Fed Director Cook: Supports the Fed's move to cut interest rates by 50 basis points last week and is confident in maintaining a robust labor market.

BlockBeats news, on September 27th, Fed Director Cook stated in a speech prepared at Ohio State University on Wednesday that he "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 we can maintain a strong labor market as long as we adjust our policy stance appropriately in the context of a moderately rising economy and inflation continuing to decline sustainably to our target," Cook's speech focused mainly on artificial intelligence and its significance for American workers. She said that this technology has the potential to provide "enormous and sustained" impetus for rising labor productivity. While artificial intelligence may eliminate jobs, it may also create new ones. (Jinshi)