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Powell to tell Senate omicron variant poses downside risk to economy, complicates inflation picture
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cnbc.comFederal 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.
«The recent rise in COVID-19 cases and the emergence of the Omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation,» Powell said in remarks he plans to deliver to Senate lawmakers on Tuesday. «Greater concerns about the virus could reduce people's willingness to work in person, which would slow progress in the labor market and intensify supply-chain disruptions.»
Treasury Secretary Janet Yellen will join Powell on Tuesday in testifying before the Senate Banking Committee. The
Read more on cnbc.comAbout this in other media
US adds 210,000 jobs in November ahead of discovery of Omicron variant theguardian.com /2 years ago
Omicron variant found around world as more nations tighten travel rules theguardian.com /2 years ago
Stock futures inch higher after sell-off prompted by first U.S. omicron case cnbc.com /2 years ago
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