Every five years the Federal Reserve reconsiders its framework for monetary policy. This time it will have to consider lessons from the pandemic and an uncertain future.

Recent economic trends point to the possibility that the Federal Reserve will have to grapple with sudden shocks to the supply of goods and commodities in the coming years.

US wholesale prices sank in April, logging their biggest monthly drop since Covid stifled the economy, as tariffs put a squeeze on profit margins, according to new data released Thursday.