According to CoinMeta, the minutes of the Federal Reserve's July meeting show that policymakers mentioned AI 18 times across 15 paragraphs discussing the economic outlook. Officials warned that AI infrastructure investments drive up aggregate demand and increase inflationary pressures, while also expressing concerns that AI capital spending relies on non-bank and regional bank financing, and that a reversal in AI asset pricing could impact financial institutions. The meeting minutes noted that there is uncertainty regarding the impact of AI on the job market, and that data center construction has exacerbated shortages in certain jobs. Officials are skeptical about the timing of AI improvements in productivity.