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The US drugmaker Pfizer announced positive trial results of its coronavirus vaccine on Monday, sending risk assets higher. The most notable move was in the US junk bond market, where the yield fell by over 40 basis points to hit a new record low of 4.56%. 

A vaccine will no doubt be a game-changer for the global economy. Hence, markets’ risk-on reaction to Pfizer’sannouncement is not surprising. That said, it may be too early to upgrade global growth forecasts, according to some economists. 

“Let’s not forget we are still 10 million jobs behind, we still have a lot of catching up to do,” Torsten Slok, chief economist at private-equity firm Apollo Global Management Inc. said, according to Bloomberg. 

Meanwhile, James Sweeney, chief economist at Credit Suisse Group AG wants to see the vaccine out and in place before making material changes to his forecasts. 

Besides, several European nations have reimposed the economically-painful lockdown restrictions to contain the second wave. Also, many US states may soon have to go back into lockdown. All this could derail the economic recovery in the near-term.