According to the Centers for Disease Control and Prevention (CDC), more than a third of the US population has received at least one dose of a Covid-19 vaccine. More than 66 million (or about 20%) of the population is now fully vaccinated. The pace of vaccinations has accelerated to an average of over 3 million doses per day. President Biden doubled his goal for vaccinations within the first 100 days of his presidency to 200 million and, as of this morning, the CDC reports that nearly 175 million doses have been administered. The White House has indicated there will be enough vaccine supply for every American adult by the end of May. Although new mutations and variants present a meaningful risk, we are encouraged by the faster than expected pace of vaccinations, and believe it bodes well for the labor market and economic reopening. With the vaccine rollout becoming more widespread in the US amid an ongoing backdrop of robust fiscal support, low interest rates, and accommodative monetary policy, we believe economic growth is poised to accelerate meaningfully in the current quarter.