Chicago Fed President Austan Goolsbee said demand for AI data centers may be crowding out investment from other sectors of the economy. He described the expansion of data centers as « very hot » but largely « shoving other parts of the economy down. » Businesses in the Fed’s Seventh District report having to scale back plans due to expensive construction workers and unavailable HVAC equipment. Goolsbee said the country is « not far » from aggregate overheating.
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