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Fed's Cook: The Opportunities and Risks AI Presents for the Economy and Financial System
Thank you, Neale, for that kind introduction. Being back on Stanford's campus is always an honor and conjures up great memories. I spent several formative years here—first as a student in the AEA Summer Program, which prepares students to pursue graduate study in economics, and then as a National Fellow at the Hoover Institution. To say that these stints at Stanford were transformative would be an understatement. The summer program prepared me for and set me on a new intellectual and career journey, and my three years here as a postdoc set out an entirely new line of research inquiry. In fact, I started my research ... (full story)
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Iran's state TV: We have a draft of the initial unofficial framework for the MOU with the US IRAN'S STATE TV SAYS ACCORDING TO DRAFT MOU US MILITARY FORCES WILL WITHDRAW FROM VICINITY OF IRAN AND LIFT NAVAL BLOCKADE The management and route of ship traffic through Strait of Hormuz will be handled by Iran in cooperation with Oman - Iran's State TV. If a final deal is reached within 60 days, this agreement will be approved in the form of a binding UN Security Council resolution - Iran's State TV. Iran's State TV: The Islamabad memorandum framework is not yet finalized; no step will be taken by Iran without "tangible verification."
*WHITE HOUSE: MOU REPORTED ON BY IRAN MEDIA IS FABRICATION This report from Iranian controlled media is not true and the MOU they “released” is a complete fabrication. Nobody should believe what Iranian state media is putting out. FACTS MATTER.
Fed's Jefferson says monetary policy is well positioned to respond, not prejudge June meet 
Jefferson: Global Economic Developments and the U.S. Economy Good morning. It is an honor to be here at the Bank of Japan, and I appreciate the opportunity to speak with you today. I am looking forward to our discussion, but first I want to share some framing thoughts. I will briefly discuss three developments in the global economy that I am monitoring, and then I will update you on my outlook for the U.S. economy and the path of monetary policy. The first global development I am tracking is the significant increase in energy prices due to the conflict in the Middle East. The rise in crude oil prices poses downside risks to growth and upside risks to inflation around the globe. Elevated energy prices are particularly challenging for countries like Japan that are net energy importers. While being a net energy exporter buffers the U.S. to an extent against energy shocks, it is not immune to the effects of disruption to global supply. Gasoline prices in the U.S. increased significantly since the onset of the conflict and remain notably elevated. I am watching whether higher energy prices will start to weigh on consumer spending. The second development is the rapid advancement of artificial intelligence (AI) technology. As a central banker, I am optimistic about AI's promise to drive productivity and growth, though I am also monitoring its effects on the labor market and inflation. And the third development is the effects of disrupted trade flows on the global economy. Since the pandemic, there have been multiple disruptions to global trade that have affected both supply and price levels. Against this global backdrop, my focus, of course, is on the U.S. economy. Recent economic growth in FED GOV JEFFERSON/BOJ INSTITUTE: VIEW RISKS TO INFLATION 'TILTED TO THE UPSIDE;' EXPECT INFLATION TO DECLINE LATER THIS YEAR #Jefferson #FederalReserve #economy FED GOV JEFFERSON/BOJ INSTITUTE: WATCHING WHETHER HIGHER ENERGY PRICES WILL START TO WEIGH ON CONSUMER SPENDING #Jefferson #FederalReserve #economy
Jefferson: Global Economic Developments and the U.S. Economy Good morning. It is an honor to be here at the Bank of Japan, and I appreciate the opportunity to speak with you today. I am looking forward to our discussion, but first I want to share some framing thoughts. I will briefly discuss three developments in the global economy that I am monitoring, and then I will update you on my outlook for the U.S. economy and the path of monetary policy. The first global development I am tracking is the significant increase in energy prices due to the conflict in the Middle East. The rise in crude oil prices poses downside risks to growth and upside risks to inflation around the globe. Elevated energy prices are particularly challenging for countries like Japan that are net energy importers. While being a net energy exporter buffers the U.S. to an extent against energy shocks, it is not immune to the effects of disruption to global supply. Gasoline prices in the U.S. increased significantly since the onset of the conflict and remain notably elevated. I am watching whether higher energy prices will start to weigh on consumer spending. The second development is the rapid advancement of artificial intelligence (AI) technology. As a central banker, I am optimistic about AI's promise to drive productivity and growth, though I am also monitoring its effects on the labor market and inflation. And the third development is the effects of disrupted trade flows on the global economy. Since the pandemic, there have been multiple disruptions to global trade that have affected both supply and price levels. Against this global backdrop, my focus, of course, is on the U.S. economy. Recent economic growth in FED GOV JEFFERSON/BOJ INSTITUTE: VIEW RISKS TO INFLATION 'TILTED TO THE UPSIDE;' EXPECT INFLATION TO DECLINE LATER THIS YEAR #Jefferson #FederalReserve #economy FED GOV JEFFERSON/BOJ INSTITUTE: WATCHING WHETHER HIGHER ENERGY PRICES WILL START TO WEIGH ON CONSUMER SPENDING #Jefferson #FederalReserve #economy
