Fed Chairman Jerome Powell to warn Congress that inflation may keep rising next year
CBSN
Federal Reserve Chairman Jerome Powell is expected to warn Congress that while the Federal Reserve continues to expect inflation will move down "significantly" over the next year, it "now appears that factors pushing inflation upward will linger well into next year."
The new COVID-19 variant Omicron could have a negative impact on employment and inflation, Powell plans to tell Congress Tuesday, according to his prepared remarks.
"The recent rise in COVID-19 cases and the emergence of the Omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation. 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," Powell will warn. He'll be appearing at a hearing before the Senate Committee on Banking, Housing and Urban Affairs to testify about the economic recovery from the pandemic.
The Consumer Federal Protection Bureau last week launched an inquiry into what the agency is calling "junk fees in mortgage closing costs." These additional fees, involving home appraisal, title insurance and other services, have spiked in recent years and can add thousands of dollars to the final cost of buying a home.
Retired Maj. Gen. William Anders, the former Apollo 8 astronaut who took the iconic "Earthrise" photo showing the planet as a shadowed blue marble from space in 1968, was killed Friday when the plane he was piloting alone plummeted into the waters off the San Juan Islands in Washington state. He was 90.