A Thanksgiving food distribution event this week in New York City. The rise in employment that vaccines are expected to bring could unleash a wave of consumer spending. Michael M. Santiago/Getty Images

Vaccines for Covid-19—and the economic recovery they are expected to bring—may not stoke much inflation. That could be beneficial for stocks.

Counting only Moderna’s (ticker: MRNA) vaccine and the one jointly produced by Pfizer (PFE) and BioNTech (BNTX), more than 2 billion doses could be distributed by the end of 2021, making possible real progress in the fight against the pandemic. That could allow states—and other countries—to roll back economically damaging measures they have imposed

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