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.

Fed Chair Jerome Powell just quietly admitted the economy was entering a period of more frequent and potentially more persistent "supply shocks.”

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,