Month: December 2021

An advisory panel to the Centers for Disease Control and Prevention said Thursday that people shouldn’t get the Johnson & Johnson Covid-19 vaccine when the Pfizer-BioNTech and Moderna shots are available.  The Advisory Committee on Immunization Practices convened following an update from the Food and Drug Administration on the risk of rare but potentially life-threatening blood clots linked to the Johnson & Johnson vaccine. At least 54 people in the United States — mainly women — have been hospitalized from these blood clots, and nine people have died.

The Advisory Committee on Immunization Practices panel voted unanimously in favor of deeming the mRNA vaccines, from Pfizer and Moderna, the “preferred” options for adults over the Johnson & Johnson vaccine, ultimately concluding that the mRNA vaccines provided greater protection and fewer risks than Johnson & Johnson’s. The recommendation would not prohibit use of the Johnson & Johnson shot, but instead make clear that the other options are a better choice if they are available.  CDC Director Dr. Rochelle Walensky will need to sign off on the recommendation.

Johnson & Johnson’s vaccine is linked to a blood clotting condition known as thrombosis with thrombocytopenia syndrome, or TTS.  Johnson & Johnson uses an adenovirus technology to train the immune system to fight the coronavirus, whereas the shots developed by Pfizer-BioNTech and Moderna use a different approach, mRNA, to train the immune system, and have not been linked to these clots.

The Biden administration is urging all eligible Americans to get a booster amid the threat of the omicron variant. Initial data suggests three shots of the mRNA vaccines provide adequate protection against the new strain. In the U.S., the Pfizer and Moderna vaccines are readily available. More than 570 million doses of Pfizer and Moderna have been delivered to providers, whereas only 28 million doses of Johnson & Johnson have been delivered.

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On Thursday, President Joe Biden signed a bill to raise the U.S. debt ceiling by $2.5 trillion after Senate Democrats and Republicans hammered out a deal this week to avoid a filibuster. The Senate passed the extension by a party-line vote of 50-49 on Tuesday, and the House approved the measure 221-209.

Treasury Secretary Janet Yellen had warned Congress that defaulting on the national debt could have had catastrophic consequences for the U.S. economy. The United States has never defaulted on its debt obligations. Failing to reach an agreement would have stopped payments that millions of Americans rely on, including paychecks to federal workers, Medicare benefits and military salaries.

The debt ceiling increase covers all necessary funding until 2023, meaning the issue won’t need to be addressed again until after the 2022 midterm elections.

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On Wednesday, President Joe Biden traveled to Kentucky to survey damage from last week’s deadly tornadoes and offer federal support for the victims. More than 30 tornadoes tore through Kentucky and four other states over the weekend, killing at least 88 people — 74 of them in Kentucky — and leaving many others still unaccounted for. The storms demolished homes and downed power lines as temperatures dropped below freezing in Kentucky earlier this week.

Biden visited Fort Campbell for a storm briefing and Mayfield and Dawson Springs to survey the damage. Biden said during his remarks: “The scope and scale of this destruction is almost beyond belief. These tornadoes devoured everything in their path.” Biden also authorized the government to cover 100% of the state’s costs for the first 30 days for all emergency work and services related to the devastation in Kentucky. Biden said four FEMA search and rescue teams were working in Kentucky, and the agency has provided critical supplies including 61 generators, drinking water, housing and meals.

The president also signed two federal disaster declarations for Kentucky over the weekend, providing federal aid for search and rescue and cleanup operations, as well as aid for temporary housing and to help individuals and businesses recover.

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The Federal Reserve decided Wednesday to maintain the existing federal funds rate of between zero and 0.25% amid rising inflation. The Federal Reserve also forecasted three interest rate hikes next year, followed by further increases in 2023 and 2024. A statement on the decision reads: “Supply and demand imbalances related to the pandemic and the reopening of the economy have continued to contribute to elevated levels of inflation. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.”

The Federal Reserve’s Federal Open Market Committee (FOMC) announced it would slowly begin curtailing the monthly pace of its net asset purchases by $20 billion for Treasury securities and $10 billion for agency mortgage-backed securities, anticipating “similar reductions in the pace of net asset purchases will likely be appropriate each month, but it is prepared to adjust the pace of purchases if warranted by changes in the economic outlook.”

The FOMC acknowledged positive job gains in recent months and declining unemployment rate. But it also added that “supply and demand imbalances related to the pandemic and the reopening of the economy have continued to contribute to elevated levels of inflation. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.”

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