Our outlook has marginally improved since last week because of a decline in the number of daily new cases of COVID-19 in most of the hardest hit nations, and a pick-up of vaccine rollout pace. The U.S. is currently administering over 1M doses per day vs 0.8M at the same time last week. At this rate, we estimate it will take approximately five months to vaccine 25% of the U.S. population vs our last week’s estimate of six months. Our estimate in the week prior to last was eight-month.

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