it's the speed and the mix. >> liz ann, thank ou liz ann sonders, charles schwab.ks 5th avenue spinning off its on line business whether it to be headed to wall street. >>> a look at some of the stocks that recovered this week's losses energy at the top of the list. we'll be right back. >>> welcome back time now for a cnbc news update with rahel solomon >> hi sara hello, everyone. president biden says a recent job gains are not enough and that too many small businesses are closing. he's urging the senate to pass the covid relief bill and stoke economic growth. >> rescue plan, these gains are going to slow. we can't afford one step forward and two steps backwards. we need to beat the virus, provide essential relief and about the financial recovery peoplette need help now. >> arizona has become the latest state to end capacity limits for business the governor is leaving in place the state's mask mandate west virginiaia also lifted capacity lilts on many businesses as well as social distancing is maintained sneader heads take note. these aren't just any wear of origin

liz ann: that is a good question. we may have to start pricing in a bit more of a slow down on the goods side of the economy because when we think about the pent up demand story, which is the narrative tied to what is going to happen when things fully open up and we are all vaccinated, whatever percentage that represents, but i think they're more be eight -- but i think there may be more of a penta down demand story, whether it is housing related, home-improvement, electronics, automobiles. i am not sure that is built into expectations. i also think the nature of pent-up demand in services, which is unquestionable, where we have seen the biggest hits on the services side of the economy only accounts for about 5% of gdp growth. so where we have seen that strong demand that's already been met represent a much larger share of the economy. so we are unquestionably going to get the pop. but absent that fiscal stimulus, and once we need some of that pent-up demand, i worry that there's going to be too much extrapolating of

. >> yeah, liz ann, this is courtney you mentioned bubble in that answer when you were on at the end of january you talked about bubble conditions existing, but more at the microlevel. >> right. >> what are you seeing right now, is that continuing or has that changed >> i think it's continuing, but it has a rotational nature to it we've seen some of these microbubbles maybe not get popped in spectacular fashion but certainly get pricked. when you look at some of the segments in the market where you had tremendous amount of speculative fervor, momentum chasing. you had a move up in some of those, i won't mention names, but other areas like nonprofitable tech companies, renaissance ipo, you know, you've given back 20%, 25% in some cases so you can have these microbubbles get pricked through a process of rotation, where some of that excess, some of that air comes out through the process of money moving into maybe less speculative, less momentum driven parts of the market that's obviously a benign scenario were it to continue but i don't see an aggregate epic bubble in the overall mark a

tom: michael feroli, liz ann: sanders at charles schwab put out a chart on the calculus of the 10 yeare velocity, the acceleration of the higher yield, as she begins to compare it to the advance we saw in 1994. what does your team think? are we seeing a first and second derivative of the 10 year yield that mimics what we saw in 1994? michael: we do not think it gets that extreme but that may start away on interest spending in the economy, things like the housing market. a lot of the growth we are expecting should be non-interest sensitive, particularly in consumer services. normalization in the 10 year rate is to be expected given the backdrop. i do not think it will be a death knell to the economy. tom: what will we learn about wage dynamics in the friday report? michael: unfortunately, not much. as i alluded to earlier, we have a big jump in average hourly earnings once the pandemic took hold because a lot of the jobs we lost were low-paying. the remaining pool of jobs were higher, so that boosted average hourly earnings. that distortion has persisted because most of the jobs we have

. >> and there is liz ann jennings who lost mer mother and her husband dennis davis within days of each other. >> this is so wrong. sometimes i'm grieving for my husband and then i realize that my mom is gone and that i'm grieving for my mom. >> you can't capture that loss in just the numbers that we talk about each day. in addition to the loss of lives there are the millions and millions of americans who have lost theirons, creating ones of the largest economic crisis in u.s. history and tens of thousands of businesses forced to shut down. many of which are never going to reopen. and families struggling to put food on the table. so many of them going to food banks for the time and flooding food banks like never before. and then the millions of children who have spent the last year unable to attend class in person, cut off from friends and classmates, doing their best with their parents right alongside of them with the virtual learning forced upon them. all of that together is the magnitude of the loss that this country has suffered. there is, though, hope on the horizon. so, now, as we

and even to your previous guest on, liz ann, talking about the nature of inflation and what we're seeing i think it was a good commentary, and quite frankly, over the next several quarters, we would have a view that a little bit of inflation, not only in the u.s. but in the world economy, would be a good thing. so i know from a monetary policy and a fiscal policy, it's very accommodative these days but we actually support and applaud that very much given where we are at the cycle. we certainly want to see employment come back fully on and there are many, many industries that certainly have underperformed some of the broader and headline numbers that we watch day in and day out. and we certainly want to see small business pick up in the coming weeks and quarters ahead. >> i'm glad you brought up small businesses ppp, we have another tranche being carried out right now. do you expect that deadline to get extended and just in terms of the activity you are seeing from small businesses that are making applications, what does that look like >> well, you know, we have a very good vantage point

anne-marie green. this is the "cbs morning news." " liz, you nerd, cough if you're in here! shh!my phlegmy cough. what about rob's dry cough? works on that too, and lasts 12 hours. 12 hours?! who studies that long? mucinex dm relieves wet and dry coughs. >>> our top stores this morning -- the suspected gunman in the boulder supermarket shooting has been charged with ten counts of murder. ahmad alissa allegedly bought an assault weapon six days before the attack. he's due to make his first court >>> the senate judiciary committee held a hearing on proposals for gun control yesterday. democrats signaled that they're committed to passing tighter legislation but faced opposition from republicans. meantime, president biden urged congress to reinstitute a federal ban on assault weapons that expired in 2004. >>> a good handyman can fix just about anything. but what makes a great one? chip reid has the answer. tony antonelli got a new kidney. the donor was his wife mary. unfortunately, last year, it started to fail. >> sure enough, we had to look for another donor. >> reporter: finding a