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3Q21: A Feedback Loop — What Could Cause the Economy to Stray From the Pre-pandemic Status Quo?

Nearly a year has passed since Pfizer and BioNTech announced successful Phase 3 trial results for their groundbreaking mRNA-based Covid-19 vaccine. The effort to develop, produce, and distribute these vaccines has been one of the most impressive societal accomplishments in recent history.

At the time of this writing, with certain exceptions, it appears the third wave of cases in the U.S. is beginning to wane. Covid-19 is likely on its way to becoming another endemic virus, where some level of immunity acquired through a mix of vaccination and natural exposure decreases its impact on society. It will take time to get there, with more disruptions along the way, but we are optimistic about our current trajectory.