Fed’s Barkin: AI Not Main Driver of Current Productivity Gains

Barkin's skepticism matters because the AI-productivity narrative has become a core justification for the scale of current AI capital spending. If a Fed official is publicly questioning whether AI is yet the main driver of measured productivity gains, that complicates the story underpinning both tech valuations and the broader growth outlook. The open question is whether other Fed voices echo this caution, and whether forthcoming productivity data give AI advocates a stronger factual basis.