Fed Chair Warsh calls AI a new factor of production, gives no rate signals

• —Warsh: AI is a potential new factor of production, its effect on employment is undefined
• —Annual token turnover of two AI labs exceeded $100 billion, up more than 500% year over year
• —PCE inflation at 3.7% over 12 months and 4.1% over 6 months versus the 2% target
• —Probability of a September rate hike rose from 35% to 60%, BTC fell to $78,400