On September 27, Federal Reserve Governor Michelle Cook expressed strong support for the Fed’s recent decision to reduce interest rates by 50 basis points. Speaking at Ohio State University, Cook attributed the rate cut to a slowing labor market and easing inflation. She stressed that this move demonstrates the Fed’s confidence in sustaining a robust labor market while fostering moderate economic growth and effectively managing inflation through strategic policy adjustments.

In her remarks, Cook also addressed the impact of artificial intelligence (AI) on American workers. She noted that AI has the potential to significantly enhance labor productivity in a sustainable manner. While she acknowledged concerns regarding possible job displacement due to AI advancements, Cook emphasized that these technological developments could also lead to the creation of new job opportunities, underscoring a complex but promising future for the workforce.