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Powell Says the U.S. Economy Can Handle the Omicron Variant -Breaking

by Mike Robinson

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© Bloomberg. Jerome Powell is the chairman of U.S. Federal Reserve. He speaks in a livestreamed news conference after a Federal Open Market Committee meeting (FOMC), which took place in New York, U.S.A, Wednesday December 15, 2021. Powell acknowledged that cryptocurrency are risky but doesn’t consider them a danger for financial stability.

(Bloomberg) — Federal Reserve Chair Jerome Powell said he’s comfortable the economy can handle the omicron variant in a news conference Wednesday.

“There’s a lot of uncertainty” with the new variant, and “it’s not clear how big the effects would be on either inflation, or growth or hiring,” Powell said following the Federal Open Market Committee rate decision. Powell also stated that Covid is a constant threat to the U.S. economic system and the people have learned to accept it.

Federal Reserve officials intensified the fight against inflation, shifting earlier to stop their asset-buying program and signalling they favour raising interest rates for 2022 at an even faster rate than economists expected.

Click here to read more about FOMC Rate Decisions and Fed Chair News Conferences.

©2021 Bloomberg L.P.

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