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Federal Reserve Chair Kevin Warsh identified AI spending as an economic shock driving demand, while pledging to maintain price stability amid rising inflation.
Federal Reserve Chairman Kevin Warsh stated that while the development of artificial intelligence will be 'very bumpy,' it will ultimately make economies more productive and wealthier. He spoke during the IMF-World Bank Annual Meetings in Bangkok.
The Labor Department reported that wholesale prices rose 6.3% in September from a year ago, the largest increase since December 2022, driven by soaring fuel costs.
The Federal Reserve raised its benchmark rate by 1/4 point to a 3.75%-4% range on September 16, saying inflation remains elevated. The vote was 12-0.
