How is growing uncertainty, tech innovation affecting the U.S. and global economies

Cook echoed Céspedes and emphasized the importance of being "cautious and humble" as the economy continues to evolve.

For example, she described the recent July 2025 jobs market report from the Bureau of Labor Statistics as "concerning," and noted that just about 35,000 jobs were added each month for the last three months. She said there were also two "major revisions" to the May and June reports.

"These revisions are somewhat typical of turning points, which speak to uncertainty," she said.

The central bank officials also discussed how AI might affect the economy as it becomes more widespread.

Cook said she views AI as a general-purpose technology that can help spark the creation of new ideas. She said she expects it to impact labor markets, in terms of changing the tasks that jobs require, and inflation.

"With respect to price stability, I think it could certainly bring gains … having all of these new ideas to increase productivity," she said.

Collins said she is seeing more interest in AI from companies across a variety of industries. For example, she said that some businesses have told her they are using AI to reduce production defects, while others are using it to help address local workforce shortages.

"That enables them to do things they weren't able to do before … and generates other productivity gains," she said.

Céspedes said that from a policymaker perspective, AI requires a "robust approach" and awareness of potential consequences for the labor and financial markets.

These new technologies could be even more impactful on emerging economies, which tend to be less diversified, he said. Céspedes added that opportunities for education and training for workers taking on new tasks will also be critical.