Fed's Jefferson: AI productivity gains uncertain, policy implications unclear

Fed Governor Philip Jefferson delivered a speech on productivity puzzles and the macroeconomy, focusing on the uncertain impact of new technologies like AI on productivity and monetary policy. He highlighted that the adoption of new technologies is historically slow and that current productivity data show no clear acceleration, suggesting the Fed will maintain a cautious, data-dependent stance. The speech signals no imminent policy shift but underscores the Fed's attention to supply-side dynamics.

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