Federal Reserve Chair Jerome Powell tested positive Wednesday for COVID-19 and is experiencing "mild symptoms," the Federal Reserve announced.

Powell is "up to date" with all COVID vaccines and boosters, the Fed said, and is working from home.

"Following Centers for Disease Control and Prevention guidance, he is working remotely while isolating at home," the central bank said in a statement.

The Fed's next interest rate-setting meeting is Jan. 31-Feb. 1, a timetable that could allow Powell to recover in time to participate in person. An alternative plan would be to return to a virtual meeting, which the Fed held for months during the height of the pandemic.