Wall Street displays mounting unease with the increase in Covid cases overseas and the potential economic toll of restrictive measures to stave off a public health calamity as European nations struggle to contain a deadly fourth wave of the pandemic.
a public health calamity. As European nations struggle to contain a deadly fourth wave of the pandemic, market observers in the U.S. have been forced to confront the prospect of another winter in which the pandemic remains a key factor in shaping the trajectory of the nation’s economic recovery.
Austria said on Friday it would reimpose a national lockdown to stem the spread of Covid-19, and the German health minister said that lockdowns could not be ruled out, just a day after the country’s leaders announced more restrictions on unvaccinated people. I think it’s just a prelude in Europe to what seems to be inevitable, and that’s what’s really rattling the markets here.”
“He’s illustrated that he isn’t necessarily a hawk, per se… but yet he’s also realistic,” Horneman said. “There are inflation pressures right now that need to be addressed, especially if we’re talking about additional government spending,” she said, referring to Biden’s signature $1.7 trillion social safety net package that passed the House of Representatives on Friday.
“The risk of a new conflagration of Covid cases would further cripple the supply chain. It could reduce the willingness to re-engage in the job market on the part of millions of potential workers, and at the same time it might add further fuel to the inflation concerns,” Ball said.
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