Bostic reports strong labor market, stresses careful inflation monitoring
Investing.com -- The labor market is performing exceptionally well, according to Raphael Bostic, president of the Federal Reserve Bank of Atlanta. However, despite the positive performance, Bostic stressed the importance of carefully monitoring the latest inflation numbers.
Bostic also discussed the potential impact of artificial intelligence (AI) on the workforce. He suggested that the deployment of AI could result in a reduction in the number of workers required in certain industries. Additionally, he highlighted the potential for a significant skills gap between jobs lost to AI and those created by it.
Bostic expressed concerns about the ability to confidently predict future trends due to the current policy uncertainty across multiple dimensions. He emphasized the necessity for the Federal Reserve to maintain close contact with businesses to understand how upcoming policy changes might impact them.
As for the Federal Reserve's immediate plans, Bostic stated that the institution is holding steady until there is more clarity.
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