Fed's Warsh warns AI rollout will be bumpy but lift wealth over time
What's new: Warsh called AI the most consequential economic shift of his lifetime, while saying its near-term effect on jobs remains uncertain.
Federal Reserve Chair Kevin Warsh said artificial intelligence will ultimately make economies more productive and wealthier, even if the transition is uneven and disruptive. Speaking at the IMF-World Bank annual meetings in Bangkok, Warsh called AI “probably the most consequential change” to the U.S. and global economy in his lifetime. He said the path of development will be “very bumpy” and warned that the short-term impact on jobs is still unclear. Warsh said countries that use the technology well stand to gain the most over time. His remarks came alongside comments on global monetary tightening, though he declined to signal whether the Fed will change rates at its Oct. 27-28 meeting.