Federal Reserve Chair Wosch said during a Senate Committee on Banking, Housing, and Urban Affairs hearing on the Fed’s semiannual monetary policy report that recent inflation data may not fully capture underlying inflation. He said AI investment is supportive of employment in the short term and will bring disruptive change. Wosch also said he has shifted his own investments into cash equivalents and short-term Treasuries. He expects AI to push up observable price levels over the next 12 months, while adding that whether AI ultimately causes inflation will depend on the Federal Reserve.
Federal Reserve Chair Wosch said at a Senate Committee on Banking, Housing, and Urban Affairs hearing on the Fed’s semiannual monetary policy report that recent inflation data does not fully reflect underlying inflation.
He said AI investment supports employment in the short term and will trigger disruptive change. Wosch also said he has moved his investments into cash equivalents and short-term Treasuries, and expects AI to raise observable price levels over the next 12 months.
On whether AI will cause inflation, he said that depends on the Federal Reserve.
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