Austan Goolsbee

It can be deflationary.

At the same time, it can, and you have seen it, it can stimulate a lot of investment.

And in the short run, people counting on future productivity growth can overheat the economy just in the near term.

And as you go around the country, you hear a lot of discussion about data center investment demand.

using up all the HVAC people, buying up all the electrical equipment, using up computer chips, and in a way making prices higher for the rest of the economy.

We just got to think about some of those issues.

What are the implications of high productivity growth?

But overall, if that is Kevin Warsh's position, I've known him a long time.

I respect him a great deal.

I mostly agree with him.

Do you want to view that as as much confidence as we ever have or it's not very much confidence?

Both of those can be true.

There's a lot of uncertainty and we have to make decisions with the data we have.

So I take my own views and that of my staff with a heavy grain of salt when things are changing a lot.

We've seen in the last three years

unexpected, unprecedented shocks hitting us.

I'm sure we'll get some more in 26.

But as I say, I'm still optimistic that we're basically cruising along with solid growth, a steady labor market.

We've got some encouraging and some discouraging signs coming on the inflation side.

If we can just get some improvement, I feel like we could still get back on the golden path that we were on before.