Fed's Powell Says Omicron Poses Downside Economic Risks

The video discusses the impact of the Delta variant on economic growth and labor markets, highlighting a temporary slowdown in progress. Despite challenges, there has been a rebound in job growth and a decrease in unemployment. However, disparities in employment persist, particularly among African Americans and Hispanics. Inflation is running high due to supply chain disruptions and increased demand, but is expected to decrease as these imbalances abate. The Fed remains committed to supporting economic recovery and maintaining price stability, while acknowledging the risks posed by COVID-19 and the Omicron variant.

In what ways has the economic downturn affected different demographic groups?

What measures is the Fed committed to in order to achieve price stability?