(RTTNews) - With the Omicron variant of the coronavirus making headlines, Federal Reserve Chair Jerome Powell is set to appear before the Senate Banking Committee on Tuesday to discuss the pandemic and the CARES Act. In prepared remarks, Powell said the recent surge in new Covid-19 cases and the emergence of the Omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation. Powell noted most forecasters, including at the Fed, expect inflation to slow significantly as supply and demand imbalances abate but predicted the factors pushing prices higher will linger well into next year.