Longtime Market Bull David Zelvos worries that the Federal Reserve overlooks how the artificial intelligence boom will affect the job market.
“We can actually have a pretty strong growth economy. Your AI story… [is] It’s really quite spectacular. But the employment growth side of that job isn’t as comfortable as you would like,” he told CNBC’s “Fast Money” this week. “That’s a dilemma for the Fed.”
Zervos, a contributor to CNBC, implies a central bank’s full employment and price stability mandate.
“Maybe Imagine where we are [the economy] Grow at 3.5 or 4 [percent.] Things are really good, but the unemployment rate is ticking every moment,” he said.
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 people I know, the people who made money with the biggest amounts, and you know them. You have them on these shows. They’ve been saying for a while. [that] They are early in all stocks, he said. It’s probably faster. ”
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