![Mohamed El-Erian](https://s.wsj.net/public/resources/images/FN-AM063_fn_el__M_20201217051240.jpg)
As excited as we all understandably are about the arrival of the first Covid-19 vaccines, the immediate road ahead remains treacherous.
The United States, in particular, could be on the verge of a horrible scenario in which ongoing slippages in each of four areas – public health, the economy, policy, and household behaviour – end up making those in the other areas even worse.