Every five years the Federal Reserve reconsiders its framework for monetary policy. This time it will have to consider lessons from the pandemic and an uncertain future.

Recent economic trends point to the possibility that the Federal Reserve will have to grapple with sudden shocks to the supply of goods and commodities in the coming years.

U.S. Federal Reserve officials feel they need to reconsider the key elements around both jobs and inflation in their current approach to monetary policy, given the inflation experience of the last few years and the possibility that supply shocks and the associated price increases may become more frequent in the years ahead,