Group 1 - Federal Reserve Chairman Jerome Powell indicated a need to reassess the 2020 monetary policy framework, particularly regarding "employment shortfalls" and "average inflation targeting" [1] - The current economic environment has shifted from a "three lows" scenario (low inflation, low unemployment, low growth) to a "three highs" scenario (high inflation, high growth, high interest rates), necessitating a reevaluation of the average inflation targeting approach [2][3] - Analysts suggest that maintaining the previous inflation narrative could lead to policy lag risks, potentially causing the Fed to miss critical opportunities to counter economic downturns [2] Group 2 - The structure of the employment market has fundamentally changed, with a need for the Fed to adjust its employment targets to prevent exacerbating inflation risks in a high-inflation environment [3] - Recent comments from Fed officials indicate a focus on inflation risks rather than employment concerns, suggesting a wait-and-see approach until clearer inflation data emerges [4] - Wall Street investment banks expect that price increases driven by tariff policies will become more apparent in the next 2-3 months, leading to a delay in the Fed's rate cuts [5]