Janet Yellen: COVID-19 variants could derail global recovery

• But that has been amidst the backdrop of the spread of the highly-infectious Delta variant, which is now the dominant strain in the United States, and has led countries around the world to reimpose restrictions.

What she's saying: “We are very concerned about the Delta variant and other variants that could emerge and threaten recovery,” Yellen said. “We are a connected global economy. What happens in any part of the world affects all other countries.”

Why it matters: The spread of the variant has somewhat dampened hopes for a rapid economic rebound.

• The International Monetary Fund has said it still expects the economy to grow at the 6% rate it projected earlier this year, but warned that the variant is threatening growth to developing nations with less access to vaccines.