Musalem's speech ends with a rebuttal to the narrative advanced by Bessent, Warsh, and other Trump allies in recent months that the Fed should not stand in the way of a productivity-driven AI boom: "It is sometimes said that the Fed is 'anti-growth' for pursuing price stability while AI and other forces could be lifting the economy’s growth potential. I am hopeful—even optimistic—that higher productivity and potential growth lie ahead. "But I believe it would be risky to ease monetary policy solely on the prospect of a future increase in productivity growth, especially with demand pressures at play and inflation running persistently above target today. "In my view, a 'pro-growth' monetary policy is one that maintains a credible commitment to price stability."(Nick Timiraos)