let's go to cnbc's carolyn roth. carolyn, another retailer feeling the pressure of the need to increase wages. is that good news not only for the employees but for the entire economy? >> that is pretty good news i mean last week we talked about walmart raising pay for the lowest paid employees. and now this week it's tj maxx and marshals. they are saying they will pay the u.s. workers at least $9 an hour and clearly, joe, what this means is that we are seeing a tightening inging market and there's more importance on retaining staff. i want to move on to another story that caught our eye. morgan stanley addressing legacy issues from before the financial crisis. they are saying that they are paying $2.6 billion to settle claims that they missold mortgage bonds, misrepresenting the risk of those very risky bonds before the financial crisis. if you look at the fine though $2.6 billion, this is very small fine compared to what for example, j.p. morgan had to pay in 2013. joe? >> and carolyn, what are we watching for today

and for more on this let's bring in cnbc's carolyn roth. walmart has been under pressure for a long time to raise wages but, of course, carolyn, the question is why now? is that good news just for walmart employees or is it "wall street journal" says because the market is tightening up and could be actually great news for all workers? >> i think you're absolutely right on that. it's got so many implications and that announcement yesterday by walmart really made huge waves overall in the world so first of all it means the labor market is getting tighter. it also means retaining talent is increasingly important and could have a knock on affect of other corporates who may under pressure to pay higher wages themselves to their lowest paid employees. what it also means potentially for the fed is that the wage pressure is increasing maybe they will have to tighten policy earlier than expected. that could be a knock. others are saying look this is simply not enough. this is a drop in the ocean. it still won't be enough for those lowest paid employe