Federal Reserve official Tom Barkin says the construction and deployment of artificial intelligence infrastructure, including data centers, are contributing to near-term inflation pressures. His comments come as US inflation remains above the Fed’s target and the federal funds rate stands between 3.75% and 4.00%. Markets now price in at least one interest rate increase in 2026, with probabilities of 21.5% for one hike and 77.5% for two hikes. Upcoming inflation and employment data, along with comments from Fed Chair Jerome Powell and other FOMC members, could determine whether further rate increases are needed.
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