Latest news with #MichaelBarr
Yahoo
12 hours ago
- Business
- Yahoo
The Fed is also in 'wait and see' mode about AI taking jobs
This time will be different. That's the message we're hearing from corporate executives commanding the AI charge and from other leaders whose fields will likely be altered by the newfangled rush of automation. In a memo to employees earlier this week, Amazon (AMZN) CEO Andy Jassy described generative AI as a "once-in-a-lifetime" technology that will lead to a smaller workforce at the company, the nation's second-largest private employer, because of efficiency gains. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy For corporations, the mood is growth, productivity, and shareholder value. But the news added fuel to the fiery concerns that AI will massively displace workers. The concern that machines will take jobs isn't new, of course. But the scope of change, and the potential for new modes of labor and invention, are driving the latest bout of anxiety in workers — amid the corporate excitement for employers. The current labor market, as Fed Chair Jerome Powell stressed Wednesday, is solid. But they're watching this space closely. Board Governor Michael Barr, in a speech at the Reykjavík Economic Conference last month, outlined a scenario where AI doesn't just inspire incremental progress but overhauls the economy, prompting sweeping social change. "The amazing potential capabilities and breadth of applications associated with AI — many of which are already apparent — make it worth asking whether this time may be different," Barr said. "But alongside the kinds of labor market disruptions seen in past episodes of revolutionary technological change, we will need to consider the possibility of more sweeping changes in the way we work." In his press conference Wednesday responding to a question about the Amazon news, Fed Chair Powell stressed that the question is about whether the technology will "augment" or "replace" labor, which is "really hard to know." But, Powell stressed, "I wouldn't overread a couple of data points, because AI should be creating jobs at the same time." It's not clear yet how drastic the AI-inspired labor changes will be, but the data points are coming in and will continue. And the Fed, again in the "wait and see" mode afforded by a healthy labor market, can count them. "We don't have a house view on [AI taking jobs]," Powell said. "But this is going to be a very important question for some time." Whether by design or as a consequence of adopting and pushing AI, the idea of boosting productivity while shrinking payroll has certainly pervaded corporate America. The biggest companies across the country are constricting their workforces. Big Tech's "efficiency" push is perhaps the clearest example. Megacap, cash-rich companies are touting growth and still driving S&P 500 earnings. But they aren't hiring like they used to. That dynamic has denied classes of workers, like recent college grads, a ramp into the labor force. As my colleague Josh Schafer has reported, the labor market isn't as strong as it appears. While a lot of people still have their jobs, it's tough going for those unemployed and looking for work. Or, as this newsletter put it recently, the labor market is creating new jobs, but maybe not yours. The number of Americans filing for unemployment insurance on an ongoing basis has climbed to elevated levels in recent weeks. Still, as Powell pointed out on Wednesday, the layoffs and the unemployment rate remain very low. At the same time, the market got another data point this week in the form of just how much companies are willing to pay for AI experts, a signal of how transformative many executives believe it will be to the future of work. OpenAI CEO Sam Altman revealed on his brother's 'Uncapped' podcast that Meta attempted to poach "a lot of people on our team" with astronomical signing bonuses of $100 million. There's always room in the budget for the right person. But also, it seems, for the right machine. Hamza Shaban is a reporter for Yahoo Finance covering markets and the economy. Follow Hamza on X @hshaban.
Bloomberg
04-06-2025
- Business
- Bloomberg
Bowman Confirmed by Senate to be Fed Vice Chair for Supervision
Federal Reserve Governor Michelle Bowman was confirmed by the US Senate on Wednesday to serve as the central bank's vice chair for supervision, further signaling a shift to lighter regulation under President Donald Trump. Bowman, a fifth-generation banker and Republican, has long touted the need for more 'tailored' oversight in her speeches. She has signaled significant changes in regulatory priorities and has a friendlier relationship with the bank industry than her predecessor, Michael Barr.
Forbes
02-06-2025
- Business
- Forbes
As Fed Enters Blackout Period, June Meeting Expected To Hold Rates Steady
FILE - Federal Reserve Chairman Jerome Powell speaks during a news conference following the Federal ... More Open Market Committee meeting, Wednesday, May 7, 2025, at the Federal Reserve in Washington. (AP Photo/Jacquelyn Martin, File) Ahead of its next interest rate decision on June 11, Federal Open Market Committee members are now in a blackout period. This limits public comments on monetary policy. Recent speeches suggest that June's meeting will result in holding rates at their current 4.25% to 4.5% level. The CME FedWatch Tool, which gauges the implied forecast of fixed income markets implies it is almost a certainty that rates are held steady in June. However, the FOMC is watching the impact of tariffs closely and incoming data this month, and next, could help inform the path for interest rates later in 2025. The summary of a meeting between Jerome Powell and President Trump on May 29, also suggests the President is still looking for lower interest rates, but Powell has no interest in accommodating that if the economic outlook does not support it. For now, policymakers generally believe the U.S. economy is performing well, limited the need to cut interest rates. Federal Reserve Governor Michael Barr summarized the economy in the following way in a speech on May 15. 'In my view, the economy is on solid footing, with solid growth, low and stable unemployment, and inflation continuing to come down towards our 2 percent target. But the outlook has been clouded by trade policies that have led to an increase in uncertainty, contributing to declines in measures of consumer and business sentiment.' Some of these themes were echoed in a more recent speech on June 1 in Korea by Fed Governor Christopher Waller, in exploring the impact of tariffs, he said. 'I do expect tariffs will result in an increase in the unemployment rate that will, all else equal, probably linger. Higher tariffs will reduce spending, and businesses will respond, in part, by reducing production and payrolls.' Then continuing onto inflation Waller said the following, 'I expect the largest factor driving inflation will be tariffs. As I said earlier, whatever the size of the tariffs, I expect the effects on inflation to be temporary, and most apparent in the second half of 2025.' President Trump and Fed Chair Jerome Powell met at the White House on May 29. Powell mentioned in response to a question at the press conference after FOMC's May meeting that he never requests meetings with the President, so presumably the meeting was at the President's request. President Trump has said in several public comments that he believes Powell should cut interest rates immediately. It appears Trump may have made that same point in the meeting with Powell. However, Powell noted that, 'path of policy will depend entirely on incoming economic information and what that means for the outlook.' As such, the President and Fed Chair may have had, in private, a similar debate to their public statements, with Trump calling for lower rates, and Powell stating that interest rates will be set based on economic data. So far, Trumps criticism of Powell doesn't appear to have had any bearing on monetary policy, despite temporarily shaking the markets in late April when it was believed Trump might try to fire Powell. On reported data, the economy continues to show robust job growth and somewhat cooling inflation. However, inflation remains above the FOMC's 2% goal, limiting the prospect for interest rate cuts currently. That's likely why rates won't be cut in June. The big question is tariffs. FOMC policymakers have signaled that they will wait and see what the impact of tariffs are based on the economic data. For now, the impact from tariffs on economic reports is muted, in part because of reporting lags and also because firms are evaluating their response. Once the data of tariff's economic impact becomes more evident, it's likely the FOMC's response will too. However, since that data likely won't come before the June meeting, rates are expected to be held steady.
Sunday World
29-05-2025
- Sunday World
Man who killed Michael Barr in feud says court was wrong to dismiss eyewitness evidence
RIGHTS BREACHED | Counsel for David Hunter (46) also argued that Hunter's privacy rights had been breached by the introduction of mobile phone evidence during his trial. Michael Barr Counsel for David Hunter (46) also argued that Hunter's privacy rights had been breached by the introduction of mobile phone evidence during his trial, in which he was found guilty by the Special Criminal Court in September 2020. Liverpool native Hunter, with an address at Du Cane Road, White City, London, had denied the Kinahan Cartel murder of 35-year-old Michael Barr at the Sunset House pub in Dublin's north inner city on the night of April 25, 2016. At his trial before the non-jury, three-judge Special Criminal Court, Mr Justice Alexander Owens, presiding, sitting with Judge Gerard Griffin and Judge David McHugh, said that the evidence had been heard in a "compelling way" that Hunter was one of the two gunmen who entered the Summerhill pub and murdered Mr Barr by shooting him. Hunter's involvement in the murder had been "fully proved" and the court was "sure of his guilt", remarked Mr Justice Owens. The judge noted that the murderers had failed to burn out the getaway car, which had been abandoned at Walsh Road in Drumcondra a few minutes after the killing, and they had also dropped a burner phone at the getaway scene. He said the major part of a DNA profile taken from a ski mask recovered from the car during the investigation into the shooting of Mr Barr matched the profile of Hunter. Michael Barr News in 90 Seconds - May 29th In a voluntary statement to gardaí, Hunter said that the ski mask was his but that he had dropped it in a car driven by another man when he visited Ireland two months before the murder on a car-stealing exercise. Hunter also claimed he had used the mask on various ski trips with his children to Norway, France, Spain, Scotland, Austria and Switzerland. Mr Justice Owens said that the circumstantial evidence in the case "pointed inextricably" to Hunter's guilt and the facts taken together had established the father-of-five's guilt beyond a reasonable doubt and no other rational explanation could be drawn. At the Court of Appeal today, Hunter's legal team argued that the trial court erred in rejecting the evidence of witnesses present in the Sunset House that said there was a difference in height between the two assailants who entered the pub and killed Mr Barr. Michael Bowman SC said that the trial court had set out that Hunter was being convicted because someone dropped a mobile phone at the scene and the car used by the gunmen failed to burn out, meaning that latex masks were not destroyed by the fire. Counsel said that a witness in the pub was very clear in the physical description he gave, identifying a distinction in height between the two men. This witness had said the gunman was wearing a ski mask under a latex mask, but Mr Bowman said the trial court had refused to acknowledge what the witness had seen. He said that this witness identified the gunman as being six feet one or two, while Hunter is five feet ten. Concerning the ski mask from which a DNA profile of Hunter was obtained, Mr Bowman said that in February 2016, Hunter 'on the spur of the moment' came to Ireland for a two-day period to steal cars, bringing the ski mask with him for this purpose. 'It's a very careless criminal who would leave his ski mask behind in a car that was stolen,' remarked Mr Justice John Edwards. Mr Bowman said that the ski mask was correctly observed by the witness in the pub, adding that Hunter does not conform with the height of the assailant given, which meant that there was potentially another individual who wore that mask. Read more Mr Justice Patrick McCarthy remarked that this would make Hunter 'a victim of coincidence' if he had left the mask in a car six weeks before, only for it then to turn up in a car used in a murder. 'Life is a series of unfortunate coincidences,' said Mr Bowman. Hunter's legal team also raised a ground of appeal concerning the mobile phones in the case, arguing that even if the appellant accepted or refused ownership of one of the phones, he was entitled to challenge the phone evidence on the basis of a breach of his privacy rights. It was submitted that the trial court erred in finding that the mere fact that the material in question may pertain to criminal activity meant it could not attract privacy rights. On behalf of the State, Dominic McGinn SC said that at the time of the trial, only two of those involved in the shooting were apprehended, while a third man had not been identified. He said that Hunter and co-accused Eamonn Cumberton were of the same height. Mr McGinn said that of the latex masks found in the car, each had a dominant DNA profile, with one that matched Hunter, one that matched Cumberton, and the last that matched the third man involved, Christopher Slator. He said that each DNA profile from these masks was paired to different items in the car, with Hunter's profile also found on the ski mask. 'The possibility that perhaps someone else picked it up and put it on, that would have required them to leave none of their profile on it,' said Mr McGinn. Concerning the admissibility of the phone evidence, Mr McGinn said there had been a vast change in the legal position concerning mobile phone data since then, but the investigation team could not be faulted for using the legislation at the time to get the information required. Mr Justice Edwards said the court would reserve judgement in the case. Hunter is one of three men to be found guilty of murdering dissident republican Michael Barr. In January 2018, Eamonn Cumberton, of Mountjoy Street, Dublin 7, was convicted of murdering the Tyrone native, while in July 2022, Christopher Slator, of Carnlough Road, Cabra, Dublin 7, was also convicted.
BreakingNews.ie
29-05-2025
- General
- BreakingNews.ie
Gangland killer argues court was wrong to dismiss eyewitness evidence of gunman height
A gangland gunman convicted of murdering dissident Republican Michael Barr in a Dublin pub in 2016 has argued that the trial court was wrong to dismiss the evidence of a witness concerning the height of the man who pulled the trigger. Counsel for David Hunter (46) also argued that Hunter's privacy rights had been breached by the introduction of mobile phone evidence during his trial, in which he was found guilty by the Special Criminal Court in September 2020. Advertisement Liverpool native Hunter, with an address at Du Cane Road, White City, London, had denied the Kinahan Cartel murder of 35-year-old Michael Barr at the Sunset House pub in Dublin's north inner city on the night of April 25th, 2016. At his trial before the non-jury, three-judge Special Criminal Court, Mr Justice Alexander Owens, presiding, sitting with Judge Gerard Griffin and Judge David McHugh, said that the evidence had been heard in a "compelling way" that Hunter was one of the two gunmen who entered the Summerhill pub and murdered Mr Barr by shooting him. Hunter's involvement in the murder had been "fully proved" and the court was "sure of his guilt", remarked Mr Justice Owens. The judge noted that the murderers had failed to burn out the getaway car, which had been abandoned at Walsh Road in Drumcondra a few minutes after the killing, and they had also dropped a burner phone at the getaway scene. Advertisement He said the major part of a DNA profile taken from a ski mask recovered from the car during the investigation into the shooting of Mr Barr matched the profile of Hunter. In a voluntary statement to gardaí, Hunter said that the ski mask was his but that he had dropped it in a car driven by another man when he visited Ireland two months before the murder on a car-stealing exercise. Hunter also claimed he had used the mask on various ski trips with his children to Norway, France, Spain, Scotland, Austria and Switzerland. Mr Justice Owens said that the circumstantial evidence in the case "pointed inextricably" to Hunter's guilt and the facts taken together had established the father-of-five's guilt beyond a reasonable doubt and no other rational explanation could be drawn. At the Court of Appeal on Thursday, Hunter's legal team argued that the trial court erred in rejecting the evidence of witnesses present in the Sunset House that said there was a difference in height between the two assailants who entered the pub and killed Mr Barr. Advertisement Michael Bowman SC said that the trial court had set out that Hunter was being convicted because someone dropped a mobile phone at the scene and the car used by the gunmen failed to burn out, meaning that latex masks were not destroyed by the fire. Counsel said that a witness in the pub was very clear in the physical description he gave, identifying a distinction in height between the two men. This witness had said the gunman was wearing a ski mask under a latex mask, but Mr Bowman said the trial court had refused to acknowledge what the witness had seen. He said that this witness identified the gunman as being six feet one or two, while Hunter is five feet ten. Concerning the ski mask from which a DNA profile of Hunter was obtained, Mr Bowman said that in February 2016, Hunter 'on the spur of the moment' came to Ireland for a two-day period to steal cars, bringing the ski mask with him for this purpose. 'It's a very careless criminal who would leave his ski mask behind in a car that was stolen,' remarked Mr Justice John Edwards. Advertisement Mr Bowman said that the ski mask was correctly observed by the witness in the pub, adding that Hunter does not conform with the height of the assailant given, which meant that there was potentially another individual who wore that mask. Mr Justice Patrick McCarthy remarked that this would make Hunter 'a victim of coincidence' if he had left the mask in a car six weeks before, only for it then to turn up in a car used in a murder. 'Life is a series of unfortunate coincidences,' said Mr Bowman. Hunter's legal team also raised a ground of appeal concerning the mobile phones in the case, arguing that even if the appellant accepted or refused ownership of one of the phones, he was entitled to challenge the phone evidence on the basis of a breach of his privacy rights. Advertisement It was submitted that the trial court erred in finding that the mere fact that the material in question may pertain to criminal activity meant it could not attract privacy rights. On behalf of the State, Dominic McGinn SC said that at the time of the trial, only two of those involved in the shooting were apprehended, while a third man had not been identified. He said that Hunter and co-accused Eamonn Cumberton were of the same height. Mr McGinn said that of the latex masks found in the car, each had a dominant DNA profile, with one that matched Hunter, one that matched Cumberton, and the last that matched the third man involved, Christopher Slator. He said that each DNA profile from these masks was paired to different items in the car, with Hunter's profile also found on the ski mask. Ireland Dentist given lifetime ban on owning animals in 'a... Read More 'The possibility that perhaps someone else picked it up and put it on, that would have required them to leave none of their profile on it,' said Mr McGinn. Concerning the admissibility of the phone evidence, Mr McGinn said there had been a vast change in the legal position concerning mobile phone data since then, but the investigation team could not be faulted for using the legislation at the time to get the information required. Mr Justice Edwards said the court would reserve judgement in the case. Hunter is one of three men to be found guilty of murdering dissident republican Michael Barr. In January 2018, Eamonn Cumberton, of Mountjoy Street, Dublin 7, was convicted of murdering the Tyrone native, while in July 2022, Christopher Slator, of Carnlough Road, Cabra, Dublin 7, was also convicted.
