米連邦準備制度理事会（FRB）のデーリー総裁（2027年投票権者）、AIが引き起こす物価圧力に疑いの余地はないと述べる

AI AI is contributing directly only a modest amount to inflation AI is having a limited impact on the labour market We have an inflation problem, but AI is not doing most of the driving There is a risk AI could contribute more to inflation There has been a repricing in AI valuations, but it's not the unwinding of interest or enthusiasm That suggests there's not a risk to growth There is positive momentum for productivity growth A lot of work is being done that means we might see more productivity growth in the next 1-3 years. Economy The focus must be on lowering inflation; describes a stable labour market, positive growth and productivity gains, alongside high inflation. Having to tackle the inflation problem now doesn’t mean ignoring the possibility that productivity growth could be disinflationary. Inflation shocks can compound; can't be complacent Inflation is bleeding into services Once services inflation rises, it's sticky Policy Bias is that further tightening will be needed Tighter financial conditions are most welcome, but markets don't do the work of the Fed; keeping prices stable is the job of the Fed Tighter financial conditions give us more time to make decisions Markets are assisting We have many, many quarters to make policy decisions Exactly how much Fed tightening and when is a decision we don't need to make now