Federal Reserve Chair Jerome Powell is cautioning that the U.S. could face an increase in supply shocks. The comes a week after the central bank announced it would hold interest rates steady amid a period of economic uncertainty.

Following the last review, the Fed outlined a policy that became known as flexible average inflation targeting. The move was a stated intent to allow inflation to run slightly over the Fed's 2% target for a period of time in the interest of providing full and inclusive employment across the economy, including for race and gender.