Key developments for Thursday, November 19, 2020

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Smart sentiment of the day: When billionaires start growing potatoes, it's a sign that something big is happening. The wealthy are increasingly turning their attention to hard assets as a hedge against uncertainty.

Citibank has recently highlighted the potential for Bitcoin to experience significant growth in the coming year, suggesting that digital currencies may play an even bigger role in the global financial landscape.

Food insecurity is becoming a major issue in the United States. With the ongoing effects of the pandemic, global food insecurity has also worsened. Over 25% of households with children have faced food insecurity this year, and long lines at food banks have become a common sight across the country:

Tens of millions of Americans could lose unemployment benefits just after Christmas as key provisions of the CARES Act expire. Last week alone, nearly 750,000 workers filed for unemployment, and for eight consecutive months, weekly jobless claims have exceeded even the worst numbers from the Great Depression.

Globally, there are now over 57.1 million confirmed COVID-19 cases, with more than 4.1 million new cases reported since last Thursday. The U.S. continues to lead the world in case growth, with over 12 million infections and more than 1 million new cases reported in the past week. Total deaths in the U.S. have surpassed 258,000, with nearly 2,000 deaths recorded in the last 24 hours alone.

Despite the rising case numbers, air travel in the U.S. remains below pre-pandemic levels but hasn't dropped entirely. People are still flying, and current case trends don’t seem to be deterring them as much as they did during the summer or spring.

The transition of power to the Biden administration is moving slowly, and this has also affected the planning for the distribution of the coronavirus vaccine:

A new at-home COVID-19 test has been approved by the FDA, marking a major step forward in making testing more accessible:

Pfizer has announced that its vaccine shows 95% efficacy, and it plans to seek FDA approval soon. The vaccine also appears to be highly effective in older adults, which is a major breakthrough in the fight against the virus.

Are you seeing a shortage of toilet paper again? You're not alone:

Los Alamos National Labs is experiencing a major outbreak, highlighting how the virus continues to spread even in high-security environments.

The Oxford/AstraZeneca vaccine has shown promising results, especially for those over 70, offering hope for vulnerable populations.

Hospitals across the U.S. are struggling with severe staff shortages. In 25 states, healthcare facilities are already facing challenges, and more will follow as case numbers rise and more staff fall ill. Nearly 1,000 employees at the Mayo Clinic Health System have been infected in a short period, underscoring the strain on medical professionals.

Improved testing has helped refine our understanding of the case fatality rate, but many cases remain undiagnosed. Based on models that factor in reporting delays, we estimate that 1,800 out of every 100,000 cases may result in death. With over a million new cases added each week, the implications are staggering, and hospitals under pressure may reveal that these projections are too low.

California has reimposed a partial lockdown, including a 10pm curfew, as the state faces a surge in cases:

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