WASHINGTON: US Federal Reserve Chairman Jerome Powell has said the Covid-19 pandemic continues to pose risks to the US economic outlook as the pace of vaccination has decreased.
"Progress on vaccinations has limited the spread of Covid-19 and will likely continue to reduce the effects of the public health crisis on the economy. However, the pace of vaccinations has slowed and new strains of the virus remain a risk. Continued progress on vaccinations will support a return to more normal economic conditions," Powell said in written testimony released Monday afternoon on the Fed's website, which was prepared for a Tuesday hearing before the House Select Subcommittee on the Coronavirus Crisis.
Powell's testimony came as public health experts warned that the highly contagious Delta variant continues threatening the US, especially in states with the lowest vaccination numbers. The Delta variant, which is believed to be more transmissible and cause more severe disease, could cause an upsurge in infections, but the levels will vary depending on the rates of vaccination in each area, said Scott Gottlieb, former commissioner of the US Food and Drug Administration. Powell also said in testimony that US inflation has increased notably in recent months as the economy continues to reopen.
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