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Economist: Wosh's optimistic attitude toward artificial intelligence may not serve as a reason to cut interest rates

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ME News, April 20 (UTC+8): Federal Reserve nominee Kevin Waush, the new Fed chair candidate, believes that the upcoming productivity growth could give the Fed room to cut interest rates, provided that higher productivity can support low-inflation economic growth. However, economist Ed Yardeni also expects that the economy will benefit from technological progress this decade, but he disagrees that this outcome would justify lowering interest rates. Yardeni wrote: “While we are aligned with Waush on our optimistic outlook for productivity, we fundamentally differ on what this means for monetary policy.” Yardeni believes that faster growth would raise the natural interest rate—i.e., the R* rate—which would neither stimulate nor restrain the economy. He wrote: “If the Fed cuts the federal funds rate below R*, the risk is that it will fuel financial speculation and instability.” (Source: Jin10)
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