[Federal Reserve Governor Barr: The U.S. Should Prepare for Potential "Severe Short-Term Labor Market Turmoil" Risk Caused by AI] Federal Reserve Governor Barr stated that the impact of artificial intelligence on employment depends in part on whether it exacerbates market concentration and becomes a force widening inequality, or whether it brings more competition and more widely distributed benefits. He pointed out that there has not yet been a large-scale replacement of workers, and competition among AI companies has enabled the technology to be widely adopted; however, there are already signs that AI is replacing labor in some industries, and if the change happens too quickly, "the impact could be significant." Therefore, the U.S. should prepare for the risk of "severe short-term labor market turmoil" that AI may cause. Barr also noted that the share of labor compensation in income is declining, and whether AI will further increase returns on capital remains an open question. (Sina Finance)