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Fed's Powell warns Omicron could slow job growth, extend supply snarls

1 month ago   |   By Politico

Federal Reserve Chair Jerome Powell will tell lawmakers Tuesday that the Omicron variant of the coronavirus could slow the recovery in the U.S. job market and prolong supply chain disruptions that have fueled price spikes.
Powell said in testimony prepared for a Senate Banking Committee hearing that he still expects inflation to cool significantly next year, but he acknowledged that Omicron and other factors have led to more uncertainty about such forecasts.
“Greater concerns about the virus could reduce people's willingness to work in person, which would slow progress in the labor market...
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Omicron Increases Inflation Uncertainty, Fed Chair Will Tell Lawmakers

Omicron Increases Inflation Uncertainty, Fed Chair Will Tell Lawmakers

1 month ago   |   By NY Times

Jerome H. Powell, who will appear before the Senate Banking Committee on Tuesday, also plans to tell lawmakers that price gains could last well into 2022, according to prepared remarks.
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