If corporate America was hoping Fed Chair Jay Powell would provide ammunition in the ongoing battle to end the scourge of remote work, instead it got friendly fire.
Three years on from the rollout of lifesaving COVID vaccines and the gradual ending of pandemic-era lockdowns, the central bank governor said the economy had fundamentally changed as a result of working from home.
“We do see that it looks like it’ll be a persistent thing,” he told weekly news program 60 Minutes on Sunday.
Immediately following the pandemic, many CEOs who were struggling to combat the effects of the Great Resignation promised remote work would remain an option. This prompted many workers to leave cities like San Francisco and New York for more affordable places far outside the boundaries of a daily commute.
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