Omicron, the most recent coronavirus strain, has had a significant impact on some areas of the economy, resulting in workforce shortages and child care concerns, as well as reawakening some Americans' fear of leaving home again.
However, in a new interview, Commerce Secretary Gina Raimondo shared encouraging news from recent conversations with business representatives.
"They see the Omicron crisis as short-term," Raimondo said during an interview in Washington, DC, for a new episode of Influencers with Andy Serwer. "People are starting to note, 'It seems as if we are nearing a peak and will begin to go down the other side of the curve.'"
However, she continued: "How long that will take is anyone's estimate."
Contacts of The Commerce Secretary aren't alone in assessing the situation this way: Omar Aguilar, CEO and CIO of Schwab Asset Management, similarly forecasts lessening omicron consequences on the business sector. "We're likely to have a really strong and powerful earnings period," he stated, adding that the strain will have an effect on income releases.
According to Bank of America Securities, the current stock market recovery may be fleeting, which forecasts a bear market until 2022 and advises investors to focus on cash and commodities.
Banks and FinanceAs a Tax Foundation report showed, regions with high-income tax rates witnessed considerable losses of residents, and areas with low taxes witnessed a rapid rise in population.
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