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Sacks’ comments came after OpenAI CFO Sarah Friar mentioned a federal “backstop” during a conference.

USD/CHF weakens on Thursday, down 0.35% around 0.8070 at the time of writing. Risk-off sentiment dominates the markets, supporting demand for safe-haven assets such as the Swiss Franc (CHF), while US political uncertainty continues to weigh on the US Dollar (USD).

The deals are among the most politically significant announcements to date in the Trump administration’s efforts to rein in high U.S. drug costs.

The Investing Club holds its “Morning Meeting” every weekday at 10:20 a.m. ET.

Hammack adds:

• Now is a challenging time for monetary policy making
• it will take a couple of years to get back to 2% inflation target
• the Fed bigger miss is on the inflation side relative to job mandate.
• Inflation overshoot goes beyond tariff pressure.
• A little bit nervous about current policy given inflation.
• I would not want to cut rates into accommodative territory.
• The economy is pretty robust and healthy right now
• is closely watching inflation expectations data
• AI boom could mirror what happened with Internet build out.
• AI is a structural economic change is not well-suited to monetary policy changes.
• Fed has some excellent job managing federal funds rate, but it’s a small market.
• It’s good for the Fed to debate what its interest rate target should be.
• Changing Fed rate target likely would not have broader policy impact
• Regularly hears about bifurcated economy, lower incomes challenged.
• Consumption is driving by high income American
• Mindful that the job market has cooled by recent data suggests it is still health

It seems the memo is to tilt toward inflation over employment amongst most of the Fed officials. Is the nuance tilt, a way to slow down “markets” (i.e. stocks) without saying so.

The K economy threatens a large swatch of the population who are more impacted by inflation. The “have-nots” don’t care about stocks they care about prices. The “haves” meanwhile are not concerned about anything – until they do (like a correction in stocks).

NASDAQ index is down -1.75% while the S&P index is down -1.07%.

This article was written by Greg Michalowski at investinglive.com.

The MAI Superintelligence Team will pursue research for improving artificial intelligence companions, diagnosing diseases and generating renewable energy.

More from NY Fed Pres. Williams:

• Large AI investments in US are affecting global demand for capital

• People don’t like high inflation

• Getting inflation to 2% as soon as we can is right

• 2% inflation target is a very good compromise, serves us well

• Powerful that everyone knows Fed’s inflation target

• Independence of Fed is incredibly important

• Evidence is compelling that independent central banks make unpopular short-term decisions that pay off

• Loss of central bank independence has had horrible consequences for inflation in other countries

• If Fed gets it right, that’s good for global economy.

• AI is the next stage in advances in productivity growth.

• There will be some issues with AR regarding labor market

This article was written by Greg Michalowski at investinglive.com.

Judge Reed O’Connor said a DOJ nonprosecution agreement with Boeing “fails to secure the necessary accountability to ensure the safety of the flying public.”

Federal Reserve (Fed) Bank of Cleveland President Beth Hammack spoke at the Economic Club of New York on Thursday. She said that the federal policy should remain modestly restrictive to lower inflation, and forecast that it will take two to three years to return inflation to 2%.

Federal Reserve (Fed) Governor Michael Barr spoke at a virtual event for Fed Communities on Thursday, where he claimed that it is becoming increasingly difficult for those who are less well-off to save.