Federal Reserve Governor Kuroda: Supports the Federal Reserve's move to cut interest rates by 50 basis points last week, confident in maintaining a robust labor market

Federal Reserve Governor Cook stated in a speech prepared for Ohio State University on Wednesday that she "wholeheartedly" supports the Fed's move to cut interest rates by 50 basis points last week, citing a slowdown in the labor market and easing inflation. "This decision reflects our growing confidence that with appropriate adjustments to our policy stance, we can maintain a robust labor market against the backdrop of moderate economic growth and continued sustainable decline in inflation towards our target."

Cook's speech focused primarily on artificial intelligence and its significance for American workers. She said this technology could provide a "huge and sustained" boost to productivity growth. While AI may eliminate jobs, it could also create new ones.