Editor,
If ever there is an application for AI, it is the Federal Reserve’s decisions about interest rates. The decision is simple, but the underlying data is complex. The algorithm is a typical predictor-corrector similar to that used in weather forecasting.
The data would stream in from all countries worldwide that are part of our economy. No individual would be involved, and the entire Federal Reserve Board can take a vacation.
Daniel Duffin
Moss Beach
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(1) comment
Interesting proposal, Mr. Duffin, but what of the numerous issues reported of AI hallucinations? As with all programming, garbage in, garbage out. In addition to the Federal Reserve Board, I imagine we’d need to establish an AI Oversight Board for your proposed AI decisionmaker app on interest rates. And an oversight board for the AI Oversight Board. BTW, how are those algorithms working out in weather forecasting? I wonder how their predictions compare to reality.
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