Rising Covid-19 cases and the new Omicron variant threaten to imperil the economic recovery and exacerbate inflationary pressures, Federal Reserve chair Jay Powell is set to tell US lawmakers on Tuesday.
In testimony to be delivered at a joint congressional hearing with Janet Yellen, Treasury secretary, Powell said that while US consumer demand remains buoyant and workers are returning to the workforce, the possibility of pandemic-related setbacks is clouding the economic outlook.
“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,” he said in prepared remarks released on Monday.
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