Bessent: Will see substantial tariff news next couple days

WH Press Sec. Leavitt: October CPI and jobs data likely never to be released. WH Press Sec. Leavitt: The Federal statistical system may have been permanently damaged.

Thank you for the opportunity to speak to you today. It is an honor and a pleasure to be here with you in Singapore, a crossroads for global trade and finance, to discuss the transformational nature of artificial intelligence (AI). Like other central banks around the world, including the Monetary Authority of Singapore, we at the Federal Reserve have been exploring the use of AI in our operations for quite some time as well as considering the implications of AI's adoption for the financial sector and the broader economy. At the Fed, we've been interested in the effects of AI on the economy and its role in the financial system for decades. Remarkably, in 1997, Governor Susan Phillips delivered a speech noting the use of AI in consumer loan underwriting. In the past year, no fewer than seven speeches by Fed Governors have had "AI" in the title. Today I'll discuss the opportunities presented by AI relevant for central bankers as well as the risks it may pose that policymakers should consider. I will leave you with three main takeaways. The State of AI Innovation and Deployment My first main point is that while AI is a big deal that will transform economies, there are a range of outcomes for how it could do so. AI—algorithms that mimic human thought, communication, and choices—has been with us for decades, but AI entered a new era with the launch of ChatGPT in late 2022. Generative AI (GenAI) captured our imagination with convincing conversations in which it is possible to go deep on a wide range of topics. Earlier forms of AI were often the bailiwick of digitally native companies, but GenAI is spreading rapidly through the economy. As of 2024, three in four large companies FED'S BARR DOES NOT COMMENT ON MONETARY POLICY, ECONOMIC OUTLOOK IN PREPARED REMARKS ON ARTIFICIAL INTELLIGENCE IN SINGAPORE

Good morning, ladies and gentlemen. Thank you for that kind introduction and for the invitation to join you today as we continue the conversation about how America will lead the next era of financial innovation. When I spoke recently about American leadership in the digital finance revolution, I described “Project Crypto” as our effort to match the energy of American innovators with a regulatory framework worthy of them. Today, I would like to outline the next step in that journey. At its core, this next step is about basic fairness and common sense as it relates to the application of the federal securities laws to crypto assets and related transactions. In the coming months, I anticipate that the Commission will consider establishing a token taxonomy that is anchored in the longstanding Howey investment contract securities analysis, recognizing that there are limiting principles to our laws and regulations. Much of what I will describe builds upon the pioneering work of the Crypto Task Force that Commissioner Hester Peirce leads. Commissioner Peirce has laid out a framework for coherent, transparent treatment of crypto assets under the federal securities laws, grounded in economic reality rather than in slogans or fear. Let me reiterate that I share her vision. I value her leadership, her hard work, and her perseverance in championing these issues over the years. I am very pleased that she took this task on. I will organize my remarks around three themes: first, the importance of a clear token taxonomy; second, how Howey applies in a way that recognizes the fact that investment contracts can come to an end; and third, what that could mean in practice for innovators, intermediaries, and investors. *SEC TO CONSIDER ESTABLISHING A TOKEN TAXONOMY, ATKINS SAYS #BREAKING U.S. SEC Chief Atkins Says Clarity Coming on Crypto Tied to Investment Contracts #Bitcoin $BTC