Omicron risks likely to keep markets volatile as economies recover

SINGAPORE - Two important data points from last week confirm that, overhanging fears of Omicron aside, economic growth is starting to pick up. First, US weekly jobless claims tumbled during the first week of December, reflecting tightness within the labour market. The initial filings for unemployment insurance which totalled 184,000 for the week ended Dec 4 were the lowest going back 52 years to Sept 6, 1969. Please subscribe or log in to continue reading the full article. Get unlimited access to all stories at $0.99/month Latest headlines and exclusive stories In-depth analyses and award-winning multimedia content Get access to all with our no-contract promotional package at only $0.99/month for the first 3 months* Subscribe now *Terms and conditions apply.

Biden says will announce Fed chair pick in ‘about four days’

WASHINGTON (BLOOMBERG) - United States President Joe Biden told reporters on Tuesday (Nov 16) to expect him to announce a nominee for Federal Reserve chair in "the next four days". Mr Biden is weighing whether to re-appoint Mr Jerome Powell as leader of the central bank. He has also interviewed Fed governor Lael Brainard for the job, who is preferred by some progressive lawmakers and activists. The President has yet to make a decision, according to a source. Senate Banking Committee chairman Sherrod Brown said that he has no doubt the Senate would confirm either candidate. Banking Committee approval would be the first step in the confirmation process. "I am certain we would confirm either of them," the Ohio Democrat said on Tuesday, adding that either could rely on broad Democratic support and might draw some GOP backing. "I am absolutely certain." The White House is seeking input from senators to ensure either Mr Powell or Ms Brainard would get the votes needed for confirmation, a source familiar with the process said. Mr Brown said he has a personal preference between the two Fed officials and has shared it with the White House, but he declined to disclose who it is. "They're bot...