Fed Governor Cook: Supports the Fed's 50 basis point rate cut last week and is confident of maintaining a healthy labor market

Fed Governor Tim Cook said in a speech prepared for delivery at Ohio State University on Wednesday that he supported the Fed's move to cut interest rates by 50 basis points last week, citing a slowing labor market and easing inflation. Cook mentioned: "This decision reflects our growing confidence that with appropriate adjustments to our policy stance, we can maintain a healthy labor market in the context of moderate economic growth and continued sustainable decline in inflation to our goal." Cook's speech focused on artificial intelligence and what it means for American workers. She said the technology has the potential to provide a "large and sustained" boost to labor productivity growth. While artificial intelligence may eliminate jobs, it may also create new jobs. (Jinshi)