AI can raise costs before it delivers productivity.

The fact

Federal Reserve Governor Lisa Cook presented an assessment of AI and the economy. She did not announce a policy-rate decision.

Why it matters

Infrastructure spending has effects before the returns for its users can be demonstrated.

Scenarios

Adoption, operating costs and the timing of productivity gains remain uncertain.

What to check next

The conversion of technology spending into savings, revenue and cash.

Context

The governor highlighted pressure on shared resources, including energy and construction labour, alongside the potential later effects on productivity.

Our interpretation

Revenue earned by infrastructure suppliers is not the return earned by the customers buying that infrastructure. Each measure requires separate observation.

Follow-up

We will return to business adoption and operating costs to test the promise of productivity.

Sources and date

Federal Reserve · Lisa Cook · September 28, 2026

Primary source · Address to copy:

https://www.federalreserve.gov/newsevents/speech/cook20260928a.htm

Original ADVANS editorial interpretation. The source and event retain their original date.