Fed’s Kashkari Doubts AI Is the Only Engine of US Growth, Says Inflation Still Too High

Kashkari is pushing back on a narrative that has quietly shaped how crypto and RWA markets price US macro risk: the idea that AI capex is a single point of failure for growth. If profits are broadening beyond AI-adjacent sectors, the Fed has less reason to treat any AI-driven slowdown as a systemic threat, which keeps the door open for a tighter-for-longer stance. For tokenized real-world assets, that matters because rate expectations remain the dominant driver of demand. Whether Kashkari's read is echoed by other Fed voices is the open question.