Feds Powell Warns Omicron Poses Risks To US Economy

Fed's Powell warns Omicron poses risks to US economy

Washington, (UrduPoint / Pakistan Point News – 30th Nov, 2021 ) :The Omicron variant of Covid-19 could slow the recovery of the US economy and labor market, and heighten uncertainty regarding inflation, Federal Reserve Chair Jerome Powell said in testimony released Monday.

Powell also acknowledged that the factors pushing US inflation higher will “linger well into next year.”The comments in testimony to be delivered to the Senate Banking Committee on Tuesday indicate the Fed chief is growing more concerned about the spike in inflation seen this year, which he has consistently said would be transitory.

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