Forbes - Stocks plummet on Omicron fears

Plus: China promises 600 million vaccine doses to Africa

After being reassured by President Biden’s comments yesterday, markets plummeted again today thanks to investor concerns over the Omicron variant. These concerns were fed first by comments from Moderna CEO Stéphane Bancel, who speculated that vaccines may not be as effective against the new variant. Then later in the day, Federal Reserve Chair Jerome Powell warned the Senate that the variant could lead to higher prices well into next year and further complicate America’s economic recovery. The new development in the global pandemic could pose “downside risks to employment and economic activity,” Powell cautioned. He added it also created “increased uncertainty for inflation.” 

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What Else We Are Reading

• Pfizer research head envisions a sprint to develop Omicron vaccine, if it’s needed (Stat)

• 3 important questions about the Omicron variant (Popular Science)

• Children 5 and older now have a coronavirus vaccine. But many parents of younger kids are still anxiously waiting. (Washington Post)