Fortune CEO Alan Murray sits down with Janet Yellen, US Secretary of the Treasury, to talk about AI's rapid development that could make a significant difference in boosting the economy.

Yellen emphasized that any gains from AI would come amid a rise in U.S. investment in other areas, spurred by three major spending bills backed by the Biden administration over the past two years: 2021’s infrastructure bill and the CHIPS and Science Act and Inflation Reduction Act, both from 2022. She described the legislation as a “trifecta” that is investing in research and development on a scale not seen in decades.

Yellen has been at the center of U.S. monetary policy for decades, including serving as the chair of the Federal Reserve for four years from 2014 to 2018 before assuming her current role under President Joe Biden in early 2021.

Her past two years in office have seen the administration navigate a rocky economic landscape, with the government seeking an elusive “soft landing” to historic inflation spurred by the pandemic and Russia’s invasion of Ukraine. With inflation reclining and experts reducing their predictions for a recession, Yellen expressed optimism for the U.S. economic outlook and touched on that elusive holy grail of a buoyant economy.

00:00 - Government Shutdown On Hold
00:24 - US Economic Outlook
01:45 - US Debt Crisis
05:11 - Interest Rates
08:34 - AI's Role To Boost The Economy
10:59 - Industrial Policy
15:27 - Bond Vigilantes
17:58 - Speaker McCarthy's Current Dilemma

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