Fed's Cook says right course of action is to hold rates steady

Risks are tilted toward higher inflation; inflation clearly moving in wrong direction. Prepared to raise rates if expected disinflation doesn't appear in a timely manner. Would be prepared to cut rates if labor market deteriorates. Even temporary shocks could push up inflation in medium term. Shocks pushing up inflation should in theory be temporary. AI job loss could precede AI job gains. Optimistic on economic growth, expect AI to boost productivity. Labor market 'largely stable' but downside risks are elevated. AI may enhance financial stability, implications of AI for cybersecurity unclear.