Name: Fed Chair Powell: AI’s Effect on Economy ‘Probably Not Great’ Right Now
Uploaded: 2025-06-25T17:40:00Z
Duration: 2 min 31 s
Description: Testifying before the Senate Banking Committee, Federal Reserve Chair Jerome Powell said generative artificial intelligence “has enormous capabilities to make really significant changes in the economy and the labor force.”

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Testifying before the Senate Banking Committee, Federal Reserve Chair Jerome Powell said generative artificial intelligence “has enormous capabilities to make really significant changes in the economy and the labor force.” Photo: Julia Demaree Nikhinson/Associated Press

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Testifying before the Senate Banking Committee, Federal Reserve Chair Jerome Powell said generative artificial intelligence “has enormous capabilities to make really significant changes in the economy and the labor force.”

Fed Chair Powell: AI’s Effect on Economy ‘Probably Not Great’ Right Now

In central banks in other countries, including Bank of England and European Central Bank, they've begun modeling the potential macroeconomic effects of artificial intelligence. You know, they're thinking about how they can use AI to be able to do some of the forecasting, to think through what comes next. I guess I wanted to get a sense of what the Federal Reserve is thinking in terms of similar work in the AI space.

We have lots of people doing work on AI, and more than that even, monitoring research that's going on everywhere in the world. And, you know, speaking of uncertainty, it's very clear that it has the potential to make really dramatic changes in our economy, in our workplace, in the jobs of workers, in the way companies work and all of those things.

Senator Kim: Yeah.

And, but it honestly, there's a tremendous uncertainty about the timing of that and what the ultimate consequences will be and what the medium term consequences will be.

How would you describe AI's impact on the economy so far, and how is the Fed measuring it?

The effects of AI are probably not great at this time, generative AI, and the question is, how great will they be and how big will they be and how quickly will that happen? And anyone who's been exposed to what AI is capable of has to be pretty stunned by what it's capable of, and this is even the early days too. You know what the experts tell us is that, you know, in two years this, these things that you're doing, that'll be nothing compared to what we can do in two years. So I think it has enormous capabilities to make really significant changes in the economy and the labor force and, you know, it can either augment people's productivity or it can replace people, or it can do a little bit of both, but it's going to be something. What's happened before with technology is it just seems to take a long time to be implemented. You know, there's the technologies, what it's capable of, and there's what it actually does when implemented. That last phase has tended to take longer than people expect. Will it happen with AI? It probably will, but in terms of maximum employment, we don't, the Fed doesn't have the tools to really address the social issues and labor market issues that will arise from this. We don't have those tools. We just have interest rates and, you know, we'll always be able to balance the labor market so that supply and demand are in balance, but things like what AI does and what other things do from the outside, we just have to take them as they come.

Fed Chair Powell: AI’s Effect on Economy ‘Probably Not Great’ Right Now

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