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By Blake Haas
BLOOMINGTON – According to a local financial advisor, the new COVID-19 variant Omicron could bring market volatility to wall street.
On Wednesday, the Centers for Disease Control and Prevention (CDC) reported the first cases in the United States.
Kevin Kingston with Savant Wealth Management said market volatility is two-fold.
“When you look at the new variant causing more delays in some markets reopening, many concerns, that’s certainly is relating to market volatility. And then I would quickly add to that the Federal Reserve talking about tapering sooner, quicker, more rapid pace. Some of the market commentators are saying they may taper at $30 million a month instead of $15 million.”
According to CNBC, Federal Reserve Chairman Jerome Powell said he expects policymakers to discuss accelerating the timetable for the tapering of monthly bond purchases in December.
“And certainly (Chairman) Powell is sending some of those messages,” Kingston told WJBC’s Todd Wineburder. “He commented that inflation is much more present than previously thought.”
On Thursday, the Dow Jones Industrial Average (DJIA) finished up 617 points at the close.
Blake Haas can be reached at [email protected].