Central bankers gathered at the Federal Reserve Bank of Boston on Wednesday to discuss how uncertainty and technological change are affecting the U.S. and global economies.

The panel, titled “A central bank perspective on the evolving global landscape,” featured Federal Reserve Board Governor Lisa D. Cook, Boston Fed President and CEO Susan M. Collins, and Central Bank of Chile Board Member Luis Felipe Céspedes. Egon Zakrajšek, Director of Research at the Boston Fed, moderated the discussion.

Susan M. Collins noted that uncertainty is a frequent topic in her discussions with New England residents. She observed that responses to economic uncertainty vary: “While some businesses and individuals might take a ‘wait and see’ approach to managing economic uncertainty, others might choose to accelerate certain projects or activities.” Collins emphasized the importance of considering broader patterns rather than focusing solely on specific data points: “From my perspective … it highlights the need to lean into the outlook,” she said. “We’re trying to create a policy stance for where the economy is going, not where it has been.”

Luis Felipe Céspedes described current uncertainty as complex and multidimensional, with effects that can differ from previous crises such as those in 2008 or during COVID-19. He explained that emerging market economies may experience unexpected shifts in currency values or interest rates: “That behavior is totally different than what we observed in 2008 (during the global financial crisis), or during the COVID period,” he said. Céspedes advocated for careful policymaking: “I think it reinforces the need to have a very well conducted … monetary policy,” he said. “That is exactly the anchor that could help to reduce the impacts of (greater) uncertainty in the economy.”

Lisa D. Cook agreed with Céspedes on taking a cautious approach as economic conditions evolve. She cited recent labor market data as an example: “For example, she described the recent July 2025 jobs market report from the Bureau of Labor Statistics as ‘concerning,’ and noted that just about 35,000 jobs were added each month for the last three months. She said there were also two ‘major revisions’ to the May and June reports.” Cook added: “These revisions are somewhat typical of turning points, which speak to uncertainty.”

The conversation also turned toward artificial intelligence (AI) and its potential impact on productivity and employment across industries.

Cook described AI as a technology with broad applications that could lead to new ideas and changes in job requirements as well as inflation dynamics: “With respect to price stability, I think it could certainly bring gains … having all of these new ideas to increase productivity,” she said.

Collins reported increased interest among companies using AI both for reducing production defects and addressing workforce shortages: “That enables them to do things they weren’t able to do before … and generates other productivity gains,” she said.

Céspedes stressed policymakers must remain aware of possible consequences for labor markets—especially in emerging economies—and highlighted education’s role for workers adapting to new tasks.

The event was organized by the Federal Reserve Bank of Boston.