Federal Reserve Chair Jerome Powell cautioned at the Thomas Laubach Research Conference about impending supply shocks and their impact on inflation volatility. He indicated that the Fed's monetary policy framework may need adjustments as supply chain issues emerge, potentially leading to sustained higher interest rates. Powell emphasized the importance of keeping inflation expectations anchored at 2% while acknowledging changing economic conditions and the likely persistence of volatility. As U.S. import bookings show signs of recovery, the Fed continues its assessment ahead of upcoming policy meetings, with inflation still above target rates.