Rabobank: "Warsh's proposal to incorporate the deflationary effects of AI into the Fed's forecasts also seems to have been delayed, as Fed members are currently more concerned with its short-term inflationary effects. These are not contradictory schools of thought on AI: the short-term costs of adoption may ultimately be priced out, while long-term productivity gains could drive disinflation within the next few years, according to the Fed's Lisa Cook. For now, however, AI appears to be inflationary, particularly with respect to computer software and accessories, which have bucked the deflationary trend for the first time since 1998, with prices continuing to rise since the beginning of 2026"