New York Road Runners Announces a New Race

New York Road Runners, the club that puts on the New York City Marathon, has announced the return of its first regularly scheduled race since the beginning of the pandemic.

On Thursday, the club said that it would hold the annual New York Mini 10K on June 12. The 10-kilometer, women-only race has been held annually since 1972, with the exception of last year.

“This is our first real table setting,” said Kerin Hempel, the organization’s interim chief executive. “It’s starting to feel like ‘OK, we’re back, we’re coming back.’”

This will not be the first race the club has held since the onset of the pandemic.

The organization has held a series of “return to racing” events as pilots starting last fall, allowing very small fields to run with safety protocols in place. Among other measures, the races had temperature checks, staggered starts and different corralling of runners.

Sara Hall, will return to defend her title.

The announcement comes as runners look ahead — with cautious optimism — to the return of major road races. Ms. Kempel anticipated the question on the minds of many: What does this mean for the New York City Marathon?

“We’ve been saying the marathon is going to happen,” she said. “It’s more about what it’s going to look like, and how many people we can accommodate on the course.”

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L.A. Dodgers Set Aside Seats for Fully Vaccinated

Fully vaccinated baseball fans will be granted their own section at the Los Angeles Dodgers game this weekend against the San Diego Padres.

The set-aside seats, reported by The Los Angeles Times, are part of the many incentives being offered — from doughnuts to beer — to encourage people to get vaccinated against Covid-19. The Miami Heat and the San Francisco Giants have introduced similar sections at their stadiums.

To prove they are fully vaccinated, fans will have to show government-issued I.D. and documentation like a vaccination card, according to the Dodgers’ website. Everyone 16 years and older will have to show proof that at least two weeks have passed since they were fully vaccinated. Fans younger than 16 will be required to show proof of a negative coronavirus test taken within 72 hours before admission.

Face masks will still be required, but social distancing will not. The team said spectators in the sections for the fully vaccinated will be seated directly next to each other.

was capped at around 11,000, about 20 percent of capacity.

In the past week, there has been an average of more than 2,300 daily coronavirus cases in the state, and Los Angeles County has seen an average of 435 daily cases — a 20 percent drop over the past two weeks, according to a New York Times database.

As of Wednesday, more than 40 percent of Californians had received at least one dose of the vaccine, and more than 20 percent had been fully vaccinated.

On April 15, Gov. Gavin Newsom loosened some restrictions in the state, permitting limited outdoor gatherings and live events, depending on a region’s Covid-19 risk level.

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L.A. Schools Superintendent Austin Beutner Stepping Down

Austin Beutner, who took the helm of the Los Angeles public school system, the second-largest in the nation, during a leadership crisis and shepherded it through the coronavirus pandemic, says he will leave his post as superintendent at the end of June.

“This job is extraordinarily demanding, even in ordinary times,” Mr. Beutner, 61, said in an interview, adding, “It’s been a long three years.”

Los Angeles school trustees had asked him to extend the three-year contract he signed in 2018. But Mr. Beutner, a former financier who has served as a publisher of The Los Angeles Times and a deputy mayor, wrote in a letter to the board on Wednesday that he preferred to move on.

Across the country, pandemic-fatigued civic leaders are reassessing their service.

Nearly one-fifth of the mayors in Massachusetts have said they will not run for re-election. In San Francisco, where political controversies over school names consumed the school board while families clamored for a return to face-to-face classes, the superintendent decided to stay on only after the board agreed in writing not to adopt any new mandates unrelated to reopening, for the time being.

settled after six days. Then in 2020 came the pandemic, emptying classrooms of the roughly 650,000 students the district serves, most of them from low-income households.

Operating under emergency powers and leveraging his contacts in the philanthropic and private sectors, Mr. Beutner was both praised and criticized for his handling of the pandemic.

The district set up an extraordinary social-service net, providing more than 123 million meals to needy children and adults, more than 30 million masks and other items, as well as mass Covid-19 testing and vaccination.

But California was among the last states to resume in-person instruction, in part because Mr. Beutner had agreed with the district’s teachers to make reopening conditional on access to vaccination.

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Accident at Covid Hospital in India Kills at Least 22 as Cases Surge

NEW DELHI — India’s health care system shows signs of buckling under the strain of a second wave of coronavirus infections, as the authorities reported nearly 300,000 new cases on Wednesday and an accident at a Covid-19 hospital killed more than 20 people.

The accident happened at a hospital in the western state of Maharashtra after a leak in the hospital’s main oxygen tank stopped the flow of oxygen to dozens of critically ill people. Televised images showed family members wailing in the wards and nurses frantically pounding on the chests of some patients.

All week, hospitals across India have been warning about an acute oxygen shortage. Many hospital officials said they were just a few hours away from running out.

“Nobody imagined this would happen,” said Subhash Salunke, a medical adviser to the Maharashtra government.

recent political rallies held by Mr. Modi that have drawn thousands, as well as the government’s decision to allow an enormous Hindu festival to continue despite signs that it has become a superspreader event. A few days ago, Mr. Modi indicated that he wanted Hindu worshipers to stay away from this year’s festival, called the Kumbh Mela, which is held on the banks of the Ganges river considered sacred by many Hindus.

But the worshipers keep coming — 70,000 showed up on Wednesday for a holy dip, bringing the total to more than 10 million since the festival began in January — and government officials on the ground are doing little to stop them.

Event organizers said that worshipers were required to produce a negative coronavirus test result or be tested on the spot, but they also acknowledged that with such huge crowds, some participants could have slipped in without being tested. Photographs show a sea of worshipers packed together in the gray waters of the river, many without masks. More than 1,000 tested positive at the site in just 48 hours, according to reports by the Indian news media.

Hindu-first worldview, is giving preferential treatment to Hindus.

“It is a clear example of double standards,” said Khalid Rasheed, chairman of the Islamic Center of India, a nonprofit religious organization.

He compared the government’s apparent endorsement of the Kumbh to the way it handled a much smaller gathering of a few thousand Islamic preachers in New Delhi last March. Not only was the seminary that hosted it shut down, but hundreds of people were also detained. Officials from Mr. Modi’s party blamed the seminary for spreading the virus.

an anti-Muslim campaign across India in which Muslims were attacked with cricket bats and run out of their neighborhoods. Many of the Muslims arrested at the seminary a year ago are still awaiting trial.

Government officials have defended the Kumbh festival as safe even as the virus infects some of its most high-profile attendees, including the former king of Nepal and his wife.

Another visitor who was infected is Tirath Singh Rawat, the chief minister of Uttarakhand, which as the state hosting this year’s festival stands to make millions in revenue from the pilgrims and vendors. Mr. Rawat mingled freely in the crowds without a mask, and told those who questioned him that “faith in God will overcome the fear of the virus.”

Shailesh Bagauli, a state official, said the timing of the festival had been determined by “optimal astrological conditions” and that the government had implemented measures like mask wearing and social distancing.

On Wednesday, news of the hospital oxygen leak quickly spread around the country, raising fears that the health care system here, which is chronically underfunded, was about to collapse.

Indian news channels showed images of the oxygen leak at Zakir Hussain Hospital in the city of Nashik.

“When we reached the spot, it was all foggy,” said S.K. Bairagi, a fire chief in the city. He said it took about 30 minutes to repair the tank.

The dwindling oxygen supply is becoming one of the most alarming aspects of India’s second wave. To expedite its delivery to hospitals, India’s railway service has begun running what it calls “oxygen express” trains across the country.

India’s health ministry has said that the daily demand for oxygen at hospitals has reached about 60 percent of the country’s daily production capacity of just over 7,000 metric tons. Government officials countered news reports this week that said India had increased oxygen exports as the second wave of infections was approaching, saying those exports amounted to less than 1 percent of daily production capacity.

But the health ministry also said that it was looking to import 50,000 metric tons of medical oxygen from abroad, a sign that India’s government may be concerned about the domestic supply.

On Tuesday night, more than a dozen hospitals in New Delhi, the capital, put out an alert saying they were hours away from running out of oxygen.

In Lucknow, another major city in northern India, the Mayo Medical Center warned on Wednesday that it was down to a 15-minute backup supply and that “oxygen is not available anywhere in Lucknow.”

Later in the day, hospital officials said they had received 40 oxygen cylinders. But medical experts said that with so many people falling sick, it was a dangerous time to be running low.

“There is definitely an oxygen shortage across the country,” said Shashank Joshi, an endocrinologist and member of the Covid task force in Maharashtra. “The situation is grim.”

Mujib Mashal contributed reporting from New Delhi, andBhadra Sharma from Kathmandu, Nepal.

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Corporate Profits Expected to Rally as the Economy Recovers: Live Updates

U.S. economy. It might also help set expectations for the stock market, after a big rally already this year.

The consensus among 76 economists polled by Bloomberg is that gross domestic product will expand by 6.2 percent in 2021, which would make it the best year for economic growth since 1984. And sentiment among analysts covering the stock market is almost universally bullish, given that strong economic tailwind.

“You’d almost have to be self-deceiving to expect U.S. companies overall to underperform consensus, given how the macro backdrop is driving revenues so well,” wrote John Vail, chief global strategist at Nikko Asset Management.

The expectations for profit growth are even more elevated for the current quarter: Analysts expect that the three months ending in June will see companies in the S&P 500 notch a 54-percent rise in profits, compared with the prior year.

That increase, of course, reflects a rebound from the worst of the pandemic-bred downturn. But it also is a result of “economic re-acceleration, and a rebound in commodity prices,” said Jonathan Golub, a stock market analyst at Credit Suisse.

Of course, if everyone is expecting such a surge in profits, the good news could already be fully incorporated into stock prices — and that means anything short of perfect results would make for a difficult stretch for stocks.

That has certainly been the case with some of the banks that reported earnings last week. Shares of Morgan Stanley, for example, dropped 2.8 percent on Friday even though the bank reported record revenue and profit.

The S&P 500 is already up more than 11 percent in 2021, and hit yet another record high on Friday.

That could mean the market is due for a pullback anyway. The index is relatively expensive by metrics such as the price-to-earnings ratio, which compares stock prices as a share of expected corporate profits over the next 12 months.

The S&P 500 is trading at nearly 23 times expected earnings. That’s roughly the valuation the index has held for most of the past year, but it’s very high by historical standards.

Over the last 20 years, the S&P 500 has traded at an average of 16 times expected earnings.

By comparison, a valuation of 23 times expected earnings is closer to where stock market valuations stood at the tail-end of the dot-com bubble of the late 1990s. When that ended, the S&P 500 fell roughly 50 percent before it hit bottom.

ABN Amro’s head office, center, in Amsterdam. An inquiry by Dutch authorities found the bank ignored signs that some clients were criminals using it as a conduit for dirty money.
Credit…Peter Dejong/Associated Press

The Dutch bank ABN Amro said Monday that it would pay a $580 million fine to settle money laundering charges, prompting a former ABN manager to resign his new job as chief executive of Danske Bank after acknowledging he was a target in a related criminal investigation.

The resignation of Chris Vogelzang is an embarrassment for Danske Bank, Denmark’s largest bank, which hired him in 2019 to rebuild trust following a money laundering scandal there. Before becoming chief executive of Danske, Mr. Vogelzang had been a member of the management board of ABN Amro responsible for retail and private banking services.

Mr. Vogelzang acknowledged that Dutch authorities considered him a suspect in the investigation that led ABN Amro to agree to pay 480 million euros to settle money laundering charges. In numerous cases, according to a report by Dutch authorities, ABN Amro ignored warning signs that some clients were criminals using it as a conduit for dirty money.

Mr. Vogelzang said in a statement that he was “surprised” to learn that Dutch authorities consider him a suspect. During his time at ABN Amro, he said, “I managed my management responsibilities with integrity and dedication.”

Noting that Danske Bank remains under “intense scrutiny” because of money laundering at its former unit in Estonia, Mr. Vogelzang said he did “not want speculations about my person to get in the way of the continued development of Danske Bank.”

Danske named Carsten Egeriis, previously the bank’s chief risk officer, to succeed Mr. Vogelzang.

Gerrit Zalm, a member of Danske’s board who was chief executive of ABN Amro from 2009 to 2017, will also resign, the bank said. It did not give a reason.

Danske Bank admitted in 2018 that its headquarters and its Estonian branch, which it has since closed, failed for years to prevent suspected money laundering involving thousands of customers.

In the ABN Amro case, Dutch authorities found that the bank failed to act on obvious signs of illicit activity, including large cash transactions. In several cases, authorities said, the bank continued to serve clients whose criminal activities had been reported by the media, or who had a known history of fraud.

“As a bank we do not merely have a legal, but also a moral duty to do our utmost to protect the financial system against abuse by criminals,” Robert Swaak, the ABN Amro chief executive, said in a statement. “Regretfully, I have to acknowledge that in the past we have been insufficiently successful in properly fulfilling our important role as gatekeeper.”

More people are flying every day, as Covid restrictions ease and vaccinations accelerate. But dangerous variants have led to new outbreaks, raising fears of a deadly prolonging of the pandemic.

To understand how safe it is to fly now, The Times enlisted researchers to simulate how air particles flow within the cabin of an airplane, and how potential viral elements may pose a risk.

For instance, when a passenger sneezes, air blown from the sides pushes particles toward the aisle, where they combine with air from the opposite row. Not all particles are the same size, and most don’t contain infectious viral matter. But if passengers nearby weren’t wearing masks, even briefly to eat a snack, the sneezed air could increase their chances of inhaling viral particles.

How air flows in planes is not the only part of the safety equation, according to infectious-disease experts. The potential for exposure may be just as high, if not higher, when people are in the terminal, sitting in airport restaurants and bars or going through the security line.

“The challenge isn’t just on a plane,” said Saskia Popescu, an epidemiologist specializing in infection prevention. “Consider the airport and the whole journey.”

Credit…Robert Neubecker

Members of the National Association of Realtors — the nation’s largest industry group, numbering 1.4 million real estate professionals — are challenging a moratorium on evictions put in place by the Centers for Disease Control and Prevention.

Both the Alabama and the Georgia Associations of Realtors sued the federal government over the matter, and the national association is paying for all of the legal costs. A hearing is scheduled for April 29, Ron Lieber reports for The New York Times.

The N.A.R. spends more money on federal lobbying than any other entity, according to the Center for Responsive for Politics. To puzzle out its actions and advocacy, let’s first be crystal clear about what the N.A.R. is and whose interests it serves. As its own chief executive boasted to members in 2017, it’s really the National Association for Realtors, not of them.

And of those million-plus members, according to the association, about 38 percent own at least one rental property. The N.A.R. isn’t shy about this, stating on the lobbying section of its website that it wants to “protect property interests.”

Why would it do this? The N.A.R. expert on the topic was unable to schedule a phone call, according to a spokesman.

But if you’re selecting a listing agent for your house from among their members, ask that person about this issue if you’re curious or concerned. Many of them have no idea what the N.A.R. is advocating on their behalf.

Credit…Illustration by The New York Times; Photo by Alexander Drago/Reuters

Here come the lobbyists.

The cryptocurrency exchange Coinbase, the asset manager Fidelity, the payments company Square and the investment firm Paradigm have established a new trade group in Washington: The Crypto Council for Innovation. The group hopes to influence policies that will be critical for expanding the use of cryptocurrencies in conjunction with traditional finance, Ephrat Livni reports in the DealBook newsletter.

Cryptocurrencies are still mostly held as speculative assets, but some experts believe Bitcoin and related blockchain technologies will become fundamental parts of the financial system, and the success of businesses built around the technology may also invite more attention from regulators.

“We’re going to increasingly be having scrutiny about what we’re doing,” Brian Armstrong, Coinbase’s chief executive, said on CNBC. “We’re very excited and happy to play by the rules,” he added, but regulation of crypto should be on a “level playing field with traditional financial services.”

Here are four of the issues that will keep crypto lobbyists busy:

Peloton shares were lower in premarket trading after the U.S. Consumer Product Safety Commission issued a safety warning about the company’s treadmill.
Credit…Roger Kisby for The New York Times

European stocks were mixed on Monday, and U.S. stock futures drifted lower, at the beginning of a week when hundreds of public companies will report earnings, including Coca-Cola, Netflix and United Airlines.

The Stoxx Europe 600 rose 0.1 percent, pushing further into record territory. The European index has climbed for the past seven weeks. On Wall Street, the S&P 500 hit a record on Friday after a string of strong economic reports and company earnings. On Monday, futures indicated it would open about 0.4 percent weaker.

European government bond yields climbed higher on Monday as investors awaited the European Central Bank’s latest monetary policy decisions, which will be announced on Thursday. Last month, the central bank said it would quicken the pace of its asset purchases to tamp down an increase in bond yields.

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All U.S. States Have Met Biden’s Vaccine Expansion Deadline

At the same time, with the virus resurgent, public health experts are warning Americans not to let their guards down. The United States is averaging more than 67,000 new cases a day over the past seven days, up from over 54,000 a month ago, according to a New York Times database.

“Seventy thousand cases a day is not acceptable. We have to get that down,” said Barry Bloom, a research professor and former dean of the Harvard T.H. Chan School of Public Health. He said more vaccinations would help, but people must remain vigilant about wearing masks and social distancing.

At its current pace, the United States will vaccinate 70 percent of its population by mid-June. But vaccine hesitancy could slow progress toward herd immunity, which will also depend on vaccinating children.

Pfizer announced this month that it had applied for an emergency use authorization to make children ages 12 to 15 eligible for its vaccine. Moderna is expected to release results from its trial in young teenagers soon, and vaccinations in this age group could begin before school starts in the fall.

Trials in younger children are underway. Dr. Fauci also said on Sunday that he expected children of all ages to be eligible for vaccination in the first quarter of 2022.

Although vaccinations have picked up in the United States, many countries still face dire vaccine shortages. About 83 percent of Covid-19 vaccinations have been administered in high- and upper-middle-income countries, while only 0.2 percent of doses have been administered in low-income countries, according to a New York Times vaccine tracker.

Dr. Funmi Olopade, the director of the Center for Global Health at the University of Chicago, said it was crucial for the United States to step up its role in the global vaccination campaign as supply increases. The virus, left to spread around the world, could continue to mutate and threaten the nation’s economic recovery, she said.

It is in everybody’s “self-interest to provide whatever we can in the way of excess vaccines to low- and middle-income countries,” Dr. Bloom said.

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‘We Were Left With Nothing.’ Argentina’s Misery Deepens in the Pandemic.

Before the pandemic, Carla Huanca and her family were making modest but meaningful improvements to their cramped apartment in the slums of Buenos Aires.

She was working as a hairstylist. Her partner was tending bar at a nightclub. Together, they were bringing home about 25,000 pesos ($270) a week — enough to add a second story to their home, creating extra space for their three boys. They were about to plaster the walls.

“Then, everything closed,” said Ms. Huanca, 33. “We were left with nothing.”

Amid the lockdown, the family needed emergency handouts from the Argentine government to keep food on the table. They resigned themselves to rough walls. They shelled out for wireless internet service to allow their children to manage remote learning.

“We have spent all of our savings,” Ms. Huanca said.

The global economic devastation that has accompanied Covid-19 has been especially stark in Argentina, a country that entered the pandemic deep in crisis. Its economy shrank by nearly 10 percent in 2020, marking the third straight year of recession.

wealth taxes to finance the costs of the pandemic — a measure that Argentina adopted late last year.

The fund’s analysis of Argentina’s debt picture, and its conclusion that the burden was not sustainable, set the groundwork for a settlement with international creditors last year. Investors ultimately agreed to write down the value of some $66 billion in bonds, overcoming the opposition of the world’s largest asset manager, BlackRock.

The Argentine government is proceeding on the assumption that it can secure a deal from the fund that will allow the country to significantly postpone its debts, providing relief from looming payments — $3.8 billion this year, and more than $18 billion next year — without strict requirements that it cut spending.

“The I.M.F. leadership has made clear that this is the framework,” said Joseph E. Stiglitz, a Nobel laureate economist at Columbia University in New York. The new arrangement will reflect “the new I.M.F.,” he added, “recognizing that austerity doesn’t work, and recognizing their concerns about poverty.”

antagonized the poor with cuts to government programs. His debt binge combined with another recession forced the country to submit to the ultimate humiliation — asking the I.M.F. for a hand.

In elections two years ago, voters rejected Mr. Macri and installed Mr. Fernandez — a Peronist. Some suggested that Mr. Fernandez might stake out an acrimonious position with creditors, including the I.M.F. But the Fernandez administration has proved pragmatic, winning the confidence of the I.M.F., while maintaining relief for the poor.

“We have to avoid following the patterns of the past that did so much damage,” the economy minister, Mr. Guzmán, said in an interview. “We want to be constructive, and resolve these problems in a way that works.”

The most pernicious problem remains inflation, a reality that assails businesses and households, adding to the strain on the poor through higher food prices.

In major economies like the United States, central banks conventionally respond to inflation by lifting interest rates. But that snuffs out economic growth — not a tenable proposition in Argentina, where the central bank already maintains interest rates at the stultifying level of 38 percent.

Brazil. Her partner’s employer reduced his hours, cutting his pay in half.

“I’m scared about what could happen now,” she said. “Everyone is very worried.”

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Israel Lifts Outdoor Mask Mandate

JERUSALEM — Buoyed by its recent success in combating the coronavirus, Israel lifted its outdoor mask mandate on Sunday, while schools fully reopened for the first time since September.

The country has been taking rapid steps back to normalcy in the wake of its world-leading vaccination campaign and plummeting infection rates. About 56 percent of the Israeli population has been fully vaccinated, according to a New York Times database.

“Finally, I can breathe again!” Eli Bliach, 35, an entrepreneur, said while walking mask-free in downtown Jerusalem on Sunday morning.

With the sun out and temperatures rising, some people joked about avoiding mask tan lines.

But other Israelis were hesitant to remove the layer of protection that had felt so alien at first, but that many have since gotten used to.

allergies and the spread of other viruses.

Israel’s health minister, Yuli Edelstein, urged people to continue carrying masks with them for entry into indoor public spaces, where they are still required.

Daily new coronavirus infections in Israel have fallen from a peak of 10,000 in January to around 100 on some recent days. Prof. Eran Segal of the Weizmann Institute of Science said on Twitter last week that with 85 percent of people 16 and older in Israel either vaccinated or recovered from the virus, “Life is close to pre-Covid.”

As part of the transition, Israel has introduced a “green pass” system allowing people who are vaccinated or recovered to dine indoors in restaurants, stay in hotels and attend large cultural, sports and religious gatherings.

told the Hebrew news site Ynet on Sunday that the variant might have some characteristics that could make those who have been vaccinated vulnerable to infection.

Israel is working to prevent any further entry of the variant, he said, while trying to learn more about it and how it is behaving in other parts of the world.

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As Variant Spreads, Covid-19 Cases Rise Sharply in Pennsylvania

Coronavirus cases and hospitalizations are surging in Pennsylvania, as state officials warn of trends seen across the country: increased travel levels, relaxing restrictions and the spread of more contagious virus variants.

Pennsylvania is reporting an average of 4,922 cases a day, up from roughly 2,515 a month ago, according to a New York Times database. Hospitalizations have also climbed about 16 percent in the past two weeks, and the state now has one of the highest per capita daily case counts in the country. Deaths, which tend to lag behind infections by weeks, have started to slightly increase again after plunging from the state’s high of an average of 222 in mid-January. Deaths now average about 37 a day.

State and national health officials are also worried about the spread of more contagious virus variants, particularly the B.1.1.7 variant first found in Britain. That variant is currently estimated to be about 60 percent more contagious and 67 percent more deadly than the original version.

B.1.1.7 is now the most common source of new coronavirus infections in the United States. Data from the Centers for Disease Control and Prevention show that 28 percent of Pennsylvania’s cases involve that variant, and it is spreading in a vast majority of two dozen other states with high caseloads. In Michigan, more than 57 percent of cases involve B.1.1.7; in Tennessee, the figure is over 60 percent.

opened up eligibility to all adults on Tuesday.

according to data from the C.D.C. Nationally, 38 percent of the population has received at least one shot, and 24 percent have been fully vaccinated.

But many health officials have warned about the lingering challenge of persuading all eligible people to get vaccinated. For instance, in one Pennsylvania county, a hospital set up a drive-through in a park stocked with roughly 1,000 vaccine doses. Only about 300 people showed up. In Iowa, a rural clinic called people who had volunteered to give shots to tell them not to come in because so few residents had signed up for appointments.

The New York Times examined survey and vaccine administration data for nearly every U.S. county and found that both willingness to receive a vaccine and actual vaccination rates to date were lower, on average, in counties where a majority of residents voted to re-elect President Donald J. Trump in 2020. The phenomenon has left some places with a shortage of supply and others with a glut.

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