Federal Reserve Chairman Powell stated that the Federal Reserve is adjusting its overall policy-making framework to address 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 Federal Reserve adopted the current framework five years ago and began evaluating it this year. The evaluation is unlikely to affect the way the Federal Reserve currently sets interest rates. Powell previously stated that the Federal Reserve might complete this process and announce the results by August or September. Powell noted that the inflation-adjusted "real" interest rates have risen since the 2020 pandemic, which may affect elements of the Federal Reserve's current framework. He stated, "Higher real interest rates may reflect the possibility that inflation could be more volatile in the future than during the inter-crisis period of the 2010s. We may be entering a period of more frequent and possibly more persistent supply shocks—a daunting challenge for both the economy and central banks."