Gen AI and Anxiety about the Labor Market: Lisa Cook's Insights

Two weeks ago, Lisa Cook, Governor of the Federal Reserve, gave an excellent speech on the implications of generative artificial intelligence on the labor market. There is nothing I can add, other than it mirrors my own experience and suggests that optimism is warranted regarding the long-term impacts of Gen AI on the labor market. Incidentally, she also provided additional insight on her vote in favor of the 50bp rates cut on September 18 (she voted in favor of it and emphatically supported it). Everyone benefits from this kind of transparency at a central bank (hint-hint, Reserve Bank of Australia...).