Governor Lisa D. Cook at Oakland Tech Week Opening Keynote, cohosted by the Kapor Center, Oakland, California.

AI is framed as a general-purpose technology on par with or exceeding the steam engine, electricity, and the internet.

Companies have spent only a small fraction of the $2 trillion in announced AI investment plans.

Total inflation is estimated at 3.8 percent into August and core inflation at 3.4 percent, still above the 2 percent target. Unemployment was 4.1 percent in August and the labor market is roughly in balance and resilient so far.

AI-driven investment and data-center demand add short-run inflation pressure through chips, construction labor, and energy, with wealth effects from AI equity enthusiasm.

Nearly half of small employer firms are using AI, and 71 percent report increased productivity in a study cited in the speech.

Firms with fewer than 500 employees are more than 99 percent of U.S. firms and 61 percent of net new job creation since 1995.

AI adoption is happening faster than PC or internet adoption at comparable points.

Governor Lisa D. Cook frames the short term as added inflation pressure from AI, the medium term as labor-market transition risk, and the long term as productivity optimism, with the dual mandate in view.

As-of Mon 28 Sep 2026. Federal Reserve.