Week InAdvance: December 27, 2021

The world continues to closely monitor the spread of the omicron variant of Covid-19, especially during the New Year celebrations. Although early studies indicate a lower risk of serious outcomes from omicron, the new strain's highly contagious nature could offset that, researchers said.
Governments, private companies, sports and religious organizations are reassessing how to hold events over the next few weeks. Paris, Rio de Janeiro and Los Angeles are among cities that have suspended in-person New Year's Eve celebrations. New York City Mayor-elect Eric Adams canceled his 3,000-person inauguration initially set for Jan. 1. 
President Joe Biden has three positions left to fill on the seven-member Federal Reserve board, including the pivotal slot of vice chair for supervision previously held by Randal Quarles. An announcement could come any day. He's under pressure from progressives, who were disappointed by his renomination of Jerome Powell as Fed chair.

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