Federal Reserve Chair Jerome Powell says the central bank is “strongly committed” to bringing inflation down to 2% during a panel discussion at the Thomas Laubach Research Conference in Washington. Powell went on to say that continued supply shocks remain a possibility, but added that the extent of it could be hard to predict. The Fed’s chair stated that the negative supply shocks contributed to the present rise of the inflation rate, given the shocks to the supply chains for commodities, which saw a significant shift in demand as well as for services for goods and the supply of workers. “Positive supply shocks during globalization probably did help keep inflation low but they are not likely to be repeated,” Powell underlined, adding that central banks are responsible for price stability regardless of supply shocks.