Scientists at Moderna have released data that they claimed “back up and inform the pivotal (first) study”. And one dose may be enough to provide protection against Covid-19. ‘Ultra-fast’ Phase III trials will start in July. Researchers in Ohio have also been working on a breathalyser that could ‘transform’ the testing for Covid-19.
The stock market fell last week. But the Fed is doing its job, reflating the housing market, critical to protecting the banks. The flat yield curve is not all bad for financials, which put in a better showing on Friday. Real estate was the strongest index for the S&P 500, up 3.16%. Housing demand is now 25% higher than pre-pandemic levels.
The Richmond Federal Reserve Bank president is worried “that some of the jobs lost during the downturn may not come back”, which could impact African-Americans disproportionately. But the rally of tech stocks prior to the pandemic had gone hand in hand with a steep decline in the unemployment rate for African-Americans, to secular lows.
There remain deep divides and huge inequalities. Nonetheless, the debate needs to be balanced: the US was creating a large number of jobs because investment in technology was rising rapidly. There is nothing to stop that happening again.
Summary
• Rebound in infections is a worry
• But Fed doing its job, supporting real estate
• Some jobs will disappear, but tech will create new ones
