The Morning Dispatch: Getting Past Scarcity on Vaccines

Plus: Reading the bond-yield tea leaves and Larry Hogan’s 2024 feelers.

(Photo by Cristina Arias/Cover/Getty Images.)

Happy Tuesday! The Chicago Cubs are on pace never to lose a game in 2021. It’s just statistics.

Quick Hits: Today’s Top Stories

  • A study found that China permeated regional rival India’s power grid using malware, causing mass blackouts last year after territorial disputes in the Galwan Valley.
  • Former French President Nicolas Sarkozy was hit with a three-year sentence yesterday after a court found him guilty of corruption and influence peddling. Sarkozy plans to appeal the conviction, which stems from his attempt to illegally obtain information from a senior magistrate in exchange for a position in Monaco.
  • The Senate voted 64-33 on Monday to confirm Miguel Cardona as Secretary of Education.
  • A handful of Democratic lawmakers have begun calling on Gov. Andrew Cuomo to resign after a third woman came forward on Monday with an allegation of sexual harassment against the governor.
  • The United States confirmed 54,257 new cases of COVID-19 yesterday per the Johns Hopkins University COVID-19 Dashboard, with 4.4 percent of the 1,248,669 tests reported coming back positive. An additional 1,242 deaths were attributed to the virus on Monday, bringing the pandemic’s American death toll to 514,333. According to the COVID Tracking Project, 46,738 Americans are currently hospitalized with COVID-19. According to the Centers for Disease Control, 1,663,984 COVID-19 vaccine doses were administered yesterday, bringing the nationwide total to 76,899,987.

Vaccine Availability Is About to Boom

The Food & Drug Administration issued an emergency use authorization for Johnson & Johnson’s COVID-19 vaccine over the weekend, meaning a United States itching to return to normal will soon have a third arrow in its quiver in the push to bring the coronavirus pandemic to an end.

The latest entry into the vaccine game brings with it several unique advantages. First and foremost, the Johnson & Johnson vaccine, which doesn’t use the same mRNA technology as its Moderna and Pfizer counterparts, requires only a single shot, rather than two spaced out over several weeks. Not only does this remove the clerical headaches that come with getting people to show up for two appointments, it also means manufactured vaccines go twice as far: 100 million doses of Johnson & Johnson will fully vaccinate 100 million people, not 50 million.

The Johnson & Johnson vaccine also doesn’t need to be kept in sub-zero temperatures like Moderna and Pfizer’s. It will remain potent for up to three months at a comparatively balmy 36 to 46 degrees Fahrenheit. This will have huge logistical implications for vaccine distribution, particularly in rural areas.

“The special handling of Pfizer and Moderna meant that we had to bring people to the vaccines,” Vanderbilt University School of Medicine infectious disease expert Dr. William Schaffner told The Dispatch. “But with Johnson & Johnson, we can bring the vaccine to the people.”

Spike in Bond Yields Shows Faith In Economic Recovery

Most U.S. government bond yields fell sharply on Monday, stabilizing the stock market after a volatile week driven in large part by such yields reaching their highest point in a year. The 10-year Treasury yield clocked in at 1.444 percent at Monday’s close, down from 1.525 percent last Thursday. The Dow Jones Industrial Average clawed back 600 points on Monday, allowing investors to recover from last week’s big losses.

The Federal Reserve’s low interest rates have fueled this year’s stock market rally, as bonds have lost their appeal and investors have poured their assets into equities. Last week’s spike in bond yields threatened that trend because rising long-term interest rates tend to make tech stocks less appealing to investors.

But Federal Reserve Chair Jerome Powell has made clear in recent weeks that the central bank has no plans to deviate from its easy-money policies—near-zero interest rates and large-scale bond purchases—until the Fed notches more gains toward its unemployment and inflation goals. “It’s a statement of confidence on the part of markets that we will have a robust and complete recovery,” Powell said last week when pressed on the rise in yields.

First in The Dispatch: Hogan 2024 Foreshadowing?

An America United—a political advocacy organization supporting Maryland’s Republican Gov. Larry Hogan—is releasing a new advertisement this morning that looks a lot like something you’d see in a presidential campaign.

The four-minute spot—supported by an Avengers-style score—highlights Hogan’s leadership throughout the pandemic and touts his bipartisan approach to politics.

“In this environment, when people usually don’t work together in a bipartisan way, we really did put aside all the politics. We didn’t have red and blue uniforms on,” Hogan says in a voiceover. “We’ve got to decide if we’re going to head in this direction of continuing to practice this kind of crazy, fringe politics on the far right or the far left, or whether we’re going to actually go back to a more traditional Republican party and an America where we can bring people together with a positive, hopeful vision.”

Hogan, reelected easily to a second four-year term in 2018, has not shied away from speculation about a 2024 presidential bid. A longtime critic of former President Donald Trump, he told Bloomberg in December that, while he wasn’t “ready to launch any campaigns,” he wouldn’t rule one out, either. He expanded on his future in the GOP during an interview with TMD’s Declan Garvey in late January.

“I think we’re going to have a four-year battle for the soul of the Republican Party,” Hogan said. “I’m not going to be one of those ones that’s abandoning the party or giving up. … Whether we win this fight or not, time will tell. But it’s worth fighting for, because it’s the party that I believe in—that I’ve spent my whole life fighting for. And I’m not going to let brand new crazy people try to take it over.”

Worth Your Time

  • In Matthew Yglesias’ latest Slow Boring newsletter, he lays out just how shortchanged American students have been throughout this pandemic. It’s a complicated issue: While teachers unions bear significant blame for the continued closure of schools, parents haven’t been overwhelmingly in favor of reopening, either—even as study after study finds schools not to be vectors of high transmission. Whatever the reason, our current mishmash of pandemic restrictions doesn’t make much sense, Yglesias argues. “In a world where they’re still giving people snacks on airplanes, letting Ted Cruz jet off for a weekend in Cancún, etc., having schools closed represents an irrational social response to the pandemic,” he writes. “Either the schools should be closed because we’re being super-cautious (in which case indoor dining should be closed), or else the restaurants should be open because we’re not being cautious (in which case schools should be open too).”
  • Unfounded conspiracy theories peddled by right-wing influencers fueled January 6’s violent storming of the Capitol. Now, those influencers are trying to retcon the former president’s role—and that of his supporters—in the incident. In a thoroughly reported piece for the Washington Post, Mike DeBonis and Jeremy Barr chronicle the revisionist history that has taken over the far right and provide ample evidence for why these narratives, however enticing to Trump apologists, contain no substance. “A legion of conservative activists, media personalities and elected officials are seeking to rewrite the story of what happened at the Capitol on Jan. 6, hoping to undermine the clear picture of the attack that has emerged from video and photo evidence, law enforcement officials, journalistic accounts and the testimonials of the rioters themselves,” DeBonis and Barr write. “That a pro-Trump mob, mobilized by the former president’s false claims of a stolen election, stormed the seat of American government to keep Trump in power through violent means.”

Presented Without Comment

Reporting by Declan Garvey (@declanpgarvey), Andrew Egger (@EggerDC), Haley Byrd Wilt (@byrdinator), Audrey Fahlberg (@FahlOutBerg), Charlotte Lawson (@charlotteUVA), Ryan Brown (@RyanP_Brown), and Steve Hayes (@stephenfhayes).