PANews, May 15 – According to Jinshi, Federal Reserve Chairman Powell stated that the Fed is adjusting its overall policy-making framework to respond to significant changes in inflation and interest rate prospects following the 2020 pandemic. Powell said, "Since 2020, the economic environment has changed significantly, and our assessment will reflect our evaluation of these changes." The Fed adopted the current framework five years ago and began assessing it this year. The assessment is unlikely to affect the way the Fed currently sets interest rates. Powell previously stated that the Fed might complete this process and announce the results before August or September. Powell indicated that the inflation-adjusted 'real' interest rates have risen since the 2020 pandemic, which may affect elements of the Fed's current framework. He mentioned, "Higher real interest rates may reflect the possibility that inflation could be more unstable in the future than during the crisis interlude of the 2010s. We may be entering a period of more frequent and potentially more persistent supply shocks – which poses a significant challenge for both the economy and central banks."