Korean stocks extend losses to around 1%
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AI shifts from “reason for rate cuts” to “argument for rate hikes”: Cook says only a small portion of the 2 trillion dollars capital expenditure is spent, and electricity and water prices have increased by about 5%.
Federal Reserve Governor Cook pointed out that the substantial capital expenditures for AI will continue to intensify price pressures, while the wealth effect in the stock market driven by AI is also stimulating consumption. She believes that the productivity gains from AI will bring about a moderate easing of inflation in the coming years, but this alone will not be enough to offset the mounting inflationary pressures expected later this year.
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