{"id":632812,"date":"2026-10-16T21:38:09","date_gmt":"2026-10-16T21:38:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/632812\/"},"modified":"2026-10-16T21:38:09","modified_gmt":"2026-10-16T21:38:09","slug":"new-york-city-council-questions-pacex-official-over-ai-safety","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/632812\/","title":{"rendered":"New York City Council questions paceX official over AI safety"},"content":{"rendered":"

Federal Reserve Chairman Kevin Warsh said the advent of artificial intelligence<\/a> “is probably the most consequential change to the U.S. and the global economy in my lifetime to this point.”\u00a0<\/p>\n

Warsh made the remark Friday during a conversation with Kristalina Georgieva, the managing director of the International Monetary Fund (IMF).\u00a0<\/p>\n

“I take it seriously. But as a central banker, also soberly, responsibly, I’d say it’s going to do several things,” Warsh said.\u00a0<\/p>\n

“First, it’s obviously hitting the demand side of the economy before it’s going to hit the supply side of the economy. See if you’re a central banker and you’re in the business of trying to ensure stable prices and full employment, you’ve got to recognize this as a shock,” Warsh said. “But it’s a positive supply shock in the medium term. I do fundamentally believe that.”\u00a0<\/p>\n

“Second, it’s a big deal for central banks because we’re in the business of trying to, in some ways, distill noisy data all over the world. We get some of that from official statistics in the U.S., from the Bureau of Labor Statistics, the Bureau of Economic Affairs. We torture data with old fashioned models to try to find out what’s underlying inflation trends,” Warsh said. “Not so long from now, it won’t be torture. We will have access at the fingertips of central banks to all the information in the world, and we’ll be able to use new analytical tools to distill that data. So when we get new information, we’re going to have a lot more confidence in what it tells us as we’re looking outside the window and saying, is that real? Or is that lagged and noisy data subject to mismeasurement? So I think it’s going to fundamentally change the conduct of monetary policy.”\u00a0<\/p>\n

“Third, it’s going to change the real economy,” Warsh also said. “We don’t know in the next 12 or 18 months its effect on employment. But if you believe like I believe, which is it will make, economies and countries that put it to good use more productive, that it’s going to make it so that we will have more wealth, than that has to be a very good thing. But the path from where we are to there is likely to be a very bumpy one, bumpy in our understanding of the technology, bumpy because we really don’t know what the market structure is going to be of these new technologies.”\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Federal Reserve Chairman Kevin Warsh said the advent of artificial intelligence “is probably the most consequential change to…\n","protected":false},"author":2,"featured_media":632813,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[365,363,364,251,2580,1258,257,111,43,139,69,145,255],"class_list":["post-632812","post","type-post","status-publish","format-standard","has-post-thumbnail","category-artificial-intelligence","tag-ai","tag-artificial-intelligence","tag-artificialintelligence","tag-breaking-news","tag-current-news","tag-latest-news","tag-national-news","tag-new-zealand","tag-news","tag-newzealand","tag-nz","tag-technology","tag-world-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/632812","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=632812"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/632812\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/632813"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=632812"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=632812"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=632812"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}