Federal Reserve Vice Chair Richard Clarida said on Monday that he had a personal forecast for 2021 had a baseline for a coronavirus vaccine when saying ''it is 'very good' to have two vaccine candidates with strong efficacy.''

''Vaccine news helps me add confidence to my 2021 baseline.''

''Deep shocks do tend to have prolonged recoveries.''

''Elevated savings plus vaccine offers 'very very attractive' upside.''

• Fed's Clardia: YCC is not something under active consideration

• Fed's Clarida: Committed to using all available tools including large-scale asset purchases

Earlier today, the market's risk sentiment got a boost from the news that Moderna's (MRNA) COVID-19 vaccine trial candidate was found to be 94.5% effective in preventing the coronavirus, taking silver down by some 2.5% on the knee jerk.

By comparison, last week's news that Pfizer (PFE) vaccine candidate was demonstrably 90% effective. Also, Moderna's candidate is stable after 30 days of refrigeration vs Pfizer's vaccine that requires very cold temperatures and lasts only until a few days before use.