Federal Reserve Governor Lisa Cook warned that massive investments in artificial intelligence could keep inflationary pressures alive until 2027. Companies have announced approximately $2 trillion in AI-related investment plans, much of it aimed at data centers, but only a minor portion of that money has actually been spent. The costs of key inputs needed for this expansion have risen about 5% over the past year. Cook expects AI productivity gains could produce modest disinflation within the next few years, but these effects are unlikely to offset the inflationary pressures she anticipates through late 2026.
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