larry mcdonald, newedge. worries about ukraine causing food prices to spike.staurant stocks feel the pressure? when you see wheat spike, you have to wonder how it's going to trickle down the chain. >> a lot of things, particularly with hogs. hogs up 20% this year. they were up today. and these are things that happened before ukraine. these are things that limited. in other words, the reason why hogs are up because there's swine flu. and several years ago, the farmers slaughtered a lot of hogs and didn't have anymore because of -- and it takes two or three years to grow a pig. i'm not a farmer. but i think it takes a while. >> grow a pig. >> point being, these are structural changes. not because it's hot some place. it's not just because somebody invaded somebody. these are major changes that are going on. i don't think any of the restaurant stocks have factored in. i was talking about chipotle. i was talking about jack-in-the-box. think of anybody who uses a lot of the pigs that people grow or cow or wheat or anything like that. >> city slickers say, it takes

larry mcdonald, adam and rick santelli. jack, what do you make of this market these days? kind of hanging in there. >> it is hanging in there. bill, you have to be really impressed with what's been happening, especially after the year we had last year. the real question is how many portfolio managers that were chasing returns at the end of last year will be doing exactly the same thing going into the end of the quarter. i think over the course of the next two weeks it will be a question that's answered. >> all the same, adam, we got to talk about what's happening in china right now. and the extent to which we've been talking about the losses in copper and iron ore and some of these areas. we've been talking about the credit growth in that economy and what happens as it starts to slow. of what should investors here be focused on, be worried about, if anything, when it comes to the developments there in china specifically. >> well, it's interesting because the chinese economic rebalance, which will take them from about a 45% to 50% investment-led economy to more consumption

let's talk about it with liz ann saunders and we got larry mcdonald's joining us as well.iz ann, you know, we all are trying to parse through janet yellen's comments of last week and what it means for the future of interest rates and how soon they start raising rates. where do you guys at schwab stand on that issue right now and what does that do to your thoughts about investing in the stock market? >> so, i would put myself somewhat in bullard's camp. i have been pretty optimistic we would continue to see a decline in the unemployment rate, and that has to do with at least my view and i don't know that it's shared widely, but my view that the decline is more secular than it is cyclical and has most to do with demographics and retirement. there's no reason why that trend shouldn't continue so you would expect to see the trajectory go down. now, i think part of the reason why the fed went to qualitative guide sense they didn't want to be hamstrung by a 6.5% unemployment rate. unless inflation really heats up, i think they're going to be comfortable watching that go down com