Answer: For most of US history, it was March 4, not January 20.
Question: What is Inauguration Day?
We found ourselves channeling our inner Alex Trebek this week as the nation’s attention began shifting from election matters to vaccine watches.
News from Pfizer’s late-stage trials that their COVID-19 vaccine was 90% effective buoyed public equities, sending indices to near or record highs. But what remains clear is availability of any vaccine to the general public is likely months away.
Meanwhile rising infections are propelling a third virus wave across the US, with 800,000 cases in the past week – up from 600,000 cited in last week’s commentary. That brings total cases to over 10 million, with almost 240,000 deaths.
With the onset of winter a mere six weeks away and cold weather hitting northerly cities, COVID will continue to accelerate until a workable vaccine is available. That leaves commercial activity exposed, with the likelihood of additional fiscal stimulus an open question.