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FED: Cook – AI To Boost Productivity

FED
USGlobalEM BulletFederal ReserveCentral Bank NewsFixed Income BulletsBulletMarketsEmerging Market NewsForeign Exchange BulletsRegionNorth America
  • Fed Governor Cook has today released prepared remarks noting how AI-improved productivity growth could allow more wage growth without sparking inflation, tallying with her comments from Sep 26 that she “wholeheartedly” backed the 50bp cut (which in turn echoed another permanent voter in Kugler “strongly” supporting the move).  

  • "While much is still to be learned, I see growing evidence that AI is poised to have a substantial effect on U.S. and global labor markets. As firms deploy these technologies and workers discover ways to make use of them, such developments can create the conditions for greater productivity and thus higher wage growth consistent with stable prices. And adjustments in the labor market that follow as the economy adapts to technical change can affect maximum employment," she said.

     

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  • Fed Governor Cook has today released prepared remarks noting how AI-improved productivity growth could allow more wage growth without sparking inflation, tallying with her comments from Sep 26 that she “wholeheartedly” backed the 50bp cut (which in turn echoed another permanent voter in Kugler “strongly” supporting the move).  

  • "While much is still to be learned, I see growing evidence that AI is poised to have a substantial effect on U.S. and global labor markets. As firms deploy these technologies and workers discover ways to make use of them, such developments can create the conditions for greater productivity and thus higher wage growth consistent with stable prices. And adjustments in the labor market that follow as the economy adapts to technical change can affect maximum employment," she said.