The past week was busy with economic news as tensions mounted surrounding the emergence of the Omicron variant. In the wake of a new public health risk, Fed Chair Jerome Powell’s testimony at the Senate’s Banking Committee signaled a possible early end to its bond-buying process, which is currently set to wrap up mid-2022. The change in the Chairman’s tone and the words in his comments put markets on high alert for the mid-December FMOC meeting, where inflation, interest rate policy, and the Omicron variant’s impact will be discussed. At this point, it is hard to judge to a full extent what the public health risks are and how much they will weigh on economic policy. After all, each wave of the COVID virus has had a less economic impact than the last wave. The next few months will be crucial to shaping projections for next year, as we learn which aspects of the variant are similar and different from what we have encountered previously.