(Bloomberg) — Federal Reserve Chair Jerome Powell said the U.S. economy is experiencing “fundamental shifts” as people and businesses pivot to “meet the demands of a new reality.”

Powell made the remarks Friday in a brief opening statement to a Fed Listens event. He didn’t comment on monetary policy or the economic outlook in his prepared text.

“While uncertainty often results in immobility for businesses, it can also spell opportunity, and the creativity and adaptability on display over the past 18 months have been among the few bright spots,” Powell said. “I have been amazed and inspired by the flexibility and ingenuity, particularly that of small businesses.”

Fed Listens kicked off in 2019 as part of Powell’s review of the central bank’s longer-run strategy, with more than a dozen events held at regional Fed banks around the country. The U.S. central banks engaged with a variety of people, including small-business owners and union members.

In August 2020, the Fed announced the results of its strategy review. It adopted a new framework of monetary policy. This included a shift to an average inflation target without any time limit and the decision not to prejudge full employment.

In June, the Fed declared that Fed Listens would be relaunched to collect on-the ground information regarding recovery. 

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