United States: Pfizer to Renege on the Vaccine, Labour Market in Distress As Inflation Spikes

United States: Pfizer to Renege on the Vaccine, Labour Market in Distress As Inflation Spikes

Pfizer may not be able to give more vaccines to the US until next June due to its commitments to other countries, as recently reported in the news. Meanwhile, the UK will be the first country to introduce the Pfizer/BioNTech coronavirus vaccine, which the UK government announced on Sunday. The National Health Service said the first doses will be given to healthcare professionals and Britons over 80 starting Tuesday.

It is expected that about 800,000 doses will be administered during the first week. Pfizer and BioNTech may get FDA approval at their meeting on Thursday. Markets are looking at an optimistic outcome and faster economic growth in 2021.

A sense of caution has returned to global markets as investors try to balance the prospect of increased government stimulus and central bank liquidity with the grim pandemic reality when California announced new business restrictions. California is America’s most populous state and its largest economy, so this could have dire consequences for the recovery of the entire country.
US Labour Market in Distress As Inflation Spikes
The number of US nonfarm jobs (NFP) increased for the 7th straight month, but the pace of job addition slowed markedly in November.

The 30-year break-even US inflation rate – a measure of financial market expectations for long-term price pressures – rose to 2% on Monday, hitting its highest level in nearly 19 months, falling below 1% in March.

The recent rise in inflationary expectations may be linked to expectations of additional US fiscal stimulus and hopes for a rapid global recovery from potential coronavirus vaccines, as well as the rise in gold, a traditional inflation hedge.

President-elect Joe Biden said last week that the government could conduct yet another round of incentive coronavirus tests for families. The world’s largest economy is struggling with the second wave of coronavirus.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.