Michelle Hussein

And of course, there's a lot of focus on who's going to lead the Fed and who is going to be leading those conversations about the balance between inflation risks and joblessness risks in the United States.

What's your thinking on the extent to which the market is concerned about the person themselves?

I mean, this is in the end setting policy as a group activity.

Yeah.

But the chair clearly has a big voice at the table.

What should we know about the way these decisions are made and how much it matters who leads?

Yes.

I mean, how nervous are you about political pressure to get rates lower in the United States?

Is this something that should preoccupy market participants?

If the White House and if the Fed wants lower interest rates in the States and if that's what they deliver, if the market then worries about inflation, does that mean that the lower rates the Fed sets don't necessarily get passed on to the real economy?

So could lower rates actually be self-defeating?

And are you concerned about overheating at all in the U.S.

economy around the AI theme?

You talked about how there are going to be some tailwinds around fiscal stimulus in the states, tax cuts, also the AI build-out.

Yes.

And at the coalface of the sort of news flow around corporate adoption of AI, we get drip fed little nuggets of information about these businesses adopting quickly.

Here, there's some pushback.

What's your big picture expectation about how quickly this can change the productivity narrative for the U.S.

economy?

So labor markets will need to adapt.