Fed’s Cook says AI demand ‘broadening’ to increase inflation
Summary
Federal Reserve Governor Lisa Cook said that growing demand for artificial intelligence (AI) is causing more parts of the economy to experience rising prices. She pointed out that costs for AI-related products like computer chips and software have increased sharply over the past year.Key Facts
- Lisa Cook is a member of the Federal Reserve Board.
- She spoke at the Oakland Tech Week conference.
- Demand for AI technology is increasing across many industries.
- Prices for AI-related products such as chips, computers, and software have gone up significantly in the last year.
- This rising demand is causing inflation to affect more areas of the economy.
- Inflation means that prices for goods and services are increasing.
- The broadening inflation may affect economic decisions and policies.
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