Powell, the Federal Reserve chair, will tell lawmakers on Tuesday that inflation is likely to last well into next year and that the new Omicron variant of the coronavirus creates more uncertainty around the economic outlook, according to a copy of his prepared remarks.

“The recent rise in Covid-19 cases and the emergence of the Omicron variant pose downside risks to employment and economic activity and increased uncertainty for inflation,” Mr.

Global markets steadied on Monday, with stocks on Wall Street and oil prices gaining, as investors contemplated more carefully the knowns and unknowns of a new Covid-19 variant.

The S&P 500 rose 1.3 percent, rebounding from a 2.3 percent drop on Friday.

That was its worst day since February and came after initial news of the discovery in southern Africa of the new variant, called Omicron.

On Monday, with quick answers about the threat from Omicron hard to come by, investors seemed less focused on potential disaster, and some of Friday’s moves were undone.

While the new variant might turn out to be more contagious and vaccine resistant, it could also prove to be less dangerous to the health of the vaccinated or previously infected.

Scientists haven’t come to firm conclusions, and it could take up to two weeks before the tests of current vaccines on the new variant have results.

In July of this year, the emergence of the Delta variant triggered a one-day slide of 1.6 percent that was recouped within a few days.

Stocks in Europe also rose on Monday, with the Stoxx Europe 600 closing 0.7 percent higher.

The FTSE 100 in Britain rose 0.9 percent, while stock indexes in France and Spain were also higher.

The yield on 10-year Treasury notes rose 4 basis points, or 0.04 percentage points, to 1.52 percent.

Concerns over newly imposed travel restrictions mostly eased on Monday, with travel and leisure stocks trading higher as President Biden said on Monday that the administration’s plan to combat Covid in the winter did not does not include “shutdowns or lockdowns,” and would instead rely on more testing, vaccinations and boosters.

Royal Caribbean Group rose 2.8 percent on Monday, while Norwegian Cruise Line was up 0.8 percent.

Shares of United Airlines also rose.

Foot traffic soared about 48 percent from last year, though remained down about 28 percent from 2019, according to data from Sensormatic Solutions.

Cyber Monday discounts were expected to be weaker in part because of the supply chain issues from factory shutdowns to port backups, which have plagued retailers in recent months and were highlighted on earnings calls last week from Gap and Nordstrom.

Over the weekend, ticket sales in the United States and Canada stood at roughly $96 million, compared to $181 million over the same period in 2019.

The study, published online on Monday, was self-commissioned by the Quorum, a film research company led by David Herrin, the former head of research for United Talent Agency; Cultique, a consultancy run by the longtime brand strategist Linda Ong; and Fanthropology, which describes itself as a research, strategy and creative agency.

(Some bought a ticket once a week, while others went once a month. Others went “several” times a year.) About 51 percent of respondents said they had bought tickets in recent months, with some drawn by cinema-chain rewards programs.

The “likely losts,” as the study identifies 8 percent of respondents who said they have not bought a ticket during the pandemic and can’t see themselves returning, are lower-income consumers.

President Biden told executives from some of the nation’s largest retailers on Monday that his administration was committed to partnering with them to untangle supply chains and ensure that American consumers can find everything they want this holiday season, as a surge in shopping tests an already strained global delivery system.

Extraordinarily high demand in the United States for products made in Asian factories, combined with a shortage of truckers and warehouse workers, means supply chain issues are likely to be long-lived.

He said the dramatic increase in demand in the United States for goods had created a backlog of orders that will take months to fulfill.

Congestion could even persist through next year, he said, unless an early end to the pandemic or a market crash suddenly encourages Americans to curtail their spending.

Cargo prices from Asia to the United States have also receded in the past few weeks, according to Freightos, but those prices are still nearly quadruple what they were at the same time last year.

Britain’s independent data privacy authority on Monday fined the facial recognition company Clearview AI £17 million, or $22.6 million, for failing to comply with the nation’s data protection laws.

ordered the company to stop processing the personal data of people in Britain and to delete their existing information.

In a statement, Clearview AI said the I.C.O.’s assertions were incorrect and that the company was considering an appeal?

Clearview only “provides publicly available information from the internet to law enforcement agencies,” Kelly Hagedorn, a lawyer for the company, said in the statement.

“My company and I have acted in the best interests of the U.K.

Earlier this year, the company was fined €250,000 by a Swedish regulator for data privacy violations?

In July, the company raised $30 million.

This month, an Australian regulator also said the company had violated local privacy laws.

Although there is a lot we don’t know about the Omicron variant, business leaders are wearily asking themselves the same questions they did during previous surges of the coronavirus, the DealBook newsletter reports.

Some jumped on the Omicron variant as an opportunity to urge airlines to require proof of vaccination and testing for passengers.

The variant could also put pressure on companies reluctant to impose vaccine mandates on employees.

Beyond the immediate question about office holiday parties, there’s the bigger question about the fate of offices next year and beyond.

But the discovery of the Omicron coronavirus variant threatens to derail the industry’s recovery, as the Delta variant did this summer.

Several nations, including the United States, have barred visitors from South Africa and a handful of neighboring countries.

The tightening of restrictions has drawn criticism from the travel sector.

“Covid variants are of concern, but closed borders have not prevented their presence in the United States while vaccinations have proven incredibly durable,” Tori Emerson Barnes, executive vice president for public affairs and policy, said in a statement.

airlines, the rebound in international travel has been slower than that for travel within the United States.

It isn’t yet clear whether or how the Omicron variant will affect travel demand, but if travel bans proliferate and concerns over the variant continue to spread, hopes for an accelerated international rebound could be dashed again.

Both have said that they are not yet planning to adjust their schedules in response to the administration’s ban, which took effect on Monday and does not apply to American citizens or lawful permanent residents.

And all passengers flying into the United States must provide proof of a negative coronavirus test, with noncitizens also required to be fully vaccinated.

Within the United States, air travel has nearly recovered, even with many businesses still wary of sending employees on work trips.

The United States had long recognized the Central African nation’s strategic importance, yet recent administrations have done little to maintain ties, leaving China to step in

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Shares of Twitter rose on Monday