Fed’s Jefferson says AI may lift productivity, but inflation still calls the shots

The Federal Reserve vice chair framed artificial intelligence as a slow-moving productivity story colliding with a stubborn inflation problem Federal Reserve Vice Chair Philip Jefferson wants everyone to think about artificial intelligence. Just not the way Silicon Valley does. In a speech to an audience of students, faculty, and business leaders, Jefferson said AI may gradually raise productivity. He also stressed that its economic effects remain uncertain and that inflation is still running above the Fed’s target. Jefferson framed his remarks around two questions. How could rapid technological change reshape the economy, and what would that mean for monetary policy? Rather than leap straight into AI predictions, he opened by revisiting an earlier era of major technological advances.

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