WASHINGTON — U.S. regulators approved Wednesday but limited their use for many Americans — and removed one of the two vaccines available for .
The new shots from Pfizer, Ի are approved for all seniors. But the narrowed their use for younger adults and to those with at least one high-risk health condition, such as asthma or obesity. That presents for millions of Americans who would have to prove their risk — and millions more who may want to get vaccinated and suddenly no longer qualify.
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Additionally, Pfizer’s vaccine will no longer be available for any child under 5, because the FDA said it was revoking the shot’s emergency authorization for that age group.
Parents will still be able to seek out shots from rival drugmaker Moderna, the other maker of mRNA vaccines, which has full FDA approval for children as young as 6 months. But the company’s vaccine is only approved for children with at least one serious health problem.
This photo provided by Pfizer in August 2025 shows a vial of the updated COVID-19 vaccine Comirnaty. (Pfizer via AP)
ճ target a newer version of the continuously evolving virus and are set to begin shipping soon. But it could be days or weeks before many Americans know if they’ll be able to get one, with access dependent on decisions by federal health advisers, health insurers, pharmacies and state authorities.
The new restrictions — previewed by FDA officials in May — are a break from the previous U.S. policy, which recommended an annual COVID-19 shot for all Americans 6 months and up.
The approach reflects about the ongoing risks of COVID-19 and the need for yearly booster shots from Ի, both of wide-scale vaccinations.
“The American people demanded science, safety, and common sense. This framework delivers all three,” Kennedy wrote on social media.
Novavax's shot is only open to people 12 or older, not younger children, and carries the same risk-based restrictions that are now in place for Moderna and Pfizer. It's the nation's only traditional, protein-based COVID-19 vaccine.
This photo provided by Pfizer in August 2025 shows boxes for the updated COVID-19 vaccine Comirnaty. (Pfizer via AP)
Coverage questions and access issues are unresolved
The new limits "can’t help but create barriers to vaccinations” and cause confusion for patients, doctors and pharmacists, said Dr. William Schaffner, a Vanderbilt University vaccines expert.
Some medical groups, including the American Academy of Pediatrics, have objected to the restrictions, saying they may block vaccine access for families who want to protect their children. Last week, the group offered for kids, saying annual shots are strongly recommended for children ages 6 months to 2 years and advised for older children.
In his post Wednesday, Kennedy said the shots will be "available for all patients who choose them after consulting with their doctors.”
But Americans are likely to confront a number of .
Insurers typically base their vaccine coverage decisions on the recommendations of a panel of advisers to Centers for Disease Control and Prevention, but some say they will also look to medical professional groups, including the American Medical Association.
Earlier this year, Kennedy replaced the entire , naming several doctors and researchers who have repeatedly questioned the safety of commonly used vaccines and ingredients. The panel is expected to meet in September, but no agenda has been released.
Depending on the panel’s advice, Americans under age 65 could be expected to provide documentation of a serious medical problem before they can get a shot. Also complicating the rollout is the fact that pharmacists — who administer most COVID-19 shots — typically aren’t expected to collect that kind of information. And laws governing their ability to administer routine vaccinations vary by state.
Access could also be complicated for healthy adults and children who are interested in getting a shot for extra protection.
If the latest vaccines aren’t covered by their insurance, those patients could be required to pay $150 or more out of pocket if they want one. If they aren't considered high-risk, they might also have to find a doctor or other health professional willing to give the shot “off label." Many pharmacists might be reluctant to give the shots outside of FDA's instructions.
“This makes things much more complicated, and when things get complicated we see vaccine uptake go down,” said Andy Pekosz, a virologist at Johns Hopkins University.
This photo provided by Pfizer in August 2025 shows a vial of the updated COVID-19 vaccine Comirnaty. (Pfizer via AP)
Shots target a recently dominant coronavirus version
The updated shots target coronavirus subtypes that are closely related to some newly emerging cousins. Pfizer and Moderna said they expect their shots to be available within days. Novavax's vaccine is expected in the early fall, a spokesman said.
Shots from all three companies were initially made available under the FDA’s emergency use authorization, an expedited process to quickly review vaccines, drugs and other countermeasures during the pandemic. Pfizer had not yet sought full approval for its doses designed for children under 5, which is the reason that Moderna will be the only provider of shots for that age group this year.
In addition to revoking emergency use of Pfizer’s vaccine in young children, Kennedy said Wednesday the government also pulled remaining authorizations for all other COVID-19 vaccines and another therapy from the pandemic years, convalescent plasma, which was used to treat hospitalized patients before the first antiviral drugs became available.
COVID-19 vaccines do a good job preventing severe disease, hospitalization and death, which remain a bigger risk for seniors, young children and people with underlying health risks.
Preliminary data from the CDC estimates 47,500 Americans died from COVID-related causes last year.
Some experts worried that fewer vaccinations could increase the strain on hospitals over the winter, when cases tend to accelerated.
“Down the line, this will really stress our health workforce,” said Amanda Jezek, of the Infectious Diseases Society of America. “The public health impacts here are very worrisome.”
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Associated Press journalists Mary Conlon, Lauran Neergaard and Mike Stobbe contributed to this story.
From COVID-19 to financial crises, here's how major global events impact the strength of the US dollar
From COVID-19 to financial crises, here's how major global events impact the strength of the US dollar
The mighty dollar is flexing its muscle in 2025. It's trading for more yen, yuan, and pounds than in the past two years. Its value compared to foreign currencies may seem esoteric, but it matters to consumers' wallets right now. A strong dollar touches everything—the morning coffee run, that shiny new iPhone, and whether or not companies are considering layoffs.
America's economy continues to outperform its rivals, and the Fed . That has against other major currencies, meaning imported items cost less. Still, companies in the United States will struggle to sell their products overseas, impacting everyone from factory workers to farmers.
The dollar's special status as global currency king dates back to 1944, giving America some extra perks worldwide, according to the Council on Foreign Relations. Central banks worldwide stash nearly 60% of their reserves in dollars. Every major commodity—from oil to soybeans to computer chips—trades in dollars, allowing America to borrow cheaply and leverage its diplomatic power by controlling access to financial markets trading in dollars.
But flip a few more calendar pages into 2025, and a few potential storm clouds could dent the dollar's dominance as it may show signs of depreciating. Middle East tensions threaten oil markets. The U.S. budget deficit , raising questions about the dollar's long-term stability. If President Donald Trump continues to propose new tariffs for China and other foreign goods producers, they'll likely to keep responding in kind or with other economic policies that could cut into the dollar's might.
Uncertainty reigns around the dollar's next move. The global financial meltdown of 2008 and the economic upheaval caused by the COVID-19 pandemic show how fast things can change. But whether you're managing retirement funds that dabble in international exposure or just trying to figure out if your family can finally take a tropical vacation thanks to solid exchange rates, keep an eye on these currency moves.
examined data and other sources to explore how looming economic trends could impact the dollar's strength compared to currencies in other economically advanced nations.
What happens when currencies depreciate?
When a currency decreases in value, initially, the impact is felt at home. Imports get more expensive, and inflation ticks up, even as exporters gain an edge. Still, in our interdependent, real-time, global economy—where high-speed algorithmic trading responds instantly to market moves—domestic pressure doesn't stay contained for long.
What might begin as a decline in one currency can trigger selling across multiple markets, especially among economies that share key traits or are heavy trading partners.
Meanwhile, capital flows toward safe-haven currencies like the dollar, and rippling through global markets. This can force trading partners of the original declining currency into their own defensive devaluations, setting off a destabilizing cycle sometimes dubbed a "currency war."
One tumbling domino can trigger a chain reaction of selling across continents, causing a cascade of opportunities—and pitfalls—for investors to navigate. Consider what transpired when panic struck the currency markets in March 2020 when COVID-19 hit. Investors frantically dumped everything they owned and . The British pound plummeted to a 35-year low. Even the Japanese yen, usually a safe bet, barely budged. Meanwhile, there was a mass sell-off in emerging market currencies.
Another major event that rocked currency values was , which started in 2018. When tit-for-tat tariffs send currency markets haywire, China let its in 2019. The Department of the Treasury officially labeled China a "" for , although it never fully materialized.
China's yuan then strengthened between 2020 and 2021 as its economy recovered from the COVID-19 pandemic faster than other major economies. Beijing now walks a tightrope between cheap exports and further accusations of and blowback for currency manipulation. However, the overall direction is as the country strives to maintain global competitiveness.
Meanwhile, other currencies are still riding a rollercoaster. The British pound has tumbled since the Brexit referendum in 2016, going from approximately $1.46 to the dollar before the referendum , in early 2025, per Reuters. The euro's story reads like a slow-motion car crash, tumbling from $1.40 to barely holding even with the dollar. And Canada's dollar is a cork on the rising and falling tide of oil prices, .
The Japanese yen went from 100 to the dollar in 2014 to over 150 today. That's driven by the Bank of Japan, which, despite ending its longstanding period of negative interest rates, is still keeping those at rock bottom relative to the Fed.
On the flip side, Mexico's peso has turned into the surprise champ, despite Latin America's economic headaches. The emerging market currency has been bolstered by interest rates relative to the U.S. and larger economic swings, proving once again just how challenging predicting currency rates can be in an interconnected—and uncertain—world.
How the dollar's strength could change in 2025
For now, America's economic engine appears to keep powering the dollar higher. Europe in 2024 but . China faces multiple headwinds, including fallout from a Ponzi-like real estate bubble, an aging population with fewer workers, and cautious shoppers. Meanwhile, investors continue to flock to American dollars for returns and stability.
After markets believed the Fed would aggressively cut rates, U.S. central bankers announced at a recent meeting that , with decision-makers eyeing the strong job market and persistently sticky inflation. Bank of America Merrill Lynch's Managing Director and Global Head of Foreign Exchange Strategy Athanasios Vamvakidis points out that Trump's potential policies on trade, taxes, and immigration would likely push prices higher, at least at first.
"The market has tried to price, in a month, the next four years," Vamvakidis in December 2024. "The lesson from his first term was that it was not a straight line. In some areas, Trump started aggressive, but there were more pragmatic solutions."
Despite the focus on what Trump may or may not do, the dollar's strength ultimately hinges on what the Fed decides. "The fundamental factor contributing to currency trends is central bank interest rate policy," , senior investment strategy director with U.S. Bank Asset Management, in a webinar on what the fluctuating dollar means for investors.
Goldman Sachs economists project the greenback will largely hold its current levels over the year against major currencies. "We will continue to live in a strong U.S. dollar world with a number of risk factors that should support the dollar," , a Goldman Sachs analyst, in a June 2024 interview. "Any erosion in the dollar's strong valuation will likely be gradual."
However, a sudden policy shift, global crisis, or economic upheaval could upend any well-informed prognostication in the current period. In foreign exchange markets, yesterday's sure thing could be today's falling knife—or tomorrow's golden opportunity.
Story editing by Alizah Salario. Copy editing by Paris Close. Photo selection by Ania Antecka.
originally appeared on and was produced and distributed in partnership with Stacker Studio.
