The Governor of the Federal Reserve (Fed) Michael Barr stated that artificial intelligence (AI) could transform the global economy by enhancing productivity and reshaping the work – leisure model. Speaking at the FinTech Festival in Singapore, he emphasized that the impact of AI remains unpredictable, which could lead to a fall in employment but also increase efficiency.
A survey by the New York Fed shows that businesses are reducing hiring plans due to AI, contributing to a slowdown in job creation. Barr mentioned the massive investment flow – about $3 trillion – into data centers, which helps boost productivity without causing excessive inflation, but warned of risks if demand exceeds supply. He stated that the Fed has implemented generative AI for coding, testing, and moving to the cloud, improving productivity and work quality, while asserting that AI will play a crucial role in America's economic future.
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