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Near-term uncertainties developing due to Omicron: Wells Fargo

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Near-term some uncertainties developing due to omicron, said Gary Schlossberg, global strategist at Wells Fargo Investment Institute, on Tuesday, adding that Omicron will have a bigger impact on inflation versus economic growth.

Near-term some uncertainties developing due to omicron, said Gary Schlossberg, global strategist at Wells Fargo Investment Institute, on Tuesday, adding that Omicron will have a bigger impact on inflation versus economic growth.
“Near-term, however, we do see some uncertainties developing over the Omicron variant. We are already seeing some disruption in the United States and to a lesser or greater extent overseas,” Schlossberg told CNBC-TV18.
On US inflation, he said, “We do think that next week’s number on the US CPI will drive year over the year inflation rate, up to if not, at 7 percent. We think that will be the peak for inflation and that will come down over the course of 2022.”
“However, deceleration will be a gradual one and Omicron will have a greater impact. If there is a big impact, bigger than expected, from the Omicron variant then it will have a bigger impact on inflation than economic growth,” said Schlossberg.
On India, he said, “Within the emerging markets, we do rank India fairly high on India. China will be stabilizing; we do not expect it to lag the way it did in the past year as the authority step in with monetary and fiscal stimulus.”
For the entire interview, watch the video
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