US Federal Reserve Chairman Jerome Powell signals likelihood of rate cuts in June, leading to a global rally in stocks and gold prices hitting a lifetime high. The dovish commentary reflects confidence in the US economy. Analysts remain cautious, taking into account factors such as inflation trends, transient versus permanent effects of the pandemic, and structural shifts in the economy. Personal consumption expenditure figures for February will provide further insights into the Fed’s intentions.
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Research published by the European Central Bank (ECB) shows that the rapid adoption of artificial intelligence (AI) could lead to a reduction in wages but is currently creating jobs, particularly for the young and highly-skilled population. The findings reveal that AI investment has increased, prompting economists to study its impact on the labour market. The research highlights the need for further analysis to determine AI’s effects on employment, wages, growth, and equality.
