Near-term uncertainties developing due to Omicron: Wells Fargo

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.”