what the fuck! That's too harsh! Federal Reserve Chairman Kevin Walsh fired a direct blow, criticizing the Fed for still using an antique 1978 model to carve a boat and seek a sword! This speech contains a huge amount of information and completely subverts the traditional macroeconomic framework. Walsh pointed out bluntly that in a few years, so-called AI will completely become the underlying standard for enterprise operation. The biggest impact brought by AI is that it will significantly reduce the cost of almost everything. What is he most worried about? The current central bank system is completely blind and cannot see the upcoming epic productivity explosion! These decision-makers cling to the old theory of the 1970s, stubbornly believing that as long as the economy grows, it will inevitably trigger inflation. Walsh directly lifted the table: It's all wrong! We are currently in the absolute early stages of an AI driven 'structural price decline'. When tech giants have long been using AI to restructure their architecture and significantly reduce manpower and operational costs, institutions holding macro level power will inevitably cause huge expectations misalignment if they continue to pretend to be asleep. Understanding the deflationary force brought about by the technological revolution not only allows you to see through the policy game of the Federal Reserve in the coming years, but also is the absolute core of macro asset allocation in the future!