Powell to Tell Senate Omicron Variant Poses Downside Risk to Economy, Complicates Inflation Picture

December 1st, 2021 by Chris Collier

Federal Reserve Chairman Jerome Powell believes that the omicron variant of Covid-19 and a recent uptick in coronavirus cases pose a threat to the U.S. economy and muddle an already-uncertain inflation outlook. Worries over the new variant could “reduce people’s willingness to work in person, which would slow progress in the labor market and intensify supply-chain disruptions,” he said in prepared remarks.

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