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Federal Reserve Chairman Jerome Powell, and Treasury Secretary Janet Yellen will testify before the House on Tuesday. Senate Banking CommitteeIn the following updates, you will find information about the impact of Covid-19 on the economy as well as the relevant policies taken to counter the pandemic.

Powell made prepared remarks to the hearing and warned that this virus and the most recent variant of it, the omicron, could lead to inflation and growth.

According to the leader of the central bank, “The Omicron variation and recent COVID-19 increases pose potential downside risks to economic activity and employment as well as increased inflation uncertainty.” “With greater concerns over the virus, people may be less willing to work at home. This could slow the progress of the labor market as well as increase disruptions in supply chains.

Yellen made statements that expressed her confidence in the economy. She urged Congress for a higher debt ceiling to support the Build Back better agenda by the Biden Administration.

The progress in our economic recovery cannot be separated from the fight against the pandemic. I’m sure that everyone is following the Omicron variant news. The President stated yesterday that we are still waiting on more information, but the fact remains that the vaccine is our greatest protection against the disease. “People should be vaccinated.” She said.