US fiscal trajectory is unsustainable with debt service exceeding defense spending and approaching 100% of government receipts; multiple seasoned investors warn of a bond reckoning, and recent auctions have cleared at multi-decade high yields, suggesting continued pressure on long-dated Treasuries.
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Moderna's personalized mRNA cancer vaccine succeeded in Phase III for melanoma, representing the first successful late-stage trial for personalized mRNA cancer therapy and potentially leading to approval around 2027.
Merck's Keytruda combined with Moderna's mRNA cancer vaccine showed significant reduction in melanoma recurrence in Phase III, positioning Merck for a major new indication approval around 2027.