Today’s episode of The Breakdown is an extended edition of the Brief.

NLW discusses:

• The “COVID-19 vaccine trade” on Wall Street kicks markets higher
• The latest on TikTok vs. the U.S. and what it means for the U.S.-China relationship
• More companies move reserves from cash to bitcoin

The final topic today looks at news that some large money market funds are shifting fees from users and taking the financial hit themselves. This creates a dynamic where only the largest companies can survive long term, and reflects a key unintended consequence of low interest rates.