of Federal Reserve Investigating the potential impact of generative artificial intelligence (AI) on productivity and inflation and Labor Market, Fed Chairman Jerome Powell said on Tuesday (July 2nd).
Speak at a panel discussion European Central BankSpeaking at a central banking forum in Portugal, Powell said that huge investments in AI signaled “something big is about to happen,” Seeking Alpha reported. report Tuesday.
It’s too early to tell Hiring This technology will eliminate jobs and Work and Powell reportedly said he would create a new one.
“There’s not much central banks can do about this,” Powell said in the report, “but like everyone else, we are meeting with all the experts and asking ourselves what the effects will be on productivity, inflation and growth, and whether it will make a big difference, and if so, for whom.”
According to the report, Powell said the Fed has spent “significant time and effort” researching the potential impacts and that while it does not use generative AI, it is “carefully considering” other forms of AI and may use them.
of International Monetary Fund (IMF) announced in January that A.I. employment The benefits will be particularly significant in developed countries.
About 40% of global jobs are exposed to AI, but 60% of jobs in developed countries could be affected by AI, the IMF said in a Jan. 14 report. Blog Post.
While half of these jobs might benefit from the integration of AI, the other half could be non-trivial tasks. it is According to the post, tasks currently performed by humans will be carried out by AI applications.
These changes could lead to lower demand for labor and lower wages. and Hiring has declined, according to the post.
In June, City He said AI could impact more than half of the world. Finance Jobs54% These jobs There are 12% that have high potential for automation and potential to be augmented by AI.
Other industries likely to be automated include insurance (46%) and energy (43%). and Capital markets (40%) are report.