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The White House has dimmed optimism over the Omicron batter after the US Food and Drug Administration approved a pair of pills from Pfizer and Merck to treat Covid-19.
The White House has warned it will take more than six months to fulfil its initial order for Pfizer’s antiviral Covid-19 pill, as officials damped speculation the drug could immediately turn the tables on the pandemic.
Economic Data
US crude stocks fell more than expected in the most recent week due to year-end tax considerations, analysts said, while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday.
Crude inventories fell by 4.7 million barrels in the week to Dec. 17 to 423.6 million barrels, compared with analysts’ expectations in a Reuters poll for a 2.7 million-barrel drop.
Existing home sales in the US, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, grew 1.9% from October to a seasonally adjusted annual rate of 6.46 million in November, below market forecasts of 6.52 million.
The US economy grew faster than expected in the third quarter of 2021 at 2.3%, above estimates of 2.1%. The third-quarter growth in America’s total output in goods and services significantly slowed from the first two quarters where growth soared to 6.3% and 6.7% respectively.
Other Developments
With the spread of the Omicron variant and lingering supply chain issues, there are concerns growth could slow again heading into 2022. On Wednesday, President Biden convened a meeting of his supply chain disruptions task force virtually and in-person in Washington, praising the significant progress in alleviating bottlenecks at the ports and other issues that had created shortages of goods and contributed to higher prices for consumers.
Biden said that retail inventories are up 3% from last year and on-shelf availability for products is at 91%, close to where it was before the pandemic.
Banks in Europe are issuing a particular type of bond in droves, locking in super low borrowing costs ahead of possibly tighter monetary policy in 2022.
Issuance of covered bonds, which are debt instruments sold by lenders, have recently risen to the highest monthly level since before the pandemic began.
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