WASHINGTON, DC - FEBRUARY 24: Lisa D. Cook, a member of the Board of Governors of the Federal Reserve speaks at The Capital Hilton during the 42nd annual National Association for Business Economics Economic Policy Conference on February 24, 2026 in Washington, DC. Cook speaks as part of the AI and Productivity Across the Economy discussion which includes, Ging Cee Ng, Senior Data Science Manager, Meta, Michael Schwarz, Chief Economist and Corporate Vice President, Microsoft, and is moderated by Jared Franz, U.S. Economist, Capital Group of Companies. (Photo by Luke Johnson/Getty Images)

WASHINGTON, DC - FEBRUARY 24: Lisa D. Cook, a member of the Board of Governors of the Federal Reserve speaks at The Capital Hilton during the 42nd annual National Association for Business Economics Economic Policy Conference on February 24, 2026 in Washington, DC. Cook speaks as part of the AI and Productivity Across the Economy discussion which includes, Ging Cee Ng, Senior Data Science Manager, Meta, Michael Schwarz, Chief Economist and Corporate Vice President, Microsoft, and is moderated by Jared Franz, U.S. Economist, Capital Group of Companies. (Photo by Luke Johnson/Getty Images)

WASHINGTON, DC - FEBRUARY 24: Lisa D. Cook, a member of the Board of Governors of the Federal Reserve speaks at The Capital Hilton during the 42nd annual National Association for Business Economics Economic Policy Conference on February 24, 2026 in Washington, DC. Cook speaks as part of the AI and Productivity Across the Economy discussion which includes, Ging Cee Ng, Senior Data Science Manager, Meta, Michael Schwarz, Chief Economist and Corporate Vice President, Microsoft, and is moderated by Jared Franz, U.S. Economist, Capital Group of Companies. (Photo by Luke Johnson/Getty Images)

WASHINGTON, DC - FEBRUARY 24: Lisa D. Cook, a member of the Board of Governors of the Federal Reserve speaks at The Capital Hilton during the 42nd annual National Association for Business Economics Economic Policy Conference on February 24, 2026 in Washington, DC. Cook speaks as part of the AI and Productivity Across the Economy discussion which includes, Ging Cee Ng, Senior Data Science Manager, Meta, Michael Schwarz, Chief Economist and Corporate Vice President, Microsoft, and is moderated by Jared Franz, U.S. Economist, Capital Group of Companies. (Photo by Luke Johnson/Getty Images)

WASHINGTON, DC - FEBRUARY 24: Lisa D. Cook, a member of the Board of Governors of the Federal Reserve speaks at The Capital Hilton during the 42nd annual National Association for Business Economics Economic Policy Conference on February 24, 2026 in Washington, DC. Cook speaks as part of the AI and Productivity Across the Economy discussion which includes, Ging Cee Ng, Senior Data Science Manager, Meta, Michael Schwarz, Chief Economist and Corporate Vice President, Microsoft, and is moderated by Jared Franz, U.S. Economist, Capital Group of Companies. (Photo by Luke Johnson/Getty Images)

WASHINGTON, DC - FEBRUARY 24: Moderator Jared Franz, U.S. Economist, Capital Group of Companies, speaks with Lisa D. Cook, Member, Board of Governors of the Federal Reserve System, Michael Schwarz, Chief Economist and Corporate Vice President, Microsoft, and Ging Cee Ng, Senior Data Science Manager, Meta, at The Capital Hilton during the 42nd annual National Association for Business Economics Economic Policy Conference on February 24, 2026 in Washington, DC. The AI and Productivity Across the Economy discussion includes, Lisa D. Cook, Member, Board of Governors of the Federal Reserve System, Ging Cee Ng, Senior Data Science Manager, Meta, Michael Schwarz, Chief Economist and Corporate Vice President, Microsoft, and is moderated by Jared Franz, U.S. Economist, Capital Group of Companies. (Photo by Luke Johnson/Getty Images)

WASHINGTON, DC - FEBRUARY 24: Lisa D. Cook, a member of the Board of Governors of the Federal Reserve speaks at The Capital Hilton during the 42nd annual National Association for Business Economics Economic Policy Conference on February 24, 2026 in Washington, DC. Cook speaks as part of the AI and Productivity Across the Economy discussion which includes, Ging Cee Ng, Senior Data Science Manager, Meta, Michael Schwarz, Chief Economist and Corporate Vice President, Microsoft, and is moderated by Jared Franz, U.S. Economist, Capital Group of Companies. (Photo by Luke Johnson/Getty Images)

WASHINGTON, DC - FEBRUARY 24: Michael Schwarz, Chief Economist and Corporate Vice President, Microsoft speaks at The Capital Hilton during the 42nd annual National Association for Business Economics Economic Policy Conference on February 24, 2026 in Washington, DC. Schwarz speaks as part of the AI and Productivity Across the Economy discussion which includes, Ging Cee Ng, Senior Data Science Manager, Meta, Lisa D. Cook, Member, Board of Governors of the Federal Reserve System, and is moderated by Jared Franz, U.S. Economist, Capital Group of Companies. (Photo by Luke Johnson/Getty Images)