Michelle Hussein

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.

And what should policymakers, I suppose, keep in mind when it comes to labor markets and how quickly we might see the effects of AI on redundancies?

And on that structural story, is it your sense then that the negatives kick in more quickly than the positives?

So the job cuts come and then the productivity gains come later?

OK, Robert, thank you very much.

Thanks for joining us.

Rob Kaplan, vice chairman of Goldman Sachs and previously, of course, of the Dallas Fed.

Our thanks to Rob for joining us.

Very great.

Really great to get his perspective on the AI up and downsides for the U.S.

economy and the Fed conversation, of course.

You certainly ask interesting questions.

Eugene, let me come to you.