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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 Report, April 20 (UTC+8), Federal Reserve's new chair nominee Kevin Walsh believes that the upcoming productivity growth could give the Federal Reserve room to cut interest rates, provided that higher productivity can lead to low-inflation economic growth. However, economist Ed Yardeni also expects the economy to benefit from technological advances this decade, but he disagrees that this outcome would justify lowering rates. Yardeni wrote: "While we share Walsh's optimistic outlook on productivity, we have fundamentally different views on what this means for monetary policy." Yardeni believes that faster growth will raise the natural rate, R*, which is the rate that neither stimulates nor restrains the economy. He wrote: "If the Federal Reserve lowers the federal funds rate below R*, the risk is that it will fuel financial speculation and instability." (Source: Jin10)
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