The first problem was vaccine supply. Now, its demand.

Thursday marked a major milestone in the United States’ COVID-19 vaccination campaign: 200 million shots given in President Biden’s first 100 days in office. Over 40 percent of the US population now has at least one dose of a COVID-19 vaccine.

But over the past week, the average number of vaccinations reported per day started to fall. Last week, the US was averaging around 3.3 million shots per day. This week, that number dropped to around 3 million shots per day.

Every one of those shots takes us another step closer to the end of the pandemic in the US. The slowing pace, though, is a warning sign that we’re reaching an inflection point where the supply of COVID-19 vaccines will outpace the demand. It’s already happening in some...

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