Jerome Powell warns of signs of an AI bubble and an economy leaning too hard on the rich | NYGazet

“[Spending] may well be skewed toward higher-earning consumers,” Powell said. “There’s a lot of anecdotal evidence to suggest that.”

On Wednesday, they got validation from an unlikely source: the chair of the Federal Reserve. Jerome Powell said the U.S. is seeing “unusually large amounts of economic activity through the AI buildout,” a rare acknowledgement from the central bank th... [2343 chars]