Super Bowl hangovers notwithstanding, the past week has arguably yielded more positives than negatives. Positives include; COVID-19 infections, fatalities and hospitalizations are all falling sharply. Significant vaccination progress continues to be made. The U.S. economy is looking pretty good in early 2021, with some upside fiscal stimulus risk. Conversely, negatives include; the rate of vaccination continues to proceed somewhat more slowly than desired at the global level, and significantly more slowly than hoped-for in certain countries, including Canada. The new South African variant is proving resistant to vaccines.

For the full report click here; RBC GAM MacroMemo.