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Fed governor Lisa Cook says AI could leave Fed with hard choice: Fight inflation or boost employment
Federal Reserve governor Lisa Cook suggested Tuesday that artificial intelligence could push the central bank to have to make hard choices between keeping interest rates elevated to fend off inflationary pressures and lowering rates to address lower employment. “If AI continues to raise productivity, economic growth could remain strong, even as churn in the labor market leads to an increase in unemployment,” Cook said. “The AI transition I am contemplating could have profound implications for monetary policy.” Rate cuts, Cook said, may not be able to solve for an increase in unemployment due to AI since ... (full story)
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