Fed's Waller (Voter, Dovish) says the US remains the dominant country in building AI models and AI could contribute to widening GDP per capita

If AI investment falls off, it will put a check on prices. Hyperscalers are still planning on spending trillions of dollars over the next three years. Inflation expectations are well anchored. AI build-out is definitely having an impact on yields. Real yields reflect the impact of real growth. Higher yields could do some of the Fed's work on demand.