Auto-Filling SEO Website as a Gift

Launch Your AI-Powered Business and get clients!

No advertising investment needed—just results. AI finds, negotiates, and closes deals automatically

July 15, 2024, 3:41 p.m.
239

None

The CEO of the Federal Reserve Bank in San Francisco expressed optimism regarding the impact of artificial intelligence (AI) on job market, highlighting that early signs indicate AI is benefiting workers more than posing harm. Mary Daly, who supervises a Federal Reserve bank region encompassing Silicon Valley and other Western states, discussed the state of labor market during the Fortune Brainstorm Tech conference in Deer Valley, Utah. Daly emphasized that the tech sector's continuous development brings about positive changes, enhancing businesses and improving lives. She acknowledged that the US labor market, which has experienced tightness since 2021, is now softening, with the unemployment rate reaching a two-and-a-half-year high of 4. 1% in June. To meet demand and increase efficiency, companies are increasingly employing AI to complement their workforce rather than replacing workers.

Daly assured the audience, which included venture capitalists and tech entrepreneurs, that historically, technology has not reduced overall employment. Regarding the Federal Reserve's monetary policy, Daly hinted at potential adjustments in the upcoming terms but refrained from revealing specifics. As for the effect of rate cuts on the valuations of tech companies like Nvidia, Daly stated that the relationship between interest rates and valuations is not straightforward. Commenting on Donald Trump's potential return to the White House, Daly reaffirmed the Federal Reserve's commitment to independence and stated that the trust and respect of the American people remain paramount.



Brief news summary

Mary Daly, CEO of the San Francisco Federal Reserve bank, challenges the common notion that artificial intelligence (AI) jeopardizes job markets. She believes that AI actually benefits workers and gives the example of Honeywell using the technology to enhance their workforce rather than replace employees. Daly also argues that no technology has ever ultimately reduced employment opportunities. Daly also discusses the potential impact of policy adjustments and interest rate changes by the Federal Reserve, particularly on technology companies' valuations. Although she doesn't provide specific details, she expresses uncertainty about the outcome. Furthermore, Daly highlights the importance of the Federal Reserve maintaining its independence and integrity, especially when faced with differing opinions from the administration. She believes that earning the trust and respect of the American people is crucial for the Federal Reserve to effectively carry out its duties.
Business on autopilot

AI-powered Lead Generation in Social Media
and Search Engines

Let AI take control and automatically generate leads for you!

I'm your Content Manager, ready to handle your first test assignment

Language

Learn how AI can help your business.
Let’s talk!

Hot news

July 7, 2025, 2:18 p.m.

Kinexys Launches Carbon Market Blockchain Tokeniz…

Kinexys by J.P. Morgan, the firm’s leading blockchain business unit, is developing an innovative blockchain application on Kinexys Digital Assets, its multi-asset tokenization platform, aimed at tokenizing global carbon credits at the registry level.

July 7, 2025, 2:15 p.m.

Ford CEO Jim Farley warns AI will wipe out half o…

Ford CEO Jim Farley recently emphasized the critical role of the “essential economy” and blue-collar skilled trades while forecasting that artificial intelligence will halve the number of white-collar jobs in the U.S. He has become the latest executive to raise concerns over AI’s impact on workers, joining voices like Amazon’s CEO, who last month announced that the company’s corporate workforce will shrink because of AI.

July 7, 2025, 10:27 a.m.

Cryptocurrency Theft Losses Reach Record High in …

In the first quarter of 2025, the cryptocurrency industry saw a dramatic surge in theft losses, totaling an unprecedented $1.63 billion.

July 7, 2025, 10:15 a.m.

AI in Education: Personalized Learning Experiences

In recent years, the education sector has experienced a notable shift toward integrating artificial intelligence (AI) to enhance learning experiences.

July 7, 2025, 6:46 a.m.

New Push for National AI Rules Likely After State…

A recent effort to impose a decade-long moratorium on state-level artificial intelligence (AI) regulations through the Republican budget bill, led by Senator Ted Cruz and supported by industry groups, has faced significant setbacks, revealing the growing complexities of AI governance in the U.S. The proposal aimed to prevent states from enacting individual AI policies to avoid a fragmented regulatory landscape that could hinder innovation and burden multi-state companies.

July 7, 2025, 6:27 a.m.

Investors Pile into Tokenised Treasury Funds

Crypto companies and investors are increasingly channeling funds into tokenised versions of money market and Treasury bond mutual funds as alternatives to stablecoins for parking excess cash while earning yield.

July 6, 2025, 2:15 p.m.

What is Blockchain? Demystifying the ledger that …

Best known as the technology powering Bitcoin, blockchain is emerging as a trustless, tamper-proof system with the capacity to revolutionize sectors from finance to healthcare.

All news