The prospect that Covid-19 is transitioning from pandemic to endemic has brought out the bulls on Wall Street. “Meaningful upside to our medium-term economic outlook,” writes Bank of America Corp. “A positive for risk assets,” says JPMorgan Chase & Co. The “silver lining” of the “highly infectious” Omicron variant, says BlackRock Inc.
By “endemic,” they mean Omicron will leave almost everyone highly immune through vaccination, prior infection, or both. Then, they reason, Covid-19 will be a more predictable, less deadly presence, much like flu, and the world will return to normal.
