Kevin Warsh, Donald Trump’s choice as the next chair of the U.S. Federal Reserve, shares Trump’s conviction that the central bank’s interest rates must be much lower – and he thinks artificial intelligence (AI) is the way to make that work.
Tag: U.S. Economy
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FOUR AI GIANTS ANNOUNCE $660 BILLION IN 2026 CAPITAL COSTS
Amazon, Google, Meta, and Microsoft collectively plan to spend $660 billion this year to build out artificial intelligence infrastructure, according to their public statements.
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OLDER AMERICANS ARE “UN-RETIRING” TO PAY THE BILLS
Older Americans are experiencing higher expenses, their savings are dwindling, and Social Security payments cover less of their expenses.
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U.S. MANUFACTURING IS IN A “JOBS RECESSION”
Joe Biden tried to boost the number of U.S. manufacturing jobs by subsidizing the chips industry’s expansion and funding infrastructure repair.
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JOBLESS CLAIMS RISE MORE THAN EXPECTED
In the week ending 31 January, new claims for U.S. unemployment benefits grew by 22,000 to 231,000, the U.S. labor department reported.
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HIRING REMAINED WEAK IN JANUARY, ADP FIGURES CONFIRM
The U.S. economy added an anemic 22,000 private sector jobs last month, net after quits and layoffs, according to payroll service ADP’s monthly report. ADP does not track government hiring.
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JANUARY’S LAYOFFS THE MOST IN 17 YEARS
The 108,435 workers to be laid off in January was the most in any January since 2009 at the depth of the Great Recession, outplacement firm Challenger, Gray & Christmas reported.
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U.S. CONSUMERS’ OUTLOOK SHINES A BIT BRIGHTER
Despite lingering concerns regarding inflation, tariffs, and the job market, U.S. consumer sentiment in the aggregate rose in February to its highest since last August.
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BITCOIN RATTLED AMID TECH-STOCK SELLOFF
Bitcoin, the world’s most popular cryptocurrency, came out limping after last week’s tech selloff, falling below $67,000, as industry insiders acknowledge that “sentiment has deteriorated sharply.”
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LAST WEEK: A STUMBLE, THEN A BOUNCE TO A NEW RECORD
Stock prices sank on Tuesday, Wednesday, and Thursday last week as investors showed new concerns about whether massive investments in artificial intelligence (AI) will ever return a profit.