Lisa Cook
Member of the Federal Reserve Board of Governors; economist with expertise in macroeconomics and African economic development.
Cook told the Exchequer Club on 15 July 2026 that dire predictions of an AI-driven jobs transition 'have not come to fruition so far', a shift in emphasis from the financial-stability warning she gave at Stanford on 27 May.
Last refreshed: 22 September 2026 · Appears in 1 active topic
If the Fed's own governor is warning about AI job losses, what does that mean for interest rates?
Timeline for Lisa Cook
Mentioned in: Canada finds the hiring door narrowing
AI: Jobs, Power & MoneyOracle's credit spread hits 2008 level
AI: Jobs, Power & MoneyTold the Exchequer Club the most dire AI-transition predictions have not materialised
AI: Jobs, Power & Money: Cook's July text drops the bond spreadsWarned that AI job loss could precede gains and cited widening software bond spreads
AI: Jobs, Power & Money: Fed governor names AI job-loss riskNamed AI job displacement risk citing widening software-sector bond spreads in late May
AI: Jobs, Power & Money: US openings hit 7.6m, hires fall to 5.1mBackground
Lisa Cook is a member of the Federal Reserve Board of Governors, confirmed on 23 May 2022 as the first Black woman to serve on the Board and reappointed for a term running to 31 January 2038.
Before joining The Fed she was a professor of economics and international relations at Michigan State University and a faculty member at Harvard Kennedy School. She holds a BA in Philosophy from Spelman College, a BA in PPE from Oxford as a Marshall Scholar, and a PhD in Economics from UC Berkeley.
Her research spans macroeconomics, economic history and innovation economics, with particular focus on how systemic exclusion affects aggregate economic output. That background gives her public assessments of AI's Labour-market impact particular institutional credibility, which is why her shift in tone between May and July drew notice.
Cook softened her AI job-risk warning
At Stanford's SIEPR on 27 May, Cook named AI-driven job losses as a financial-stability risk. She noted that speculative-grade software bond spreads had widened on disruption concern, and called the moment 'the most significant reorganisation of work in generations'.
Seven weeks later, on 15 July, she told the Exchequer Club in Washington that dire predictions of an AI job transition 'have not come to fruition', turning instead to inflation risk from the AI investment boom, tariffs and Middle East supply pressures. Her prepared July text simply omitted the bond-spread language of May, a fact about which speech she gave rather than a stated reversal.
What did Lisa Cook say about AI and job losses?
Who is Lisa Cook and why is she significant at the Federal Reserve?
How does the Federal Reserve respond to AI-driven unemployment?
Did Lisa Cook change her mind about AI and jobs in July 2026?
Where did Lisa Cook give her July 2026 speech on the economy?
Written with AI from Lowdown's published reporting. Not individually reviewed by an editor. Updated 22 September 2026. Editorial standards.