Yellen: Omicron ‘could cause major problems’ for the global economy

Chancellor of the Exchequer Janet YellenJanet Louise YellenIn The Money – Powell, Yellen faces inflation pressures Paul Willen says they underestimate inflation and supply crises On the money – Powell pivots with high inflation more The coronavirus variant, Omicron, “could cause major problems” for the global economy, he said.

“I hope this will not slow economic growth significantly,” Yellen said at the upcoming Reuters conference on Thursday. mentioned. “There is a lot of uncertainty, but it could cause major problems. We are still assessing that.”

Global markets fell after the omicron variant was announced last week, with The Dow Jones Industrial Average fell by 900 points.

The new alternative, which has already prompted some countries to impose international travel bans, could make supply chain problems and inflation worse, according to Leylin.

However, it may also slow the growth of the US economy, which may relieve some pressure on inflation, Yellen noted.

Yellen said the rising inflation stems largely from the coronavirus pandemic and “to an extent” from President BidenJoe BidenBiden and Harris host ‘family’ Hanukkah celebration with over 150 guests Simone Sanders to leave the White House at the end of the year Defense and National Security Overnight – Senate Looks to Break Deadlock on Defense Bill moreThe US bailout, according to Reuters.

Omicron cases were detected in several US states on Wednesday and Thursday, spurring talk about the restrictions of the novel coronavirus.

President Biden has indicated that he does not plan to call for any closures or restrictions on business, schools or other personal gatherings in response to the new variable.

“We will fight COVID-19 not with lockdown or lockdown – but with more vaccines, boosters, widespread testing and more. We will beat it with science and speed, not chaos and confusion – just as we did in the spring and again with the more powerful alternative to Delta in the summer and fall,” Biden books In an opinion article Thursday.

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