TechFlow News, May 28: Federal Reserve Bank of New York President John Williams stated that it remains unclear how productivity gains will ultimately affect interest rates and the Fed’s policy decisions. Williams said: “My answer to the question—‘How will changes in trend productivity growth affect the economy and monetary policy?’—is unsurprising: ‘It depends.’” He added: “Specifically, it depends on the nature of the change itself and its expected duration.” Williams made these remarks as Fed officials seek to assess how the recent surge in productivity—and expectations of further gains driven by advances in artificial intelligence—will impact inflation and the labor market. Several Fed officials have expressed uncertainty about how these dynamics will ultimately evolve. (Jinshi)
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