Weekly Economic Commentary

Most of the time, supply and demand eventually balance. But when frictions interfere, you can end up with too much of one or the other. Such is currently the case with vaccines against COVID-19. In some parts of the world, there is an ample supply of doses, but program frictions are preventing them from being fully dispensed. And in other parts of the world, supplies are inadequate or nonexistent. These imbalances will have an important influence on economic performance this year, and potentially longer.