Fed’s Miran sees China trade tensions as a further reason for quick interest rate cuts

FED'S MIRAN SAYS EXPECT TO GET TO 2% INFLATION ON HEADLINE PCE IN ABOUT A YEAR AND A HALF FED'S MIRAN SAYS HOPEFUL TO HAVE THE NEEDED DATA IN HAND FOR THE OCTOBER MEETING, IF NOT WILL RELY ON OUTLOOK MIRAN: HAVE NOT HAD CONVERSATIONS ABOUT STAYING AT THE FED PAST JAN. 31 LISA COOK'S FIRING IS A QUESTION FOR LAWYERS MIRAN: DO NOT CARE THAT GOLD IS AT A RECORD Fed's Miran: I might argue that there is a geopolitical risk premium in the price of gold, but I don't see economic consequences to that.

Fed's Miran: AI Investment Could Lead To Higher Neutral Interest Rate FED'S MIRAN SAYS RECENT POLICY CHANGES, INCLUDING IMMIGRATION, HAVE PRODUCED FAST CHANGES IN THE NEUTRAL RATE || SAYS CURRENT FED POLICY IS MORE RESTRICTIVE THAN PEOPLE THINK BECAUSE THE NEUTRAL RATE HAS FALLEN FED'S MIRAN SAYS DON'T THINK MOVING BY MORE THAN 50 BPS CUTS IS NECESSARY MIRAN: NO EVIDENCE IN THE DATA THAT TARIFFS ARE RAISING INFLATION; ARGUMENTS OTHERWISE ARE BASED ON PRIOR TRENDS KEY CATEGORIES OF IMPORTED GOODS ARE NOT SEEING PRICE INCREASES THAT DIFFERENT FROM OTHER GOODS

Thank you for the opportunity to speak to you today about artificial intelligence (AI). AI is a powerful and rapidly advancing technology that has captured everyone's attention. If you've watched enough sci-fi, you know that major technological change is usually either dystopian or utopian—the robots either take over the world or improve it. These polarized views are also common among economists and technologists. On one side, there are the doomers—those convinced that new technologies will destroy jobs, widen inequality, and concentrate power. On the other, there are the techno-optimists—those convinced we're on the brink of an unprecedented leap in productivity, growth, and creativity if we let the technology proliferate. As usual, the truth about AI is probably somewhere in between. The job of an economic policymaker is to separate hype and hyperbole from hard data and sound analysis and understand what AI really means for growth, productivity, and the broader economy. FED'S WALLER DOES NOT COMMENT ON MONETARY POLICY IN PREPARED REMARKS ON ARTIFICIAL INTELLIGENCE