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Delta spreads; consumption slows; Powell stalls

The Delta-variant linked surge in coronavirus cases continues and has now spread well beyond just one or two southern states. Moreover, even in those southern states, particularly Florida, new case numbers remain close to record highs. Somewhat surprisingly, although more than 60% of adults national are fully vaccinated, hospitalisations are also very elevated and are not far off the record high reached at the start of this year.

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