Fed's Powell: ChatGPT Used for FOMC Press Conference Questions, Not for Monetary Policy

Federal Reserve Chairman Jerome Powell revealed that the Fed has used the AI tool ChatGPT to generate test questions for its Federal Open Market Committee (FOMC) press conferences. Powell emphasized that while ChatGPT was used for this purpose, it has not been employed for any monetary policy decisions. He also noted that the questions generated by ChatGPT were not as good as those from real journalists. Powell reiterated the importance of confidentiality within the Fed and stated that any leaks would be consequential. Powell mentioned that the Fed has experimented lightly with AI and is happy to report that the questions from ChatGPT were not as good as those from real journalists.