Fed governor Michael Barr's latest speech contains 1) A short part on the current policy outlook. The key guidance: "Based on current conditions and the data in hand, it will likely be appropriate to hold rates steady for some time." 2) A much longer discussion of AI, with this summary statement at the end on the implications for the central bank: "For all of these reasons, I expect that the AI boom is unlikely to be a reason for lowering policy rates."(Nick Timiraos)