Fed Chair Warsh Says AI Could Be Fourth Factor of Production

Macro
โดย 24/7 Wall St.·US·Read original
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Federal Reserve Chair Kevin Warsh said at Jackson Hole on August 28, 2026, that artificial intelligence may become a fourth factor of production alongside labor, capital, and land, potentially raising the economy's non-inflationary growth ceiling and reshaping future rate decisions. He cited reports of annualized token sales at the two leading AI labs exceeding $100 billion, up 500% in 12 months, though this activity is not yet reflected in official productivity data. Warsh noted that real GDP growth was 1.5% in the quarter ending April 1, 2026, below the Fed's healthy range, while Core PCE stood at 130.658 in July 2026, near its trailing-year high. The Fed has established an internal task force on productivity and jobs to study AI's implications. With real average hourly earnings at $11.30 in July 2026, little changed from a year earlier, and the 10-year Treasury yield near 4.67%, the impact of AI on discount rates remains a key question for long-term investors.

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