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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.
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