Politics

Federal Reserve warns Omicron threatens US economy


The chairman of the US Federal Reserve Jerome Powell says the Omicron COVID variant has the potential to cause significant damage to the nation's economy.

Mr Powell has warned lawmakers it could further increase inflation and hurt job growth.

"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," Mr Powell said.

"Greater concerns about the virus could reduce people’s willingness to work in person, which would slow progress in the labour market and intensify supply-chain disruptions."

The chairman of the US Federal Reserve Jerome Powell says the Omicron COVID variant has the potential to cause significant damage to the nation’s economy.

Mr Powell has warned lawmakers it could further increase inflation and hurt job growth.

“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,” Mr Powell said.

“Greater concerns about the virus could reduce people’s willingness to work in person, which would slow progress in the labour market and intensify supply-chain disruptions.” The chairman of the US Federal Reserve Jerome Powell says the Omicron COVID variant has the potential to cause significant damage to the nation’s economy.

Mr Powell has warned lawmakers it could further increase inflation and hurt job growth.

“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,” Mr Powell said.

“Greater concerns about the virus could reduce people’s willingness to work in person, which would slow progress in the labour market and intensify supply-chain disruptions.”

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