Fed’s Williams says AI supply squeeze to last beyond two years

Williams is linking two narratives that usually run separately: the AI buildout as a capacity constraint, and the Fed's residual tightening bias. Framing AI as a supply squeeze rather than a demand story gives the Fed cover to stay patient, since it implies goods and input prices keep pressure on even as activity cools. The open question is whether other Fed officials adopt the same framing, because that would matter more for rate expectations than any single speech.