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Powell: COVID-19 Variant Clouds Inflation, Economic Outlook

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FILe - Federal Reserve Chairman Jerome Powell speaks during an event in the South Court Auditorium on the White House complex in Washington, on Nov. 22, 2021. Powell says that the appearance of a new COVID-19 variant could slow the economy and hiring. He also says it raises uncertainty about inflation. Powell says in remarks to be delivered to the Senate Banking Committee Tuesday that he recent increase in coronavirus cases and the emergence of the omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation. (AP Photo/Susan Walsh, File)

(AP) — Federal Reserve Chair Jerome Powell says that the appearance of a new COVID-19 variant could slow the economy and hiring. He also says it raises uncertainty about inflation. Powell says in remarks to be delivered to the Senate Banking Committee Tuesday that he recent increase in coronavirus cases and the emergence of the omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation. He adds that the new variant could also worsen supply chain disruptions.

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