Calling herself a “rock chick,” Liz Ann Sonders quoted a Rolling Stones line that resonates amid the coronavirus pandemic: “Just a shot away.”
“What a great line as we think about vaccines, and is that the answer to all that ails us?” the Schwab chief investment strategist said Wednesday at her firm’s annual Impact conference. “Is that going to be a turning point, or are there other forces that will come into play between now and then?”
A COVID-19 vaccine “is an absolute necessity. But at the moment [until] we hear it’s readily available, there will be a lot of questions, i.e., [about its] efficacy, how available [it will be], the order of recipients, how many times [it has] to be taken, the logistics of storage … , etc.,” Sonders said.
There’s “a whole series [of issues] that we have to be mindful of … ,” she added. “I’m a little concerned about this thinking that a vaccine is the end-all be-all.”
Haves vs. Have-Nots
Sonders described how the coronavirus pandemic has and will continue to affect the economy and financial markets.
“The pandemic has exposed the widening gap between the haves and have-nots. You can see it in economic statistics, you can see in market data, see at the micro level,” Sonders explained.
“Those in upper echelon of income perspective have more flexibility to work from home. Some of those on lower end don’t have that flexibility,” she said.
“And those vast differences have been exposed not only by virtue of pandemic’s impact on economy, but exacerbated by the disproportional impact the virus itself has on many of these people,” added Sonders.