Dec 13, 2024 · The Board is committed to an artificial intelligence (AI) program for its staff that: Promotes the responsible use of AI and enables AI-related innovation; Mitigates risks associated with AI use through robust governance and strong risk management practices; Complies with applicable federal requirements related to AI use

Oct 1, 2024 · Information systems with AI exploit complex patterns recognized in vast unstructured data sets to mimic human creativity, problem solving, and critical thinking. Some forms of AI—prediction of customer tastes with machine learning, for example—are already employed in the business sector.

Dec 6, 2024 · Our results provide useful insights into how well AI models do at deciphering FOMC communications and interpreting textual information focused on complex economic and financial market topics.

Financial institutions have approached AI with cautious optimism, developing and implementing AI-based applications for things like customer service chatbots, detecting fraud, and evaluating creditworthiness. Bank supervisors are learning how to adapt.

Nov 3, 2023 · The Federal Reserve System is exploring the potential of generative artificial intelligence through an “incubator” program that aims to test out the technology on real Fed problems.

Jul 15, 2024 · Michael Schwarz, chief economist at Microsoft, and Sylvain Leduc, director of Economic Research at the San Francisco Federal Reserve, held a live discussion on generative AI and worker productivity.

May 14, 2024 · The San Francisco Fed, in close coordination with the Federal Reserve System Innovation Office, recently launched the EmergingTech Economic Research Network (EERN), a new initiative to better understand how emerging technologies like Generative Artificial Intelligence (GenAI) are shaping the economy of the future.

Sep 22, 2023 · Since the public got its first taste of ChatGPT in late 2022, the promises and perils of human-like “generative AI” have dominated discussions about technology and economic growth. Artificial intelligence is driving a surge of investors hoping to ride a wave of world-changing innovation.

Nov 6, 2023 · While some agencies in the public sector have pumped the breaks on the use of generative artificial intelligence, the Federal Reserve System has set up a generative AI incubator, looking to be “bold” but responsible in its use of the technology, according to …

Apr 20, 2023 · The Federal Reserve has “regular discussions” with the banks it supervises about managing the risks associated with artificial intelligence, as more financial institutions utilize AI for...