News about developing a vaccine against COVID-19 is quite positive for the US economy in the medium term. Success in the fight against the virus will largely determine growth, the head of the Federal Reserve System (Fed) Jerome Powell said.
“The latest news in the field of vaccines is very positive in the medium term,” – said the head of the US Central Bank, speaking in the Senate.
Powell noted that the outlook for the economy is extremely uncertain and will depend heavily on efforts to contain the spread of the virus.
“A full economic recovery is unlikely until people are confident that resuming a broad range of activities is safe,” the Fed chief said.
The Moderna coronavirus vaccine showed 94.1% effectiveness in the initial analysis of the third phase of trials and 100% effectiveness in severe cases of COVID-19. On Monday, the company said that it had submitted a request to the FDA to use the COVID-19 vaccine, created using experimental mRNA technology. In a release, the medical regulator said it would review Moderna’s application for the COVID vaccine on December 17 at a meeting of the Advisory Committee.