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New York Fed President John Williams said artificial intelligence has so far had only a limited effect on prices, likening its role to that of semiconductors in the inflation picture. The remark downplays AI-driven demand as a near-term inflation force even as data-center and chip investment surges. It matters because markets have debated whether the AI buildout is stoking goods and power prices enough to complicate the Fed's easing path. Traders will watch upcoming inflation prints and Fed commentary for whether officials sharpen that view.

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