Federal Reserve Bank President Criticizes Cryptocurrency, Praises AI

According to PANews, Federal Reserve Bank of Minneapolis President Neel Kashkari expressed contrasting views on cryptocurrency and artificial intelligence during a virtual event. He described cryptocurrency as "essentially useless" for ordinary people, citing a lack of practical applications for average consumers. In contrast, he praised artificial intelligence for its utility, despite most companies still being in the testing phase. Kashkari expressed optimism about the U.S. economic outlook, predicting continued growth and noting that inflation is moving in the right direction. He highlighted signs of cooling in housing prices. On monetary policy, he dismissed the notion that the recent expansion of the Federal Reserve's balance sheet equates to a new round of quantitative easing, emphasizing the importance of central bank independence. Regarding tariffs, he stated that their impact has not been as severe as anticipated, although the long-term effects remain to be seen.