Federal Reserve Chairperson Jerome Powell said the Fed's framework review will not focus on the inflation target, which will remain at 2%. Current policy is well prepared to deal with risks and uncertainties. If the economy continues to be strong and inflation does not move closer to 2%, policy caution can be maintained for a longer period of time. If the labor market unexpectedly weakens or inflation falls more than expected, policy can be moderately eased. The U.S. economy is strong overall, with inflation close to the 2% target, but still slightly higher. The Fed will complete the framework review by late summer.