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Powell Warns Omicron Could Slow Labor Market Progress, Intensify Supply-Chain Disruptions

November 30, 2021


With the Omicron variant of the coronavirus making headlines, Federal Reserve Chair Jerome Powell is set to appear before the Senate Banking Committee on Tuesday to discuss the pandemic and the CARES Act.

In prepared remarks, Powell said the recent surge in new Covid-19 cases and the emergence of the Omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation.

“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,” Powell said.

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