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Leaders meeting Tuesday to discuss how Omicron could affect U.S. economy

(KYMA, KECY/ CNN) - The head of the Federal Reserve, Jerome Powell, will testify on Capitol Hill this morning, laying out three major threats that Omicron could pose to the U.S. economy.

The three threats include the possibility prices could keep rising, job growth taking a hit and the supply chain crisis getting worse.

Powell writing in prepared remarks said "greater concerns about the virus could reduce people's willingness to work in person, which would slow progress in the labor market and intensify supply-chain disruptions."

But health experts say it could be a couple weeks before we know more about this variant and no clear-cut answers on Omicron means no clear-cut answers on how it could impact our economy.

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Cole Johnson

Cole grew up in a small town of just over 3,000 people called Moravia, NY—home of President Millard Fillmore and Fillmore Glen State Park.

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