Federal Reserve Chairman Jerome Powell appeared before the Senate Banking Committee on Tuesday to talk about the possible impacts of the new COVID variant. “The recent rise in COVID-19 cases and the emergence of the omicron variant pose downside risks to the employment and economic activity and increased uncertainty for inflation. Greater concerns about the virus could reduce people’s willingness to work in person, slowing progress in the labor market and intensify supply chain disruptions.” President Joe Biden said this new variant is not a cause for panic. COVID-19 cases are expected to continue to rise in the weeks ahead.
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