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Good morning. Europe's vaccination drama, Fed in focus and a short squeeze gets supercharged. Here’s what’s moving markets.

As global Covid cases surpass 100 million, the EU's late and stumbling vaccination campaign threatens to deepen what already looks likely to be a double-dip recession. On Tuesday, the International Monetary Fund downgraded Europe's growth outlook while upgrading its global forecast on China's V-shaped recovery. Under pressure to expand inoculation and exit economically damaging lockdowns, Germany has called on the EU to restrict vaccine exports outside the bloc after similar steps by the U.S. AstraZeneca, which has drawn ire over delayed vaccine deliveries, faces European government officials this evening, in a call to resolve a standoff that is threatening to delay vaccinations further.