Monetary aggregates Monetary aggregates as targets for monetary policy are an effective tool for bringing down inflation from high levels (which was a priority in the 1990s), but they are much less useful for controlling inflation when it is already at low levels, because of the instability of money demand.
Financial firms are using or starting to use AI for operational risk  I am grateful to Kavita Jain, Jeff Ernst, Carol Evans, and Molly Mahar of the Federal Reserve Board for their assistance in preparing this text. These remarks represent my own views, which do not necessarily represent those of the Federal Reserve Board or the Federal Open Market Committee.