"A variant of concern"... Omicron. Global markets plunged on Friday after the world was alerted to the new Covid variant. The heavily mutated variant, first detected in South Africa, has spread to at least 15 countries. So far, fewer than 200 cases have been reported globally, with none in the US — but Dr. Fauci said US cases are inevitable. What we know:
Stow the passport... At least 46 countries, including the US and the UK, have already imposed travel restrictions from some African nations. Japan and Israel have closed their borders to all foreigners. Still, US stocks rebounded yesterday after President Biden said there was no need for panic, and there would be no lockdowns (for now). Pfizer and J&J said they’re prepping for the possibility of updating their vaccines. Moderna shares jumped 12% after the vax maker said it’s working on an Omicron-specific booster.
Investors prefer the devil they know... And there's still plenty we don't know about Omicron. The WHO said it would take weeks to understand Omicron's health implications. Fed Chair Jerome Powell believes Omicron is a threat to the economy and could boost inflation uncertainty. Still: Markets dipped when the Delta variant appeared, then rebounded to record highs as its effects unfolded.