Longtime Market Bull David Zelvos worries that the Federal Reserve overlooks how the artificial intelligence boom will affect the job market.
“We actually managed to have a pretty strong growth economy. Your AI story… “It’s a dilemma for the Fed.”
Zervos, a contributor to CNBC, implies a central bank’s full employment and price stability mandate.
“Maybe Imagine a world in which we are (economy) growing.
Zervos has been considered one of the potential candidates to ultimately replace Fed Chairman Jerome Powell, but he argues that central banks should now focus more on the labour market than inflation.
“The smartest AI guys I know, the people who make money with the biggest amounts, and you know them. You have them on these shows. They have been saying for a while they’re early in all stocks.” “These are people who are telling me at meetings that they’ll lose 3-5 million jobs in the next 3-4 years. Maybe even faster.”
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