joining us now, jason trennert, strategas research partners and ylan mui. thank you both for being here. why don't we start off talking about the markets this week. s&p 500 by thursday giving back all of the gains for the year, and jason, what does that mean, where are we headed for 2014? >> listen, market was up 32% last year and about 60% of that was multiple expansion, 40% was earnings. i think it's natural you have some digestive period where you essentially factor in the big gains that you had last year. having said that, i also think that earnings that we just saw in the gdp reports this past week are at all-time highs, so it's not surprising to me that, wouldn't be surprising to me, if the market hits all-time highs later this year. >> are you still looking for gains at 8% to 10%? >> yeah, i think that's about right. earnings will be up 7% or 8%, a little expansion on that, especially if interest rates stay very low, which i think is likely, and that would be a pretty good guess. >> all right, let's talk more about that, ylan, where do you think we s

. >> ylan, what do you want most to ask ms. yellen during the news conference? because i think that's going to be the focus of almost every reporter and almost every investor. so what do you really want to know from her or what are you going to press her on? >> i think what is the longer term outlook for rates? are they going to be lower than the 4% the fed has stated if there's a normalized interest rate? are we going to be looking at closer to 3.5 or 3.75% for rates? and also looking for beyond the first rate hike, how quickly might the fed move? it seems like there are several members who are thinking about multiple in 2015, not just one rate increase in 2015. just getting beyond the very first move, what is the path going forward? the biggest question is how much thought was the fed given to that path? right now there's a lot of uncertainty. they don't know exactly what they're going to lift rates. so how much this goes beyond that point remains to be seen. that's what i plan to ask her about. >> guys, part of the problem is -- >> steve, i want to -- go ahea

. >> ylan, thank you very much for that. diana, stay around for a moment, i know you want to get a question or two to our next guest. we'll bring in bunlg husky, the president and ceo of coldwell banker real estate. mr. husky, welcome back. good to have you with us. >> delighted to be back. >> well, we're delighted to have you. so is there a point on the interest rate or mortgage rate curve where the housing market, broadly, really starts to feel it? >> well, there's a correlation that i think was noted before. any expectation in terms of increase in interest rates are going to be moderate over the long-term, so i don't think there's going to be anything in the scale that would ultimately serve to depress activity overall in a measurable way. >> diana? >> well, mr. huskey, i would like to know, the realtors were pointing less at the mortgage rates and less at the weather and more about affordability. that is home prices going up much faster than income and job growth. where do you see affordability going in the housing marke

ylan is going to be there asking questions.yell snn. >> i think i would ask her probably what's the justification for why 2016 interest rate forecasts are so much lower than the economic fundamentals would suggest. >> no doubt that will come up as a subject. it's good to talk to you both as we countdown to a big afternoon. thank you for joining us. thank you both. >>> ahead of the fed meeting looks like markets are flat waiting janet yellen. coming up, howard schultz kicking off the starbucks annual meeting with our very own jim cramer. cramer. predicting the future is a pretty difficult thing to do. but, manufacturing in the united states means advanced technology. we learned that technology allows us to be craft oriented. no one's losing their job. there's no beer robot that has suddenly chased them out. the technology is actually creating new jobs. siemens designed and built the right tools and resources to get the job done. no two people have the same financial goals. pnc investments works with you to understand yours and h