AI can raise costs before it delivers productivity.
Lisa Cook distinguishes immediate demand for power and construction from possible later productivity gains.
September 28, 2026
The fact
Federal Reserve Governor Lisa Cook discussed AI and the economy. This speech was not a policy-rate decision.
Why it matters
Infrastructure spending affects shared resources before its users demonstrate returns. A supplier’s revenue is not the same measure as the customer’s return on investment.
The next signal
Monitor adoption and the conversion of spending into savings, revenue and cash.