By Blake Haas
BLOOMINGTON – With the first COVID-19 vaccine administered in Illinois on Tuesday, and talks of a second COVID-relief stimulus underway, the economy could see a large boom due to “pent up demand.”
According to John Ruedi with Savant Capital Management, market volatility could decrease once more vaccines are administered.
“It happened quicker than a lot of people thought it would happen, but yet it’s happening. I think the quicker that we can get this underway, we’ll get more and more people vaccinated, and I think we can get this economy back going again. There’s a lot of pent up demand out there right now. I think the more people that get vaccinated, it’s certainly going to speed up the process where we can all get folks back to work and get restaurants back open again.”
Tuesday night, Senate leaders Mitch McConnell and Chuck Schumer said they were nearing close to a $900 billion COVID-relief deal that could provide extended unemployment benefits for 12 million people and an extended eviction moratorium.
“The Pfizer vaccine under emergency use from the FDA (Food and Drug Administration) approval is being administered and delivered and administered in some areas,” Kevin Kingston with Savant with Management told WJBC’s, Marc Strauss. “Kind of good news yesterday the FDA also announced they are set to approve Moderna’s vaccine this week. I think it’s a difference-maker. We look out maybe April or March; somewhere in that time frame, you’re likely to see hopefully thousands of Americans vaccinated, and maybe we start to put all of this behind us…Markets are really looking to see if there’s going to be a stimulus deal completed.”
On Tuesday, United States Secretary of Health and Human Services Director Alex Azar said six million doses of Moderna’s COVID-19 vaccine is ready pending approval from the FDA. Azar said the FDA approved another two million doses of Pfizer’s vaccine to be allocated for the week of Christmas.
Blake Haas can be reached at [email protected].
