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Foreign Policy
Foreign Policy
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Laurie Garrett, Adam Tooze

The Vaccine News Is Good. Here’s the Bad News.

This picture taken on May 23, 2020 shows a laboratory technician holding a dose of a COVID-19 novel coronavirus vaccine candidate ready for trial on monkeys at the National Primate Research Center of Thailand at Chulalongkorn University in Saraburi. MLADEN ANTONOV/AFP via Getty Images

What a difference an election makes. Stock markets all over the world are soaring, both because Joe Biden has been elected the 46th president of the United States, immediately establishing a prestige-packed COVID-19 task force, and because the New York-based pharmaceutical giant Pfizer announced that its candidate SARS-CoV-2 vaccine is 90 percent effective in blocking infection with the coronavirus. A sense of hope has imbued financial markets.

“The results are really quite good, I mean extraordinary,” pronounced Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases.

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