This Week In The Economy: Pfizer Vaccine Gets Full Approval, Powell Pushes Back Against Inflation Angst, House Kickstarts Drafting of $3.5T Spending Bill, Sets Date For Infrastructure Vote

Welcome to a regular snapshot-review of U.S. and international economic news that aims to 1) provide a window into the challenges and decisions facing businesses today, 2) determine the direction of economic policy — such as the speed at which central banks decide to raise interest rates, and 3) assess what the impact will be for consumers.

FDA Issues First Approval of A COVID-19 Vaccine

The U.S. Food and Drug Administration this week issued its first approval of a COVID-19 vaccine, granting full authorization to Pfizer’s drug.

The vaccine will now be marketed as Comirnaty, for the prevention of COVID-19 disease in individuals 16 years of age and older. The vaccine also continues to be available under emergency use authorization, including for children aged 12 through 15 years and for the administration of a third dose in certain immunocompromised individuals.

“While this and other vaccines have met the FDA’s rigorous, scientific standards for emergency use authorization, as the first FDA-approved COVID-19 vaccine, the public can be very confident that this vaccine meets the high standards for safety, effectiveness, and manufacturing quality the FDA requires of an approved product,” the agency said.

To get to this point, the FDA evaluated scientific data and information, conducted its own analysis of Comirnaty’s safety and effectiveness, and performed a detailed assessment of the manufacturing processes, including inspections of the manufacturing facilities.

In remarks following the announcement, President Joe Biden warned that “the Delta variant is dangerous and spreading, causing a pandemic of the unvaccinated … . And while we’re starting to see initial signs that cases may be declining in a few places, nationwide cases are still…