstile. It took her five swipes to finally get through. Theres no bit of information that were not going to somehow criticize a candidate for in this election, but it does remind me of the first h. W. When he goes, holy smoke, wait a second, hows that working . At the supermarket where they were scanning him. President ial candidates i dont think miss clinton has driven in a long time. I dont know if they necessarily carry cash anymore. My problem is the idea of, hey, im just a normal person. I take the subway all the time. Two stops on the subway. On for the photo op, messes up the card, off two stops later. They got to do it. Such crap, john. I want to defend 41 a little on that supermarket scanner thing. Different people had different reactions to that episode. I was on that trip. Were you really . Covering bush 41. It was not obvious to me that he was so unfamiliar with the technology. So there were some i was at the wall street journal then. We did not make a big deal out of that. Ive watched hillarys socalled coughing fits. Its like, you got to write about that, really . Because someone needed some water after stumping for how much and you have a little bit its just everything is blown out of proportion. Bernie sanders still thinks you need subway tokens. He was asked about the subway. He didnt even know. Thats why Hillary Clinton was on the subway. She was trying to demonstrate that she was down with the new system. Metro card, my friend. Metro card. President ial candidates were going to intro john here. John harwood joins us now with the latest from the campaign trail. I will say there was a lot of scuttlebutt this morning. The tone has gotten goplike in the democratic race. Its almost as nasty as what we see in a gop debate. They most definitely didnt want that to happen. Let me go over the main things going on in each race. First of all, on the republican side, you have donald trump whos doing a bit of a reset of his campaign. He has hired and is elevating a veteran of republican politics. Thats because this delegate fight is getting very granular now. Look at the delegate count. Donald trump is a couple hundred delegates ahead of ted cruz, but this is a one by one fight to get to 1237. Nate silver, the election forecaster at 538. Com, projects now that based on current tren, donald trump will fall about 55 delegates short of 1237. He needs to hold on to what hes got, try to fight for that extra 55 in order to get to 1237. Thats what paul is doing. On the democratic side, you do have an escalation in the rhetoric from Bernie Sanders and Hillary Clinton. I think that stems from the fact Bernie Sanders has himself a little bit stuck in no mans land. Hes been a message candidate. Hes been effective in making her focus on issues he considered important, especially income inequality and some of the Financial Regulation issues, but hes just short of where he can truly threaten her for the nomination. When youre not one or the other, when youre not really on track to win the nomination but youre more than just a message candidate, that can be a frustrating place for a politician. Bernie sanders after saying Hillary Clinton was not qualified went on seth meyers last night and did a little bit of a makeup to try to repair some of that frazzled tone. Hillary clinton verse a republican nominee. Oh, come on. On Hillary Clintons worst day, shes 100 times better than any of the republican candidates. So i think that said it all. Yeah, maybe so. The enemy of my enemy, i dont know if i want a vowed socialist endorsing me. I would rather have him say, no, shes way too you wouldnt, but hillary does want him to. She needs the base. But i think that daily news piece was so damaging to him. It hurt him. Which daily news piece . About guns . No, the editorial. The interview he did where he talked about breaking up wall street and he had no idea how. And the Foreign Policy stuff. Heres where i think he got a little bit of a bad rap. He was getting grilled on the process that exists under doddfrank. Hes talking about a different process. Hes talking about a new preemptive Authority Based on size alone as opposed to systemic risk. So he got caught up in, well, is it the fed, the treasury . Either way, he did not do a bangup job of articulating why he needed to break up not why, how, implications. Most people dont care about that. Its more about the Foreign Policy. I take your point, andrew. There were some flaws in the interview. Given thats a central part of his campaign, its complicated to not then be able to articulate in my meaningful fashion how yo u do it. He should have brought kashkari as his wing man. That would have done it. My point is entirely different. We live in different worlds. For me, Hillary Clinton has been tacking a little more center recently. Shes actually said a couple things where i went, wow, maybe she understands some things, even better than the current occupant. What are you talking about . I dont know. I just heard some private sector stuff. Her husband definitely understood the jobs come from the private sector. If i want a good legacy of trying to have the middle class raised and narrowing income inequality, you need to be a partner with the private sector. Not, you know, constantly at on suggestion. Im thinking maybe she could, you know i dont know, maybe shed be like her husband. I knew it. Of course shes going to be like her husband. Well, then, you know, hell be there too. I like the stuff hes saying. In truth, her husband, her, and barack obama are very close together. Oh, thats crap. I dont buy that. Let me ask you about the democratic socialist. If sanders ran on a ticket with kashkari, would he have a chance of wink you over . Why, you think im a big kashkari fan . Im certainly not going to let him manage my money. Why . He had no idea how to manage money when he went to pimco. Hes a fed president. You dont think fed president s know what theyre doing . I certainly dont think they know how to manage money. Anyway, simon and garfunkels ballad the sound of silence is back on the billboards thanks to a viral video of ben affleck. A reporter asked them to respond to the bad reviews of their new movie. The video zooms in on afflecks sad face while the ballad plays. Thats amazing. A cover of the same song by disturbed hit number three on that chart. I think ben should leave well enough alone. I think the movie did 800 million so far. Which is sadder, that affleck video or ernies seven putts . That was weird. He never did decide just to stand there and take the time. I dont understand it. The feeling, especially on greens like that at augusta, the feeling of not being able to pull the putter back on a three footer, i know so well. Its something that happens as you get older. Its never happened to me. Thats just because i dont play golf. And you dont age either. Uhoh, here we go again. We got to go. Thank you, john. Oh, we dont have to go. I know were talking about something thats not interesting. But go ahead. This is going to pass affleck. This might, yeah. That is sad. Here, watch the sadness. No, no, its okay. This is the one that got me. This is going up the charts very quickly. There it is. Okay. John, thank you. Who gets the grammy . Coming up, janet yellen speaking with some of her fed chair predecessors at an event last night. Were going to show you what she said about the pace of rate hikes next. As we head to a break, take a look at yesterdays s p 500 winners and losers. Playing for the usual phil . Always stacy. At kpmg weve always believed leadership is about vision and integrity. Confidence. Inspiration. And passion. Pitching wedge. Thanks, phil. And always having the courage to take your best shot. Kpmg. Continuing our commitment to the next generation of women leaders. Ump batching at home, i understand. I was. Some people turn on the bauble game. Live steaming on cnbc. Com. It was. It may still be there. You go straight this has never happened before. The three former and current fed chairs never appeared at the same event before. Were calling it fed allstar night. We had janet yellen joined by ben bernanke, volcker, and greenspan joining by satellite. Fed chair janet yellen said this is not a bubble economy, that its weathering the foreign weakness with decent strength, and that the fed remains in a gradual hiking mode. We indicated that we thought the path of rate increases would be gradual, and that remains ou