Fed's Powell Warns Omicron Poses Risks To US Economy, Increases Uncertainty For Inflation

Umer Jamshaid Published November 30, 2021 | 03:00 AM

Fed's Powell Warns Omicron Poses Risks to US Economy, Increases Uncertainty for Inflation

WASHINGTON (UrduPoint News / Sputnik - 30th November, 2021) The new COVID-19 strain, the Omicron, could bring greater threat to US economic recovery and inflation, Federal Reserve Chairman Jerome Powell said in Senate testimony.

"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 a speech prepared for delivery during his testimony to the Senate 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."

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