COVID, A Runaway Train

It’s definitely annoying to talk about by now, but the world is coming to the reality that COVID might never go away. 😩

In countries such as Iran, Russia, Vietnam, Thailand, the Philippines, and South Africa, COVID-19 cases are climbing faster than ever. Some countries are even reporting a higher volume of cases than they did as the pandemic took the world by storm last March.

And in countries such as China and the United States, a resurgence in cases is threatening the recovery and progress made over the last year and a half. That’s why medical leaders, vaccine makers, and politicians are all starting to echo calls for booster COVID vaccines. 💉

Moderna President Stephen Hoge insinuated that boosters would be an inevitability; Anthony Fauci said that the U.S. should prepare for boosters, just days after the FDA authorized third doses to be administered for immunocompromised people. With that, it looks increasingly likely that vaccine boosters will be available to the public this Fall.

It’s unlikely the economy will shut down again, but COVID’s staying power stands to threaten dozens of industries and sectors. It’s widely expected that the Winter will bring an even greater resurgence of the virus, underscoring the urgency with which world leaders are trying to avoid another COVID crisis. 😷

However, with just over half of the U.S. fully vaccinated, booster shots might be a hard sell for many Americans. 

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The organization’s “Global Economic Prospects” report is now forecasting global growth to slow for the third year in a row during 2024, falling from 2.6% last year to 2.4%. Even if it rises to 2.7% in 2025, the acceleration over the last five-year period will be about 0.75 percentage points below the average rate of the 2010s.

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13,000 Auto Workers Strike

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Combined, the automakers have 150,000 UAW-represented employees across their operations. For now, though, the strike is beginning at just one factory from each automaker, accounting for roughly 13,000 workers. However, union leaders say they could gradually expand the strike to additional plants (or all of them) if their demands are unmet.

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And August’s consumer price index (CPI) data did little to move the needle. 😴

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Inflation Checkup Before FOMC Decision

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We’ll get producer prices tomorrow morning, but today’s focus was on the consumer price index.

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