The Beige Book, a compilation of anecdotal evidence on economic conditions in each of the twelve Fed districts, was released Wednesday afternoon, two weeks ahead of the next monetary policy meeting. Fed Chair Jerome Powell noted during Congressional testimony that the emergence of the Omicron variant of the coronavirus could slow progress in the labor market and further intensify supply-chain disruptions. With regard to inflation, the Fed said wide-ranging input cost increases stemming from strong demand for raw materials, logistical challenges, and labor market tightness led to widespread price hikes.