Federal Reserve Governor Lisa Cook said artificial intelligence gains will not offset near-term inflation, warning that AI-driven demand is having a broadening inflationary effect across the economy, according to Bloomberg, Axios and The Hill.
Speaking in a keynote address at the Oakland Tech Week conference on Monday, Cook said prices for AI-related goods, including chips, computers and software, have "surged" over the past year, and that the effects are spreading beyond that sector, per The Hill.
Fed Vice Chair for Supervision Michael Barr said the surge of investment and related demand from the AI buildout is having a measurable effect on prices, according to The Wall Street Journal.
According to Fox Business, Senator Mike Lee criticized Cook's AI inflation warning, calling it "laughably stupid."
How each side covered it
Left
- Bloomberg reported that Cook said AI productivity gains would not offset near-term inflation.
“Fed’s Cook Says AI Gains Won’t Offset Near-Term Inflation” — Bloomberg
Center
- The Wall Street Journal reported Fed Vice Chair Michael Barr said AI-related investment demand is having a measurable effect on prices.
- Axios reported Cook warned AI's inflationary pressure would continue in the near-term.
- The Hill detailed Cook's Oakland Tech Week speech, noting she said inflationary impacts are 'broadening' and cited surging prices for chips, computers and software.
“Fed’s Cook says AI demand ‘broadening’ to increase inflation” — The Hill
Right
- Fox Business reported Senator Mike Lee dismissed Cook's AI inflation warning as 'laughably stupid.'
“Mike Lee slams Fed Governor Lisa Cook's AI inflation warning as 'laughably stupid'” — Fox Business
Questions readers ask
What did Fed Governor Lisa Cook say about AI and inflation?
Lisa Cook said rising demand for AI-related goods, including chips, computers and software, is broadening inflationary pressure across the economy and that AI productivity gains won't offset near-term inflation, according to Bloomberg, Axios and The Hill.
Where and when did Cook make these comments?
Cook made the remarks during a keynote speech at the Oakland Tech Week conference on Monday, according to The Hill.
Did other Fed officials agree with Cook?
Yes, Federal Reserve Vice Chair for Supervision Michael Barr said the surge of AI-related investment and demand is having a measurable effect on prices, according to The Wall Street Journal.
How did right-leaning commentary respond to Cook's remarks?
According to Fox Business, Senator Mike Lee criticized Cook's AI inflation warning as "laughably stupid."
Sources · 5 outlet reports
- BloombergLeft-leaningFed’s Cook Says AI Gains Won’t Offset Near-Term Inflation
- AxiosCenterFed's Cook warns AI's inflationary pressure to continue in the near-term
- The HillCenterFed’s Cook says AI demand ‘broadening’ to increase inflation
- The Wall Street JournalCenterFed’s Cook Expects Continuing Inflation Pressure From AI Buildout in Coming Months
- Fox BusinessRight-leaningMike Lee slams Fed Governor Lisa Cook's AI inflation warning as 'laughably stupid'