Washington, DC currently has the highest rate of covid cases in the United States at the moment. In addition, the White House reports that a close contact of the President has been diagnosed with the virus.
Just now, as well. The White House reports that Biden has been tested and is awaiting the results. That’s an odd thing to report, given that he’s tested constantly.
Could officials be preparing us for the announcement that the President has covid?
A few keen watchers noted that he coughed a few times yesterday during his speech. Of course, that could be nothing but don’t be shocked if the test comes back positive.
Will markets care?
The President said yesterday he got his booster shot as soon as it was available, so the risks to his health are low. There’s a 99% chance he comes through it fine.
Is it worth worrying about that one percent chance?
I don’t believe it is and I don’t think the market will care beyond a small initial wobbly. I would be a buyer of any dip exceeding 1% in equities or risk trades more broadly.