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

MeNews
ME News: On April 20 (UTC+8), Kevin Waugh, the nominee for the new chair of the U.S. Federal Reserve, believes that the upcoming productivity growth may give the Fed room to lower interest rates, provided that higher productivity can translate into economic growth with low inflation. However, economist Ed Yardeni also expects the economy to benefit from technological advances over this decade, but he disagrees that this outcome would justify lowering interest rates. Yardeni wrote: “While we are aligned with Waugh’s optimistic view on productivity, we have fundamentally different views on what this result means for monetary policy.” Yardeni believes that faster growth will raise the natural interest rate, i.e., the R* value—an interest rate that neither stimulates nor restrains the economy. He wrote: “If the Fed lowers the federal funds rate to below the R* value, the risk is that this will fuel financial speculation and instability.” (Source: Jin10)
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