Lets get straight to the top story. Fed chair janet yel hn the floor yesterday, and she made it clear she isnt on the same page as her hawkish colleagues. Shes moving ahead carefully with the Central Banks decision on future rate hikes. In particular, developments abroad imply that meeting our objectives for employment and inflation will likely require a somewhat lower path to the federal funds rate than was anticipated in december. Given the risk to the outlook, i consider it appropriate for the committee to proceed cautiously in adjusting policy. Her dovish tone lifdhe dow and the s p, both indices posting their highest closing levels of the year. The s p is now up half a percent for 2016 as a whole and has fully recovered after seeing its worst january since 2009. Lets have a look at futures at this hour. Were expecting that positivity postyellen to continue. The dow called higher by 93 points. The s p by 11. The nasdaq by around about 25 points. Lets also have a look at the bond market. The u. S. Treasury yield moved down as expected. We saw equity buying, bond selling. The yield at one point 8 this morning. Still, a lot of conflicting sentiment coming from fed officials. Not all members of the fomc feel that the cautious tone is needed. For instance, John Williams of San Francisco, Dennis Lockhart of atlanta, James Bullard of st. Louis, and ester george of kansas city all have said in the past week or so that an april rate hike is a possibility despite the headwinds. I will tell you, wilfred, after that speech that janet yellen gave yesterday at the Economic Club of new york, she took control of the message. Almost in a way that she has never done. She gave a detalted and firm view about why caution is warranted. Investors should be listening to her, not to the other noise. That was pretty much her message, i think, yesterday. Well, she took control until we hear from more of the voting members again. The votes are equal in that sense. Well have to wait and see. But theyre not. The board backs her. She is the chairman. Shes the chairman. Theres other people, though, that have similar sort of weight in that sense, who are on her page. Thats why this matters. I do still think there is division in the ranks. I dont expect it will go the whole way through this morning with this continuous dovish stance. This comes back to what weve said many, many times. Not so much the domestic situation but the International Situation and how much the fed is giving consideration to issues outside the u. S. She mentioned it again. Between december and march, the baseline is a slightly projected weaker pace. She also is weary of the rise in core inflation, which is part of the dual mandate, which gives her an excuse to say the caution is warranted. Theres a lot of economic commentary out this morning about whether she was clear or not clear on when the next Interest Rate hike is going to come. I thought it was a very detailed explanation. She wants to see a sustainable rise in inflation. She wants to see global headwinds calm down, potentially stabilization of commodities and the u. S. Dollar. Theres the road map. And she once again as well said the way expectations change is a selffulfilling move in the fed in its own sense. Lets have a look at how this has affected Broader Markets. First up, commodities unsurprisingly rallying as well in the face of dovishness. We can see oil up 1. 8 again today, pushing 39 for wti. The tenyear note, we saw a little bit of a fall in the yield. Lets have a look at currencies. The u. S. Dollar against the yen is a little softer today. A quick look at gold as well. Its a little above flat today, 0. 3 . The dollar saw a sharp move lower. Overseas, the move has to be about emerging markets. Strength in emerging markets. China had the best session its had in about a month. The shanghai composite closing up almost 3 . Also green in hong kong. Really giving these emerging markets their currencies and their stock markets a sigh of relief. The only notable red on the screen is in japan, which isnt a surprise because you saw the japanese yen weaken strengthen, excuse me, on the back of that weaker u. S. Dollar. We know the japanese nikkei does not like that. We also got a pretty weak economic report out of japan. Lets show you some of the pictures in emerging markets. They really are having a strong month of march. A lot of that can be attributed to the dovishness of janet yellen reiterating yesterday. Lets show you the early trade here in europe, which continues the party from janet yellen. That message of caution, of waiting when it comes to Interest Rate hikes. Giving a boost across the board. German dax up 1. 5 . Really 1. 5 gains across the continent. Very much commodity names, oil names doing well. The question is how long does it last. How long did she put a floor under markets . I think last time post that meeting, we saw a more concerted response. Were seeing a decent response today. Well have to see if that lasts a bit longer. Lets switch focus. In brazil, the president is one step closer to being ousted. The countrys Largest Party said its leaving the governing coalition and pulling its members from her government. According to report, once members leave, they can vote for her impeachment. In response, the chief of staff says she will announce a new governing coalition before the end of the week. The opposition is pushing for her ouster for allegedly breaking budget laws. Interestingly, sara, off the back of this, for all the doom and gloom around brazil, the rial is up nearly 10 year to date. The Brazilian Stock Exchange also up. That speaks to that wider point you were just highlighting with emerging markets this year. Interesting in sort of eye of the storm that the rial has continued to rally. This of course a longer term chart highlights that its very weak. Thats the dollar going up and the real getting crushed. Then you see that last leg down lower. Strong brazilian stock market. Its up about 30 on optimism she will actually leave and that will be good for business. When we got that first rate hike in december, how much all of those emerging market currencies were being hit by the expectation of hiking. As weve come away from hiking, theyve rallied. Even though brazil is in deep recession. Now back to the u. S. Weve got another busy economic agenda to tell you about. The focus starts to turn toward fridays big jobs report. First, it is wednesday. That means march adp data is out at 8 15 eastern time. Forecasts call for employers to have added 200,000 jobs to private payrolls, down from 214,000 in february. Then weve got some earnings. Carnival and lululemon reporting before the opening bell. And of course fed speak. Charles evans speaking to the Economic Club of New York Post yellen this afternoon. Before that, he will sit down with our very own Steve Liesman for an interview on squawk box. He tends to back yellen. He tends to actually be even more dovish than the main core of the fed. So itll be interesting to hear his interpretation of that yellen commentary yesterday. Switching gears to this mornings top corporate news. Boeing says it will cut more than 4500 jobs in its commercial Airplane Division by the middle of the year. As it looks to cut costs. Lets have a look at share price reaction. Its up fractionally in premarket trade. Updates on the fight between apple and the fbi. A california judge has now officially vacated the order asking apple to assist the fbi hacking into the phone of the San Bernardino terrorist. Separately, nbc is reporting an Israeli Company is actually the firm that provided the tool which enabled the government to unlock the phone. According to cbs, the fbi now owns the proprietary rights to the method used to get into the device. No word on what, if any, evidence theyve found inside. More stocks to watch today. Dave busters Fourth Quarter results beat forecasts. The arcade and restaurant chain also giving an upbeat revenue outlook for 2016. However, the company is projecting samestore sales growth of 2 to 4 this year, down from 9 in 2015. Sonics Second Quarter profit rising 41 , topping forecasts on continued strong sales at the drivein fast food chain. Sonic says core menu items along with limited time offers drove results and helped it gain market share. Mccormick is raising its offer for the u. K. s premier foods to about 773 million. The 65 pence share bid comes after premier rejected a previous offer from the u. S. Spice maker. Mccormick is calling on premiers board to engage in talks. Premier up nicely since that bid. What are mr. Kipling cakes . You dont have them here . Theyre like dessert cakes, puddings. The advert is actually an incredibly posh british old man called mr. Kipling. Of course. Some other stocks to watch today, restoration hardwares Fourth Quarter profit falling 22 with adjusted results missing forecasts. The retailer also cut its earnings outlook for the current quarter, citing shipping problems and additional costs related to that new line of modern furniture. Its been an ugly chart. The stock down about 50 over the last year. Taiwans foxconn has agreed to buy sharp officially, cutting its original offer, following a month of talks of potential liabilities. This does mark the largest acquisition by a Foreign Company in japans technology industry. It gives foxconn control of sharps Screen Technology and helps its Pricing Power with apple. Sharp getting a bit of a boost on that. Verints Fourth Quarter profits fall sharply, missing forecasts. Theyre projecting 2016 results will be roughly flat. Weighed down by its Security Intelligence unit. Also launching a 150 million stock buyback. That is the companys first, though thats not helping shares much. Down more than 12 . Microsoft hosts its annual Developers Conference in San Francisco starting today. The company may give a glimpse into what to expect for products and software for the rest of the year. Landon dowdy joins us with three things to watch. Good morning. Microsofts conference kicks off today. While analysts dont anticipate any big product news, they are expecting positive updates. Here are three things to watch. First, the cloud. The ceos keynote address will be full of cloud talk with a large portion likely dedicated to advancements in the companys assure platform. Second, updates on hollow lens and windows. Analysts say watch for more insight on new uses for the hololens augmented reality heads headset. Also look for new live tiles and notifications. And the third thing to watch, comments on pc weakness. Pc revenue is microsofts most profitable segment. Analysts will be watching closely for signs of continued weakness and whether momentum from the cloud can offset those declines. People at the conference will be able to try them on. Its a whopping 3,000 a pop. I guess they wont mention their chat bot, which they had to pull offline for offensive remarks. Landon, thank you. When we come back, find out what word is now on the banned list for employees at bank of america. Plus, out twitter and facebook we did this morning. Were asking you, postyellen rally, when will the fed actually raise rates next . Before september this year, september through december, next year, or perhaps never. Tweet us or facebook us your results. Well share them with you later on Worldwide Exchange. We were born 100 years ago into a new american century. Born with a hunger to fly and a passion to build something better. And what an amazing time its been, decade after decade of innovation, inspiration and wonder. So, we say thank you america for a century of trust, for the privilege of flying higher and higher, together. Great time for a shiny floor wax, no . Not if you just put the finishing touches on your latest masterpiece. Timings important. Comcast business knows that. Thats why you can schedule an installation at a time that works for you. Even late at night, or on the weekend, if thats what you need. Because you have enough to worry about. I did not see that coming. Dont deal with disruptions. Get Better Internet installed on your schedule. Comcast business. Built for business. Welcome back to Worldwide Exchange. A very good morning to you, if youre just getting up. Lets get up to speed on the market action. Nothing inspires equities to rally like a dovish fed chair. That led us to the s p and the dows highest close of the year. Yesterday they rallied off their lows once she started speaking. Were continuing that momentum this morning. The dow called higher by 90 points. S p by ten. The nasdaq by about 0. 6 . European trade looks pretty similar. In fact, even more pronounced of a rally as you can see. 1. 6 gains for the ftse 100. Similar amounts for france and germany, particularly the commodity names. Oil prices rallying as well this morning. Lets get to asia for an update of what happened there. Akiko fujita is in singapore with an update. Good morning to you, wilfred. You talk about those dovish comments from janet yellen, certainly lifting the markets here in asia as well, along with the weaker u. S. Dollar. All major indices in positive territory except for the nikkei. The nikkei below that 17,000 handle, down about 224 points there. New numbers out from factory output weighed on investors there. Industrial output falling more than 6 month on month in february. Thats the most since 2011 immediately after the triple disasters, the earthquake, tsunami, and Nuclear Disaster in japan. When you combine that number with retail numbers that were out yesterday that showed a more than 2 drop, certainly shaping up to be a very weak start to the year for japan. Also in japan, shares of sharp in focus after the Company Finally signed that deal with foxconn, giving the Taiwanese Company a twothirds stake in the struggling electronics maker. That deal valued at 3. 5 billion. Thats about a billiondollar discount from that initial deal that was scheduled to be signed last month but was put on hold. Over in hong kong, the hang seng ending the day up about 2 , up 437 points there. The biggest ipo of the year there failed to impress. In their initial debut, they fell, closing the day down about 0. 5 . B back to you. Akiko, thank you very much. Turns out bank of america is warning senior staff not to use the word brexit when talking to clients. According to the financial times, the bank told managers no the to provide opinions or influence voters at all in the run up to the june 23rd vote on whether the u. K. Should leave the european union. What did they tell them to call it instead . Well, i think just not really to mention it at all. This is quite interesting. The existential referendum of the United Kingdom . Just trying to get clients to get employees to not even mention it to clients because they dont want to take a political side. Its interesting because its an important part. What will the banks do . Voters need to know. I get thats not dow to lower level individual employees. Its down to the management if they want to come out and. Its also financial risk. So i think theyre going to be up against it. Part of this was because theyd come out to say they were going to donate money to campaign. That caused a bit of an issue. Now theyre not making that donation, according to reports. So catchy, though, brexit. Its a great word. To brexit or remain. That is the question. I bet bank of america would let their employees say that. Maybe, but that would sway Political Sentiment even further. Right. Lets move on and get to todays trade of the day. Conflicting signals on slow growth and employment make a tricky environment for investors. Our team found some time when is these conditions existed and looked at which dow components did well. There were six quarters since 1990 when real gdp growth was between naught and 2 . At the same time, the Unemployment Rate was 4. 9 to 5. 9 . The top performers on the dow were consumer oriented. They tend to do well since the consumer has a job and is willing to spend at low prices but doesnt feel overly confident about the future. Some decent moves there for walmart, 2. 74 . Well, theyre defensive stocks. For more on that, go to cnbc. Com and check out cnbc pro. Spotify has raised a billion dollars in convertible debt from private equity firm tpg and hedge fund dragon ear investment group. The deal is expected to close this week. Sources telling cnbc the fundraising put spotifys valuation at the same levels previous rounds. That was about 8 billion. By raising debt instead of equity here, spotify adds to its war chest out the possibility of setting a lower price for its stock in an eventual ipo after a tumultuous week for its competitor pandora, bringing back its founder. Snapchat has unveiled a major update, boosting its chat function with a range of new multimedia features. The move adds more than 200 sticks such as aliens and snapchat signature ghost, which can be searched by keyword. There are also easier controls to start a video control. That is so complicated. I dont understand. For sure, you will be doing it. Wilfred is the king of snapchat. Well, no, i think im perhaps the prince. I learned quickly, but im certainly not the king yet. And i learn from you. You dont really learn at all, im afraid. Im terrible at it. Soda consumption in the u. S. Falling to a new 30year low. Interesting statistics here. The only one i would highlight in terms of the brands, one brand did well. That was dr. Pepper. Moved up the list to number four. So its cocacola, pepsi, diet coke, now dr. Pepper, and then mountain dew. Dr. Pepper displacing mountain dew as the number four soda. Overall, soda drinking is down. Two bright spots also. Sprite and fanta. Who knew . Both managed to gain share. Fanta is back t