The Globe and Mail reports in its Friday edition that U.S. Federal Reserve officials, including Chair Jerome Powell, are rethinking their approach to monetary policy regarding jobs and inflation due to recent inflation trends and the potential for more frequent supply shocks. A Reuters dispatch to The Globe reports that Mr. Powell said at a two-day conference reconsidering the Fed's current approach to monetary policy: "We may be entering a period of more frequent, and potentially more persistent, supply shocks -- a difficult challenge for the economy and for central banks. The economic environment has changed significantly since 2020, and our review will reflect our assessment of those changes." Mr. Powell did not focus on current monetary policy or the economic outlook. He did say he expected April personal consumption expenditures price inflation to have fallen to 2.2 per cent -- a tepid reading but still not reflecting coming tariff-driven price increases. His comments point to possibly extensive revisions to a strategy that had been viewed at its inception as a major shift for the Fed, with a willingness to take more risks in favour of a stronger job market and a willingness to tolerate higher inflation.