Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Aïda Amer/Axios

After nearly a year of pandemic life, people are making plans to indulge in all the activities they have desperately missed — emboldened by encouraging vaccine news.

Why it matters: Signs of the pent-up demand expected to underscore the economic recovery are already taking shape.

  • Retail's leading trade group said today that sales could jump by as much as 8.2% this year — its highest estimate on record.

Here's how else the "pandemic itch" is manifesting ...

  • Cruise bookings are up 30%, Royal Caribbean said this week — even though it's unclear when operators will sail again.
  • The best part: Would-be cruisers are paying more for trips compared with pre-pandemic times, the company noted.

What they're saying: "There's going to be a jailbreak when there's enough vaccine out there," one analyst told CNBC.

Europe's biggest travel company Tui saw bookings for Greece, Spain and Turkey from July onward jump 500% from the prior week, per the FT.

  • It comes after U.K. Prime Minister Boris Johnson said lockdowns could be lifted by this summer.
  • United Airlines CEO Scott Kirby told Axios during an event today that there's "large pent-up demand for travel" that could be released as early as this summer, but it depends on the pace of vaccination.

What to watch: Whether all this activity — helped by the expected trillions in government stimulus — will lead to overheating and inflation, a piece of an important economic debate happening right now.

  • There are also questions about whether the economy can absorb such an intense restart.
  • "It's like not exercising for a long time and then doing this intense workout," the Atlantic Council's Josh Lipsky tells Axios.

Worth noting: Federal Reserve chair Jerome Powell continues to shrug off inflation fears.

  • Powell told Congress it could take "more than three years" to hit the central bank's inflation goal.

The bottom line: After a year of lockdown, people want out. They are already sketching out their post-pandemic life.

Go deeper

Dion Rabouin, author of Markets
Feb 23, 2021 - Economy & Business

Commodities hit 8-year high as market divergence continues

Expand chart
Data: FactSet; Chart: Axios Visuals

Tech stocks suffered some big losses on Monday, as the specter of higher U.S. borrowing costs continued to weigh on their share prices, while bullish vaccine expectations helped make the Dow the only major U.S. index to end in the green.

What happened: The benchmark 10-year Treasury yield rose to 1.37%, a fresh one-year high, showing investors remain bullish on the economy and a recovery in inflation.

Capitol Hill's far right pushes Anglo-Saxon values, European architecture

Photo: Al Drago/Bloomberg via Getty Images

Multiple far-right House Republicans have begun planning and promoting an America First Caucus aimed at pushing "uniquely Anglo-Saxon political traditions," Punchbowl News first reported.

The big picture: "The document was being circulated as the GOP is struggling to determine a clear direction as it prepares to try winning back control of the House and Senate in the 2022 elections," AP writes.

Super typhoon Surigae explodes to Cat. 5 intensity

Super Typhoon Surigae seen on satellite imagery Saturday morning east of the Philippines. (CIRA/RAMMB)

Super Typhoon Surigae surged in intensity from a Category 1 storm on Friday to a beastly Category 5 monster on Saturday, with maximum sustained winds estimated at 180 mph with higher gusts.

Why it matters: This storm — known as Typhoon Bising in the Philippines — is just the latest of many tropical cyclones to undergo a process known as rapid intensification, a feat that studies show is becoming more common due to climate change.