Richard Clarida

The timing of that is uncertain.

Whether or not it happens in time for the June meeting is too soon to tell.

But we do think eventually that it will get resolved.

Well, right now it doesn't appear to be either in the data.

And I think there are as many opinions on this as there are people that you talk to.

Myself, I am skeptical that in the next year or so we're going to see a dramatic change in the labor market because of AI.

The models are impressive, but

The analogy I like to use is even their developers admit that they hallucinate.

Hallucination is a feature, not a bug.

And I don't know about you at Bloomberg, but I can tell you at PIMCO, we don't hire a lot of employees who say part of my job description is I'm going to hallucinate.

And so I think until they figure that out,

it may not have as much an effect on the labor market as people think.

What was it called?

Reverse Polish notation.

Reverse Polish notation.

I think we're going to deal with it.

And remember that near term, in order to get the nirvana of AI benefits, there has to be a lot of capital spending, data centers, power generation.

And so the interesting thing about AI right now is that it's really a driver of a lot of the old traditional bricks and mortar economy.

Well, I think it's important.

I think Jay Powell recognizes that, you know, the first sentence and eventually whenever his New York Times obituary is written is he wants to make sure that it says something along the lines as Chair Powell report, restore price stability and maintain the Fed's independence.