© 2025 Connecticut Public

FCC Public Inspection Files:
WEDH · WEDN · WEDW · WEDY
WEDW-FM · WNPR · WPKT · WRLI-FM
Public Files Contact · ATSC 3.0 FAQ
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Stocks tumble as investors weighed potential effects from omicron variant

A MARTINEZ, HOST:

It could be a bumpy ride for the stock market in the coming days as investors wait for more information about potential economic fallout from the new coronavirus variant, omicron. There was another sharp sell-off on Tuesday as the Dow Jones Industrial Average tumbled more than 650 points. NPR's Scott Horsley reports.

SCOTT HORSLEY, BYLINE: Investors, like everyone else, have a lot of questions about the new omicron variant. How contagious is it? How sick does it make people? How much protection do existing vaccines provide? When it comes to assessing the new variant's economic impact, Jim Baird of Plante & Moran Financial Advisors says there are not a lot of answers so far.

JIM BAIRD: Every wave that we've gone through, we've adapted a little more easily, so I don't think that we're headed back to a repeat of what we saw in early 2020. But we're all standing back at this point and watching to see what more we learn about this particular variant.

HORSLEY: The Federal Reserve is looking for answers, too. Fed Chairman Jerome Powell warned lawmakers if the new variant makes people nervous about going back to in-person jobs, it could take longer to unclog the supply chain bottlenecks that have pushed inflation to its highest level in more than three decades. Powell acknowledged price hikes are likely to continue well into next year, but he insisted the Fed will not allow inflation to spiral out of control.

(SOUNDBITE OF ARCHIVED RECORDING)

JEROME POWELL: Families that are living paycheck to paycheck, they're feeling high gas prices, soon enough heating oil prices, food prices. They're certainly feeling that. And you know, this is our job. Our role is to make sure that this higher inflation does not become entrenched.

HORSLEY: The Fed is already starting to wean the economy off its aggressive bond-buying program and was expected to end that program by the middle of next year. Powell said yesterday the Fed could dial back bond purchases more quickly. That might help to cool inflation and give the central bank more flexibility to raise interest rates next year if necessary. The news caught investors by surprise, though, and added to the stock market's volatility. Fed policymakers will likely discuss the timetable for ending bond purchases when they meet in two weeks. By then, they hope to have more information about the new coronavirus variant. Scott Horsley, NPR News, Washington.

(SOUNDBITE OF ARMS AND SLEEPERS' "WHEN THE BODY") Transcript provided by NPR, Copyright NPR.

NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

Scott Horsley is NPR's Chief Economics Correspondent. He reports on ups and downs in the national economy as well as fault lines between booming and busting communities.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.

SOMOS CONNECTICUT is an initiative from Connecticut Public, the state’s local NPR and PBS station, to elevate Latino stories and expand programming that uplifts and informs our Latino communities. Visit CTPublic.org/latino for more stories and resources. For updates, sign up for the SOMOS CONNECTICUT newsletter at ctpublic.org/newsletters.

SOMOS CONNECTICUT es una iniciativa de Connecticut Public, la emisora local de NPR y PBS del estado, que busca elevar nuestras historias latinas y expandir programación que alza y informa nuestras comunidades latinas locales. Visita CTPublic.org/latino para más reportajes y recursos. Para noticias, suscríbase a nuestro boletín informativo en ctpublic.org/newsletters.

The independent journalism and non-commercial programming you rely on every day is in danger.

If you’re reading this, you believe in trusted journalism and in learning without paywalls. You value access to educational content kids love and enriching cultural programming.

Now all of that is at risk.

Federal funding for public media is under threat and if it goes, the impact to our communities will be devastating.

Together, we can defend it. It’s time to protect what matters.

Your voice has protected public media before. Now, it’s needed again. Learn how you can protect the news and programming you depend on.