Chicago Fed President Austan Goolsbee stated on Wednesday that even if artificial intelligence proves as transformative as advertised, the Federal Reserve must remain vigilant against the risk of rising inflation.

"If it is as good as they say, that would be terrific, wonderful, and it will make us wealthy," Goolsbee remarked. "But if those effects still take time to materialize, I believe we need to be more cautious and alert to the risk of an overheating economy—particularly if consumers increase spending based on expectations of future income growth driven by productivity gains."