JEROME POWELL SAYS THE AI HIRING APOCALYPSE IS REAL: 'JOB CREATION IS PRETTY CLOSE TO ZERO.'

Summary from the TLDR Founders newsletter

Jerome Powell warns that AI is significantly impacting job creation, with hiring near zero and major companies citing AI for layoffs. The Fed cut interest rates to address employment risks amid persistent inflation, as AI-driven investments and productivity gains benefit higher-income groups while leaving the broader labor market strained. This poses a complex policy dilemma for the Fed, balancing between employment support and controlling inflation.