Today's news headlines:
‘UK trial points to mixed vaccines raising risk of side-effects’. The threat of new coronavirus variants could knock the UK off course in its plans to re-open the economy. Studies have been conducted to determine whether different vaccines being used for the first and second dose provide an elevated immune response. Those who received a mixed dose schedule were more likely to report mild side effects, such as a headache and fatigue. There may be some short-term side-effects to this method but the long-term outcomes are unknown and with viral variants continuing to rear their head, UK officials will hope a method is found soon to ensure vaccine efficacy is preserved. (Financial Times)
‘Colonial pipeline resumes operations following ransomware attack’. Five days after a cyberattack on the 5,500 mile oil pipeline that runs from Texas to New York, operations have returned to normal and oil prices have began to stabilise after petrol hit $3 a gallon. The shutdown is believed to have been caused by a group called DarkSide, according the to the FBI. Many hoarded fuel not knowing when the pipeline would be restored and if prices would level off. It will take time to get back to normal levels of production as more robust systems are put in place to prevent a similar shutdown in the future. (Financial Times)
Today's events, rates, and data
Markets fell yet again yesterday as the US released inflation data showing CPI y/y of 4.2%. The S&P 500 finished the day 2.14% lower, while the Nasdaq lost 2.67% of its value. A relatively quiet day for data ahead, with US Unemployment Claims out this afternoon.
MPC Member Jon Cunliffe Speaks: 1:00pm
US Unemployment Claims: 1:30pm
US PPI and Core PPI m/m: 1:30pm
FOMC Member Thomas Barkin Speaks: 3:00pm
Bank of Canada Governor Tiff Macklem Speaks: 4:00pm
Bank of England Governor Andrew Bailey Speaks: 5:00pm
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