Support for the Fed chairman, further delays to an office return, slimmer wind turbine profits, pop-up restaurant popularity, and minimal tropical storm disruptions in Connecticut are among the top business news items this morning.
Janet Yellen has reportedly told senior White House advisers that she is in favor of reappointing Jerome Powell as chairman of the Federal Reserve, potentially increasing the odds that he will remain in the position. Powell, whose term expires in February, was appointed to the position by President Donald Trump in 2018.
The delay of return-to-office plans occasioned by the spread of the COVID-19 pandemic means employees at some companies will have been working from home for two years when the new reopening date arrives. This trend is raising concerns that the impact of remote work will be even more disruptive, as it will potentially be more difficult to resume office operations after such a prolonged shift in work habits.
Wind turbine manufacturers are coping with slimmer profits even as demand for renewable energy increases worldwide. Higher supply costs as well as challenges involved in transporting large turbines have caused major manufacturers to downgrade their profit forecasts.
Pop-up restaurants, which gained popularity during the COVID-19 pandemic, are likely to endure even as established restaurants regain strength. The pop-ups have proved a useful way for new chefs to gain a foothold in the industry or as a way for established business owners to endure a rough patch.
Damages from Tropical Storm Henri were less severe than expected after the storm threatened to hit Connecticut head-on as the first hurricane to strike the New England region in 30 years. About 60,000 Eversource customers, most of them in the eastern part of the state, lost electricity during the storm.