Feed: Slashdot
Feed Link: https://slashdot.org/
---

Title: Fed Chair Powell Says AI Is Coming For Your Job

Link: https://news.slashdot.org/story/25/06/27/2044...

Federal Reserve Chair Jerome Powell told the U.S. Senate that while AI hasn't
yet dramatically impacted the economy or labor market, its transformative
effects are inevitable -- though the timeline remains uncertain. The Register
reports: Speaking to the US Senate Banking Committee on Wednesday to give his
semiannual monetary policy report, Powell told elected officials that AI's
effect on the economy to date is "probably not great" yet, but it has
"enormous capabilities to make really significant changes in the economy and
labor force." Powell declined to predict how quickly that change could
happen, only noting that the final few leaps to get from a shiny new
technology to practical implementation can be a slow one. "What's happened
before with technology is that it seems to take a long time to be
implemented," Powell said. "That last phase has tended to take longer than
people expect." AI is likely to follow that trend, Powell asserted, but he
has no idea what sort of timeline that puts on the eventual economy-
transforming maturation point of artificial intelligence. "There's a
tremendous uncertainty about the timing of [economic changes], what the
ultimate consequences will be and what the medium term consequences will be,"
Powell said. [...] That continuation will be watched by the Fed, Powell told
Senators, but that doesn't mean he'll have the power to do anything about it.
"The Fed doesn't have the tools to address the social issues and the labor
market issues that will arise from this," Powell said. "We just have interest
rates."

Read more of this story at Slashdot.

---
VRSS v2.1.180528