Omicron disruptions prompt BofA to downgrade Q1 GDP outlook (CNN)

Bank of America slashed its first-quarter economic outlook for the US on Friday because of disruptions caused by the omicron coronavirus variant, CNN reported. Economists at Bank of America now expect US gross domestic product to increase at an annual rate of just 1% during the first three months of this year, a sharp downgrade from the bank’s prior call for 4% growth in the quarter.