The US Federal Reserve Chairman Jerome Powell finds Omicron variant a big threat to the American economy. According to him, this new variant is likely to bring a bigger economic chaos which might undo America’s economic recovery through 2020.
He wrote in his testimony that Omicron is unknown to us yet but if its stays for long, it is likely to elevate inflation, upset job growth, and make supply chain crisis even worse. According to Powell, the emergence of the new variant will downside economic activities and employment rate which will result in high prices and inflation. He noted that the spread of Delta in the summer setback the economy badly. People were afraid to go out which lead to the shortage of labor and supply chain crisis. However, things tend to normal soon and economy started steaming up. But now the Omicron threat might undo much of the American economic goodwill.
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