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Fed Governor Cook expects to see continued inflation pressure in coming months from AI and Middle East conflict

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Fed Governor Cook warns of persistent inflation pressures from AI and Middle East conflict, noting limited policy tools if AI temporarily boosts unemployment because rate cuts could fuel inflation.

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Labour market well positioned to handle an increase in rates. Signs of broadening pressure in inflation data. Those gains will not come in time to offset broadening inflation this year. Highly attentive to a scenario in which AI leads to at least a temporary rise in unemployment. Limited evidence to date that AI is changing labour market structure. Fed would have limited tools to help in such a case, lowering rates could fuel inflation.

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