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Federal Member: AI and Oil Boost Inflation
Federal Reserve Board member Lisa Cook expects inflation to remain elevated due to the expanding investments in artificial intelligence, rising oil prices, and supply chain disruptions linked to the conflict in the Middle East. She pointed out that the surge in prices for technology-related goods, such as chips and computers, is intensifying inflationary pressures, and recent inflation data indicate a broader increase in the costs of electricity, water, and basic commodities. She confirmed that productivity gains from artificial intelligence could help reduce inflation in the future, but current effects do not offset the inflationary pressures. Any interest rate hikes will depend on economic data and the labor market to determine what is needed to confirm a return to the Federal Reserve’s inflation target.
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