Yellen’s Turn?

Let’s get this rolling downhill fast and clear out some debris along the way.

1.    GSA has formally approved Biden as victor to allow for $6 million, office space and go-aheads for security briefings to finally begin. This does not eliminate the need to clean up state election processes for 2022 and 2024. SCOTUS should rule on the changes made in PA by non-legislative means to clarify what’s acceptable under the constitution even during a pandemic. Trump’s endgame of having a constitutionally “election-day failure” and then invoking the 12th amendment appears to have fizzled out with states certifying results without issue. WSJ has a nice overview on sequence here

2.    Three great announcements on “Vaccine Quest” by Pfizer, Moderna and AstraZeneca. Raise your hand if you had effectiveness over 90% for all three out of the gate vaccines? Now, it’s a question of getting past the FDA’s panel for approval and then on to distribution. Each has idiosyncrasies that will provide challenges for distribution. This hope for a vaccine has been partially embedded in the stock market since April with Operation Warp Speed. The fact we’ve seen a rally pause here tells you this is true. But what the heck, getting this effectiveness and a possible December distribution is simply ASTOUNDING.