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Fed confronts AI revolution after Warsch speech
The speech by Federal Reserve Chairman Jerome Powell focused on the importance of artificial intelligence as a key pillar in economic policy, acknowledging that it is fundamentally transforming economic growth and future expectations. He pointed out that AI is considered a historic turning point, with massive investments from technology companies in building data centers and tech-driven innovations, despite concerns that it could lead to an economic bubble. Powell also discussed the impact of AI on workers' livelihoods and economic growth, while maintaining a cautious outlook on the challenges and risks associated with it.
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