Federal Reserve Chair Kevin Warsh on Global Resilience, AI, and Price Stability

A conversation between IMF Managing Director Kristalina Georgieva and Federal Reserve Chairman Kevin Warsh at the annual meetings, focused on the state of the global economy, sources of resilience, inflation pressures, and the policy implications of artificial intelligence.

■ Global economy and resilience
- Observations on structural growth, an investment surge, and divergence across countries
- Inflation as a shared challenge and synchronous monetary tightening
- Policy lessons from secular stagnation and the role of macroeconomic and micro foundations

■ AI and monetary policy
- AI as a demand-side shock before becoming a medium-term positive supply shock
- Potential effects on data analysis, monetary policy conduct, real economy, employment, and productivity
- Tail risks, financial stability, and Fed task forces on productivity, jobs, and data

■ Fed leadership and institutional credibility
- Warsh's early tenure, talent at the Fed, and the need to lead all Fed functions
- Lessons from predecessors and the absence of a status quo to return to
- Institutional credibility as the source of policy power

It is suited to viewers interested in central banking, global macroeconomic policy, inflation, and technological change. Viewers can gain a framework for understanding how the Fed and other central banks assess resilience, AI-related uncertainty, and the path to price stability.