The resilience of retail sales in December coupled with rapidly falling daily infections in recent days has prompted us to raise our forecasts for consumer spending in Q4 2020 and Q1 2021. And we remain optimistic about the potential of vaccines to boost the economic recovery over the coming quarters. Indeed, the news yesterday that 90 million doses of AstraZeneca’s vaccine are set to be produced in Japan increases the chances of that vaccine rollout proceeding smoothly.
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