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 inflation data point to continued progress toward meeting the U.S. Federal Reserve's 2% inflation goal, but the outlook is now uncertain due to the possibility new import taxes will drive prices higher,

Federal Reserve Vice Chair Philip Jefferson said tariffs and related uncertainty could slow growth and boost inflation this year, but monetary policy is well positioned to respond as needed.