Fed’s Hammack cites AI build-out as source of price pressures

Computer systems that perform tasks that normally require human intelligence, such as understanding language, recognising images or making decisions.

AI is changing work, media and public services, raising questions about jobs, safety and regulation.

The central bank of the United States, which sets US interest rates and supervises banks.

Because the dollar is used worldwide, its rate decisions affect borrowing costs and markets in many other countries.

The price of borrowing money, expressed as a percentage of the amount borrowed. A central bank sets a benchmark rate that other rates follow.

It decides how much people pay on loans and mortgages and how much savers earn, and it is the main tool for fighting inflation.

A digital currency secured by cryptography and recorded on a blockchain, without a central bank issuing it.

Crypto prices are volatile, and governments are still deciding how to regulate it.