Federal Reserve (FED) · New York · Crypto Briefing
Fed’s Lisa Cook signals AI spending could fuel inflation into 2027
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The Federal Reserve governor says the AI investment boom is pushing up input costs faster than its productivity gains can arrive.
Key facts
- Cook laid out her case in a speech at Oakland Tech Week on September 28, 2026
- Cook returned to the theme on October 1, 2026, in a discussion with New York Fed President John Williams
- Companies have announced approximately $2 trillion in AI-related investment plans, much of it aimed at data centers
- The roughly $2 trillion in announced but largely unspent commitments is the number to watch
Summary
Cook has flagged AI-driven capital spending as a source of inflationary pressure. Cook laid out her case in a speech at Oakland Tech Week on September 28, 2026. Companies have announced approximately $2 trillion in AI-related investment plans, much of it aimed at data centers. Cook pointed to costs tied to the buildout, including electricity.