After the vaccine euphoria it could be back to square one with Covid ‘escape’ variants After celebrating the arrival of a coronavirus vaccine in record time, markets now fear political fallout and threat of a new variant 26 January 2021 • 2:05pm This article is an extract from The Telegraph’s Economic Intelligence newsletter. Sign up here to get exclusive insight from two of the UK’s leading economic commentators – Ambrose Evans-Pritchard and Jeremy Warner – delivered direct to your inbox every Tuesday. The next black swan for financial markets could well be an escape variant of Covid-19. This is fast becoming the greatest potential threat to economic recovery and exorbitant asset prices. It has overtaken the risks of an inflation scare this Spring, leading to another taper tremor from the US Federal Reserve.