LOGAN: CONSIDER AI PRODUCTIVITY IMPROVEMENTS IN THE LONG TERM, AND SHORT-TERM AI INVESTMENT NEEDS BRING INFLATIONARY PRESSURES

THE FEDERAL RESERVE STATES THAT WHILE THE PRODUCTIVITY GAINS FROM AI HAVE BEEN APPRECIATED OVER THE LONG TERM, THE CURRENT STRONG AND REAL DEMAND FOR AI INVESTMENT HAS LED TO INFLATIONARY PRESSURES IN THE SHORT TERM。