PYMNTS.com July 17, 2025
The Federal Reserve is not only studying how artificial intelligence (AI) is affecting the economy but also deploying the technology to help with its own work, Fed Governor Lisa D. Cook said Thursday (July 17).
In a speech delivered at a National Bureau of Economic Research (NBER) event in Cambridge, Massachusetts, Cook said the Federal Open Market Committee (FOMC) is not using AI in developing policy, but is using it to help with writing, coding and research.
“For example, we have been deepening our understanding of the capabilities of LLMs [large language models] and other machine learning models to produce economic insights,” Cook said, adding that what they learn is being documented in Fed papers.
In addition to learning about...
Today's Sponsors
Today's Sponsor