Policymakers also flagged the omicron variant as another economic threat, according to minutes from the Fed’s December policy meeting.
it was still “difficult to say what the economic effects [of omicron] would be.” People were increasingly “learning to live” with the virus as they entered a third year of pandemic life, Powell said. But only time would tell whether omicron would weigh on hiring and supply chains, like the“So it can have an economic effect. I just think, at this point, we don’t know much," Powell said at the time. “We’ll know a whole lot more in three weeks, and we’ll know more than that in six weeks.
Fed policymakers generally expected global supply chain bottlenecks to persist well into 2022, according to the minutes, with a few officials saying some businesses were up against “deteriorating” supply constraints that could be made worse by new variants of the virus.Looking ahead, officials pointed to the rising cost of housing and rent, wage growth driven by worker shortages, and prolonged supply-chain issues.
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