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ZEW Expectations Sentiment Surges in May

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President Joe Biden is to announce Tuesday a goal to administer at least one vaccine shot to 70% of the U.S. adult population and have 160 million adults fully vaccinated by July 4.

Senior administration officials on a call said the goals would call for an additional 100 million jabs in the next sixty days or so and with that vaccine rollout success there would "clearly be far less public restrictions" around July 4, but it would not necessarily lead to so-called herd immunity. CDC data as of Monday shows just over 56% of American adults have received one dose, while 105 million adults are fully vaccinated.

St. Louis Fed's James Bullard told Bloomberg TV in mid-April that reaching a 75% vaccination rate would allow for taper debate. The Federal Reserve last week signaled more optimism about the economic rebound amid progress on vaccinations, and ex-officials have told MNI the "substantial further progress" mark has edged closer.